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[Baby Winter Melon Soup Daquan]_ baby taste _ how to make

There are many ways to make winter melon soup. We can stew the winter melon with pork ribs, or we can use the winter melon stew chicken. These winter melon soups are very simple to make, as long as everyone follows the content introduced below.However, it should be noted that winter melon is not suitable for people with weak health, so babies should try to eat winter melon soup as little as possible.

Let ‘s take a look together.

Can babies eat winter melon? Baby should eat winter melon with caution.

Because the baby is young, the gastrointestinal function has matured, and the winter melon is too cold. If you eat too much, it may cause your baby to have indigestion, causing stomach pain, diarrhea and other symptoms.

Winter melon can be stewed, fried, braised and boiled.

Glycolic acid contained in winter melon can effectively inhibit the conversion of sugars into misfortune. In addition, winter melon itself does not contain feces and the conversion is not high. In order to prevent the body from gaining weight, it is of great significance to make the body fit, especially suitable for fat babies.

Winter melon has a sweet cold taste, clearing away heat and stimulating heat, and anonymously removes the troubles, especially in summer.

In the hot summer, your baby’s appetite is reduced and her appetite is not good.

Mothers can boil some winter melon soup for their babies, which can not only replenish water, but also relieve summer heat, killing two birds with one stone.

The practice of eating winter melon Because of the coldness of winter melon, the baby may irritate the stomach and intestines after eating, resulting in indigestion, so it is best to give the baby a soup to drink.

After the soup is boiled, the flesh of the melon spreads to help the baby to swallow, and the coldness of the melon is reduced by continuous stewing, which is suitable for the baby to eat.

Ingredients of winter melon ball soup: 100 grams of winter melon, 300 grams of mutton stuffing, 10 grams of minced onion, 10 grams of ginger, 1 egg white, 3 grams of chicken essence, 5 grams of salt, 3 grams of white pepper, 5 grams of dried starch, and 10 ml cooking wine, Sesame sesame oil, coriander amount.

Method: 1. Put the minced shallot, ginger, salt, cooking wine, egg white and sesame oil in the lamb stuffing and stir well.

2. Peel the winter melon and cut into small slices.

3, boil the broth in the soup pot over high heat, cook the melon slices for 3 minutes.

4. Change to low heat, use a small spoon to hold the right amount of mutton stuffing on the palm of the left hand, and form into small balls on the palm of the left hand. Put them into the soup one by one.

5, transfer chicken essence and white pepper powder, put into the soup pot and drizzle with sesame oil, sprinkle with coriander leaves.

Efficacy: The meatballs are tender and tender, the winter melon is smooth, and it has appetizing, heat-clearing, phlegm-reducing, and thirst-quenching effects, suitable for young children.

Ingredients for sea melon: 500 grams of winter melon, 50 grams of sea rice, 1 teaspoon of wine, 1 teaspoon of water starch, 1 teaspoon of minced onion, ground ginger, salt, and chicken powder.

Method: 1. Peel the melon, peel it, remove the seeds, wash, cut into pieces, marinate with salt for about 10 minutes, drain the water for use, and soak the sea rice with warm water; 2.On a high fire, put the oil and burn to 60% heat, pour melon slices, and remove the drained oil when the melon skin is green.

3. Heat the base oil left in the pot, sauté the shallot and ginger, add half a cup of water, chicken powder, wine, salt and sea rice, add the winter melon slices after boiling, and boil over high heat.Simmer over low heat; 4, after the melon is cooked and flavored, add starch to the water and stir well to bring it out of the pan.

Efficacy: Winter melon contains a lot of water, and has the effects of clearing heat and poisoning, urination, quenching thirst and annoyance, removing dampness and relieving heat; sea rice is a better source of calcium.

Baby eating winter melon sea rice can not only clear heat and detoxify, but also add calcium.

】 _Crab meat_Can you eat

[Can I eat crabs after drinking yogurt?
】 _Crab meat_Can you eat

Yogurt is a type of dairy product made by people using ordinary milk after fermentation. Therefore, the nutrition contained in yogurt is similar to milk, but the taste differs greatly. Many children especially like to drink yogurt. According to reports, yogurtNutrition can be easily digested and absorbed by the human body, which can supplement protein and multivitamins, so can people eat crabs after drinking yogurt?

