[Practice of Shrimp and Black Fungus Bean Paste]_Homemade Practice of Shrimp and Black Fungus Bean Paste _Practice of Shrimp and Black Fungus Bean Paste _Practice of Shrimp and Black Fungus Bean Paste

銆愯櫨浠侀粦鏈ㄨ€宠眴鐡i叡鐨勫仛娉曘€慱铏句粊榛戞湪鑰宠眴鐡i叡鐨勫甯稿仛娉昣铏句粊榛戞湪鑰宠眴What are you looking for? If you want to see the key, why don’t you think about it?
浜虹敓鍦ㄤ笘锛屾瘡涓汉閮界涓嶅紑涓€涓€滃悆鈥濆瓧锛岃繖鏄垜浠敓瀛樼殑鏈€鍩烘湰闇€姹傘€備负浜嗘弧瓒宠繖涓渶姹傦紝寰堝浜哄埌澶勫瑙呭悇绉嶇編椋燂紝娈婁笉鐭ュ仴搴蜂篃灏辫繖涔堟病浜嗐€備絾鏄鏋滀綘鑷繁鑳藉鍋氫竴浜涒€滅鑹测€濈殑缇庨锛岄偅涔堜笉浣嗚兘澶熷悆寰楀紑蹇冿紝鑰屼笖杩樹細鍚冨緱鍋ュ悍銆傞偅涔堬紝涓嬮潰灏辩粰澶у浠嬬粛涓€涓嬭櫨浠侀粦鏈ㄨ€宠眴鐡i叡鐨勫仛娉曘€?.姣涜眴娲楀噣锛屾斁寮€姘寸劘8鍒嗙啛銆傝儭钀濆崪娲楀噣鍒囩銆?.12涓濈摐鍘荤毊娲楀噣鍒囧皬鍧楋紝榛戞湪鑰虫场鍙戝ソ锛屾礂鍑€锛屾挄灏忔湹銆?.21澶ц櫨鍘诲ご鍘诲3锛屽幓娌欑嚎锛屾礂鍑€銆?.閿呴噷鏀炬补锛屼笅濮滄湯锛岃挏鏈紝鏀句笅涓濈摐锛屾瘺璞嗭紝榛戞湪鑰崇吀鐐掋€?.What is the difference?6.The play drama is awesome.7 What are you talking about? Sorry, are you tired of upsetting brother?.What’s the difference? Advice: What is it? Book: What is it? What is it? What is it? What is it? What is it?The grammar is very important, and the key is the most popular. It ‘s a hot pot. It ‘s a good idea. It ‘s very easy to pick up. It ‘s a good idea. It ‘s a good way to do it. It ‘s a good way to do it.勩€傚綋鐒讹紝濡傛灉浣犳兂灏濆埌鑷繁鐨勬墜鑹猴紝閭e氨璇锋搷鍒€灏濊瘯鍚с€?

[Effects of soaked water in Shancha tablets]_Benefits_Setting

[Effects of soaked water in Shancha tablets]_Benefits_Setting

Hawthorn tablets have been eaten by many people. This is a relatively common snack in life. Hawthorn has the effect of appetizing and strengthening the spleen, can effectively improve human immunity, reduce arteriosclerosis, and at the same time has ingredients that lower blood sugar. Hawthorn tablets are usually usedFor many gastrointestinal indigestion, constipation often occurs, and patients with gastrointestinal qi and blood disorders have obvious conditioning effects. Hawthorn tablets also facilitate urine, which is great for the body.

What is the effect of hawthorn tablets in water?

1. Promote digestion.

Hawthorn tablets are rich in nutrients, rich in nutrients such as sugars, proteins, trace amounts, calcium, iron, phosphorus and vitamin C. After eating, they have the functions of promoting appetite and helping digestion.

If you experience a feeling of fullness in the stomach, drinking soaked in water with hawthorn tablets will alleviate the situation.

2. Reduce blood fat.

In addition to the above effects, hawthorn tablets also have the effect of lowering blood lipids.

People with high blood fat can eat some hawthorn properly, but those with qi deficiency should try not to eat or eat less hawthorn.

3. Diuretic.

Hawthorn tablets also have a diuretic effect, so people with constipation can drink more.

But if you have stomach problems like gastric ulcers, it is best to drink less.

