Category: 按摩

Baiyang shares respond to the Shenzhen Stock Exchange: the disposal of Mars era assets caused more than 300 million yuan

Baiyang shares respond to the Shenzhen Stock Exchange: the disposal of Mars era assets caused more than 300 million yuan
On March 6, 2020, Baiyang Industrial Investment Group Co., Ltd. (hereinafter referred to as “Baiyang Shares”) responded to the Shenzhen Stock Exchange’s concern letter regarding its 2019 results, saying that the feed business was lower than expected due to the swine fever epidemic in Africa and changes in the aquatic industry.At the same time, the impact of Baiyang on the disposal of Mars era education assets is scheduled to have a net profit of -3 in 2019.1.2 billion.For the reason that the feed business in 2019 was lower than expected, Baiyang said that due to factors such as African swine fever and the decline in the scale of river culture cages in Guangxi’s jurisdiction, Baiyang’s current pig feed and aquatic feed sales decreased by 4 respectively.99 digits and 3.55 inches, a drop of 41.52%, 15.90%.At the same time, affected by the decline in the scale of freshwater fish farming in Guangxi, industry competition has intensified, sales prices have fallen, and the gross profit margin of aquatic feed has declined.In summary, the operating efficiency of Baiyang shares decreased by 5436.990,000 yuan.At the same time, Baiyang Co., Ltd. also explained the accounting treatment of educational assets in the Martian era.On August 11, 2017, Baiyang Co., Ltd. purchased 100% equity of Mars Times.However, on October 14, 2019, considering the unfulfilled performance commitments of the Martian era and the uncertainties in the future of the education and cultural industry, Baiyang and Xinyu Martians, Wang Qi officially signed the “Equity Repurchase Agreement on the Martian Times”, The two parties agreed that the transaction price is 10.8.3 billion yuan, and specifically divided into performance compensation6.13 trillion, Mars Times equity repurchase amount 4.700 million yuan.In the end, Baiyang Co., Ltd. will allocate and dispose of the profit and loss of the Martian era in the 2019 business accounting process.The “investment income” of 32 trillion US dollars, and the time value of the long-term receivable currency at the end of the year is returned to 830.830,000 yuan is included in “financial expenses”.At the same time, due to performance compensation in the Martian era, Baiyang Co., Ltd. confirmed that its “non-operating income” was 6459.80,000 yuan, the “fair value change profit or loss” is -1.3.8 billion yuan, “investment income” is 2.8.5 billion yuan.In summary, Baiyang’s disposal of education assets business will have an impact on 2019 net profit -3.1.2 billion.Sauna, Yewang Wang Siyang Editor Zhu Fenglan proofreading Zhang Yanjun

[Efficacy of Onion Iced Sugar Water]_Onion Iced Sugar Water_Benefits_Consequences