Can I eat crabs after drinking yogurt?
Crab is one of the more popular foods. It tastes delicious.

Many people think that you can’t drink yogurt after eating crab.

So, can I drink yogurt after eating crab?

What to pay attention to when eating crabs?

What are its contraindications?

Let ‘s take a look together.

Can I drink yogurt after eating crab?
The crabs are cold and the yogurt is flat. They have no conflicting sexual taste.

The main ingredients of crab are protein, trace, water, etc. Yogurt is mainly water, starch, lactose and other ingredients. They are not related and can be eaten together.

Crab and yogurt are non-toxic foods, and there will be no mutual reaction when consumed together. Therefore, eating crab and yogurt together will not cause poisoning. The circulating news should not be true or complete.

Need to pay attention to eating crabs. After eating crabs, you can’t eat celery. Celery can be greasy, and it can take away some aunts.

Some people think that eating crabs is too greasy, and they want to eat some celery to get greasy. In fact, eating together will affect protein absorption.

After eating crabs, you can’t eat muskmelon and melon.

Eating muskmelon after eating crabs can damage the stomach and stomach and easily lead to diarrhea.

People with weak stomachs should eat less of these two kinds of food, otherwise they will easily aggravate the condition.

Don’t drink tea after eating crabs Some people like to drink tea after eating crabs and think they can go fishy.

But you can’t drink tea after eating crab.

When eating crabs, the best drink is warm rice wine. Don’t drink tea before or after eating crabs.

Because of crab feet, crab gills will inevitably carry a bit of bacteria. Drinking wine or vinegar can kill them. The gastric juice also has a certain sterilizing ability. However, after drinking tea, the gastric juice is diluted and the sterilizing effect is greatly reduced.

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[How to do weight loss kelp soup]_ kelp soup _ weight loss _ how to do

In fact, if you want to lose weight effectively, then some dietary methods are very important. A reasonable choice of these foods can not only help supplement nutrition, but also through good weight loss. For example, weight loss kelp soup is more effective,We must master the method.

One: Kelp sprouts winter powder soup material: 1 small piece of winter powder, 50g lean meat, 50g kelp buds, 4 fresh mushrooms (100g), 10g wolfberry, 1 small ginger.

Practice: 1.

Wash and slice the shiitake mushrooms, and slice the meat slightly with soy sauce.

2.

Soak the winter noodles and shred ginger.

3.

500c.

C.

After boiling, add ginger, kelp sprouts, and shiitake mushrooms, roll for 5 minutes, and add winter flour to low heat for 10 minutes.

4.

Finally, add the pork slices, season with salt, sprinkle with wolfberry and cook for 3 minutes.

2: Kelp tofu soup material: 3 pieces of tofu, 100 grams of kelp, hair sauce, refined salt, monosodium glutamate, spring onion, water starch.

Practice: 1.

Cut tofu into small cubes, shred kelp and set aside.

2.

Set the soup pot on the fire, add peanut oil to heat, then put the onion shabu-shabu, cook soy sauce, add refined salt, add water, diced tofu and kelp.

3.

After the soup is opened, add monosodium glutamate, dilute with water starch, pour in sesame oil, and serve in the soup bowl.

Three: Winter melon kelp soup ingredients: winter melon 2 pounds, kelp 1 cake (this depends on how much you like kelp), this amount is enough for five people to eat.

Method: Step 1: Peel the melon, then cut into pieces and wash.

Step 2: The kelp is soaked in water for about 40 minutes. Since the kelp bought outside has a lot of sand, it must be washed clean.

If it is that kind of kelp, come back and cut it into small pieces for later use.

Step 3: Add oil to the pan. Heat the oil and stir-fry for 2 minutes.

Step 4: In order to make more soup and drink, pour the winter melon kelp into another boiling steamer.

Burn on high heat for 7 or 8 minutes and then add salt to the pan. You need to control the saltiness.

[Efficacy of Angelica stewed black chicken]_Benefits_Necessary

Everyone knows that angelica is a relatively common Chinese medicinal material. Angelica can be bought at any pharmacy at any time. Angelica is both a medicinal material and can be used with some ingredients to make medicinal meals. If you don’t have time to make medicinal meals, you can also make angelicae.Water to drink.