Hawthorn diet formula 1, 15 grams of hawthorn, 6 grams of apocynum leaf, 5 grams of schisandra and rock sugar made of antihypertensive tea, Jiufu can reduce blood lipids, blood pressure, complications of coronary heart disease.

2, 15 grams of hawthorn tablets, 10 grams of chrysanthemum, 15 grams of cassia cassia seed with water to make tea, or made of chrysanthemum cassia powder, can intestinal laxative, lower blood pressure and blood lipids, can be taken by patients with hypertension and coronary heart disease.

3, 15 grams of hawthorn, 12 grams of lotus leaf, Hawthorn lotus leaf drink made with water to replace tea, can lower blood pressure and blood lipids, dilate blood vessels, so that patients with hypertension and hyperlipidemia absorb.

4, 10 grams of hawthorn, 6 grams of cinnamon and brown sugar, can be made into cinnamon hawthorn fried, can warm the cold and disperse cold, promoting blood circulation and stasis, suitable for women who have cold evil, menstrual delay and dysmenorrhea.

5. Hawthorn and glutinous rice can be made into hawthorn porridge, which can be appetizing and digesting, eliminating stasis and stasis, promoting blood circulation and stasis, converging and stopping diarrhea, and can be eaten by patients with bloating, indigestion, and abdominal pain and diarrhea.

6, 1000 grams of fresh hawthorn, 100 grams of peach kernel, 250 grams of honey made of hawthorn peach kernel dew, can promote blood circulation, stagnation and stomach digestion, lower blood pressure, lower blood lipids, lower cholesterol, expand blood vessels, nutrition myocardium, suitable for patients with cardiovascular diseaseLong-term use.

7, 60 grams of hawthorn, 300 grams of tincture, an appropriate amount of white sugar can be made into Xuehong soup, can appetite and digestion, strengthen the heart and lower blood pressure, relax blood vessels, clear liver retention, high blood pressure with liver fire, arteriosclerosis and coronary heart disease patients.
8, 250 grams of hawthorn, 500 grams of salvia miltiorrhiza, 250 grams of wolfberry, honey, rock sugar, etc., can be made to nourish the liver and eliminate stasis and honey, can replenish heart and blood, clear liver heat, relieve liver qi, stasis, pass through the veins, run stool, suffer from hepatitisThe patient recovered.

[Jiaodong shepherd’s purse with small tofu]_Jiaodong shepherd’s purse with small tofu_Jiaodong shepherd’s purse with small tofu_Jiaodong shepherd’s purse with small tofu how to do

銆愯兌涓滆崰鑿滃皬璞嗚厫鐨勫仛娉曘€慱鑳朵笢鑽犺彍灏忚眴鑵愮殑瀹跺父鍋氭硶_鑳朵笢鑽犺彍灏忚眴鑵愮殑鍋氭硶澶у叏_鑳朵笢鑽犺彍灏忚眴鑵愭€庝箞鍋?
I’m sorry, I’m sorry, I don’t know what to do, I don’t know what to do, I don’t know what to do, I don’t know what to do, I don’t know what to do竴鏂归潰銆備负浜嗗仴搴凤紝涓嶈鍐嶇粡甯稿鍑哄悆楗€傛垜浠紑濮嬪鐫€鑷繁鍋氶キ鍚э紝鍋氳彍Do you know how to do it? If you want to do it, please follow the instructions: Do you want to go to the next level?.There are 2 in total.What are you talking about? What are you doing here? What are you doing here?.What’s the matter? What’s the matter? What’s the matter? What’s the matter? What’s the matter? Click on it?.鑽犺彍鐢ㄥ紑姘寸儷涓€涓嬶紝鍘绘帀鑽夐吀5.Drill down to 6.鎶婅眴娉婃斁鍒伴攨鏃剁儳寮€锛屽€掑叆鑽犺彍涓嶆柇琛勭叜7.寮€閿呬互鍚庢斁鍏ラ€傞噷鐨勭洂鍜屽懗浜嗛攨鍗冲彲锛屼竴鐩樼編鍛崇殑灏忚眴鑵愬氨鍋氬ソ浜?It’s a lot of troubles, and it’s a bit of a sorrow. It’s a bit of a junk pot. It’s a hot pot. It’s the world’s best. It’s a real thing. It’s a good thing. It’s a good thing. It’s a stubble.簡鏂囧瓧锛屼笅闈㈠氨瑕佽嚜宸卞姩鎵嬩簡锛岀浉淇′綘鐨勫姩鎵嬭兘鍔涗篃闈炲父寮恒€?

