After all, he was the former deputy minister of the Pentagon,Even if you haven’t eaten pork,Elliott·Richardson also saw more pig runs,It’s too clear what the real level of a pilot who can fly this level in the sky is.。

I thought I gave Barry before·Hamp’s salary and bonus,Chen Geng smiled slightly,Did not answer Elliott directly·Richardson,But asked him:“The price is really not cheap,But what do you think?its not bad, right?”
“More than good,”Elliott·Richardson shook his head with emotion:“If our pilots have this level,I can take orders with confidence。”
“This guy is the last batchA-1‘Sky Raider’Pilot,”Point to the three air brakes in the sky、I’m in a posture of upside-down onion, as if out of control, I rushed straight down to the ground“Sky Raider”,Chen Geng said:“in‘Sky Raider’After all retirement,He flew againA-7‘pirateII’,After retiring, he has been serving as a flight instructor in a civil aviation school,What do you think of letting him serve as our fleet tactics instructor??”
“You said this guy flew‘Sky Raider’with‘pirateII’?”Listen to Chen Geng,Elliott·Richardson became more surprised:“You are not kidding?”
Chen Geng did not speak,But shrugged。
Elliott·Richardson pondered,A moment later,He said seriously:“If it’s really what you said,He can not only serve as the tactical instructor of our squadron,Can also serve as one of the senior officials of the alliance……At least as the main observation object。”
According to the plan that everyone has discussed before,The defense contracting company should not only equip the turboprop version with the powerA-1“Sky Raider”Attack aircraft,Also equipped4to6frameL-39Jet trainer、4to6Rack rice-8General transport helicopters and3to4RackedY-12Light fixed-wing transport aircraft,And according to the custom of the US military,Usually one aviation wing has two squadrons,A squadron has approximately9to12Plane,right now,Just“Sky Raider”There is a squadron,The other aircraft add up to about a half squadron,These planes are fully budgeted,There is almost a super formation team。
and so,To feed such a big alliance,Elliott as the company’s CEO·Richardson has a lot of pressure on his shoulders,He must find a way to find enough work for the company。
“I think so too,”Chen Geng nodded:“Let’s see if this guy is worth training。”
The two of them stared at the sky for a while“Sky Raider”,Elliott·Richardson suddenly spoke:“Dude,You have to speed up。”
Chen Geng raised his eyebrows:“Ok?”
“Michael Roy has greeted the relevant departments,10Diva,We can get12frame‘scrapped’ofA-1‘Sky Raider’,Each‘Sky Raider’The price is about3Ten thousand U.S. dollars,”Elliott·Richardson says:“You need to find a suitable pilot and engine for training as soon as possible。”
“So quickly?”
Chen Geng was a little surprised,All of a sudden12frame“scrapped”ofA-1“Sky Raider”?Americans are also very good at playing routines6what。
As for why“scrapped”ofA-1“Sky Raider”The attack aircraft reappeared on the battlefield.——Don’t you allow others to repair the scrapped aircraft??
“Many people are waiting。”Elliott·Richardson smiled,Exactly who is waiting for what,He didn’t say,But Chen Geng didn’t guess it。

And Xin Zhao took pictures again,Until the phone’s memory is insufficient,Xin Zhao put down his phone,Feel a little satisfied。