Many times, people prefer to use angelica and black chicken together to make food. Black chicken is also a food with medicinal value. When paired at the same time, the effect of food therapy is more effective.

Effectiveness of Chinese angelica stewed black chicken, medicinal and food ingredients-Angelica: As a more commonly used medicinal and foodstuff, Chinese angelica has spleen and heart-building, nourishing qi and nourishing blood, nourishing qi and blood, strengthening kidney and refining essence; applicableBefore menstruation, excessive menstruation, mental fatigue, heart palpitations, shortness of breath, insomnia, suitable for menstrual disorders, lack of blood and qi, kidney deficiency, symptoms of menstrual inaccuracy, low and light menstrual flow, fatigue, shortness of breath, dreams, insomnia, headFaint back, pale and so on.

“Black-hearted baby”-Blackbird Blackbird is rich in 18 kinds of amino acids and 18 trace elements such as melanin, protein, and B vitamins, among which the content of niacin, vitamin E, phosphorus, iron, potassium and sodium is higher thanRegular chicken is low in cholesterol and few.

The total serum and globular protein contents of black-bone chickens were significantly higher than those of ordinary chickens.

Black chicken contains amino acids higher than ordinary chickens, and iron content is much higher than ordinary chickens. It is a tonic with high nutritional value.

In addition, eating black chicken can also improve physiological functions, delay aging, and strengthen muscles and bones.

It has obvious effect on prevention and treatment of osteoporosis, rickets, iron deficiency anemia in women and so on.

Angelica stewed black chicken ingredients Ingredients: black chicken, angelica, red dates, wolfberry, codonopsis, ginger, cooking wine, salt recipes recipes: 1, ready to prepare ingredients angelica, codonopsis, red dates, wolfberry, black chicken and so on.

2. Wash the black chicken, pour 5 bowls of water into the pot, pour the washed black chicken, drop a few drops of cooking wine, boil it, and skim off the foam.

Add all the washed and water-controlled medicinal materials to the autoclave except wolfberry, cover with high heat and boil for 35 minutes. After the gas valve goes down, add wolfberry, season with salt, and cook without the lid for 5 minutes. Delicious angelicaBlack chicken soup is fresh out of the pot!

Top 10 securities firms: 2020 A-shares incremental funds will reach trillions of yuan

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Haitong Securities: The spring market will continue, and the incremental funds of A shares will reach trillions in 2020. ① The pattern of foreign exchange inflows of A shares remains unchanged: the appreciation of RMB this year, the valuation of A shares is lower than that of US stocks, and the long-term international index will increase the weight of A shares.

  ② Spring market continues: domestic macro policies are warmer, monthly economic data has stabilized, and the first-phase trade agreement between China and the United States has been implemented. We expect that the spring market will eventually evolve into a bull market.

  ③ Focusing on the 20-year expectation, the technology and securities dealers whose profit growth is recovering are better. In the spring market stage, both underestimated varieties are taken into account.

  Anxin Securities: The spring market will continue, and the focus will return to the fundamentals. From a medium and long-term perspective, A shares are in a mature cow.

The core logic of mature cattle is the development direction of the Chinese economy. Therefore, the main industry lines of the corresponding A-share 深圳桑拿网 market are technology, medicine and consumption. This medium-to-long-term main line will not easily change, and it is not appropriate to switch lightly.

Among them, the current prosperity of different sub-sectors, medium-term space, estimates, policy guidelines, capital attributes and risks affect the leading sectors in different stages, and other sectors will follow the overall growth in the bull market. If you want to emphasize style switching, you need macroeconomicsGreat changes have taken place in the financial environment.

  In the short term, market risk appetite may gradually cool down, but the overall economy is still stable, the financial environment is generally loose, and the spring market will continue.

The focus of the market will return to fundamentals, especially the quarterly report.

It is expected 深圳SPA会所 that the growth sector will still show an upward trend in the first quarter. At the same time, under the expected recovery of the manufacturing industry, at the low inventory level, there will also be structural upswing opportunities in the sectors that benefit from the improvement of fundamental margin support, such as some machinery, chemicals, nonferrous metals, etc.