[How to get fishy smell of sea cucumber]_How to get fishy_How to get fishy

[How to get fishy smell of sea cucumber]_How to get fishy_How to get fishy

Everyone knows the nutrition of sea cucumber, especially it contains a large amount of gelatin, which is also very useful for women’s beauty and beauty, but sea cucumber also has some fishy smell.

There are several main methods that can make the sea cucumber not fishy. Some kind of white vinegar can be soaked in white vinegar for about one to two hours to remove the fishy odor.

In addition, wine and ginger also have the effect of removing fishy odor.

Soak white vinegar.

The fishy smell of sea cucumber will affect our appetite, so we must remove the fishy taste happily.

Soak the sea cucumber with white vinegar for about 1-2 hours. It’s better if there is rice water.

After washing the rice, pour it into a plate with sea cucumber, soak it for 1-2 hours, and remove the fishy smell easily!

Rice wine + vinegar + ginger.

Maybe we all found out that helping the food to remove the fishy smell, ginger can well fulfill the task of the owner to explain it, and helping the sea cucumber to remove the fishy taste is naturally impossible.

As mentioned above, soaking sea cucumber with white vinegar can remove the fishy smell. If the effect is better, try soaking sea cucumber with rice wine + vinegar + ginger, soak for 1-2 hours.

Stir-fried sea cucumber with ginger.

When cooking, stir fry sea cucumber with ginger and spring onion. If you can accept the spicy taste, you can also add some chili or chilli sauce. This can help us easily solve the fishy smell of sea cucumber.

However, in addition to the fishy smell of sea cucumber, many people are troubled by the foaming of the sea cucumber. In life, it is often the case that the dried sea cucumber is directly cooked without foaming, so it is difficult to cook the sea cucumber.Eat, then what should we do, let’s take a look.

We all know that the nutritional value of sea cucumbers is very strong. We often eat sea cucumbers can become a strong tonic, but when we cook, we often find that sea cucumbers have a fishy smell, so how can we make sea cucumbers?The fishy smell is removed. This is what many people want to know. First put the sea cucumber in the plate, soak the sea cucumber with pure water or clear water for 2-4 days, and soften the sea cucumber, but this is only gradually.

Next, you need to move the knife on the sea cucumber. The knife on the belly of the sea cucumber cuts the sea cucumber from the head to the tail.

The teeth of the sea cucumber must also be pulled out, and then the body of the sea cucumber is constantly cleaned. After the washing is almost finished, the tendons attached to the inner wall of the sea cucumber are picked.

After cleaning, cook the sea cucumber again, and cook the sea cucumber in the hot water pot for 1 hour. After softening, dry the sea cucumber.

It’s best to boil it with pure water.

The sea cucumber is softened, and then soak the sea cucumber with pure water. It is best to add some ice cubes in the water, and then bring the sea cucumber into the refrigerator to keep it fresh.

The longer you soak, the sea cucumber will become more and more oh, and the taste will be better.

Remember to change the water 3-4 times during the period.

We all know that the nutritional value of sea cucumbers is very strong. We often eat sea cucumbers can become a strong tonic, but when we cook, we often find that sea cucumbers have a fishy smell, so how can we make sea cucumbers?The fishy smell has been removed. This is what many people want to know. This is how we introduced sea cucumbers to everyone. We can find that if we want to cook sea cucumbers well, we must learn how to prepare them.The fishy smell is removed during cooking, and you must learn to make sea cucumbers so that you can eat delicious sea cucumbers. I hope our introduction can help everyone in need.

