2019 Basketball World Cup Argentina defeats France and advances to the final

According to the CCTV Sports Official WeChat News, the Argentina team played against the French team in the 2019 Basketball World Cup semi-finals.In the first quarter, the Argentine team started 10-2, Scola scored 10 points in 4 of 6 solo.In the second quarter, the French team once overtook the score, but under the high-intensity defense of Argentina, Gobert only scored 1 point in the first half, and veteran Scola made a double-double in the half.Campazzo hit a super difficult buzzer with a three-pointer, and the Argentina team led by 7 points to end the half.In the third quarter, the Argentine team continued the hot state, the single team 21-16 France team, continued to control the French team’s single quarter prominent control under 20 points, and maintained a two-digit lead.In the doomsday, the French team strengthened their defensive strength and clenched the score. The Argentina team used Scola ‘s two key three-pointers to rely on the strength of team basketball to stabilize the overall situation. In the end, the Argentina team defeated the French team 80-66Hold your head to the finals.Editor Yang Li Source: CCTV Sports Official Wei Wei Title: Scola 28 + 13 Argentina 80-66 French team headed for the finals!

[Food that is forbidden during lactation _ those things that cannot be eaten during lactation]

[Food that is forbidden during lactation _ those things that cannot be eaten during lactation]

During breastfeeding, women must pay attention to good diet conditioning, and then diet can promote milk secretion and promote the role of nurturing children. In addition, it has a good effect on improving women’s body immunity. During this period, you should eat moreFoods that promote breast milk secretion, do not eat foods that return to milk, do not eat spicy foods, and understand the dietary contraindications during lactation.

Those things cannot be eaten during lactation.

Anti-milk foods such as meat: rabbit meat, squid, duck meat, pig heart, frog meat, etc.

Vegetables: pepper, pepper, raw garlic, fennel, leek, purslane, winter melon, cucumber, vegetable, bitter gourd, malt, ginseng, etc. will all inhibit milk secretion.


Foods that are too irritating after delivery are suitable for light, less irritating or non-irritating foods. Avoid irritating foods such as pepper, tobacco, coffee, and spicy condiments.

(1) Alcohol: Excessive alcohol consumption during lactation will cause women’s normal milk secretion and affect uterine contraction, and alcohol will interfere with the baby’s healthy growth through milk.

(2) Coffee: Drinking coffee can excite the central nervous system, stimulate heart muscle contraction, and affect the baby through milk. Women who are breastfeeding should take a break.

(3) Exciting seasonings: such as pepper, fennel, garlic, etc. Breastfeeding mothers tend to get angry and get sores after eating, which makes it difficult to defecate, and the baby has discomfort such as drooling and stomatitis, so it is not recommended.


High-fat, fried foods These foods are not easy to digest, and have high efficiency, which is not conducive to postpartum recovery, and it is not conducive to ensuring milk quality. They should be taken in moderation.


Allergic foods Some babies will have allergic symptoms. Breastfeeding mothers should pay more attention to whether the baby’s skin has rashes, etc., and take into account their dietary conditions to solve the cause of baby’s skin allergies.

Therefore, breastfeeding mothers should avoid eating foods that can cause allergies to your baby.


Cigarette smoking during lactation causes nicotine in cigarettes to quickly appear in breast milk and be sucked by the baby.

Studies have shown that nicotine has a damaging effect on the baby’s respiratory tract. Therefore, for the baby’s health, breastfeeding mothers must quit smoking and prevent second-hand smoke from harming the baby.


Medications Even lactating women do not have much effect on their babies after taking some medications, but new mothers should also consult the relevant doctor before taking the medicine, or explain the breastfeeding situation to the doctor when going to the hospital to see the doctor, so that the doctor can prescribe the appropriatedrug.

[How to add vitamin c]_ Vitamin c_How to add _ Supplement method

[How to add vitamin c]_ Vitamin c_How to add _ Supplement method

Vitamin C can promote the growth and development of the human body and is an important substance that the human body needs.

Vitamin C deficiency has a great impact on the body.

So how to supplement vitamin c is very important.

Vitamin C can actually be supplemented through diet, certain vegetables and fruits.