  Founder Securities (Protection of Rights): Industrial trends are the decisive basis for a growing bull market1. Major technological innovations that trigger industrial trends in the long run are the decisive basis for a bullish growth style.

Behind the growth bull market in 2010, 2013 and 2015 is the logic behind the changing trend of the mobile Internet industry.

  2. The growth of the bull market requires a policy environment and suitable catalysts that are conducive to the growth of the industry.

  3. The macroeconomic environment, market environment and liquidity environment are not the decisive or necessary conditions for the growth of the bull market, but it will affect the rhythm and height of the market.

  4. The deterministic upward trend of the 5G industry, the friendly policy environment, and the catalysis of 5G mobile phone replacement will bring wonderful and unusual growth in the market in 2020.

  CITIC Securities: Estimated return to performance, before the holiday is the best time to allocate value. The market has entered a performance matching period after the forecast of rapid rise and rise. It is expected that the performance elasticity will restrict the estimated expansion more and more; incremental capital inflows are stillInertia, but the pace is expected to accelerate after the Spring Festival, and the market still needs time to digest the structural impact of the implementation of the first phase of the agreement.

Considering the rhythm of capital inflows and incremental capital gains, as well as the “cost” of matching performance with estimates, it is the best time to allocate value before the holiday. It is recommended to focus on the banking, insurance, food and beverage, home appliances, pharmaceutical and medical services sectors.
  GF Securities: In the second phase of “Winter Warmth”, technological growth continues to dominate the second phase of “Winter Warmth”, and technological growth continues to dominate.

The discount rate has driven the “slow cow on the financial supply side”, and the “warm winter weather” is in the second stage.

Industry configuration: (1) Historical experience Before the Spring Festival, the liquidity was relatively large and abundant, and continued to pay attention to the “industrial cycle and liquidity resonance” of technology growth stocks: consumer electronics, new energy automotive industry chain mid-upper stream (see 1).

15 “Can the theme of new energy vehicles transition?”

》, Game; (2) Active replenishment is one of the three major determinants in 2020, and we will continue to focus on the industries that benefit from the “first replenishment” (industrial metal / glass / rubber).

  New Era Securities: Will Explosive Funds Become Reverse Indicators?

However, since 2009, the volume of public fund offerings has been mainly an inverse indicator (11 times, 6 major adjustments, and 3 small adjustments), mainly because the public fund’s right to speak in the stock market has continued to decline, resulting in each timeThe volume of equity fund issuance is all late growth.

But we think this time is different, and it may repeat the return of public discourse right from 2006 to 2007.

Because in the bear market and shock market of 2015-2018, most of the other products (private equity, personal, and hot money) of public fund performance, the performance is still remarkable.

The amount of public fund issuance will no longer be a lagging indicator, or even a synchronous indicator, and even a periodical indicator can become a leading indicator. The emergence of explosive funds will become the reason we continue to be bullish on A shares.

  Huatai Securities: Maintain the judgment that the index has upward space or greater than the downward space. 3000 points with a high probability. A solid Huatai Strategy Research Report believes that the outstanding feature of the A-share market since December last year is the spread of the trend of incremental capital entry, and the economic recovery is weak.The two logical lines are interpreted in parallel with the wide liquidity, but the strong trend of both lines may not be sustainable. It is expected that the subsequent large probability will converge from one direction to the other. The verification time point or after February.

Initially, to maintain the judgment that the index’s upward space is greater than the downward space, a large probability of 3000 points is solid.

In terms of configuration, continue to pay attention to industrial opportunities such as building materials / automobiles / appliances / construction, and focus on tapping the selection of individual stocks of electric new / mechanical (industrial control, industrial robots, etc.). The structure of the camera layout Q1 gradually decreases after the three “big years”Electric vehicles, midstream, electronics, cloud computing) opportunities.

  CITIC Construction Investment Securities: Periodic economic recovery, stocks and convertible bonds investment is the best window period CITIC Construction Investment Strategy Report believes that under the environment of economic phased recovery and loose liquidity, this is the best for stock and convertible bond investmentIn the window period, bond allocation is also a better point in time, and the capital market continues to rise during the shock.