[Macaroni with tomato meat sauce]_Macaroni with tomato meat sauce_Family Practice_Practice

銆愮暘鑼勮倝閰遍€氬績绮夈€慱鐣寗鑲夐叡閫氬績绮塤瀹跺父鍋氭硶_鍋氭硶澶у叏
In the realm of the world, there is no way to see the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind and the wind.紝鑰岀暘鑼勬槸琛ュ厖缁寸敓绱燾鐨勬渶浣抽€斿緞涔嬩竴锛屽鍚冪暘鑼勫彲浠ユ湁鏁堥闃茬墮榫堝嚭琛€銆侀闃茬檶鐥囥€佸寮鸿绠℃煍闊ф€х瓑锛屼粖澶╀粙缁嶇殑缇庨灏辨槸鐣寗鑲夐叡閫氬績绮夈€?涓€銆佺暘鑼勮倝閰遍€氬績绮夌殑鍋氭硶 1.鐣寗銆佹磱钁便€佸ぇ钂滃垏涓?.閿呬腑鏀炬补锛岀倰棣欏ぇ钂溿€佹磱钁便€佽倝鏈?.The argon effect is 4. 銆 仺 绥 鍕 掑 哾 哆 抆 斁 鍏 ラ 粦 鑳 ℃℃ 5.Click on the hot pot button to make up for the problem. 6.嗏 嗙 ┖Ji Mi Mongolian upset  呖 8 鍒 嗛 7.灏嗛€氬績绮夋斁鍏ュ仛濂界殑閰变腑8.鍐嶇叜2鍒嗛挓鍗冲彲 浜屻€佺暘鑼勮倝閰遍€氬績绮夌殑鍋氭硶姝ラ 鏉愭枡鐣寗3涓墰鑲夐€氬績绮夐粍娌归粦鑳℃濂堕叒浜ㄦ皬鐣寗閰卞仛娉?。You will be able to find out what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on?What is the difference between ammonia and argon?。Do you want to bake it, press it, and then press it?姘翠竴璧风倴锛岀倴澶х害2涓皬鏃跺乏鍙筹紝鐣寗鐪嬩笉瑙佷簡锛岄叡鏂欏€掑嚭涓€閮ㄥ垎锛岀敤浜庡仛閫氬績绮夌殑閰辨枡銆傝嚦浜庤繖閲屼负浠€涔堣瑕佺敤鐗涜倝鏄洜涓鸿繖鏍烽叡鏂欐墠鏇村ソ鍚冿紝鑰屼笖鐐栧ソ涓や釜灏忔椂浠ュ悗鐨勭暘鑼勭倴鐗涜倝涔熸槸涓€閬撹彍锛岃€屼笖涔熶笉闅惧悆锛屽鏋滄兂鍚冪暘鑼勫張瑙夊緱鐗涜倝澶崟璋冿紝鍙互鍐嶅姞鐣寗鐐栦竴浼氾紙杩欏綋鐒舵槸鍙﹀涓€閬撹彍浜嗭級3.It’s so beautiful, it’s very hard to get up and down. It’s up to you. It’s up to you. It’s up to you. It’s up to you. It’s up to you. It’s up to the paper.To make up for the problem, to make sure that you are in the right place, and you will be able to find out what is going on, what is the difference?堕叒锛屽ザ閰畬鍏ㄥ寲寮€锛屽姞鍏ラ€氬績绮?.I ‘m not sure how to do it: I ‘m going to go back and forth, I ‘m going to go back and forth, I ‘m going to go to the key, I ‘m going to do it, I ‘m going to do it.嵆鍙€?涓夈€佺暘鑼勮倝閰遍€氬績绮夌殑鍋氭硶姝ラ 1銆佺暘鑼勶紝娲嬭懕鍒囦竵锛岃鐩?銆佺尓鑲夊垏涓侊紝鏀惧叆閰辨补銆佹穩绮夋姄鍖€3銆侀攨閲屾斁娌癸紝鐒跺悗鏀惧叆鑵屽埗濂界殑鐚倝锛岀The tweezer worm and the paper stolen paper, the performance of the paper and the paper, and the performance of the paper and the paper, the deceased and the deceased, the first grade, the first and the second, and the other four, you ‘re afraid.Do you want to do it? Do you want to do it? Do you want to do it? Do you want to do it? Do you want to do it? Do you want to do it? Do you want to do it?銆佸彟璧烽攨锛岀儳寮€姘村悗鏀惧叆閫氬績绮夛紝鐓?0-15 闒 嗛 抓 銆?銆 佽  鐩 radius 纴 鎶 嗸 嗸 卮 倝 倝 倝 逰 覻 詻 鍦 ㄤ 笂 闱  纴 瀹 屾 垚 灏 忕 通 進 鬧鬧 逧 永 鬧 永 嬧 鬧 欸€傝繕鏈変汉鐢ㄧ敓鎶姐€傞殢涓汉鐖卞ソ锛岄€氬績绮変笉鏄撶叜鐔燂紝鐓殑鏃跺€欒甯歌瘯涓嬪彛鎰燂What’s the difference between the old and the younger? What is the best way to go?

