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[How to make cakes at home is the easiest]

[How to make cakes at home is the easiest]

Cake is a kind of food that most people like to eat because its aroma is very attractive. Many people will go out and buy some cakes when they are too lazy to cook and take them home for early breakfast, but the cakes bought outsideAll have food additives, eating too much is bad for people’s health.

So try making your own cake at home.

Today, I will take everyone to learn how to make cakes at home.

1.

Separate the egg yolks and egg whites, and place them in two large oil-free and water-free large basins; wash the milk and four spoons of milk powder with 125ml of water.

It’s best to use liquid milk. I don’t have it, so I use milk powder instead.

2.

Handle the egg yolks: crush the egg yolks, add sugar, milk, 25g condensed milk, vegetable oil, stir well, and melt the sugar.

Sift into flour and corn starch.

Be careful not to draw circles while stirring, but to turn up, down, left and right.

3.

Beat the protein.

This is a hard work. If you have an electric whisk, it is best. If you don’t, you can use a manual egg beater. It will be very tiring.

If you don’t have a hand whisk, you can use three or four chopsticks to separate them.

Beat until there are rough bubbles and add the rest of the supplementary sugar.

4.

Beat until the foam is fine and add the remaining half of sugar.

5,

Hit the texture and add all the sugar left.

6.

Look, does it look like cream?

It looks just fine.

To what extent is it enough?

It is enough to stir up a piece of protein and pull out a pointed triangle, and keep the tip of the triangle upright without bending.

The basin is upright and won’t slide.

7.

Add half of the protein to the egg yolk paste, mix well and then put the other half, then stir well.

Be careful not to circle up, down, left and right while stirring, do not squeeze the protein foam off.

8.

Press the cake key.

Remove after warming.

Take a toothpick and insert it into the cake. The end of the cake is wet and the toothpick is wet. Touching the surface of the cake is also wet and soft.Put it in the pot and heat for 15 minutes.

If the toothpick is dry, it means that the toothpick is ready, and the buckle can be eaten beautifully!

Let me show you one that needs to be processed.

[Boiled vegetarian dumplings for a few minutes]_How to cook_Method

TOWER Yaolei Jianhongdaodui  Xunrou Xianzhamotuan Gaotongqiandui Qingouguicen
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[Can beans and cherries be eaten together]