From the perspective of industry configuration, first of all, the electronics industry represented by semiconductors, cloud computing and domestic software represented by the computer industry continued to boom, and technology 50 represented growth stocks and continued to recommend.

In fact, the brokerage sector has performed very well, and it is expected that the capital market will be more active by 2020, and the brokerage sector is also the direction of priority allocation.

  China Merchants Securities: The current research report on investment promotion strategies for the start of explosive funds or residents’ funds accelerating into the market believes that the current domestic economy remains stable, the policies are relatively friendly, the amplitude level is gradually declining, the currency value is steadily increasing, and the external environment is improving.Excellent investment environment.

The recent outbreak of funds came one after another. From the perspective of liquidity or estimates, the current environment of fund issuance exceeded 10 billion yuan in 2006, so we think it is the beginning of the current explosive funds or the accelerated entry of residential funds into the market.

Coinciding with the upward cycle of science and technology, technology and medicine are currently the first choices. If the economic data further declines, it will increase the construction and automobile real estate of steady growth.

  Guosheng Securities: Why is there a lack of mainline recently?

The cycle has yet to be “disordered anyway” 1. After the economic phase has stabilized, it has entered the replenishment cycle, and the denominator side has further loosened the dynamic attenuation.  2. The currency easing effect is sinking from financial markets to entities.

Driven by fiscal advances and continuous monetary easing (reduction of standards, policy rate cuts, etc.), market liquidity continues to be loose.

In addition, due to seasonal and Chinese New Year factors, the demand for physical funds is weak, and financial market liquidity is more abundant.

Subsequent consecutive Chinese New Year gradually entered the peak of construction (Jin Qilin analyst) period, the effect of monetary easing will gradually sink from the financial market to the real economy, the marginal factors of funds supporting the stock market weakened marginally.

  3, the molecular end improvement signal is more clear.

With the recent continuous improvement of the denominator, the market’s focus on economic fundamentals and corporate profits has declined. The economy has entered a replenishment cycle and ushered in a periodical repair, which is fully expected by the market.

In the future, the power of the denominator will gradually decline, and the economic recovery signal will continue to appear. The market will return to the main line of the numerator. The cycle will be the most beneficial direction, and the core asset revaluation will continue.

Jinhe Industry (002597) Company Research: The industry chain continues to increase, optimistic about the company’s core competitiveness continues to expand
Event: Company announcement: 1) It is proposed to invest in the construction of a 5,000 sucralose project per year; 2) It is planned to invest in a 5,000 ton methyl ethyl maltol project with shareholders of Jinwo Technology;The planned 5,000-ton methoxystyrene maltol unit was adjusted to build a project with an annual output of 4,500 tons of Jiale musk solution, 5,000 tons of 2-methylfuran, 3,000 tons of 2-methyltetrahydrofuran, and 1,000 tons of furan ammonium salt; 4) The company proposed to use its own funds 3889.20,000 yuan and Ningbo Shanwei, Zhejiang Wofeng, natural person Ni Yan, Yang Le jointly funded the establishment of Xiamen Shanwei (registered capital of 70 million yuan), mainly investing in new materials, electronic chemicals and other industries concerned. The industrial chain continues to expand and the company’s comprehensive competitiveness promotes development: The proposed construction projects disclosed by listed companies include the consolidation of existing product competitiveness, market-related integration, and technology-related integration. New projects will strengthen the company’s existing product market topAt the same time, it will open up the upstream and downstream industrial chain around diketene (ansaimi raw material) and furfural (methylstyrene maltol) raw materials, which is conducive to the horizontal and integrated integration of the industrial chain, forming upstream and downstream synergy effects, reducing the company’s overall cost and improvingThe 杭州夜网 company’s comprehensive competitiveness will extend downstream to pharmaceutical growth, pharmaceutical intermediates, flavors and fragrances, daily chemicals and other fields with large growth space. Earnings forecast and investment grade: What do we expect the company to do in 2019?In 2021, the net return to mothers will be 8.26, 10.51 and 12.96 ppm, corresponding to 13 in 2019, 2020 and 2021.7, 10.8 and 8.7 times PE.The company can sustain its own process cost reduction and efficiency enhancement capabilities, scale effect and efficient operating system. In the past few years, it has entered the fine chemical fields such as silyl maltol, acesulfame and sucralose, and has excellent cost controlCapabilities and continuous process improvement capabilities have gained absolute market share and pricing power. We are optimistic that 武汉夜生活网 the company will achieve crossover and preliminary integration around the existing industrial chain, extending downstream to pharmaceutical solvents, pharmaceutical intermediates, flavors and fragrances, daily chemicals, etc.In this area, the core competitiveness has been further extended and expanded. The company currently underestimates significantly, maintains a “buy” investment rating, and continues to recommend it. Risk reminder: The macroeconomic growth rate is faster than expected, the risks of new industry entrants, the impact of environmental protection and safety accidents.