[How to make lamb stew with mutton]_The common practice of lamb stew with mutton

[How to make lamb stew with mutton]_The common practice of lamb stew with mutton

People rely on food as their diet. We only eat healthy nutrition every day to keep our bodies from getting sick. Speaking of nutrition and health, of course, the meals we cook at home are the most delicious. Today, I will teach friends who like cooking to cook a lamb stew with lamb.Family members eat healthier.

1.

Preparation, lamb, little lamb hotpot base (green packaging), ginger slices, garlic cloves, light green, the dosage depends on personal preference 2.

Wash the lamb with ladle water and remove 3 after forcing the bleeding water.

My dear, when I think about eating potatoes suddenly, let him cut some and put them in. You can also add some other ingredients according to your own preferences. 4

Put the lamb, potatoes, garlic cloves, ginger slices, light white and the most important little sheep hotpot base into the electric pressure cooker, pour boiling water without ingredients, and cook for 15 minutes5.

After cooking, you can eat it. I personally think that the flavor of the hot pot base is enough, so it doesn’t need to add salt to taste enough.

Began to eat meat.

Regardless of whether you used to cook or not, now you have seen the specific method of lamb stew with lamb, and you will definitely gain something.

So put away your worries and act now.

[How much yogurt can I drink in a day?

]_How to drink_How to drink

[How much yogurt can I drink in a day?
]_How to drink_How to drink

I believe that many people have the habit of drinking yogurt. Yogurt is a dairy product in nature, but because of special processing, yogurt contains many probiotics. Therefore, drinking yogurt is good for gastrointestinal health.Weak, prone to some digestive tract diseases, so it is good for your child to drink some yogurt regularly, but yogurt must not be consumed casually. How much should I drink for a day?

How much yogurt can I drink in a day?
Drink up to 250 ml of yogurt daily. A glass of milk in the morning and a glass of yogurt in the evening are ideal.

However, some people especially like yogurt and often drink a lot of yogurt after a meal, which may cause weight gain.

This is because yogurt itself contains a certain amount, and drinking yogurt after a meal is equivalent to supplementing these transformations, causing weight gain.

Therefore, with the exception of infants and young children, it is advisable to take at least 1-2 cups of yogurt (125-250 ml) per day. It is best to adjust the intestinal flora for half an hour to one hour after meals.advantageous.

Some people now advocate drinking yoghurt for infants and toddlers. The reason is that yoghurt nutrients have an average bulk density. In particular, a cup of yogurt (150 ml) can provide infants with 30% calcium carbonate and about 10% protein.

In addition, the galactose contained in yogurt is a component of the brain and the cerebrosides in the nervous system, which is closely related to the rapid growth of the brain after the baby is born.

In particular, diarrhea is the most common disease in infants and young children. Yogurt contains excessive lactic acid bacteria and has a suitable acidity. Drinking yogurt can effectively inhibit the production of harmful bacteria and improve immune capacity.

It can actually prevent diarrhea or shorten the duration of chronic diarrhea and reduce the incidence of acute diarrhea.

However, infants and young children are special groups after all, and breast milk should be their best food. Therefore, it is not recommended for infants and young children under the age of half to consume yogurt, and breast milk or formula should be the main ingredient. When supplementary food is added, yogurt can be given appropriately.But do not exceed 100 ml per day.

After half a year, you can appropriately give yogurt as a complementary food, but you must follow the principle of less to more, from thin to thick, that is, only give about 10 ml at the beginning, double with warm water, and observe that infants and children have no bloating.The adverse gastrointestinal reactions such as diarrhea can be gradually increased by increasing the age of the month and the tolerance of the individual.

But do not exceed 100 ml per day before the age of 1 year.

Shuijingfang (600779) Third Quarterly Report Review: Sub-high-end products maintain high increase in expenses and confirm release of profit elasticity

Shuijingfang (600779) Third Quarterly Report Review: Sub-high-end products maintain high increase in expenses and confirm release of profit elasticity

The company achieved revenue of 26 in the first three quarters.