1, the healthy source of vitamin c: natural vitamin C found in fruits and vegetables, and synthetic vitamin C, in addition to price differences, more healthy and natural.

Vitamin C exists in many fruits and vegetables in two substances, that is, a combination of vitamin C and vitamin P.

In human tissues, vitamin P helps vitamin C work.

Artificial vitamin C is a pure pharmaceutical preparation, which is far less effective than natural vitamin C.

Taking vitamin C and supplementing it often, such as long-term use can produce a large amount of oxalic acid in the body, which becomes the material basis of kidney stones.

Vitamin C in fruits and vegetables did not cause excessive oxalic acid in urine.

2, Vitamin C healthy food: Vitamin C foods include green leafy vegetables, tomatoes, citrus, berries, cauliflower, potatoes and so on.

3. The normal intake method of vitamin c: Considering that vitamin c is very easy to destroy, it is necessary to formulate a supplementary amount standard, generally 75 mm for adult men, 70 mg for women, 100 mg for pregnant women, and 150 mg for nursing mothers.The weight ratio calculation is slightly higher than that of adults.

According to this standard, people can get supplements from their daily diet, because the vitamin C content in fruits and vegetables is generally rich.

For example, 540 mg of fresh dates, vitamin C117 mg per 100 grams of vitamins, 87 mg of hawthorn, 80 mg of amaranth, 35 mg of strawberries, 83 mg of ravioli, 77 mg of garlic

In other words, if healthy people eat more than half a catty of fruits and vegetables every day, they can meet their normal physiological requirements.

[How to make Japanese-style fried chicken rice]_Home-made method of Japanese-style fried chicken rice_How to make Japanese-style fried chicken rice_How to make Japanese-style fried chicken rice

[How to make Japanese-style fried chicken rice]_Home-made method of Japanese-style fried chicken rice_How to make Japanese-style fried chicken rice_How to make Japanese-style fried chicken rice

If you want to make this dish, you need to prepare the dishes and the necessary things before cooking. Here we introduce the method of Japanese fried chicken rice. After reading it, you must try it yourself.


Wash the chicken drumsticks, remove the bones, and drain the water for later use.

Rinse the cabbage in pieces and reserve for use.

Slice carrots, broccoli, cauliflower into several loquats for later use, and ginger slices.


12 Non-stick pan does not put oil, add chicken thighs directly after heating, put the chicken skin face down, and fry the chicken leg over medium heat.


21 Fry until the skin of the chicken skin turns golden brown and turn it for 2 minutes.

At this point, a lot of oil has been fried and you can drain it.


1 Then pour the right amount of old soy sauce, rice wine, barbecue sauce, teriyaki sauce, and sugar.


2 Then pour an appropriate amount of water into the pot, and the water should not be over the skin.


Add ginger slices and continue to simmer chicken over medium and low heat for 10 minutes. Turn to high heat to collect juice. Turn off the heat when the soup is thick.


We can prepare the side dishes while we stew the chicken.

Put another pot of cauliflower into the boiling water and simmer for 8 minutes.

Add broccoli scallion for 2 minutes and remove.

Pour the water away.


Pour an appropriate amount of salad oil into the pan, add carrots and stir-fry.


Then stir-fry the cabbage until it becomes discolored, the volume is slightly smaller than before, season with an appropriate amount of salt to turn off the heat.


Combine all the ingredients: prepare a large bowl, place rice on the bottom layer, pour a layer of stew broth, then top with fried carrot cabbage, top with cauliflower, broccoli, chicken, and finally top the chickenA layer of juice is ready to eat.

Thank you for reading this article, and learning with you how to make Japanese fried chicken rice. It is my greatest joy to share the food with you.

[Benefits of Eating Fennel for Women]_Recommended Diet

[Benefits of Eating Fennel for Women]_Recommended Diet

Fennel, many people know that it is a commonly used seasoning, but many people do not know that fennel is also a vegetable, that is, fennel seedlings. For fennel seedlings, northerners like to use it as dumpling fillings.Is there any benefit to our body?

The effects and effects of fennel drive the cold and raise the sun in winter. Most vegetables are cold, but fennel is mild; as a seasoning, the fragrance of fennel has a scent that is absent and can balance the cold, hot, and yin of food.