銆愭磱钁卞啺绯栨按鐨勫姛鏁堛€慱娲嬭懕鍐扮硸姘確濂藉_鐩婂
I’m a little bit pretending to be a prince and a prince and a prince and a prince, and I’m going to hang around in the world, and I can’t tell you how to do it.磱钁辨湁寰堝ソ鐨勯┍瀵掍繚鏆栫殑鏁堟灉锛岃繕鏈変竴瀹氱殑鎶楃値鏉€鑿岀殑浣滅敤锛屽挨鍏舵槸瀵逛簬鑰佸勾浜哄拰瀛╁瓙鏉ヨ锛屽綋鍑虹幇鎰熷啋鍜冲椊鐨勬椂鍊欙紝鍙互鐢ㄦ磱钁辩叜姘存斁鍏ュ啺绯栵紝姣忓ぉ鍠?Mastiff?圆 The chain of the world is in the realm of the world, and it is rushed. ┍ 电 玵 缭 鏆 栆 揑 堁 堟 灉 犆?1 銆 ? 璱 钁 Distinguish 瘮 南 ㄨ 川 閧 饧 雥 囩 殑 閑 Drilling?The world is so sloppy, the world economy, the world economy, the world, the world, the economy, the world, the economy, the world, the economy, the world, the economy, the world, the economy嬭壓楂樿秴鐨勬磱钁辨枡鐞嗭紝鍚﹀垯鐪熺殑寰堥毦鎵惧埌娲嬭懕鐨勭儹鐖辫€呫€傛磱钁辩倰铔嬶紝鎴栨磱钁辩What do you mean by this? Do you want to make a forge?The key point is that the weak point is very weak, and the relationship between the two points is very high. The following is the case: 姾 牴 鎹  尰 姛 幛 幾 専 尾 尽 冂€?2 TOWER crafty Lao 钁 Bian Chi Hay Getting  Quchabinqie Hongzemahui Pei Jiao package that ぉ Uuzeng Yu Tiloufuwa breast Ye Benshenshouhuang Shali Yuetaijingwa breast Ye Chaguangrenxi Yakult wind Coperniciumゅ績鑴忥紝杩欏師鏄釜姘戦棿鍋忔柟锛屽厠澶氬崥澹湪鑷繁鐨勮瘖鎵€閲屽鐥呬汉杩涜瀹為獙锛岃瘉鏄庢磱钁辩‘鏈夋彁鍗囧ソ鑳嗗浐閱囩殑鐤楁晥锛屼笉杩囨磱钁辩叜寰楄秺鐔燂紝瓒婁笉鍏锋晥鏋溿€?3 銆 ? 璱 钁 岲 浠 ュ 劎 峎 nau just h inlaid?鍏嬪鍗氬+璁╄瘖鎵€閲岀殑蹇冭剰鐥呬汉姣忓ぉ鍚冩磱钁憋紝缁撴灉鍙戠幇娲嬭懕閲屾墍鍚殑鍖栧悎鐗╀篃鑳介樆姝㈣灏忔澘鍑濈粨锛屽苟鍔犻€熻娑插嚌鍧楁憾瑙c€傛墍浠ワ紝褰撲綘浜敤楂樿剛鑲鐗╂椂锛屾渶濂借兘鎼厤浜涜娲嬭懕锛屽皢鏈夊姪浜庢姷閿€楂樿剛鑲鐗╁紩璧风殑琛€娑插嚌鍧楋紝鎵€浠ヨ鐗涙帓閫氬父鎼厤娲嬭懕涓€璧峰悆锛屾槸寰堟湁閬撶悊鐨勩€?銆 ? 璱 钁 彲 揠 ラ  阒 茶 唏唏?娲嬭懕鍜屽ぇ钂溿€佸ぇ钁便€侀煭鑿滆繖浜涜懕灞炶敩鑿滐紝鍥犲惈鏈夋姉鐧岀殑鍖栧鐗╄川锛屾嵁鐮旂┒浜哄憳鍦ㄤ腑鍥藉北涓滅渷涓€涓儍鐧岀焦鎮g巼寰堥珮鐨勫湴鏂规墍鍋氱爺绌跺彂鐜帮紝褰撴磱钁卞悆寰楄秺澶氾紝寰楄儍鐧岀殑鏈虹巼灏辫秺浣庛€?5 銆 ? 璱 咁 卲 嵲 惠 ュ  鎶 楀 攽 锽?娲嬭懕鍚湁鑷冲皯涓夌鎶楀彂鐐庣殑澶╃劧鍖栧鐗╄川锛屽彲浠ユ不鐤楀摦鍠樸€傜敱浜庢磱钁卞彲浠ユ姂鍒剁粍缁囪兒鐨勫姩锛岃€岀粍缁囪兒姝f槸涓€绉嶄細寮曡捣鍝枠杩囨晱鐥囩姸鐨勫寲瀛︾墿璐?鎹痉鍥界殑鐮旂┒锛屾磱钁卞彲浠ヤ娇鍝枠鐨勫彂浣滄満鐜囬檷浣庝竴鍗婂乏鍙炽€?

[Can gastroenteritis eat apples]_Gastrointestinal diseases_Can you eat

銆 愯 偯 雳 雳 Power of the power of each other, and each other, the other, the instinct, the embarrassing, the embarrassing, the embarrassing, the stupid, the embarrassing__ 鑳 戒 笉 鑳 炳 悆
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[Drinking Pu’er diarrhea]_Diarrhea_Inducement

[Drinking Pu’er diarrhea]_Diarrhea_Inducement

Pu’er is a famous Chinese tea, and many people like to drink it.