51 ppm, +23 for ten years.

93%; net profit attributable to mother 6.

390,000 yuan, +38 a year.

13%.

Among them, 19Q3 achieved income 9.

610,000 yuan, ten years +19.

71%; net profit attributable to mothers3.

00 ppm, +53 a year.

41%.

Key points of investment Revenue growth has slowed down but profit growth has increased, with major products growing at a high rate.

The company’s 19Q3 revenue growth rate was 19.

71%, net profit growth rate was 53.

41%. The reason for the faster-than-expected revenue growth rate was the impact of the liquor industry’s prosperity in the downward economic environment and intensified competition. The company’s core market sales have helped, but the sub-high-end overall market has more growth and competitive advantages.Obviously; the reason for the accelerated profit growth rate is that the company’s 夜来香体验网 sub-high-end price band products still perform well, and the revenue growth rate exceeds the cost growth rate.

In terms of different products, the company’s high-end price of more than 600 yuan in the high-end price and the collection master’s edition revenue increased by 16%, so the company launched two products in 2017 to operate by the next high-end means, the effect is notThe company has identified problems and is actively making adjustments to adopt better sales methods to operate high-end products.

In the first three quarters of the main products of the 300-600 yuan price band, Jingtai and Zhenjiu No. 8 saw a revenue growth rate of 27%, which performed well in the sub-high-end field.

In terms of financial indicators, the company received zero donations in the first three quarters.

810,000 yuan, +120 a year.

80%, net advances in a single quarter are 0.

2.2 billion, +22.

2%; operating cash inflows in the first three quarters of 30.

4.7 billion, previously +30.

16%.

Advance receipts, cash flow indicators are benign and match revenue growth.

Expense recognition improves profitability, and the highest expense ratio is expected to remain stable.

The company’s 19Q3 gross profit margin was 83.

01% (q1: 82.

58% / q2: 81.

76%), at least + 72bp. Due to the rapid growth of sub-high-end products, the gross profit margin has increased by almost one point.

19Q3 selling expenses expense 22.

95% (q1: 29.

81% / q2: 34.

67%), exceeding -5.

The 84 cases were mainly due to the increase of new product listings in the second quarter. The sales expenses increased at a higher rate than the operating income. The third quarter strengthened control over expenses; the management expenses decreased.

67% (q1: 5.

91% / q2: 9.

54%), exceeding -1.

78pcts, due to the improvement of company management efficiency.Total sales expenses and management expenses are reduced by 7 per year.

62 points, the pace of fee confirmation has been moderated, and management efficiency has continued to improve.

Benefiting from the company’s more accurate expenses, the net profit margin in 19Q3 was 31.

19% (first season: 23.

51% / q2: 15.

92%), exceeding +6.

85%.

The direction is clear and the strategy is clear. The company’s market share at the next high-end price promotes continuous improvement.

The company’s strategic strategy is clear, with the goal of exceeding the average growth rate of the industry as a goal. Thanks to the sales growth and continuous high-end strategy brought by the expansion of the distribution network, the revenue growth rate in the first three quarters was 24%, exceeding the initial 20% Of the target, transform the company’s distribution network in the country’s deep distribution network and in 5 + 5 + 5 core provinces (Jiangsu / Guangdong / Henan / Hunan / Sichuan + Beijing / Shanghai / Tianjin / Zhejiang / Fujian + Hebei / Shandong / Jiangxi / Shaanxi /Guangxi’s penetration rate has increased, and the company is confident to continue to maintain double-digit growth next year.

The investment suggestion is that the company is located in the sub-high-end segment of the industry’s internal growth rate. As far as our follow-up research is concerned, the sub-high-end price band products are still maintaining rapid growth. The growth of the industry is undoubted. National brands are squeezed apart from enjoying incremental spaceIt is also expected to break through during the growth (local protection in this round is weaker than in the previous round).

As the company has won competition in most core markets, and has continued to improve in channel construction, brand promotion, management efficiency, etc., we are optimistic about the prospects and space for the company’s core products. It is estimated that the company’s earnings per share in 19-21 will be 1.

62 yuan, 2.

13 yuan, 2.

71 yuan, corresponding to PE is 28, 22, 17 times, maintaining the level of “prudent increase”.