The spleen appetizer is because fennel grows in the wetland beside the water, and its contents can be dampened. In summer, because some people have moisture and no appetite, which causes the spleen and stomach to fall asleep, you can use it to relieve symptoms.

The tender stems and leaves of warm liver and kidney fennel can be eaten at least, and fennel vegetables can enter the liver, and there is a saying that “liver and kidney are homologous”, which can nourish each other.

Stomach warming is not good for people who don’t have a good stomach. Occasionally, fennel is added to the dish because it contains fennel oil.

So it can even flavor and reduce the sensitivity of the stomach.

The analgesic and antibacterial fennel oil can heat the stomach in both directions, and it also has certain analgesic and antibacterial effects. The fennel seedlings are mashed into mud for external application, which can alleviate the symptoms.

Lowering blood fat, clearing blood vessels, fennel is an appetite suppressant, because it contains a lot of supplementary fiber to make people feel full, and fennel can increase the speed of metabolism, control the diet, and dissolve blood in the aunt.

The seeds of tonifying the kidney and yang deficiency can greatly invigorate people with kidney deficiency. Usually, cumin can be used for cooking. In addition, the fennel seeds can be used to treat qi, which is generally used to treat hypertension.

Can women eat fennel?

Fennel has the title of one of the top ten gynecological main medicines. Generally, if female friends encounter menstrual pain caused by cold, they can choose to boil water with cumin to drink, which has the effect of warming the lower abdomen.

Can pregnant women eat fennel?

Although fennel is good, pregnant women should not eat more.

Because fennel easily consumes water and causes internal dryness, it is extremely prone to constipation. If constipation occurs, abdominal pressure will increase, and fetal movement disturbances will easily cause adverse consequences.

Fennel has a high nutritional value. There are many nutritious elements that are beneficial to the human body. Usually the most common way to eat fennel in everyone’s life is fried fennel and fennel dumplings. The following editor will teach you how to make fennel meat.

How to make dumplings with fennel meat: Step 1: Wash and dry the fennel seedlings to prepare pork fillings.

Step 2: Prickly ash and ginger are boiled with water. Remove the prickly ash ginger, add the boiled water to the meat filling, and stir the softness of the meat filling to a thin degree.

Step 3: Mince the fennel into the meat, add cooked oil, salt, and mix well.

Step 4: Put the prepared dumpling skin into the prepared dumpling stuffing and knead it into dumplings.

[Benefits and disadvantages of eating green beans]

[Benefits and disadvantages of eating green beans]

Green beans are a very popular food. Eating green beans often has many benefits to the human body. For example, it can eliminate physical complications, can make people smart, can eliminate edema, blood, can improve immunity, and whiten the skin.And spleen and stomach.

Of course, eating green beans too much, or eating green beans inappropriately, is bad for the human body.

Here are the benefits and disadvantages of green beans.

First, the benefits of eating green beans1.

Daily green beans that can eliminate human free radicals can provide the body with catechins and epicatechins as two flavonoid antioxidants.

When people get older, the body’s free radicals will be more and more. Free radicals and aging are positively related. The nutrition in green beans can resist diseases caused by free radicals, delay the rate of aging, and have anti-inflammatory and spectral antibacterial effects.

Green beans also contain two carotenoids, alpha-carotene and beta-carotene.


Make your brain smart. Soy Lecithin, an important component of the brain.

Eating more green beans can help prevent dementia.

In addition, sterols in soy lecithin can increase neural function and vitality.


Eliminate edema, in addition to the rich potassium in blood-enriching green beans, the saponin contained in the outer skin also has a strong diuretic effect, which can improve the face and feet caused by beriberi and reduced hypertension.Department of edema, so green beans must be used to treat edema.

4. Improving immunity. Green beans are rich in plant proteins. If the body lacks protein, it will have the symptoms of low immunity and easy fatigue. Then, proper consumption of green beans can improve immunity.


Whitening skin care green beans suffer from soy isoflavones, a phytoestrogen that improves skin aging and alleviates menopausal syndrome.


Spleen and Stomach People who eat green beans often have better digestion and better absorption.

Therefore, the weaker people should hurry up and tonic in winter, and they will have good fever and strength in the coming year, and they will not get sick.