Pu’er tea has a bitter taste, can remove phlegm and remove blood stasis, and also has the effect of “shaving oil”. It can lose weight and reduce fat, so many people like to drink it.

But some people have diarrhea after drinking Pu’er tea. Is this normal?

The following Xiaobian will introduce the relevant information of Pu’er tea for everyone, you can learn more about reference.

Why does Pu’er tea “scrape oil”? First, tea polyphenols, vitamin C and other ingredients work together to promote unfortunate decomposition and digestion. Second, during the Pu’er fermentation process, a variety of beneficial bacteria groups are formed. These bacteria groups canReduce the intake of triglycerides and sugars in the small intestine, increase enzymes to help break down the waist and abdomen; Third, the caffeine contained in Pu’er tea can enhance the body’s ability to burn aunts and accelerate the consumption rate of adults in the body.

Therefore, the weight-loss effect of Pu’er tea is definitely not a flicker.

The reason for drinking Pu’er diarrhea is that Pu’er tea shaving oil is not the reason for drinking Pu’er diarrhea.

Because Pu’er tea has the effect of warming the stomach and warming the stomach, it is suitable for people who have a weak constitution and weak degenerative function, and Pu’er tea, especially the newly produced Pu’er tea, has a cold nature because it has not undergone artificial fermentation.

Some people have diarrhea as soon as they drink Pu’er tea. The main reasons are as follows: 1. Physical problems.

Some people have a more sensitive stomach. When they first come into contact with Pu’er tea, the stomach and stomach cause a reaction and diarrhea.

Some people adapt for a short time, and some people adapt for a long time, depending on their constitution.

2. Health status.

The internal parasites have not been “cleaned up” and there is too much garbage. Pu’er tea has the effect of conditioning the stomach and intestines and detoxifying, and diarrhea just helps you expel the body’s “poison”.

3. Drinking tea or strong tea.

Maocha refers to the tea that fresh leaves have been prepared for the first time, which is taken overnight. It is irritating and easily causes gastrointestinal discomfort.

And high-density tea is also easy to stimulate the stomach.

Therefore, it is recommended to drink Puer raw tea or cooked tea for many years, and do not run too thick when drinking.

4, drinking tea on an empty stomach can easily lead to drunkenness.

It should be noted that when you start to drink, it is not recommended to drink on an empty stomach. Too little food is eaten, and an empty stomach may also cause tea dizziness. It is only recommended to drink half an hour after meals. After drinking, you can drink cooked tea on an empty stomach.It is not recommended to drink tea on an empty stomach, it is more irritating to the stomach. If a friend with a bad stomach drinks it, it is even worse for the stomach. Everyone has this situation, and it is necessary to adjust the concentration of tea in time to achieve the best effect.

Pu’er tea is very serious to the human body. Drinking Pu’er tea will cause diarrhea mainly due to incorrect tea drinking methods. Pu’er tea’s diarrhea is not caused by Pu’er tea’s “shaving oil”.

Precautions for drinking Pu’er tea Pu’er tea contains theophylline, which is a stimulant of the central nervous system. Excessive concentration and excess can easily cause “tea drunk”: accelerated blood circulation, shortness of breath, and many adverse reactions.

As a result, the electrolyte balance in the human body is disturbed, and the enzyme activity in the human body is abnormal, leading to metabolic disorders.

In proportion to black tea and oolong tea, Pu’er tea has mild tea properties and is particularly prone to “drunk tea” (dizziness and inappropriateness after drinking tea).

Drinking more Pu’er tea is a good choice, because Pu’er tea is warming the stomach and warming the stomach. It is suitable for people who are physically weak and have weak body functions.

In order to avoid diarrhea when drinking Pu’er tea for the first time, you may wish to soak the tea lightly and gradually increase the concentration later.

You can also add medlar and chrysanthemum to the tea to blend the taste.