Today is really a happy day。
Seeing Xin Zhao finished taking photos,The four directly changed clothes again,Xin Zhao glanced at the table,Then some doubts,Where’s the clothes?
“What do you think,Of course the clothes were put away by us,If I stay with you,In case you take these clothes and do something unexplainable,We are here to stop you from embarking on an irreversible path!”
Seeing Xin Zhao’s little puzzled eyes,I don’t have to say anything about Lena,Qiangwei gave him a word directly。
And Xin Zhao was a little embarrassed when he heard this,You know that he let go of a beautiful girl sitting next to him today,Mingming Lianfeng is already sitting there and letting him do things,As a gentleman, he,Give up this beautiful thing。(The above is pure Xin Zhao imagination,The actual situation is that Lianfeng doesn’t care about him at all!)
“All right,Since the bet, we practiced,Then there is one more thing to tell you today,I decided to let you promote it,Stabilize people’s hearts,what do you think?”
Use super soldiers to stabilize people’s hearts,This is a good idea。
“Who will pass this time?,How many people to choose?”Xin Zhao said,His eyes floated directly to Lena,Then shifted the target。
First of all, Lena is excellent in every aspect,And she is not earthly,So the above will not choose her,Rui Mengmeng looks simpler,Won’t choose her。
Then there are only Qiangwei and Qilin, right?。
“Let’s talk about the male side,except me,Chuangzi shouldn’t consider,He was a bit ugly before,And ordinary people have a natural sense of hostility towards punks。
Then it is me, Ge Xiaolun and Cheng Yaowen,Is it all over?”
“What do you think!This time the man goes to both,Women go to two。Qilin and Qiangwei are going over here,As for the man,What you just said was right,Liu Chuang was ruled out,Which of the three of you decides to pass,I won this opportunity for you,how about it?”
Kindness to Lena,Xin Zhao is here。
If it was before,He would definitely go to such a place。Superhero,I don’t know how many people will watch,Can gain great fame all at once,I can even meet many beautiful young ladies。
Just for Xin Zhao today,How to improve your strength,Is what he has to do。
After all, his genetic model has an upper limit,Before I went to improve my genetic potential,The only thing he can do is to further develop his brain。
I still remember in a memory segment of the previous life,One is to turn on the brain and become a god,And the starring is a very beautiful big beauty。
Now Xin Zhao is on the way to open his mind,He believes that after hard work,Will be successful。

“Actually this time I came,Is entrusted by General Lee,Came to discuss something with you。Our Chinese military,I want to invite you out of the mountain,Contribute to the country。”Liu Yi said seriously。

Listen to him,Both Mao Yongfei and Liu Niu’er’s face changed slightly,Especially Mao Yongfei,Even more nervous。
He doesn’t want the boss to do red fog needles for himself,And promised some extremely dangerous requirements from the military,That’s not worth the gain。
Liu Niu’er also frowned,In his opinion,AALevel needle only,No matter how difficult it is,As long as you are willing to pay a big price,Those people on the black market are magical,May not have the opportunity to get it from the military,If it’s because of this needle,The big boss alone
risk,Then it won’t pay。
Lu Menglin heard Liu Yi’s request,But the face doesn’t change,Just chuckled:“The four defensive circles of the Earth Allied Forces are solid,General Li Qingsong’s power rises,I’m too busy to take care of a small character like me,What can I do for you?”
“boss,We don’t need to look at anyone’s face,AALevel needle only,Give me three months,I promise to get it。”Liu Niu’er couldn’t help but interject。
He is worried that the big boss talks about his family and his brotherhood,I was fooled by this Liu Yi,Returning to China to work for those officials。
Lu Menglin gave Liu Niu’er a look,Displeased:“enough!Liu Yi is his own brother,I believe in him!He won’t make demands that embarrass me。”
Liu Yi is upset seeing Lu Menglin,Shook his head quickly:“of course,of course!I’m not going to trade with youALevel needle,Whether you agree or not,I will help figure out how to get it。”
“okay,Don’t go around,Speak happily!What do you want me to do?”Lu Menglin asked。
Liu Yi smiled bitterly:“No risk,No risk at all!General Lee hopes you can return to teach,Teach at university。”
“what?”The other three people present were surprised in unison。
They thought of many possibilities,Even the most dangerous,The craziest kind,But never thought,Liu Yi actually asked Lu Menglin to teach at the university,This is too unbelievable?
“Is such that,Now all universities have opened martial arts courses,Mainly for potential warriors and mutant students,Because we found,Warrior Variation,After practicing martial arts with the mutant,Strength will only be stronger than a single attribute。General Li Qingsong means,Ask Lu Menglin to teach martial arts at Beiwu University,Cultivate a batch of good seedlings for us。”Liu Yikan talks freely。

did not expect,After Qin Nanming, the head of the Qin family, was publicly rejected the marriage proposal,Not upset,But smiled and asked again,“Little child,I’m not surprised。Wood Master,What do you think?”