銆愯眴瑙掑拰妯辨鑳戒竴璧峰悆鍚椼€慱鍥涘璞哶鍚岄绂佸繉
I’m going to go to the top of the map, and I will go to the top of the map to split up and go to the end of the world. I’m going to say something like this: I’m sorry for you.彲浠ョ洿鎺ョ倰鐫€鍚冿紝杩樺彲浠ユ櫨骞叉潵鍚冿紝璞嗚杩樺彲浠ュ仛鎴愬悇绉嶅悇鏍风殑姹わ紝灏ゅ叾鏄眴瑙掔倴鑲夛紝钀ュ吇浠峰€兼槸寰堥珮鐨勶紝鏄緢鍙楀ぇ瀹跺枩娆㈢殑锛岃眴瑙掑拰妯辨鏄彲浠ヤ竴璧峰悆鐨勶紝涓€璧峰悆涔熶笉浼氬韬綋鍋ュ悍鏈夊奖鍝嶏紝澶у鍙互鏀惧績椋熺敤銆傝眴瑙掍笉鑳藉拰浠€涔堜竴璧峰悆1銆佽眴娴嗕笉鑳藉拰鑳€姘旂殑椋熺墿涓€璧峰悆銆傝眴瑙掍笉閫傚悎澶氬悆锛屽鍚冭眴瑙掍細鎬ф粸锛屽洜姝ゆ皵婊炰究缁撹€呬笉瑕佸悆璞嗚锛屼互鍏嶇敓鑵硅儉涔嬬棁銆傝€岀敓娲讳腑杩樻湁寰堝椋熺墿涔熸湁鑳€姘旂殑浣滅敤锛屽拰璞嗚涓€璧峰悆浼氬姞閲嶈吂鑳€銆?Ning Ge  咄 勪 咪 様 旈  鐗 ╂ 湁: The altar is in trouble, and it ‘s not a good idea. If you do n’t know how to use it, please do n’t use it if you want to borrow it.€?銆佽眴瑙掍笉鑳藉拰姘存灉涓€璧峰悆銆傝眴瑙掍腑鍚湁涓板瘜鐨勬鐗╄泲鐧藉拰涓€瀹氶噺鐨勪笉楗卞拰鑴傝偑閰革紝杩欐槸璞嗚钀ュ吇浠峰€肩殑涓昏浣撶幇锛岃€屽緢澶氭按鏋滀腑閮藉惈鏈夋鐗╅吀锛屾洿鏈変簺姘存灉鏄睘浜庡瘨鎬х殑锛岃繖浜涙按鏋滃拰璞嗚涓€璧峰悆鏃朵笉浠呬粎浼氶檷浣庤眴瑙掔殑钀ュ吇浠峰€艰繕鏈夊彲鑳藉紩璧锋秷鍖栦笉鑹€?甯歌鐨勪笉瀹滃拰璞嗚涓€璧峰悆鐨勬按鏋滄湁锛氬北绔癸紝姗樺瓙锛屾煔瀛愶紝鏌垮瓙锛岀寱鐚存绛夈€傝眴瑙掔殑绂佸繉1銆佽眴瑙掍笉鍙敓鍚冦€傝眴瑙掓湁婧惰绱犲拰姣掕泲鐧斤紝杩欎袱绉嶇墿璐ㄦ槸鏈夋瘨鐨勶紝鐓啛鎵嶈兘鐮村潖锛岀敓鍚冧細寮曡捣鍛曞悙鎴栬吂娉伙紝鍗充娇椋熺敤鍑夋媽璞嗚锛屼篃瑕佸厛鎶婅眴瑙掔敤姘寸叜鐔熷悗锛屾播骞叉按鍒嗭紝鏅惧噳鎵嶈兘鍋氭垚鍑夋媽鑿溿€?銆佸悆璞嗚瑕佹敞鎰忔帶鍒跺垎閲忋€傝眴瑙掕櫧鐒惰惀鍏讳赴瀵岋紝浣嗗悆璞嗚鐨勬椂鍊欎笉鍙椋熻椽椋燂紝鍚﹀垯瀹规槗寮曡捣鑵归儴鑶ㄨ儉锛屽鑷存秷鍖栦笉鑹€傝眴瑙掔殑鐩婃惌椋熺墿1銆 ? 眴 nau?鍐摐锛氳眴瑙掑拰鍐摐涓€璧峰悆锛屽叿鏈夎ˉ鑲炬秷鑲跨殑浣滅敤锛屽苟涓斿浜庤偩鐐庛€佽叞鐥涘拰娴偪鎮h€呮湁涓€瀹氱殑娌荤枟鍔熸晥銆?銆 ? 眴 nau?鏈ㄨ€筹細璞嗚鍏锋湁瑙f复鍋ヨ劸銆佽ˉ鑲炬娉汇€佺泭姘旂敓娲ョ殑浣滅敤;鏈ㄨ€冲垯鍏锋湁鐩婃皵鍏昏儍娑﹁偤銆佸噳琛€姝㈣鍜岄檷鑴傚噺鑲ョ殑浣滅敤銆傛墍浠ヨ眴瑙掑拰鏈ㄨ€充竴璧峰悆瀵归珮琛€鍘嬨€侀珮鑴傝鐥囥€佺硸灏跨梾銆佸績琛€绠$梾鏈夐槻娌荤殑浣滅敤銆?銆 ? 眴 nau?鐜夌背锛氱帀绫崇播瀵逛簬鑴捐儍铏氬急銆佸翱棰戦仐绮俱€佸姩鑴夌‖鍖栥€佸啝蹇冪梾銆侀珮琛€鑴傘€侀珮琛€鍘嬬梾浜烘湁鐫€寰堝ソ鐨勯鐤楁晥鏋滐紝閫傚悎杩欎簺鎮h€呴暱鏈熼鐢紝鐜夌背绮ラ厤涓婄偣璞嗚鐨勯鐗╂晥鏋滄洿濂姐€?銆 ? 眴 nau?What are the reasons for this problem? What are the reasons for this? What are the reasons for this? What are the reasons for this problem? What are the reasons for this?杩樿兘娑堥櫎鑳歌唸鑳€婊★紝鎵€浠ヨ眴瑙掑拰鍦熻眴鎼厤,涓嶄絾鍙互闃叉不鎬ユ€ц偁鑳冪値锛岃繕鍙互闃叉不鍛曞悙銆佽吂娉荤瓑鐥呯棁銆?銆佽眴瑙?In the meantime, you will be able to see if you’re in trouble, or you can’t do it, you can’t do it, you can’t do it, you can’t do it, you can’t do it.佸皬鐤栬偪绛夌梾鐥囥€傝眴瑙掔殑鍚冩硶璞嗚鐑ц寗瀛愰鏉愶細鑼勫瓙銆佽眴瑙掋€佽姳鐢熸补銆侀鐩愩€佽懕銆佸銆佽挏銆佸共杈f銆佺敓鎶姐€佽殱娌广€佺櫧绯栥€佹按閫傞噺銆傚仛娉曪細1銆佽寗瀛愭礂鍑€鍒囨潯锛岀敤鐩愭姄鍖€鑵屽埗15鍒嗛挓鍚庢敟骞叉按鍒嗗鐢ㄣ€?銆佽眴瑙掓礂鍑€鍒囨锛岀敤鐩愭按鐒?闒 嗛 掓 鎺 ф 銆?銆佸ぇ钂滀竴鍒囦负浜岋紝濮滃垏鏈紝钁卞垏鐗囷紝骞茶荆妞掑幓绫藉垏娈碉紝3鍏嬬洂銆佽殱娌广€佺敓鎶姐€佺櫧绯栧姞涓€鐐瑰噳鐧藉紑璋冩垚姹佸鐢ㄣ€?銆佸紑鐏紝閿呭唴鏀鹃€傞噺鑺辩敓娌癸紝鏀捐挏鐡c€佽懕濮滄湯鍜屽共杈f鐖嗛銆?銆佷笅鑼勬潯鍜岃眴瑙掕锛屼腑灏忕伀鐓哥倰鑷宠眴瑙掑叏鐔熴€?銆佹斁璋冨懗姹侊紝缈荤倰鍧囧寑鑷宠眴瑙掑叆鍛冲嵆鍙叧鐏鐩樸€?