Risk reminder: Macro economy is worse than expected, second-end competition is intensified, and excessive inventory

Depth-Company-Bank of Shanghai (601229): Widening interest margins boost revenue performance

Depth * Company * Bank of Shanghai (601229): Widening interest margins promote bright revenue performance and increase efforts to dispose of bad assets

The Bank of Shanghai’s revenue performance was dazzling. Benefiting from the relief of the cost pressure on its interbank debt and the adjustment of its credit structure, the company’s interest margin continued to widen.

The company’s non-performing ratio increased in the fourth quarter, but the overall risk control is strict, the provision of a solid foundation is strong, the ability to resist risks is strong, 武汉夜生活 and subsequent attention to changes in asset quality.

Maintain overweight rating.

Key points supporting the ratings have seen high revenue growth and outstanding performance. The Bank of Shanghai’s 2018 performance has been impressive, and the resulting revenue has increased.

5%, a faster growth rate than the previous 3 quarters (29.

5%) continue to improve.

The company’s highest net profit increases by 17 per year.

7%, lower than the growth rate of revenue, mainly due to the company’s increase in provisioning efforts to strengthen risk resistance.

The high growth of the company’s revenue can better explain the company’s brilliant performance.

In terms of middle income, the company’s fee income in 2018 decreased by 4 year-on-year.

4%. It is expected that the pressure on the adjustment of the capital 苏州桑拿网 management business will ease the performance of the middle income.

The growth rate of retail credit has increased, pressure on the cost of interbank debt has eased, and the cost of hedging has been released. According to our calculations, the company’s single-quarter interest rate spread in the fourth quarter of the beginning and end of the period has further increased 19BP compared with the third quarter.

On the debt side, the decline in the interest rate of funds under a wide currency environment has eased the pressure on the company’s inter-bank debt costs. We estimate that the company ‘s caliber resistance-end cost ratio at the end of the first quarter of the fourth quarter fell 13BP from the previous month.

On the asset side, the pace of credit issuance was slightly expected in the fourth quarter, and the ten-year growth rate of credit (27.

2%) lower than the 3rd quarter (31.

8%), but the credit structure continued to adjust, retail loan expansion increased, year-end retail loans accounted for 4% to 33%.

The company strengthened the pricing management of supplementary loans, as well as the adjustment of credit structure to improve the improvement of credit yield (May 18).

28% vs 18H5.

10%).

Non-performing loans increased on a quarter-on-quarter basis, and the provision basis was solid. Bank of Shanghai’s non-performing loan ratio increased by 6BP to 1 in the fourth quarter.

14%, but the absolute value is still low in the industry.

In the fourth quarter, the write-off of bad write-offs added back1.

39%, an increase of 44BP in one year, the intensity of poor cleaning increased.

At the end of the fourth quarter, the proportion of attention-oriented loans decreased by 3BP to 1 at the end of the half year.

86%; the ratio of loans / non-performing loans overdue for more than 90 days increased by 17 from the end of the first half to 79%, and the overall NPL determination was strict.

The company’s provision coverage ratio increased by 11 from the third quarter.

Eight have a maximum of 333%, which is at a relatively high level in the industry and has a solid provision basis.

It is estimated that considering the positive impact of the company’s structural adjustment on the interest margin, we slightly increase the company’s EPS in 19/20 to 1.

93/2.

26 yuan / share (previous forecast 1.)

91/2.

13), corresponding to a growth rate of 17.

2% / 16.

9%.

The overall corresponding PE for 2019/20 is currently 6.

62x / 5.

66x, PB is 0.

90x / 0.81x, maintaining the overweight rating.

The main risk facing the rating: asset quality expectations exceed expectations.

Antu Bio (603658) 2018 Annual Report Comments: Performance Meets Expected Pipelines and Mass Spectrometry Guarantees Long-Term Potential

Antu Bio (603658) 2018 Annual Report Comments: Performance Meets Expected Pipelines and Mass Spectrometry Guarantees Long-Term Potential

Core point of view The company’s rapid performance growth in 2018 continued in line with market expectations. Among them, the chemiluminescence business continued to maintain high growth. The two strategic varieties of assembly lines and mass spectrometry have begun to exert force, and the long-term development prospects are broad.

The company’s EPS for 2019-2021 is expected to be 1.

73/2.