Shuanghui Development (000895): Q2 pig price grows rapidly, company’s short-term profit is under pressure

Event: The company announced the 2019 Interim Report, with a total operating income of 254 in the first half of the year.

5.5 billion yuan, an increase of 7.

26%, net profit attributable to mother 23.

82 trillion, the same minus 0.

16%, ROE is 17.

55%, EPS is 0.

72 yuan.

Of which Q2’s total operating income was 134.

81 trillion, with an increase of 15.

50%, net profit attributable to mother 11.

02 billion.

Affected by the rapid rise in pig prices, Q2 slaughtering volume and head profit increased.

2019 H1 company slaughter income is 150.

3.9 billion, an annual increase of 7.

79%, with a slaughter volume of 857.

790,000 heads, an increase of 3 per year.

67%.

According to data from the Ministry of Agriculture, affected by African swine fever, the number of pigs slaughtered in the first half of this year fell by 25.

8%, promote the rapid growth of pig prices, the company’s Q2 slaughter volume of 385.

09 million heads, a decrease of 11 a year.

57% in the second quarter.

47 yuan, an increase of 16 yuan per year, a decrease of 38 yuan.

Although the company 厦门夜网 has used a small amount of low-priced inventory, its head-to-head profit has still significantly narrowed.

In the first half of the year, due to the Sino-US trade friction, the tariff rate on imported frozen meat was increased to 62%, which affected the company’s frozen product imports.

However, since August, the price of hogs has continued to rise and has reached a historical high of 22 yuan / kg. While further increasing the cost pressure of the company, it has also widened the hog price gap between China and the United States, even in the case of considering the impact of tariffThe cost advantage of pork imports in the United States is also becoming more and more obvious. It is expected that the company’s frozen product imports in the second half of the year are expected to increase, stabilizing pressure on cost growth.

Optimization of high-temperature product structure and cost increase profitability of front-end meat products.

In terms of meat products, 2019H1 total revenue was 119.

3.0 billion, an annual increase of 4.

21%, of which high-temperature products income 76.

6.5 billion, an annual increase of 7.

52%, low-temperature product income 42.

38 billion, a ten-year average of 1.

29%, high temperature products perform better, while low temperature products are still in the adjustment stage.

The overall sales of meat products in the first half of the year were basically unchanged from the same period last year, of which Q2 sales were about 40 inches.

In terms of ton prices, due to two price increases in 2019H1, coupled with better promotion of new products of high temperature products, and optimization of product structure, the ton price of meat products increased by 4pct in the first half of the year, but due to the increase in costs, it still faces profitability of meat products.Capacity, the operating profit of meat products in the first half fell 16.
.

80pct to 19.

4.2 billion.
Earnings forecast and investment suggestions: Reduce the company’s EPS for 2019-2021 to 1.
55, 1.

64, 1.

89 yuan, corresponding to PE is 14X / 13X / 12X. Due to the impact of African swine fever on the company’s cost end in the short term, the company’s level is adjusted to “overweight” level.

Risk warning: food safety risks, African swine fever epidemic intensifies

Tianmu Lake (603136): Leading Strategy for Private Scenic Spotlight Focuses on “Deluxe Leisure Travel Destination Operators”

The company is a privately-run listed company operating in scenic spots. Its main attractions are hot spring operations and hotel business. The actual controller Meng Guangcai holds 51 shares.