[Benefits of eating tomatoes for men]_Men_Benefits

[Benefits of eating tomatoes for men]_Men_Benefits

Many women like to eat tomatoes because they know that eating tomatoes can whiten the skin and delay aging.

Tomatoes are also one of the fruits and vegetables that are very beneficial to human health. Especially for men, in daily life, men bear heavy responsibilities in the family and society, and they can not ignore the replacement of nutrients.What about the benefits?

1, men eat more tomatoes to maintain liver health: Vitamin A is mainly contained in the liver and is an important element for maintaining kidney health (healthy food).

Chinese medicine believes that the reproductive system and the liver parenchyma are in huge contact. The meridians that merge with the liver are directly entangled in the reproductive system. The liver regenerates the main hair.Qi machine can promote the activation of human body functions.

In addition, it can promote the activation of the reproductive system and enhance men’s sexual vitality.

2, men eat more tomatoes to protect male sperm and improve sexual performance: the main function of vitamin D and vitamin A in tomatoes is to promote protein (protein food) synthesis.

Vitamin A deficiency can affect the production of spermatocytes in the insulin pill tissue, degeneration of the vas deferens, and a decrease in insulin pill weight.

And if men contain vitamin A, sex life will lose vitality and enthusiasm.

In addition, lycopene in tomatoes has a metabolic antioxidant function, which can remove free radicals that damage sperm, promote metabolic functions in men, and indirectly benefit men’s sexual function.

3, men eat more tomatoes can prevent a variety of diseases: lycopene in tomatoes can significantly reduce the oxidation of lipids and proteins in men, prevent the prostate from deforming, and delay sexual aging.

Among those with the highest polyunsaturated fatty acid reserves, lycopene was the most protective.

In addition, men who eat more tomatoes are less likely to suffer from coronary heart disease, cancer, and stomach cancer.

4. In this category, lycopene is widely distributed in nature. In addition to tomatoes, watermelon, papaya, guava, pink grapefruit, bitter melon seeds, etc. also contain lycopene.

It can be said that lycopene is a preventive antioxidant, which is easy to absorb, metabolize and utilize. It is recommended that men eat more.

5, tomatoes are rich in minerals (potassium, iron, etc.), vitamin A, C and lycopene and other biologically active substances.

Among them, lycopene is a good antioxidant, which can effectively scavenge free radicals. In addition to overcoming anti-cancer and anti-cancer effects, it can also improve men’s sperm quality.

[Effect of lemon dipping wine]_Reduction_Benefits

[Effect of lemon dipping wine]_Reduction_Benefits

Lemon is a very nutritious fruit, but lemon is too acidic and cannot be eaten directly or even directly. It must be strong and able to carry acid, otherwise it will be bad for teeth.Lemon is mainly used to soak or marinate in water. It also has a lot of effects, including dipping with lemon. It can prevent cough and kidney stones later. It also has a good effect on beauty.

What is the recipe for lemonade?

Lemon sparkling wine has a very good health effect on the body. It can not only make the body healthier, but also the skin will become better and better, and even more fair and elastic.

However, when preparing lemon wine, some precautions and methods must be made clear.

The specific taboos of lemon sparkling wine are as follows: First: choose fresh lemons. The difference between fresh lemons and stale lemons is very large. Fresh lemons have a very strong lemon flavor, and fresh lemons will appearAtrophy and loss of aroma and nutrients.

It is recommended that when talking about lemon sparkling wine, in addition to choosing fresh lemons, the lemons should be washed and peeled into thin slices and then sparkled.

The skin of lemon contains a large amount of flavonoids. The content of these substances greatly exceeds the content in the flesh, especially the pomelo peel compound and orange peel compound. These enter the body and can promote good health.

In addition, most of the lemon essential oil contained in lemons is also stored on the epidermis, cut into thin slices to promote the soaking of the aroma components in lemons.