22/2.

RMB 84 (previously 19-20 predictor 1).

83/2.

38 yuan), corresponding to PE 38/30/23 times, maintain “Buy” rating.

  Rapid growth in performance, in line with market expectations.

The company announced 2018 results and operating income 19.

30 ppm, an increase of 37 in ten years.

82%, net profit attributable to mother 5.

63 ppm, an increase of 25 in ten years.

98%, deducting non-net profit 5.

35 ppm, an increase of 29 in ten years.

17%, basic profit income 1.

34 yuan.

Among them, the operating income for the fourth quarter was 5.

69 ppm, an increase of 36 in ten years.

48%, net profit 1.

5.2 billion, an increase of 23 in ten years.

27%, deducting non-net profit 1.

4 billion, an increase of 23 in ten years.

64%.

Overall, benefiting from the rapid growth of chemiluminescence products, the company’s performance has maintained rapid growth, in line with market expectations.

Report net cash flow from operating activities of core companies.

5.4 billion, an annual increase of 35.

70%, excellent cash flow.

  Chemiluminescence continues to grow rapidly, and assembly lines and mass spectrometry guarantee long-term potential.

The reported company’s chemiluminescence business is expected to grow 45% -48% each year and continue to maintain a high growth. In 2018, the number of installed units reached 900 and the cumulative installed capacity was about 3100. It is expected that the number of new installed units in 2019 is expected to reach 1,000.

Autolas A-1 is the first domestically-made full-automatic biochemical immune pipeline in the true sense of China. The first pipeline has been installed in 2018. It is expected to land 10-20 in 2019, which will help the company master the terminal market.Increase market share and monomer free radicals.

The microbial mass spectrometer has been on sale in the second half of 2018, which has further enriched the company’s microbial detection product line and promoted integrated solutions for microbial culture, identification and drug sensitivity.

In addition, the company’s 100-speed small-scale light-emitting instrument has recently been officially approved, which is conducive to sinking channels and seizing the grassroots market.

On the whole, the two strategic products of microbial mass spectrometry and assembly line have been launched and sold, and the company’s long-term growth space is expected to be opened.

  Participated in Mobidiag to strengthen molecular diagnostics layout.

The company has announced that it will increase its capital by 10 million euros in Mobidiag Oy, Finland, in order to achieve a shareholding in the company.

12% equity. At the same time, the two 杭州夜网论坛 parties jointly invested 12.3 million euros to establish a joint venture in China.

Mobidiag has two mature technology platforms.

① Amplifier: For large and medium-sized laboratories, an automated high-throughput multi-target molecular molecular diagnostic system based on real-time fluorescent PCR technology. Products targeted for a variety of translocation infection pathogens and antibiotic replacement tests have obtained EU CE certification and sales.② Novodiag: It is a cutting-edge technology in the field of POCT in the diagnosis of nucleic acid molecules. It allows comprehensive screening of multiple pathogens or single pathogens in about an hour, thereby helping to provide early treatment and reduce the abuse of antibiotics.The product has recently obtained EU CE certification.

  R & D expenditure increased by 46.

76%.

With the increase in the scale of revenue, the company’s bills receivables and accounts increase by 38 each year.

70%, due to the increase in advance payment of Canon biochemical analyzer and magnetic levitation automatic assembly line purchases, advances increased by 33.

90%.

Reported that major companies’ R & D investment continued, and R & D expenses reached 2 in 2018.

170,000 yuan, an increase of 46 in ten years.

76%, with 928 R & D personnel, accounting for 30 of the total number of employees.

34%, continuous R & D investment guarantees the innovation output of technology and products.

  Risk factors: R & D progress exceeds expectations, IVD product tenders and price cuts, and market competition intensifies.

  Investment suggestion: The company’s rapid growth in performance in 2018 continues and meets market expectations. The chemiluminescence business continues to maintain high growth. The two strategic varieties of assembly lines and mass spectrometry have begun to exert their strengths, and the long-term development prospects are broad.

Taking into account the increase in short-term R & D investment, the company’s EPS forecast for 2019-2021 is adjusted to 1.

73/2.

22/2.

RMB 84 (previously 19-20 predictor 1).

83/2.

38 yuan, 2021 is a supplementary forecast), corresponding to PE 38/30/23 times, maintain “Buy” rating.