This remark,The hearts of many people present suddenly shuddered。
Young people’s opinions are small,The marriage of the two families is a big deal。If the Qin family and the Mu family really want to merge,It’s not that Mu Feiyan’s opinion can be controlled。
For a time,Everyone’s eyes fell on the old man Mu Nanmu,He is called the Master of Wood by Qin Nanming,And Qin Nanming made a request for marriage in front of so many people,On the surface, Mu Feiyan refused,But I know it’s not the smoke bombs deliberately released by the two companies,Just pretend to refuse,In the final analysis,It still depends on Mr. Mu’s attitude。
“Yan’er said don’t just don’t!Qin Nanming,I don’t know what kind of game your eldest son is,But he wants to marry my baby granddaughter,Pooh!Just dreaming!”Mr. Mu shouted sharply。
No one thought,This old man is so fierce,I just turned my face on Qin Nanming。
Everyone looked at each other,Never recovered。
What’s the matter with these two big guys??
According to common sense,Shouldn’t this kind of thing be discussed in advance??
Could it be that Qin Nanming made a temporary intention??That’s why I annoyed the old man?
Moreover,Father’s attitude is too direct, right!In his capacity,Even if you want to refuse,Isn’t it more tactful??
Everyone underestimated the temperament of Mr. Mu,Also underestimated his doting for his granddaughter。
but,Some people secretly cheer in their hearts,Mr. Mu and the Qin family turned their faces,Other families in the city have more opportunities to grow,After all, no one wants to see the two giant families join forces,So no one will have a better life。
“grandfather!”Mufeiyan eyes are slightly red,She didn’t expect Grandpa to protect herself like this,Don’t hesitate to turn your face with Qin Nanming,I thought that this might have a bad influence on the family,Her heart suddenly softened。

Jinshan Office (A17083) In-depth Report: Autonomous and Controllable Yangfan Intelligent Cloud with Flag