If you use a part of the lemon, you can apply some honey to the open position to save it better.

Second: The lemon sparkling wine must be peeled. Whether it is the lemon sparkling wine or the water, it must be peeled, and the lemon slices must be thin.

Among the lemons, the flavonoids contained in the skin are the highest, and the content is higher than that of the lemon pulp.

In addition, lemon essential oil is also in the skin, so thin lemon slices and soaking with epithelium are more effective.

In addition to lemon peel, citrus peel also contains flavonoids. This substance has a certain bitter taste, contains many substances that are good for the body, and is suitable for taking in the summer after being combined with the sour taste.

Third: the choice of wine degree The degree of alcohol in lemon wine is exquisite. If the degree is too low, the nutrients and aroma contained in the lemon cannot be brewed.

But if the lemon is soaked with white wine with a particularly high degree, it will cause too much bitter substance in the lemon to soak out, affecting the taste.

There are also some people and editors who have reflected their worries, thinking that too high the degree of alcohol will affect the vitamins in lemons. In fact, this idea is some kind, because lemon is more acidic, and vitamin C is in this acidImproved tolerance in the environment is greatly improved.

Fourth: Can you add sugar or honey to lemon wine?

In fact, lemon wine contains a certain amount of sugar. At this time, if white sugar or honey is added, the energy contained in the wine will increase, which is especially not suitable for people who want to lose weight or control their weight.

Fifth: Not all people who are suitable for taking lemonade are not suitable for taking lemonade, although lemonade can make good health and beauty effects.

If you are suffering from hyperacidity or indigestion, you should always control the amount or avoid taking lemonade.

In addition, it is not suitable for people who are relatively high in weight to avoid weight gain.

Lemon contains a lot of potassium, vitamin C and flavonoids, so lemon wine is usually suitable for some patients with hypertension, diabetes and gout.

Starnet Ruijie (002396) Company Research: Three Quarterly Reports Meet Expectations Cloud Computing + Encore Double Blessing

Starnet Ruijie (002396) Company Research: Three Quarterly Reports Meet Expectations Cloud Computing + Encore Double Blessing

Event: The company released three quarterly reports with Q3 revenue of 26.

700 million, down 0.

06%; net profit 3.

200 million, an increase of 13%.

The first three quarters 北京夜网 achieved revenue of 59.

900 million, down 3%; net profit 4.

800 million, an increase of 19%.

The performance is in line with expectations, which can achieve a long-term stable growth tone and maintain a “Buy” rating.

Air Force’s third-quarter performance forecast is expected to report a net profit of Q3.

05-3.

460,000 yuan, a year-on-year increase of 7% -21%.

The data for the third quarterly report fell in the middle of the interval, basically in line with expectations.

Q3 has a solid performance and a deterministic replacement for long-term performance.

In Q3, the decline in revenue was narrowed, the gross profit margin increased by 6pct, and the increase was 3pc.

Affected by trade frictions, some of the company’s telecommunications product export businesses were under pressure, and Q1-Q3 revenue 北京夜网 declines were 2%, 8%, and 0 respectively.

At 06%, the decline in Q3 revenues has narrowed significantly, and operating conditions have improved margins.

From the perspective of gross profit margin, Q3’s single quarter gross profit margin was 42%, which increased by 6 pct and 3 pct month on month, mainly due to the continuous optimization of product structure and the expansion of multiple product lines.

Q4 estimates that the switch is near, further highlighting the company’s underestimation and poor expectations.

We predict that the company’s net profit for 2019-2021 will be 7.

1/8.

8/10.

90,000 yuan, the growth rate is 23% / 23% / 24%, the corresponding EPS is 1.

22/1.

51/1.

86 yuan, corresponding to PE for 2019-2021 is 26/21/17.

The capacity of the Encore project will add flexibility to the company’s performance and open up new space for growth.

With the expected change, the market’s performance for next year will be even better. Compared with comparable companies in the same industry, the company’s undervaluation and expected margin advantages will be further highlighted.

Network terminal: Domestic wave of substitution + product maturity breakthrough, the penetration rate of the “desktop cloud” solution will be further improved.

1) In response to the demands of the party, government and army, customers at the B-side have demanded for information security, strong control and easy expansion, and “Desktop Cloud” has become an important alternative for traditional PCs.

2) Shengteng Information, a wholly-owned subsidiary, is a thin, desktop cloud leader with a complete localization solution. It cooperates with Huawei to expand the desktop cloud market, cultivate an industry ecology, and enjoy the industry development dividends.

Enterprise-level network equipment: Cloud computing needs catalyze IDC construction, drive switches, and increase router demand.

The demand for network equipment mainly promotes operators and enterprise customers. Among them, Internet vendors such as BAT vigorously develop cloud computing, further promote the internal IDC construction rhythm, and promote the “white box” development of equipment.