Green beans, called “red beans” in Chinese medicine, also have obvious spleen and stomach effects.

Second, the disadvantages of eating green beans Green beans are cold foods. Eating more cold foods will hurt the spleen and stomach, causing the spleen and stomach to become cold, so do not eat more.

Some people with a hot constitution will eat nothing.

It is recommended to eat it in moderation.

Eating green beans and other legumes can cause gout, and legumes contain a large amount of purines, which can cause gout. It is recommended that gout patients usually eat less high-purity foods, animal offal, impurities, seafood, etc.Rich; fish, shrimp, meat, peas, spinach, etc. also contain certain purines.

[How to make fried glutinous rice flour?】 _How to do_How to do

銆 愭 軣 軣 哥 綫 Chongmeng picks 宝 箞 锅 Pan 犆 慱 樱 帝 箞 魞 歘 悘 傡 悘 悍 炍 綍 鐍 prepared?
This is a simple, simple, and easy-to-recognize message, and it ‘s a lot of troubles to make a lot of money, and it ‘s a lot of fun.€備笉鐭ラ亾澶у鏈夋病鏈夊彂鐜帮紝鍙堝揩鍒颁簡涓€骞翠竴娆$殑绔崍鑺備簡锛屾墍浠ヨ繖鏃跺€欑朝绫崇殑閿€閲忔槸闈炲父楂樼殑锛屽洜涓虹朝绫充箖鏄步瀛愮殑涓昏椋熸潗涔嬩竴銆傚叾瀹炵朝绫充笉鍏夊彲浠ュ仛绮藉瓙锛岃€屼笖杩樺彲浠ュ仛绯背绮夊摝!涓嬮潰鐪嬬湅娌圭偢绯背绮夋€庝箞鍋? 椋 熸 潗 繡 繡 瑡  楗?0g闈㈢矇200g1鎶婄朝绫崇叜鐔燂紝鍋氭垚绯背楗緟鐢ㄣ€?What’s the difference?Do you have a bird’s eye view of the vineyards and the mountains? Do you want to see each other?灏忕紪鎬曡儢浜嗭紝鎵€浠ョ硸鏀剧殑寰堝皯銆?4鍑嗗闈㈠寘绯犲鐢ㄣ€?鎶婇潰绮夊姞姘存弶鎴愬洟锛屾弶濂藉悗锛屽啀鍔犲叆闈㈠寘绯犱竴璧锋弶鍖€銆?鍔犲叆鐓ソ鐨勭朝绫抽キ锛屾弶鍖€銆?鎻夋垚涓€涓釜鐨勫皬鍦嗗舰銆?鎶婃弶濂界殑灏忓渾鐞冩斁鍏ョ朝绫崇矇涓粴涓€鍦堬紝璁╁叏韬兘娌炬弧绯背绮夈€?姣忎釜灏忓渾鐞冮兘鎻変笂绯背绮夈€?0鐑攨鏀炬补锛岀儳鑷充竷鍏眰鐑紝娌硅澶氭斁鐐广€?1鏀惧叆鎻夊ソ鐨勭朝绫冲皬鍦嗙悆锛岀偢鑷抽噾榛勮壊锛屼腑閫旇婊氬姩涓€涓嬶紝浠ュ厤鐐哥硦浜嗐€傜偢鍒伴噾榛勶紝娉涢鍛冲氨鎺ф补鎹炲嚭銆傝惀鍏绘垚鍒嗙朝绫冲惈鏈夎泲鐧借川銆佽剛鑲€佺硸绫汇€侀挋銆佺7銆侀搧銆佺淮鐢熺礌B1銆佺淮鐢熺礌B2銆佺儫閰稿強娣€绮夌瓑锛岃惀鍏讳赴瀵岋紝涓烘俯琛ュ己澹鍝併€傜朝绫崇矇鍒悕锛氱朝绫抽潰銆傛按纾ㄧ朝绫崇矇鏄互鏌旇蒋銆侀煣婊戙€侀绯€岃憲绉帮紝瀹冨彲浠ュ埗浣滄堡鍥€佸厓瀹典箣绫婚鍝佸拰瀹跺涵灏忓悆銆?