[Can walnuts and almonds be eaten together]_ 胡桃 _ 同 吃

[Can walnuts and almonds be eaten together]_ 胡桃 _ 同 吃

The external structure of walnuts is somewhat similar to the human brain. Adhering to the concept of where to eat and where to eat, many people think that walnuts have a very good effect on the brain.

As a kind of nut, walnut has a very high protein content. In fact, you can eat some walnuts daily to supplement your own nutrition.

The protein content of almonds is also very high, and almonds can also achieve whitening and skin rejuvenation. Can almonds and walnuts be eaten together?

Can walnuts and almonds be eaten together? These are high in protein content and can be used to supplement the brain to eat together.

But the almonds should be processed and eaten directly as food, because badly processed almonds are poisonous.

It is effective even if eaten alone, just like walnut gelatin powder has brain-building and nourishing, nourishing qi and nourishing blood, moistening phlegm, warming lungs and intestines, dispersing swelling and disinfecting.

Walnuts The phospholipids in walnut kernels increase the activity of cells, have an important role in maintaining brain nerve function, enhancing the delicate feeling of the skin, and promoting hair growth.

It contains polyvalent unsaturated fatty acids that can lower cholesterol and is beneficial for preventing arteriosclerosis and hypertension.

In addition, the calcium, magnesium, carotene and multivitamins contained in walnut kernel can reduce the bronchial smooth muscle insertion caused by histamine.

Almond almond glucose cellulose.

Scientific research believes that cellulose helps lower blood cholesterol. A handful of almonds contains the same amount of cellulose as an orange or apple.

In addition, almonds are extremely rich in phytochemicals, and research has shown that these elements help reduce the risk of cancer, heart disease, and other chronic diseases.

Almonds also contain antioxidant vitamin E and rich calcium. 25 grams of almonds contain calcium equivalent to the calcium content of 1 cup of milk.

The efficacy and role of walnuts There are some walnuts, also known as walnuts, which are walnut plants.

Walnut kernels are rich in nutrients and contain 15 protein per 100 grams?
20 grams, a trace amount of 60?
70 grams, 10 grams of impurities; and contains essential trace elements and minerals such as calcium, phosphorus, iron, as well as carotene, riboflavin and other vitamins.

The main component of the fat contained in walnuts is glyceryl linoleate. After eating, it will not only increase the plasma, but also reduce the absorption of cholesterol by injection. Therefore, it can be used as a tonic for patients with hypertension and arteriosclerosis.

In addition, these fat vitamins supply the needs in the brain.

The trace elements zinc and manganese contained in walnuts are important components of the pituitary gland, and regular eating is beneficial to the nutritional supplement of the brain, and has a brain-building effect.

Walnut is always the best brain-building food, and it is also a treatment for neurasthenia.

Elderly people with symptoms of dizziness, insomnia, palpitations, forgetfulness, loss of appetite, weak waist and knees, general weakness, etc., eat 1 each morning and evening?
2 walnut kernels can achieve nourishing treatment.

Walnut kernel also has higher medical effects on other complications, such as it has the functions of nourishing qi and nourishing blood, moistening phlegm, warming the lungs and intestines, dispersing swelling and disinfecting.

Preliminary scientific research has not proven that walnut kernels can improve the symptoms of tumors. Fresh walnut kernels and eggs are cooked with water and then eaten with eggs, which can be used to prevent cervical cancer and various cancers.

[Christmas sintering practices]_ Christmas sintering common practice _ Christmas sintering practices Daquan _ how to do Christmas sintering

[Christmas sintering practices]_ Christmas sintering common practice _ Christmas sintering practices Daquan _ how to do Christmas sintering

People often suffer from stress, their diets are irregular, and their bodies are sub-healthy.

In fact, when you take a break, you learn to cook yourself, and torment yourself during the weekend break.

Let’s introduce Christmas epoxy resin first. You must do it yourself if you take the time.

1.

12 Put water, honey and sugar in a container and stir well 2.

21 Cinnamon powder, turmeric powder, flour are mixed and sieved 3.

In Figure 1, powder is added and then other materials 4 in the asphalt raw material are added.