Jinshan Office (A17083) In-depth Report: Autonomous and Controllable Yangfan Intelligent Cloud with Flag
Autonomy and control are imminent, and intelligent cloudification has a bright future.Kingsoft office technology, rich product and customer resource accumulation reserves, troika (authorization + subscription + advertising) synergistically drive C-side + BG-side growth, helping the company to become a domestic software independent controllable flag carrier and pioneer of cloud transformationThe board IPO is worth watching. After thirty years of hardening, Jinshan has become a core domestic brand in the field of basic software.Kingsoft Office’s core product, WPSOffice, provides organizations and individuals with office software functions such as PC + mobile collaborative text, forms, presentations, and PDF reading.After more than 30 years of development, the company has become a leader in domestic office software, and has leveraged localization and genuine Dongfeng to promote the transformation of its business model to cloud-based subscription services.In 2018, the company’s total revenue was 1.1 billion, an increase of over 50%; net profit attributable to mothers was achieved3.10 trillion, ten years + 45%. Genuine controllable trends, cloud-based intelligence becomes the future direction of the office software industry.The China office software market size was 85 in 2018.34 trillion, Ji Shi Information predicts that the market will reach 149 by 2023.04 billion, cloud collaboration, AI empowerment 南宁桑拿 has become a core trend.Global market leader in the market structure, domestic Jinshan dominate.We believe that with the strong demand for value-added office services and the coordination of national legalization and independent controllable policies, the domestic office software market is expected to achieve a new round of development, and the market size and growth of leading companies are also expected to exceed market expectations. The C-end high-quality products achieved massive customer acquisition and initial advertising monetization, and the value-added subscription service met the pain points of demand and opened up the liquidation space.WPS’s five characteristics of easy operation, high compatibility, light weight, integration, and synergy attract the company’s MAU Super 3.1 billion, as an initial realization of the advertising business is expected to maintain a growth rate of about 20%; meanwhile, C-terminal value-added services represented by WPS members and rice hull members, using practical functions, ultra-high cost performance to meet the pain points of demand, membership conversion3)%) + ARPU boost helps C-end subscriptions continue to explode. BG end genuine + domestically driven authorization growth, cloudization subscriptions are ready to go.The company has perfect high-quality functions, high cost performance and high autonomy. In party and government agencies, institutions and large and medium-sized enterprises, a high proportion (80% + in some areas) of initial customer coverage has been achieved, combining genuine and autonomous controllable policiesIt is expected that the actual market share and business scale will continue to increase, and billions of cloud-based office sites will be opened up.At the same time, the WG + cloud office on the BG side has gradually expanded to realize the transformation from an authorization model to a cloud-based subscription service, which helps to improve service quality and customer stickiness. Risk factors: IPO progress, product promotion is less than expected; evaluation rate increases slowly; total government demand. Investment suggestion: The company has abundant customer resources and promotes the penetration of value-added subscription services based on advertising and software licensing business.The company plans to land on the science and technology board and raise funds20.5 billion US dollars, leveraging the capital market to explore a wide range of intelligent cloud potential, and become a flag bearer in autonomous and controllable fields.It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 4.3.3 billion / 5.93 ppm / 7.9.7 billion (comparable companies average 2019 PE 58.85x, PS 11.63x).As the company is still in the initial public offering stage and has no target price and rating, it is recommended to actively pay attention to the progress of the initial public offering.

Jianyou Co., Ltd. (603707): The rapid growth of performance is in line with expectations, opening up the international industrial chain of injections

Jianyou Co., Ltd. (603707): The rapid growth of performance is in line with expectations, opening up the international industrial chain of injections

Event: The company achieved operating income in the first half of 2019, net profit attributable to mothers, and non-net profit attributable to mothers were 11, respectively.

7.7 billion, 2.

8.9 billion, 2.

80 ppm, an increase of 38 in ten years.

44%, 27.

34%, 30.

13%; Realized 青岛夜网 operating income in the second quarter of 2019, net profit attributable to mothers, and non-net profit attributable to mothers were 5, respectively.

6.7 billion, 1.

40 billion, 1.

350,000 yuan, an increase of 36 in ten years.

78%, 33.

05%, 35.

74%; the company announced that it is planned that the wholly-owned subsidiary of Hong Kong Jianyou will obtain Meistereal Pharmaceuticals, Inc., an American sterile injections operating company, through capital increase in cash and intangible assets and debt-to-equity swaps.


33% equity.

Viewpoints: The company achieved operating income in the first half of 2019, net profit attributable to mothers, and non-net profit attributable to mothers were 11, respectively.

7.7 billion, 2.

8.9 billion, 2.

80 ppm, an increase of 38 in ten years.

44%, 27.

34%, 30.


Among them, heparin raw material revenue is expected to be about 8 million, with an annual increase of more than 20%. The domestic sales of low-molecular-weight heparin preparations are about 8 million, an increase of about 60%; the company’s injection exports and CDMO business continue to maintain rapid growth;Interest rate 50.

08%, continued to increase, the second quarter of the single-quarter growth accelerated, the overall performance in line with expectations . the logic of internationalization of injections gradually realized, starting from 2019, the export of injections entered an explosive period.