Benefiting from the two major trends of domestic substitution and white box, through the continuous enhancement of its subsidiary Ruijie Networks technology, the market share has steadily increased, driving the company’s performance to grow steadily.

Risk warning: New product promotion is not up to expectations, and market competition is intensifying.

Hengshun Vinegar Industry (600305) 2018 Annual Report Comments: Steady Growth in Steady Growth and Profitability Steady Improvement

Hengshun Vinegar Industry (600305) 2018 Annual Report Comments: Steady Growth in Steady Growth and Profitability Steady Improvement

Performance review: FY18 performance was slightly lower than expected.

FY 2018 achieved total revenue of 16.

0.94 million yuan, ten years +9.

9%, of which the main condiment business income is 15.

28 trillion, ten years +10.

4%, net profit attributable to mother 3.

05 ten percent, +8.

4%, deducting non-net profit 2.

19 trillion, +20 for ten years.

7%, budget benefit 0.

39 yuan, the performance was slightly lower than expected.

Of which 18Q4 earned 4.

580,000 yuan, ten years +7.

3%, net profit attributable to mother 0.

86 ppm, at least -36.

6%.

FY18 gross profit margin 42.

2%, ten years +1.

6pcts, net interest rate 18.

0%, one year -0.

2pct.

FY18 budget proposed dividend.

12 yuan (including tax), dividends implanted 30.

9%.

Vinegar and cooking wine are growing well, and the expansion in East China and foreign ports has been smooth.

Revenue of the company’s condiment business in FY18.

28 trillion, ten years +10.

4%, black vinegar and high-end vinegar categories continued to grow, and cooking wine actively explored the market to record a higher growth rate, of which black vinegar / white vinegar / cooking wine business income was 8.

94/1.

63/1.

94 trillion, +9 for each year.

59% / 13.

3% / 26.

6%, of which high-end vinegar accounted for 23% of balsamic vinegar products.

5%, ± 2.

2pcts, high-end vinegar income +15 for ten years.

1%, higher than the growth rate of vinegar.

The increase in vinegar and cooking wine was mainly due to the increase in sales, which were +8.83% / 33.

42%, reflecting the company’s precise brand publicity, the “big single product + dual brand” operation and the development of catering channels have gone smoothly.

In terms of different regions, the market advantage of East China continues, with a revenue share of 48.

7%, +4 per year.

2pcts, East China / West China / North China / South China / Central China revenue increased by 20 respectively.

3% / 17.

7% / 13.

2% / 12.

3% / 12.

3%, both achieved a benign growth of more than double digits, while accelerating the pace of expansion into overseas markets, overseas sales increased by 18.

6%.

In addition, the company reached strategic cooperation with mainstream e-commerce platforms such as Tmall and JD. Its offline stores expanded to 7 trillion.

Profitability has steadily improved, and non-net profit has been set at a record high.

In FY18, the company’s condiment business gross margin was 43.

3%, ten years +1.

82 items, of which the vinegar / cooking wine gross margin was 44.

0% / 33.

2%, ten years +2.

0 / -6.

At 31 pcts, the company continued to create “Class A core products” and “high-end products”. The vinegar category benefited from product upgrades and production scale, and its gross profit margin increased steadily. However, due to the increase in raw material costs, cooking wine category actively explored the market and caused a decline in gross profit margin.On the whole, the company’s profitability has continued to improve.

On the expense side, the long-term selling expense ratio is 14.

9% every year -0.

3pct, mainly derived from the promotion expense ratio ratio -1.

4pcts, management expense ratio (including R & D expenses) 9.

4% per year -0.

2pct, of which R & D cost is +257 for ten years.

4%, cost control is good, and operating efficiency continues to improve.

FY18 company realized non-recurring gains and losses of 0.

US $ 8.5 billion, including government subsidies, gains from changes in fair value, etc., and realized non-net profit deductions2.

19 trillion, +20 for ten years.

7%, a record high, of which 18Q4 company achieved net profit attributable to mother.

86 ppm, at least -36.

6%, mainly due to 0 in 17Q4.

The 5.2 billion asset disposal income has a high base. Excluding recurring gains and losses, the company realized a net deduction of non-attribution to its mother in 0Q0.

60 trillion, +3 for ten years.

6%.

Focus on the main business, strengthen marketing, and wait for the improvement of the mechanism to drive speed.

In 19 years, the company’s target condiment business sales growth + 12%, deducting non-net profit + 15% per year.

In the past two years, the company has stepped up marketing reforms, channel feedback policies have been continuously strengthened, and the sales staff assessment mechanism has improved. At the same time, non-main business has been dealt 南宁桑拿 with in an orderly manner, and operating efficiency has continued to improve.