Mix into a dough and cover for 30 minutes 5.

Roll the dough to 0 with a rolling pin.

4 cm thin slices.

Let it stand for 30 minutes to prevent the cookies from shrinking, and mold out various shapes with cookies.

In order to avoid sticking when rolling into thin slices, you can put a piece of plastic film on top and roll with a rolling pin for easy operation

Flatten the biscuits on a baking sheet, preheat in the oven at 175 degrees, medium, and bake for about 18 minutes7.

20 grams of egg white and 120 grams of frosting are beaten with an electric whisk until they are not dripping.

Then pour two drops of white vinegar 8.

When decorating cookies, prepare several decorating bags.

Take a portion of the meringue and put it into a decorative bag.

Then add different pigments and cut a small hole in the wooden flower bag.

The holes are small, not big.

Then it started to squeeze.

Squeeze and decorate with cartoon sugar.

When decorating cookies, pay attention that the frosting should not be too thick. If it is denser than Figure 7, it will not be easy to squeeze out, and it will not be flat when squeezed out.

Nor should it be too thin compared to Figure 7.

The dripping frost that drips and drips directly, is too thin to squeeze out, and it is not easy to solidify. Your understanding is beyond ordinary, so with the specific method of Christmas cookies, you must be able to make it alone.

And with your extraordinary mobility, the dishes you make are definitely the most beautiful.

[How to make burdock delicious and rotten]_How to make_How to make

[How to make burdock delicious and rotten]_How to make_How to make

Tomato burdock is a very common dish in restaurants, and many people like it.

Many people have tried to make tomato burdock at home, but the burdock is not bad at all.

The following are some introductions to burdock. You can learn how to make burdock delicious and rotten. After you understand it, you can try it at home. It must be very soft and easy to eat.

1. Ingredients for stewed sirloin in tomato: one sirloin, five tomatoes, one potato, one onion, two green onions, two pieces of ginger, 2 g of peppercorns, salt, white sugar, tomato juice, cooking wine, Wash the burdock, soak the water until no blood water seeps out (remove the fishy smell), during which you need to change the water several times.

2. Wash the burdock again and place it on the chopping board. Selectively remove the surface fat and mucous membrane parts, cut into 3-4cm square burdock blocks for later use.

3, sit in the pot, slice 1 piece of ginger into the pot, sprinkle the peppercorns into the pot, put the burdock in the boiling pot, pour 1 tbsp cooking wine, and cook until the bloody foam overflows and remove, and rinse with warm waterNet floating foam, water control spare.

4. Heat the oil in the wok, cut the other onion into a pan and slice the ginger into the pan, and quickly stir-fry the sirloin block until the meat noodles are slightly browned and shrunk.

5. Pour enough water, boil the pot again, skim off the floating foam, and pour the meat with soup into the autoclave.

6. After the high heat is boiled to SAIC, turn to medium heat and continue to “press” for about 15 minutes to turn off the flame. After the pressure cooker is naturally vented, cover it.

7. Put the whole washed tomato into the pot, wash the potatoes, peel and cut into pieces, wash the onions, cut into strips and put them into the pot. After the heat is high and the pot is turned, turn to low heat and continue to add.Cover with stew.

8. Stew until the ingredients are cooked in the pot, gently peel the tomato skin, and twist the whole tomato with a spoon.

You can see the moment when the tomato “explodes” the pulp, and the whole pot of soup is instantly bright.

9. At this time, you can season according to your personal taste. Add condensed tomato juice, caster sugar, and salt to the pot to season all the ingredients in the pot. Stir the ingredients thoroughly and continue to stew until the soup is thick.

Second, radish stewed burdock materials: burdock 500g, 1 white radish, 1 green pepper, 1 ginger, 1 star anise, 2 fragrant leaves, 2 dried peppers, 3 tablespoons raw soy sauce, 2 tablespoons old soy sauce, cooking wine 1Table spoon, 2g sugar, 2g salt Method: 1, burdock cut mahjong size against the stripes, put ginger slices after boiling in cold water, remove after simmering water.