The company is an international leader in injectables. In 2019, U.S. and European exports will usher in an outbreak: Jianyou Co., Ltd., as one of the rare domestic high-end FDA-certified injectable manufacturers, has an early layout of injectable exports. At present, 11 injectable ANDA have been approved./ Announcement of more than 30 ANDA injection products, and gradually build the core product Enoxaparin / standard heparin + small molecule anti-tumor injection + other heavy injection injection high-end injection export full product chain, in the future will benefit from the high gross profit US sterile injection market,The export of injections has entered an outbreak.
Heparin raw material + preparation integration, the properties of heparin resource products are prominent, Jianyou shares benefit from strategic crude stocks, and will continue to exert strength on heparin raw materials and low-molecular heparin preparations in the future: the heparin crude / raw material supply end has reached the upper limit in Europe and the United States, China has become the largestIncremental, due to the stable production of pigs in the main heparin raw material production areas (the number of pigs in the Chinese market will decline in 2019 due to the African swine fever epidemic), the unfavorable factors of the increase in the supply of crude heparin / raw materials, and the demand for downstream heparin preparationsStill strong, the inventory level of heparin preparation enterprises, the price of heparin raw materials will further increase in the future.

In the early stage, Jianyou Co., Ltd. has an accurate and accurate judgment on the supply of crude heparin upstream and the inventory of downstream preparation manufacturers / production of heparin injection. Since 2015, it has gradually established a crude heparin inventory.

After Enoxaparin injections are successively approved in Europe and the United States, the company will enjoy the bargaining power and raw material preparation integration advantages brought by its crude heparin inventory based on the advantages of raw materials and the European and American preparation market.

Profit forecast: We expect the company’s net profit attributable to its parent to be 5-20 in 2019-2021.

97, 7.

98, 10.

3.5 billion US dollars, an annual increase of 40.

7%, 33.

7%, 29.

7%, the current sustainable corresponding PE is 31x, 23x, 18x, maintaining the “Buy” rating.

Risk warning: The overseas approval of injectables is less than expected; the sales of heparin raw materials are less than expected; the pressure on medical insurance control costs continues to increase; the calculation may be inaccurate from the actual; the acquisition is uncertain.

Haida Group (002311): Feed Leader Enters New Milestone, Performance Continues Steady Growth

Haida Group (002311): Feed Leader Enters New Milestone, Performance Continues Steady Growth

Event: The company released its 2018 annual report.

The company’s top management realized revenue of 421.

57 trillion, +29 ten years ago.

49%; realized net profit attributable to mother 14.

37 trillion, +19 a year.


2018Q4 company revenue 113.

23 ppm, +87 a year.

0%; net profit attributable to mother 1.

660,000 yuan, +187 a year.


The feed business has grown against the trend, and the structure of aquatic feed has continued to optimize.

The company achieved a total feed sales volume of 1070 years, + 26% for the whole year.

1) The sales volume of aquatic feed is 311 tons, an increase of 23% each year. The structure of aquatic feed products has been significantly optimized. The sales volume of specialty aquatic fish feed has increased by nearly 40%, and the growth of crayfish feed has exceeded 100%.

2) The sales volume of pig feed was 232 tons, an increase of at least 53%, which was mainly due to the increase in product power and expansion of market channels. The core regions of Guangdong and Hubei had market growth rates of more than 30%.

3) The sales volume of poultry feed is 527 every year, an increase of 19% per year, the growth of traditional breeds is steady, and the growth of broiler feed is nearly 40%.

The gross profit margin of the company’s feed business is slightly 0.


Affected by the non-plague situation for a long time, the hog industry continues to be depressed, the gross profit margin of the pig feed business has dropped, and the impact on the overall feed business has broken through; due to the unsatisfactory 厦门夜网 fish prices of major aquatic products, the gross profit margin of ordinary aquatic feed has slightly decreased.

The number of pigs raised in pig farms has increased, and the upward price of pigs has contributed to the elasticity of performance in 2019.

700,000 pigs are slaughtered by the company, + 52% a year, of which 200,000 are self-bred and fattened piglets and piglets, and 500,000 are slaughtered by the company and farmers.

Due to sluggish hog prices, hog breeding operations are expected to decrease in 2018.

Since April 2019, the average national pig price has been above 15 yuan / kg, and it is expected that it will continue to rise rapidly in the second half of the year, and the company’s pig breeding sector will contribute performance gains.