In terms of market, it has consolidated traditional channels, actively expanded catering channels, and fully promoted the operation of Hengshun and Beigushan dual-brands and product classification. At the same time, it has implemented precise advertising and established a high-end brand image.Initially, the main products were raised in price, and channel feedback was good.

In the future, the improvement of expectation mechanisms will drive the acceleration of category revenue, and scale effects and cost control will continue to drive profitability to release performance flexibility.

Profit forecast, estimation and investment recommendations: The company focuses on the main business, the condiment business maintains a steady growth, the cost 北京夜网 control effect is good, the profitability continues to improve, the initial main product price increases to improve performance, channel feedback sales are good, and marketing channels improve gradually.Progress, and look forward to the follow-up mechanism reform to promote the full release of business vitality.

We predict that the company’s EPS for 2019-2020 will be 0.

43/0.

50/0.

60 yuan, corresponding to PE is 31/26/22 times, with reference to comparable companies in the industry, based on 30X estimates next year, the company will be given a target price of 15 yuan, maintaining a “recommended” rating.

Risk reminder: market expansion is less than expected, and marketing reform is less effective than expected.

Zhaoyi Innovation (603986): Storage MCU dual-header layout DRAM 100 billion market

Zhaoyi Innovation (603986): Storage MCU dual-header layout DRAM 100 billion market

Event: The company announced the 2019 annual performance pre-announcement announcement: The company expects to achieve a net profit attributable to shareholders of listed companies of approximately 6.
.

10 billion to 6.

50 ppm, an increase of 1 from the same period last year.

95 to 2.

45 ppm, an increase of 48 per year.

15% to 60.

49%.

The net profit attributable to shareholders of the listed company is about 5.
.

28 to 5.

78 ppm, an increase of 1 from the same period last year.

67 to 2.

1.7 billion, an increase of 46 every year.

26% to 60.

11%.

Investment summary: In the fourth quarter of 2019, the company’s net profit continued to increase compared with the same period last year.

According to the forecast of the performance forecast, the company achieved net profit1 in Q4 2019.

5-2.

0 ppm, compared with a net profit of only 0 in Q4 2018.

$ 3.8 billion, a substantial increase of 295% throughout the year?
426%.

The outbreak of downstream demand for the company’s products has driven the company’s performance to grow rapidly.

TWS headsets continue to be hot, driving demand for Nor Flash to continue to increase.

Since Apple released the latest AirPods Pro on October 29, 2019, the heat of TWS headphones has been ignited again.

According to the latest data from Counterpoint Research, the global TWS headset switching volume in the third quarter of 2019 reached 33 million units, while the second quarter conversion volume was 27 million units, an increase of 22.

twenty two%.

In the third quarter of 2019, the global TWS headset implanted amounted to US $ 4.1 billion.

In the third quarter of 2019, Apple’s performance was still eye-catching, and its single-quarter market share of 45% still stood out ahead of other manufacturers.

The company is a supplier of Apple’s AirPods series of Nor Flash. Benefiting from the popularity of Apple headphones, the company’s Nor Flash demand continues to increase.

AMOLED market penetration increased, Nor Flash demand.

At present, the penetration rate of AMOLED in the field of smart phones and TVs continues to increase, and AMOLED display solutions require external Nor Flash for optical compensation, which will increase market demand for Nor Flash.

The MCU market has broad space, and the company has a large development space as a domestic MCU leader.

According to IC Insights data, the global MCU market revenue in 2018 reached $ 18.6 billion, while the company’s MCU product revenue in 2018 was only 4.
.

04 ppm, there is huge room for development in the MCU field.

The company is currently the leader of domestic MCU enterprises in China, ranking third in the domestic MCU market in 2018, second only to STMicroelectronics and NXP.

In the field of 32-bit MCUs, it broke through foreign monopolies and took the lead in launching RISC-V core MCUs.
Acquired Sili Micro Layout Sensors.

The core product fingerprint recognition chip of Siliwei has grown rapidly in recent years. At present, the products have also entered the supply chain of Huawei and OPPO.

According to HIS data, the number of global under-screen fingerprint module allocations in 2018 was 9 million, and it is expected that it will exceed 300 million in 2020.

With the expected increase in the number of fingerprint modules under the screen, Siliwei, as the core supplier of products, will benefit simultaneously.
It is set to increase 43 megabytes and start the layout of the DRAM field.

In the storage market, the DRAM field is the largest segment.

According to IC Insights data, the global DRAM market size reached USD 98.9 billion in 2018, accounting for 58% of the storage 佛山桑拿网 market.

In 2017, the company began to cooperate with Hefei Changxin to carry out DRAM projects, and an initial increase of 4.3 billion was established. The company directly began independent research and development and industrialization of DRAM chips.

At present, the company is expected to achieve mass production in 2021, and gradually start a series of product development and mass production after 2022.