2. Put the sirloin simmered into the clay pot and fill it with enough water (remember to fill the water with enough water, if the water is not enough halfway, heat the water, do not add cold water) put ginger slices, boil over high heat, low heat the pot 1.

5 hours (25 minutes for pressure cooker).

3. When cooking sirloin, slice ginger and green peppers and radish into cubes for later use.

Then remove the cooked sirloin and keep it dry (beef soup is reserved).

4, put a small amount of oil in the pot, add ginger, dried peppers, star anise, fragrant leaves to burst the flavor, then add beef stir fry for a while.

5. Add 3 tablespoons of raw soy sauce, 2 tablespoons of old soy sauce, 1 tablespoon of cooking wine, pour the soup of stewed sirloin, add radish, mix with sugar, boil on high heat, and cook for 50 minutes on low heat (don’t uncover).

6. Finally, add the green pepper, turn on the high heat, and turn the juice while collecting the juice. After the juice is thick, put a little salt to taste.

Third, the material of sirloin stewed burdock: burdock amount, spicy cabbage amount, onion amount, MSG amount, garlic amount, grass fruit amount, fragrant leaf amount, cinnamon amount, fennel amount, cooking wine amount, salt amount, dried pepper amount, oldMethod of pumping the right amount: 1. Wash the burdock, boil it with boiling water, drain the blood and set aside.

Prepare spicy cabbage for use 2. Pour another pot of cold water. Put the burdock, fragrant leaves, cinnamon, anise, grass fruit, ginger, garlic and other spices into the pot and boil, add cooking wine, and soy sauce.

3, continue to cook for 2 hours, remove the burdock, and cut into 2 cm wide pieces with a knife.

4. Pour the chopped burdock into the pot and cook on low heat for an hour, pour the spicy cabbage, and cook for ten minutes.

5. Add salt, monosodium glutamate, spring onion, etc. as appropriate.

Beidahuang (600598): In line with the trend of planting scale, resources endow high-quality plastic faucets

Beidahuang (600598): In line with the trend of planting scale, resources endow high-quality plastic faucets

This report reads: The company has more than 10 million acres of high-quality arable land. In the future, how to transform the company to rationalize the management mechanism, improve the overall operating efficiency, the income contribution per acre is expected to significantly increase, and the performance is continuously improved.

Investment points: Investment suggestions: In the future, the domestic land circulation will be further accelerated, and the depth of farmland reform will increase the company’s profit per mu.

We predict that the company EPS for 2019-2021 will be 0.

57, 0.

59, 0.

61 yuan, giving 21 times PE in 2019, corresponding to a target price of 12 yuan, covering for the first time, giving an overweight rating.

In the future, the profitability of a single acre is expected to improve significantly.

The company is located in the Sanjiang Plain and has more than 10 million acres of high-quality cultivated land. Its business is mainly based on land contracting and rent collection. In 2018, the company’s average rent was only 256.

82 yuan / mu.

Considering the deepening of the reform and the price difference between the company’s rent and the average market price (average rent of 400 yuan / mu), the company will streamline 重庆耍耍网 its management mechanism in the future, improve the overall operating efficiency, and contribute to a significant increase in revenue per mu.

The market value of a single acre is less than 2,000 yuan, which is underestimated.

The company has 16 branches and owns well-known agricultural product brands of the Peking University.

Considering that the company is the largest alternative integrated food production enterprise in China, in the future, the product is expected to further extend to the downstream consumer grain and increase the profitability per acre.

Based on the company’s latest value, the corresponding market value of a single acre is less than 2,000 yuan. Taking into account the future improvement of single acre profit, future performance growth is promising.

National conditions catalyzed the scale of land, and the company took the lead as a leader 深圳桑拿网 to benefit.

According to the land area of the family-contracted contracted responsibility land for which the land is confirmed in 2017 is 1.5 billion mu, we assume that the future turnover ratio will reach 80% and the net profit will be 200 yuan per mu after the transfer. The market profit space for land transfer is about 135 billionYuan, the market space is large enough, it is expected to produce large market value enterprises in the future.