It is estimated that the company will produce 1 million pigs in 2019. Assuming that the average sales price of pigs in 2019 will reach 15-16 yuan / kg, the pig breeding business is expected to contribute 2.


600 million profit.

Investment Advice.

The company has perfected research and development and product advantages, and a perfect breeding technical service system. It is expected that the market share of feed business will continue to increase, and the feed growth rate in 2019 will remain around 20%.

The pig breeding sector will contribute performance gains in 2019.

It is estimated that the company’s net profit attributable to the parent in 2019/20/21 will be 18 respectively.



3 ten percent, an increase of 30 per year.

6% / 44.

8% / 22.

4%, corresponding EPS is 1.


72/2.10 yuan, the current market value corresponds to PE 23.



3x, maintain “Buy” rating.

Risk reminders: abnormal weather, the impact of breeding epidemics, fluctuations in raw material prices, less than expected pig production, and exchange rate fluctuation risks.

Zoomlion (000157): Outstanding performance of high-growth companies in the crane industry

Zoomlion (000157): Outstanding performance of high-growth companies in the crane industry

Performance summary: The company achieved operating income of 222 in the first half of 2019.

Six ten percent, an increase of 51 per year.

2%; net profit attributable to mother 25.

800 million, an increase of 198 every year.

1%; gross profit margin 30.

0%, net interest rate 11.


  The crane industry has grown rapidly and the company’s performance is outstanding.

Benefiting from the demand for downstream infrastructure, increased environmental protection, increased 杭州桑拿网 equipment renewal requirements and artificial substitution effects, the construction machinery industry has a relatively strong economy, and the sales volume of the excavator industry has increased by 14.

2%, the sales growth rate of the truck crane industry reached 53.


In the first half of 2019, the company’s main product production and sales boomed, and its core business, concrete machinery and lifting machinery, respectively achieved revenue of 74.

900 million (+31.

2%), 110.

100 million (+94.

8%), comprehensive operating income of 222 in the first half.

600 million (+51.

2%), net profit attributable to mother 25.

800 million (+198.

1%), of which Q2 achieved revenue of 134 in a single quarter.

500 million (previously +58.

4%, +46.

9%), net profit attributable to mother 15.

700 million (previously +222.

9%, +57.


  The gross profit margin of core businesses increased, and the level of profitability continued to increase.

The company focuses on segmenting the market to be stable and deep, and the internal market share of lifting machinery and concrete machinery remains at the forefront. Among them, the internal market share of truck cranes has expanded.

8 pp.

In the first half of 2019, the company’s core business of concrete machines and crane gross profit margins increased to 27.

4%, 32.

2%, ten years +5.

2pp, + 3.

8pp, the company’s gross profit margin increased to 30.

0%, ten years +4.


  Benefiting from the improvement of operating efficiency, the company’s expense management was well controlled, and the three rates total decreased3.

0pp, of which, the management expense rate decreases by 1 every year.9pp, financial expense ratio decreased by 1.

5pp, the company achieved a net interest rate of 11.

6%, +5 per year.


  Strengthen the development of potential markets and promote intelligent manufacturing.

The company actively develops other potential markets, and lays out the earthmoving machinery sales network in advance. The G series of new generation earthmoving machinery products has been launched, and it has accelerated the deployment of aerial work platform products, machine sand, and jet robots.

The company further promotes intelligent manufacturing.

The intelligent factory for tower cranes and the intelligent production line for high-altitude operation machinery will be completed with high efficiency to realize intelligent, automated, and flexible production. The planning and construction of the intelligent manufacturing industrial park for hydraulic vehicles and the industrial park for key hydraulic components will be promoted to promote industrial agglomeration and upgrading.

  Profit forecast and rating.

Considering that the industry’s sales volume has grown rapidly in the first half of the year, the company’s growth rate far exceeds that of the industry, and its profitability has continued to increase, we carefully raise our profit forecast.