45%, the equity is relatively concentrated.

Most of the management team are founding shareholders with rich management and market experience.

Tianmu Lake’s stock business has reached a mature stage, with an average annual growth of 20%.

We estimate that the release of the stock business performance can maintain an average annual growth rate of nearly 20%. Among them, the growth of passenger flow and the increase in customer orders average about 8%, the scale effect is about 8%, and the cost optimization is about 2%.

The company’s 16/17/18 revenue was 4.

22/4.

61/4.

8.9 billion, respectively increased by -0.

27% / 9.

22% / 6.

24%; 16/17/18 deducted non-returned mother’s net profit is 0.

68/0.

83/0.

9.4 billion, an increase of 31.

35% / 21.

90% / 12.

29%.

In the fourth quarter of 2018, the company carried out observation and maintenance in a single quarter to increase employee salaries, resulting in a significant decrease in net profit (only 0 in a single quarter).

(03 billion profit, 48% reduction in one year), the impact of one-time events is limited, and the company will return to growth in the future.

Revenue is mainly from the business of large scenic spots, accounting for 74%.

The proportion of secondary consumption gradually increased, and the “ticket economy” was gradually realized.

For 18 years, the company has contributed revenue by big attractions / hotels / travel agencies / others.

61/0.

95/0.

12/0.

2.1 billion, accounting for 74% / 19% / 3% / 4% respectively.

According to product categories, Shanshui Garden / Nanshan Zhuhai / Hot Springs / Water World / Hotel / Travel Agency contributed revenue1.

60/1.

29/0.

55/0.

17/0.

95/0.

12/0.

2.1 billion, accounting for 33% / 26% / 11% / 3% / 19% / 3% / 4%.

Ticket income accounts for less than 50% of the revenue of major attractions and about 25% of total revenue. The company has gradually realized the “ticket economy”.

Fundraising project 2.

400 million, the second phase of Yushui Hot Spring is expected to be put into operation at the end of 19, and it is expected to increase its performance by 2020 to about 35 million.The new project focuses on high-end customers and is expected to cost more than 2500 yuan per unit (in the past, the business unit price was 300 to 500 yuan).

The total investment of the second phase of the hot spring project is 2.

40 billion (IPO fundraising 2.

It is expected to be completed and put into operation in December 19th. The new project will focus on the high-end market, with an annualized revenue of about 83.22 million and an annualized profit after tax of about 37.8 million.

We estimate that in 2020/2021, it is expected to contribute 731.381.15 million in revenue and 348.4 / 3杭州桑拿926 million in profit after tax.

Convertible bond items 3.

2.2 billion. It is planned to build a sightseeing tour bus and upgrade the ropeway. It is conservatively estimated that the increase in performance in 2021 will be about 45 million.

The total investment of Shanshuiyuan sightseeing tram and Nanshan Zhuhai cableway upgrade project3.

2.2 billion (300 million yuan in convertible bonds). It is conservatively estimated that the two projects will be completed by the end of 2020 and the annualized profit after tax will be about 53.48 million.

We estimate that the sightseeing tram / ropeway upgrade project will contribute 30.94 / 1452 million in after-tax profits in 2021, which is expected to contribute a total of 45.46 million in after-tax profits.

The strategy focuses on “light luxury leisure destination 南京桑拿网 operators” and gradually realizes the expansion from 1 to N.

Around the first- and second-tier cities, there is a lack of high-quality leisure and tourism products, and the market space is huge.

The demand for high-end leisure travel for tourists has increased, but the total market supply of light luxury products. Ctrip.com shows that the number of peripheral travel products in the Beijing / Yangtze River Delta / Pearl River Delta region with unit prices exceeding 2,000 yuan accounted for nearly 2 respectively.

36% / 2.

07% / 2.

97%.

Tianmu Lake’s ability to deeply cultivate a single scenic spot has been verified, and it is expected to become a light luxury leisure destination operator in the future, with expansion from 1 to N.

The company’s cash flow is relatively higher than that of its peers, with a high proportion of accounts received in advance and a clear margin of safety.

Strong profitability, low asset-liability ratio, and great potential for future expansion.

The company’s operating cash flow / deductible non-returned net profit continued to more than doubled, and its 18 years of pre-revenue / revenue reached 7.