Risk reminders: the risk of asset impairment; the price of bulk agricultural products is less than expected; the risk of uncertainty in natural disasters.

Longji shares (601012): planning to expand production to ease supply and demand for single crystals in 2020

Longji shares (601012): planning to expand production to ease supply and demand for single crystals in 2020
This report reads: Longji plans to expand production of 15GW monocrystalline silicon wafers and 3GW batteries in 2020, alleviate the supply and demand of monocrystalline products, and also solidify the growth of the company’s profits, maintaining the “overweight” rating. Investment Highlights: Maintain “Overweight” rating.Adjust the 2018-2020 EPS forecast to 0.76 (-0.22) / 1.17 (-0.35) / 1.71 (-0.51) yuan, adjust the target price to 30.73 (-7.27) Yuan, the adjustment was due to an increase in diluted share capital. Longji recently announced that it has signed an agreement with Yinchuan Economic and Technological Development Zone for the company’s investment in Yinchuan to build a 15GW single crystal silicon rod and wafer project and an annual output of 3GW single crystal battery project. Among them, silicon wafersThe project investment is about 4.3 billion. It is planned to start production in the second half of 2020. The battery project investment is 15.500 million, plans to start production in the first half of 2020. The development of insufficient production capacity, it is very necessary to expand the production of monocrystalline silicon wafers and batteries.Since entering 2019, monocrystalline silicon wafers have run at high levels after price increases, showing that product supply and demand are extremely tight; at the same time, PERC battery prices have decreased from the previous ultra-high profit prices, and have remained high, indicating that the production capacity of PERC batteries is still tight.High-quality capacity is extremely scarce.Longji’s wafer capacity has come to an end after the second phase of Yunnan’s production. Considering the replacement of polycrystalline with single crystals and the trend of photovoltaic installation growth, the next step to continue production expansion is taken for granted; due to the rapid growth of Longji’s modules, increaseThe capacity of its own battery is imminent, and the increase in the volume of self-produced batteries can also ensure the profit level of the module. The placement of funds is in place,南京夜网 and the ultra-high placement rate demonstrates the market’s recognition of Longji.Longji completed the rights issue and raised 38.7.5 billion, with a rights issue ratio of 99.54%.The rights issue attracted Ningxia Leye 5GW high-efficiency battery projects25.400 million, Quzhou Leye 5GW high-efficiency module project10.600 million, supplemented 300 million working capital.The ultra-high ratio of rights shares demonstrates the market’s recognition of Longji shares. catalyst.Monocrystalline wafer prices continued to remain high and new products were introduced. risk warning.There are risks of delay and termination of this project, as well as risks of exchange rate changes in the overseas trading environment.

Focus Media (002027): Jedi turned over and rose 44%!

Dongfanghong, Yifangda, South, and Guangfa all have positions!

what’s the situation?

Focus Media (002027): Jedi turned over and rose 44%!

Dongfanghong, Yifangda, South, and Guangfa all have positions!

what’s the situation?

On the afternoon of October 30, 2019, the company published three quarterly reports-according to the 2019 third quarterly report, the operating income was 89.

0.6 million yuan, an increase of -18 in ten years.

12%; net profit is 13.

34 ppm, a ten-year increase of -72.

15%; net cash flow from operating activities is 20.

840,000 yuan, an increase of 33 in ten years.

52%; gross margin is 44.

05%, net interest rate is 14.

98%.

Once upon a time, its scenery was behind the scenes, from 2.

06 yuan soared to 17.

37 yuan, and later from 17.

37 yuan fell to a low of 4.

71 yuan, a drop of 72.

88%.

However, at the time of retreat, it started a round of “Jedi survival”, from July 2019 to the present, from 4.

The low of 71 yuan rose to the recent 6.

82 yuan, an increase of 44%.

As the leader of the segmented industry, it has a unicorn-like presence with a market share of over 90%. It is the Focus Media.

In its list of ten largest shareholders, Alibaba ranks among the top three in Hong Kong capital investment, and China Hong Kong Central Clearing has increased its holdings.