Haitian Flavor (603288): Revenue growth remains stable, net interest rate hits new record high

Haitian Flavor (603288): Revenue growth remains stable, net interest rate hits new record high

Event: Haitian Flavor released its 2019 Interim Report, and achieved operating income of 101 in 2019H1.

60 trillion, ten years +16.

51%; realized net profit of 27.

51 ppm, +22 for ten years.

35%; operating income of 46 in the second quarter of 2019.

7 billion, previously +16.

00%; realized net profit of 12.

74 ppm, +21 for ten years.


Revenue growth remained stable, and adjustments to sauce products improved significantly.

2019H1 revenue growth rate of 16.

51%, of which Q2 is 16.

00% compared to the first quarter of 16.

95% small amplitude 0.


The advance payment for 2019H1 is 12.

80 ppm, an increase of 41 per year.

12%, considering the channel status and inventory are reasonable, the company’s delivery rhythm is stable, and Q2 single season interest rate is not 南宁桑拿 scary.

In terms of products, the three core products of 2019H1, soy sauce / soy sauce / oyster sauce, increased by +13 respectively.

61% / 21.

13% / 7.

48%, compared with the annual growth rate of -2 in 2018.

24 / -4.


93 items, of which the adjustment effect of sauce products was obvious. Among them, sauces achieved a growth rate of 6% in the first quarter of 2019. Through a series of adjustment plans such as channels, product announcements, product specifications, and quality, it is estimated thatImprovement is expected to continue.
The decline in expense ratios has continued to increase the net interest rate.

2019H1 company net profit is 27.

08% for one year.

29pcts; of which the net interest rate for 2019Q2 is 27.

28%, ten years +1.

31 cases, single quarter profitability has improved.

(1) Gross profit margin for sales in H1 201944.

86% every year -2.

25pcts, of which 2019Q2 sales gross margin was 43.

78% per year -3.


The Sino-U.S. Trade friction has caused the company’s soybean purchase price to increase by nearly 10% as a major factor in the decline in gross profit margin.

In addition, the capital expansion entry cost brought by technological transformation has dragged down gross margin performance. The capital expansion of technological transformation is expected to be 700 million yuan.2) The sales expense ratio / administrative expenses (including R & D) ratio of 2019H1 are 11 respectively.

00% / 3.

97% -2 per year.

49 / -0.

19pcts; of which the sales expense ratio of 2019Q2 is 4.

57% a year -1.


The decrease in sales expense ratio was mainly due to the company’s separation of freight from a small amount of products at the beginning of this year. Some distributors adopted a self-collection method to reduce the company’s transportation costs. In addition, the release of the Jiangsu factory ‘s production capacity and expansion of the company ‘s sales scale reduced the sales costspositive effects.

In an operating environment where overall demand continues to be weak and costs are rising, the company has once again demonstrated its ability to traverse cycles through active marketing changes and excellent cost management capabilities.

The cost side continues to rise or start a new round of price increase cycle. The company aims to achieve the goal successfully.

In the long term, deep channel cultivation and category expansion will continue to promote the company’s transformation into a condiment platform company.

Profit forecast and investment rating.

We maintain the company’s EPS forecast for 2019-21 to 1.



75 yuan, the current sustainable corresponding PE is 51/43 / 36X, maintain the “Buy” rating.

Risk reminder: food safety issues, macroeconomic growth, category expansion is less than expected.

Minsheng Plus Bank Select 4% in the first half of the year. 9-year total return is still replaced.

Minsheng Plus Bank Select 4% in the first half of the year. 9-year total return is still replaced.

Source: I am Ji Minqi. I have it every year, and every year is different.

  The old Jie Fund found a wonderful fund, selected by the people’s livelihood and silver, twice in the first half of the year.

11%, ranking the bottom of all partial equity funds (more than one year after its establishment).

The penultimate place is still 1.

64% positive returns.

  In other words, in the first half of this year, the only alternative fund, Green Hat, has been selected by Minsheng Plus Bank to become a partial-equity fund (founded more than one year).

  In the first half of the year, A-shares recovered, and stock funds and partial-share mixed funds became big winners.

The average return exceeded 20%, outperforming the Shanghai Stock Index.

  Some officials will say that short-term performance does not explain anything. There are still stocks in the bull market that lose money. It looks normal and needs to give the fund manager some time.