It is expected that net profit attributable to mothers will be 38-20 in 2019-2021.



0 billion, the corresponding EPS is 0.



64 yuan, corresponding estimates are 11 times, 9 times, 8 times.

Maintain the “overweight” rating.

  Risk warning: The downstream infrastructure growth rate is lower than expected risk, product sales may not meet expectations, overseas business operation risk, exchange rate risk.

China Torch High-tech (600872): Internal adjustments are carried out smoothly, condiment revenue promotes growth

China Torch High-tech (600872): Internal adjustments are carried out smoothly, condiment revenue promotes growth

Core point of view: Steady revenue growth and stable profitability The company released its 2019 Interim Report and 2019H1 revenue23.

92 ppm, an increase of 10 in ten years.


Condiment subsidiary Yummy Fresh 2019H1 revenue22.

62 ppm, an increase of 15 in ten years.

26%; single second quarter income 10.

95 ppm, an increase of 15 in ten years.

26%, in line with market expectations.

(1) In the first half of 2019, the company’s soy sauce revenue increased by 10 year-on-year.

44%, 苏州夜网论坛 mainly due to the volume of new products and channel expansion. The number of H1 company dealers in 2019 increased by 111 compared with the end of 2018, an increase of 12.


(2) 2019H1 oyster sauce, cooking wine income increased by 60 respectively.

93% / 65.


The high revenue growth of oyster sauce and cooking wine products is mainly due to the high prosperity of the industry and channel expansion.

(3) The edible oil revenue in the first half of 2019 increased by 27 year-on-year.

20%, currently covering the South China market.

The company’s 2019H1 net profit3.

66 ppm, a ten-year increase of 7.


Condiment subsidiary delicious fresh 2019H1 net profit increased by 20.

05%; net profit in the second quarter alone increased by 7.

98%, lower than market expectations, mainly due to 天津夜网 cost growth, new category expansion and management staff additions and improvements.

Yummy Fresh 2019Q2 net profit 17.

53%, a decrease from the second quarter of 2018 (high base).

31pct, which remained stable throughout 2018 and Q1 2019.

2019Q2 delicious fresh gross margin of 39.

30%, a slight decrease from the second quarter of 2018, mainly due to the following two aspects: (1) the prices of raw materials and food additives increased significantly; (2) the rapid growth of categories with reduced gross profit margins, lowering the overall level.

The sales expense ratio of Yummy Fresh in the second quarter of 2019 was slightly lower than that in the second quarter of 2018. It is expected that the sales expense ratio of the company will not be significantly increased by the company’s advertising expenses, and the company has not started to invest in paving.Increased salary and incentive bonus amortization.

Internal adjustments went smoothly, and condiment revenue is expected to accelerate growth. 2019 is the company’s internal adjustment year. The key positions of delicious fresh staff are continuously adjusted and eliminated, and the sales team’s incentive level is promoted.

According to the announcement, the company revised the “Management System for Remuneration and Performance Evaluation of Core Management Staff”, revenue guidance and bonus distribution were tilted to the backbone of middle-level business such as regional managers and increased incentives.

In addition, the company actively adjusted its product and channel layout this year, and its revenue is expected to accelerate in the next five years.

(1) Actively expand the soy sauce product line and promote the steady growth of the soy sauce business.

(2) Promote the expansion of new categories.

The company regards oyster sauce and cooking wine as the second key category and enjoys the high prosperity of the industry.

(3) The company actively promotes the expansion of blank areas and catering channels, further expands the large area, and strives to achieve refined management.

Earnings forecast We expect the company’s revenue to increase by 2019-2021.

5% / 24.9% / 17.

5%; net profit grows by 14 per year.

3% / 30.

8% / 19.

6%; EPS is 0.



36 yuan / share, the current expected corresponding PE is estimated to be 45/34/29 times.

We expect the company’s condiment business revenue to increase by 15% annually from 2019-2021.

0% / 17.

3% / 19.