5%, the quality of performance is higher than peers.

The company’s ROE continued to rise above 13%, and its ROA rose to 9 in 18 years.

2%, asset-liability ratio decreased by 20.

2%, considering that the long-term borrowing rate is less than 5%, which is much higher than the ROA level, and has a long-term expansion potential.

Profit forecast and investment advice: Buy rating.

It is estimated that the company’s net profit after deduction of non-return to mother in 19-21 is 1.

29/1.

87/2.

6.6 billion, with a growth rate of 37% / 45% / 42% and a CAGR of 44%, corresponding to a PE of 23/16/11.

Considering the growth of the company’s expansion and the expected safety margin, we think its reasonable market value in 19 years is 5.2 billion, with a target price of 64 yuan, corresponding to a PE valuation of 40 times.

Covered for the first time and given a “Buy” rating.

Risk reminder: the risk of attraction tickets and ropeway charging standards, force majeure risk, franchise renewal risk, security risk, macroeconomic fluctuation risk

Vantage Holdings (002035): Bottom Opportunity Layout Awaits Prosperity

Investment thinking: waiting for the turning point.

In 19Q1, the company’s fundamental support was insufficient. At that time, it was estimated that the uplink and uplink had a certain run-up meaning; the market risk appetite brought by the general environment had decreased, and the company’s valuation has recently approached the historical bottom area again.

19H2 is ahead of schedule, and the completion of the second, third and fourth lines is expected to gradually materialize. Q2 may be the bottom of the company’s operating fundamentals.

The estimated level of relative safety + the expected improvement in operating fundamentals, it is recommended to focus on observation and layout.

The improvement of the business climate has yet to be confirmed.

According to the China Merchants Real Estate Group’s view, corresponding to the rebound of new construction in 2016, the completion of projects in 2019 is an absolute volume or an overlapping growth rate, which will bottom out; and the completion of the first half of the year will continue to be less than expected, or create a super market in the second halfExpected pick up.

According to company surveys, Vantage continued its Q1 revenue growth trend in April, and the revenue end of May has returned to positive. The 618 online promotion effect has been significant. The company’s operations may have shown signs of improvement, and Q3 is expected to be more optimistic.

The company’s strategic layout is long-term, and its internal operations continue to improve.

1) The 18H2 company is committed to channel integration, and the secondary distributors are transformed into terminal operators to improve the efficiency of the entire industry chain. Establish a retail management center to change the terminal management and control. The current overall channel inventory level is about 3 months, which is overall benign.

2) Established product development center and technology development platform, attaching great importance to technological innovation and layout of new categories.

3) Since the completion of the transfer of new and old management power in 2016, the adjustment and replacement of the company’s middle and senior staff have been basically completed. The new blood has brought vitality to the company. The rapid development of the water heater category is also the achievement of the company’s active introduction of talents from the 深圳丝袜会所 outside.
Bottom line thinking to estimate company performance, July 2019.

700 million + expected.

The company has two characteristics that show the expected anti-periodical properties: 1) The water heater category can increase ASP and market share through the enhancement of endogenous product power and brand power; 2) The cost end is higher than competing companies, which can be achieved through internalThe improvement will continue to reduce costs and increase efficiency, and increase profitability.

If only the water heater revenue + 25% (price + 10% volume + 15%) is considered, and the rest of the segment is generally the same as last year, the income end is expected to + 5% to 64 billion; if the smoke stove products achieve rapid recovery under the improvement trend of real estate completionGive the income end + 10% to 6.7 billion as the expected cap.

In 2018, the 青岛夜网 company’s net profit attributable to its parent was 11.

1%. In 2019, considering the price increase of water heaters, the price advantage of raw materials, and internal cost reduction and efficiency enhancement, it is expected to increase by 1 pct +, corresponding to the net profit attributable to the mother.

7?
800 million (+ 14%?
+ 18%); corresponding to the current market value of about 13?
14x PE, below the 15% quantile of the company’s historical forecast level since 2015.

Maintain a highly recommended-A grade.

Risk Warning: Real Estate Completion Improves Less Than Expected, Industry Competition Pattern Deteriorates