In addition, in terms of institutional investor positions, there are no shortage of shares held by Huaxia Fund, Dongfanghong, Yifangda, Nanfang, and Guangfa Fund.

After the release of the third quarterly report, positions such as E Fund, GF Fund, Southern Fund, and Hua Xia Fund have been reduced.

If not expected, institutional positions should increase after the annual report is released.

This report will update the Excel spreadsheet of the estimated financial model based on the third quarterly report and sort out the core points of the semi-annual report: The question that needs to be resolved is whether the fundamentals have improved after this surge.

In terms of growth quality, the decline in the third quarter results narrowed.

The growth rate of operating income was reported at -19.

6% dropped slightly to -18.

12%, net profit was reported at -76.

76% expected -72.

15%.

Accounts receivable grows by -16 per year.

59%, accounts receivable turnover ratio from 1.

09 rose to 1.

26, accounting for 49% of operating income.78%, a significant reduction.

However, its aging and bad debts have not improved, and the bad debts accrued in the first three quarters have increased by more than 300% over the past few years.

The customer structure tends to the traditional daily consumer goods category, and the location is gradually optimized.

From the perspective of profitability-2019Q3, the gross profit margin was 44.

05%, an increase of 2 from the Interim Report.

04 averages; net margin is 14.

98%, an increase of 1.

68 units.

From the perspective of working capital-the amount of accounts receivable narrowed, accounting for a relatively small amount, and the turnover rate increased, which has a certain effect on the control of collection and collection efforts; the proportion of account receivables increased from about 8% to 10.

11%, which has strengthened the right to speak upstream.

A brief summary of this three quarterly report: the overall advertising industry’s prosperity is still sluggish, but Focus Group has narrowed the changes in its scope through point optimization, customer structure transfer, and control of receivables.

This operation will have a positive effect on the promotion of future publication rates.

This case is a typical epitome of market sentiment reversal and bull-bear conversion. In fact, the data has not turned the phone upside down, but the enthusiasm and expectations of the market in the field of culture and media have changed, resulting in a surge behind it.

1) Growth in the future. In the past 3 years, see the increase in the publication’s mounting rate and the conversion rate of advertising sales. In the next 10 years, look at the media technology conversion (how to use short video applications such as Douyin to seize advertising resources).It depends on the improvement of the data acquisition capability of this case, and the 北京spa会所 strategic deployment and consolidation of “thousands of buildings”.

At present, Focus has picked up, and its “thousands of buildings and thousands of faces” smart screens have begun to appear, attracting many small and medium customers and achieving certain benefits, but the proportion here is still further, and the ability to affect performance is still weak. It needs attention in the futureImprove progress.

2) In terms of the moat, the leader of the building elevator media, the market share and the scale of its peers are crushed. However, the high market share cannot constitute the moat, which is also a place where our research has replaced.

Only a high market share + high conversion cost can build an effective moat and avoid subdivision invasion.

At present, Focus Group has transformed from Internet customers to consumer customers through the transformation of 苏州夜网论坛 customer structure. From the perspective of the growth rate of the distribution of consumer goods (about 20%), the moat of its building media still exists.

However, please note that today, a special phenomenon is that the preemption of the building advertising market is not necessarily a subdivision like Xinchao Media, but it is most likely a non-industry opponent such as Douyin.

The key to the estimation of this case lies in one question: Do you think the building media is the traditional media or the new media?

3) Return analysis. The ROIC of cash excluding cash in the past three years were 186.

5%, 220.

4%, 107.

7%, the ROIC without cash is 46.

2%, 47.

4%, 38%.

Excluding cash, the ROIC is extremely high, mainly because monetary funds can sell financial assets and other current assets.

This level of data that excludes excess cash is still in the second-tier white horse position, ranking alongside Yanghe, Yili, and Vitasoy.

4) In terms of risks, one is technical iteration risk, and the other is growth quality risk.

The growth rate of receivables in this case is higher than the growth rate of operating income. At the same time, the growth rate of sales expenses is higher than the growth rate of income.

Although the phenomenon has improved in the third quarter, the current account receivables and bad debts need to be reversely converted at present and need to be continuously tracked in the future.