5%; net profit of condiment business grows by 18.

4% / 20.

9% / 21.


Excluding the 3.5 billion market value of the real estate business, the market value of condiments was 27.7 billion US dollars, corresponding to 41/34/28 times the PE estimate.

The average PE of comparable companies in 2019 is estimated to be 44 times, and the company’s profitability is second only to Haitian. We give the company’s condiment business 44 times PE estimates in 2019, corresponding to a reasonable value of 42 yuan per share, and maintain a buy rating.

Risk warning: Macroeconomic growth is less than expected; channel expansion is less than expected; food safety issues

10 possibilities to watch out for everyday food

10 possibilities to watch out for everyday food

Apart from gaining weight, I rarely think that food may cause any other complications or complications.

Isn’t there only an anesthetic for medicine or medical treatment?

However, the foods we eat often affect our health.

And some of these anomalies can be serious, some can be disturbing, and some can be embarrassing to you.

  Here are 10 alternatives caused by common foods:.

hzh{display:none;}  1.Body Odor Research has found that red meat interferes with the body’s odor.


Acne (acne) hypersaturation abnormalities and trans-obesity increase slightly increase subcutaneously, which can stimulate an increase in skin ulcers.

Scientists point out that frequent drinking of milk can also cause high incidence of acne.


Allergies Allergies are the number one discomfort in food.

In theory, any food can cause allergies.

But in fact, the culprit for 90% of allergic reactions is the following 8 food types: milk, eggs, peanuts, nuts (including Brazil nuts, walnuts, almonds and walnuts), fish, shellfish, soybeans and wheat.


Candidiasis (yeast yeast infection) can cause yeast infections due to the excessive reproduction of normal yeast in the human body, and food achieves this by affecting yeast levels in the body (food provides nutrients to the yeast).

Typical foods that can cause yeast infections are: sugar, vinegar, refined yeast, baking powder, and selective yeast foods.


Heartburn and acid reflux can cause heartburn many foods, and some foods can cause weakness in the lower sphincter (a muscle that allows food from the esophagus to the stomach), which in some cases can cause stomach acid to be higher than usual.

The chance of acid reflux is greatly increased over normal conditions.

The most common foods that cause heartburn are citrus fruits, fried and with a small amount of food, vinegar, tomatoes, chocolate.


High cholesterol (hyperlipidemia) animal foods have a relatively high cholesterol content. Absorption of these foods will cause the cholesterol content in human blood to rise, increasing the risk of disease.

Related foods include: brains of cattle, pigs and sheep, internal organs (liver, kidney, spleen), eggs.


Kidney stones High animal protein and low fiber can cause kidney stones.

Some studies have shown that you should increase the estimated calcium and reduce the intake of salt, animal protein, and reduce foods that re-oxalate, such as spinach, cocoa, nuts, peppers, tea, etc., the oxalic acid will be combined with calcium to be absorbed by the bodyCalcium oxalate precipitates and is excreted with feces.


Cognitive Impairment and Memory Loss Studies conducted by Rush University’s Medical Center in Chicago point out that, especially for some older people, if they put too much copper in their food, they have slow learning and thinking abilities and memoryFall quickly.


Edema High-salt, high-sugar, and high-sodium foods can cause edema.

The body needs a certain concentration of salt to maintain the balance of the internal environment, but too much salt to be added overlaps the body to increase the salt concentration in the body. If the body needs to replace the high salt concentration, it will retain a lot of water and cause edema.

(Migraine) headaches can only cause migraines, including tension-type headaches-it feels like wearing a “cuff spell” and the entire head hurts.

It causes pain in the head by chemicals that affect the brain or by changing the size of blood vessels through chemical action.

Some people have headaches because of the high levels of amino acids tyramine and aniline in their foods, which cause more blood in their bodies to flow to the brain.

Common foods that can cause headaches are: mature cheese, beer, red wine, chocolate, and foods containing nitrite (such as smoked or cured meat products).