Investment advice: What do we expect the company to do in 2019?
The operating income in 2021 will be 36.

100 million, 48.

9 ppm and 64.

20,000 yuan, the net profit attributable to shareholders of listed companies is 6, respectively.

2.9 billion, 9.

62 ppm and 13.

09 million yuan, the budget income is 2 respectively.

21 yuan, 3.

38 yuan and 4.

60 yuan, corresponding PE is 125X, 82X, 60X.

Give “overweight” 深圳桑拿网 rating.

Risk warning: downstream demand is lower than expected, industry development is less than expected, new project progress is less than expected

CYTS (600138): Improved attraction tickets and integrated marketing improve expected appeal

CYTS (600138): Improved attraction tickets and integrated marketing improve expected appeal

Event: The company announced its 2019 Interim Report and achieved operating income of 58.

500 million / + 5.

1%, net profit attributable to mother 3.

800 million / -5.

6%, net of non-attributed net profit 2.

6 ppm / -15.

7%.

In a single quarter, 19Q2 achieved operating income of 33.

1 ppm / + 8.

2%, the growth rate is +6.

8 points, net profit attributed to mother 3.

2 ppm / + 3.

9%, the growth rate is +39.

1pc, deducting non-attributed net profit 2.

0 ppm / -4.

5%, single quarter revenue and performance margins have improved.

The core point of view is that the increase in the unit price of passengers in the North and South Shuangzhen drives the overall revenue growth of the attractions segment.

1) Passenger flow 445 in Wuzhen scenic spot in 19H1.

980,000 passengers / -0.

8%, realizing operating income of 8.

$ 5.5 billion / + 2.

6%, the customer unit price reached 191.

7 yuan / + 3.

5%, net profit 4.

72 megabytes, basically flat for one year.

2) The passenger flow of Gubei Water Town in 19H1 reached 100.

680,000 people / -8.

8%, mainly due to increased competition pressure and transportation and other factors.

Realize operating income 4.

2 ppm / -8.

1%, the customer unit price reached 417.

2 yuan / +0.

8%, a slight increase, due to the high base of real estate settlement last year, net profit continued to decline -47.

2%; 3) Driven by the increase in customer unit price, the 19H1 company’s scenic spot operation achieved operating 重庆耍耍网 income8.

300 million / + 6.

1%.

Benefiting from the successful hosting of the World Garden Fair, the company’s integrated marketing business grew faster, which was the main factor for marginal improvement in Q2.

1) China Youth Union, the company’s subsidiary, has undertaken the preparations, receptions and subsequent operations of the Beijing World Horticultural Expo. Benefiting from this, the company’s integrated marketing business grew significantly in the first half of the year, and achieved operating income12.0ppm / 10.

3%, achieving a net profit of 2119.

30,000 yuan / 18.

4%, resulting in marginal improvement in revenue and performance of the company’s Q2; 2) Shanshui Hotel in 19H1 achieved operating income2.

4 ‰ / + 9.

8%, but net profit fell 14.
.

3%; 3) In terms of strategic investment, IT product sales and technical services achieved operating income of 15%.

3 ppm / -0.

17%, of which Chuangge Technology achieved operating income of 14.

6 ppm / + 0.

2%, net profit reached 1129 million / -39.

7%.

Still optimistic about the value of Wuzhen and Gubei Water Town as leisure benchmarking, and look forward to the emergence of Everbright Synergy.

The Wuzhen and Gubei water towns to which the company belongs have become the benchmark projects of domestic ancient towns with excellent width.

The overall growth logic is relatively clear in the later period: 1) The increase in the unit price of tourists brought by Wuzhen attractions to see the exhibition.

Relying on the scarce brand effect of the “World Internet Conference”, Wuzhen is working hard to create a convention and exhibition town and complete high-end supporting facilities. The completion of the town will attract more high-end business people and increase the basis for the unit price of customers; 2) Gubei Water TownSee enhanced performance effect + traffic breakthrough breakthrough.

The scenic spots around Gubei Water Town have not been well developed, and the surrounding scenic spots have been further developed. The transformation effect of tourist destinations has been enhanced, and the passenger capacity of the scenic spots can be significantly broken.

In addition, the current traffic situation in Gubei Water Town is obvious. After the opening of the Miyun High-speed Railway Station in the later period, Gubei Water Town is expected to enjoy the passenger flow growth bonus brought by the high-speed rail effect and open the ceiling of performance growth.

3) Everbright actively expands its business boundaries after entering the business. After recent staff adjustments, we look forward to the group’s support + the synergy effect brought about by the scale flexibility.

Financial forecasts and investment recommendations maintain a BUY rating with a target price of 18.

69 yuan (was 19).

74 yuan).

Taking into account factors such as increased costs, the EPS forecast for 19-21 is reduced by 0.

89/1.

00/1.

13 (was 0.

94/1.

08/1.

24) Yuan, according to the comparable company estimation method, maintaining a PE estimate of 21 times in 19 years, corresponding to a target price of 18.

69 yuan.

Risk reminder The possible impact of weather and other factors on the business of the scenic spot, the time uncertainty of outreach projects such as the courtyard

Siwei Tuxin (002405): Liufen Technology obtained a new round of investment belongs to the rapid appreciation of high-quality assets

Siwei Tuxin (002405): Liufen Technology obtained a new round of investment belongs to the rapid appreciation of high-quality assets

Liufen Technology has obtained a new round of investment, and its high-quality assets have appreciated rapidly: The company announced on the evening of December 10 that Liufen Technology, its subsidiary responsible for advanced positioning business, plans to increase capital and increase shares, introducing investors Hong Xinyuan and Beijing BeidoutongSouthern Industry, Four-dimensional Interconnection Fund.

After the capital increase is completed, the company is still the largest shareholder of Liufen Technology, holding 40.

18% equity, but no longer consolidated.

Liufen Technology’s pre-investment financing is estimated to be 1 billion (the previous round was valued at 50 million yuan). After the transaction is completed, it will bring about 400 million yuan in investment income.

  Opinion: High-precision positioning is the basic application capability of the 5G industry, and the development of six-point technology has broad prospects.

Six points of technology incubated in NavInfo, is an important part of the company’s future layout for autonomous driving, smart cities, etc. The core strategic goal is to achieve “accurate interconnection of all things” and strive to become a world-class “vehicle-level high-precision positioning” softwareProvider of hard integrated solutions.

At present, relying on independent research and development of core equipment, Liufen Technology is constructing the Beidou Ground Enhancement System “National Model Network” to form an infrastructure of advanced positioning capabilities. It has completed core algorithm breakthroughs, core equipment research and development, and product verification.Provide users with nationwide advanced positioning services for the market.

High-end positioning is the basic application capability of the 5G industry. In the era of the intelligent connection of all things, precise location will give many applications such as driverless, smart cities, and smart agriculture. The future development of Liufen Technology is promising.

  High-intensity research and development broke through the inflection point of qualitative change, 深圳桑拿网 and continued to have subsidiary assets fission and evolve into unicorns.

According to wind statistics, since the company’s listing, its R & D expansion ratio has always ranked among the top ten of all A-shares, and is an out-and-out “R & D king”.

Focusing on the strategic goal of creating a “smart car brain”, under the continuous high-intensity R & D and promotion, the company’s business boundaries have already broken through the scale of traditional graphics vendors.Some fields have hatched some top unicorns.

Through spin-off financing, the potential for appreciation of the company’s subsidiary high-quality assets itself is being accelerated.

  Multiple business inflection points are approaching, laying the foundation for next year’s performance potential.

1) Core map business.

According to reports from Wall Street, Tesla’s Shanghai plant is about to start production, and the annual output of the project is planned to be 500,000 electric vehicles.

The commissioning of the Shanghai plant will lead to an increase in Tesla deliveries and a significant reduction in sales prices.

Considering the high cost performance of the domestic version of Tesla, it is very likely to become the explosive model of the domestic auto market.

As the exclusive supplier of Tesla Maps, the company will fully benefit.

In addition, the company’s previous announcement to win Honda’s long-term core map orders will also bring a small increase; 2) Telematics business: The company has successively won the BMW CNS (Automotive Interconnect System) service agreement, and TLP (Interconnected Car Location Data Platform))) Service agreement, Honda real-time traffic information data, Mercedes-Benz connected car services, the above-mentioned newly locked mid-to-long-term contracts are expected to help the growth of connected car business; 3) Location big data business: the company ‘s location big data business growth in the first half of the year increased by more than 80%, performanceEye-catching, ample orders in hand, is expected to maintain high growth; 4) Chips: According to the “Performance Requirements and Test Methods for Tire Pressure Monitoring System of Passenger Cars” requirements, mandatory installation on all vehicles from January 1, 2020, tiresDemand for the pressure monitoring chip market will usher in a substantial increase.

Jiefa Technology’s tire pressure monitoring chip has been successfully developed, and it is expected to benefit fully.

  Investment suggestion: The estimated rapid growth of Liufen Technology is the inevitable result of the company’s long-term high-intensity research and development investment, and it is also another of the top unicorns that have re-incubated the company’s strategic prospects around building a “smart car brain.”

We continue to be optimistic about the company’s future development prospects, and do not consider the investment income brought by this financing for the time being. It is expected that the company’s EPS in 2019 and 2020 will be 0.

22, 0.

32 yuan, maintain Buy-A rating, 12-month target price of 22 yuan.

  Risk Warning: The progress of the chip business exceeds expectations; the development of Liufen Technology exceeds expectations, and the development of innovative businesses exceeds expectations.