  Ha ha, indeed, the redundant fund companies are now indifferent to the short-term performance of the funds.

In this market, channels are king and funds with good performance are not selling well.

  But what was the original intention of the public fund?

Focusing on performance, we strive to bring sustained and stable positive returns to investors.

  Minsheng Jiayin’s selection of this partial-shares hybrid fund is really amazing to investors.

  Let’s take a look. Where is the fund of Minsheng plus Bank?

I don’t know if Li Caogang, the new general manager of Minsheng 南京桑拿网 and Bank of China, has just been in office for less than 3 months.

  Exquisite work 1: 9 years since its establishment, the total income continues to increase. Minsheng Jiayin Select was established on February 3, 2010 with a first fundraising scale of 24.

75 billion.

  As of June 28, 2019, the total return was -6.

6%, negative annualized return.

In the past three years, it has continued to grow, and its performance ranking has continued to count down.

  The scale has dropped even worse. For the consecutive quarterly report, the scale of the people’s livelihood and silver selection is only 1.


  It can be seen that the nine years of the establishment of Minsheng Jiayin Select are a history of investors continuously voting with their feet and painful cutting of meat . Data source: WIND Exotic 2: Replacement and replacement of fund manager, nine years of establishment, 8 years of replacementSource data for fund managers: According to WIND statistics, WIND has selected 8 fund managers for Minsheng and Bank Select, and the average length of employment is only one year and three months.

  Among these eight fund managers, only Cai Fengliang, who took office on July 7, 2014, seized the leveraged bull market in 1415, two years of service salary, and a total return of 73.

01%, surpassing the benchmark return of 31.

49%, in the same ranking, squeezed into the top 1/3.

  The remaining fund managers ended with intervention.

  Ironically, it is this, Cai Fengliang, the only fund manager who is serving and who has received excessive returns, that was revealed last year, involving a mouse warehouse.

  For details, see last year’s article “The 10th Anniversary of the People’s Livelihood and the Addition of Silver, the 700 Million Mouse Warehouse Case!”

Fund Manager Replaces the Hidden Secrets of the Stock Exchange “Wonderful 3: The first largest heavy stock in Guizhou Moutai. In the first half of 2019, it replaced the bottom of the people’s livelihood and the selection of silver. The quarterly report shows that its largest heavy stock is Guizhou Moutai, accounting for 5% of the net worth.


In the second quarter, Guizhou Moutai rose by 16.

93%. In the first half of this year, Guizhou Maotai rose nearly 70%.

  Take a look at Minsheng Jiayin’s selection of other heavy stocks, or you can understand why it still causes it.

  Data source: WIND In April 2019, the Minsheng Banking Fund issued an announcement on the change of executives to welcome the new general manager Li Caogang.

  The announcement shows that Li Caogang has served as the general manager of the Minsheng Bank of China Fund since April 12 this year.

  Li Caogang used to work for Huaxia Securities, and successively served as the deputy general manager of the East Fourth Sales Department of Huaxia Securities, the general manager of Huaxia Securities Clearing Center, and the deputy general manager of Huaxia Fund.  As an old man of Huaxia Dongsi, after leaving Huaxia Fund, he joined the financial internet company China Finance Online, Sunshine Insurance, and Pengyang Fund.

  In the first half of this year, people’s livelihood and silver surrounded the dragons without heads, and the internal management was in an awkward situation.

Some media have reported that on January 25, Minsheng Plus Bank Fund disclosed the Minsheng Plus Yinruitong 3-month debt-based fund prospectus, fund release announcement, fund contract summary and other legal documents.

However, in the series of announcements, there were many low-level errors, including even the title of the announcement.

  In April of this year, people’s livelihood and banking recurred. The first pension fund promotional materials were wrong, and the official website publicity was suspected of violation.

  It was also this month that Li Caogang officially took office as the new general manager.

  Faced with such a wonderful fund, I don’t know Li Caogang, general manager of Minsheng and Bank of China, what do you think?

Guangxun Technology (002281): Demand warms up

Guangxun Technology (002281): Demand warms up

Matters: The company released its 2018 annual report and realized operating income49.

2.9 billion, an annual increase of 8.

26%, net profit attributable to mothers3.

3.3 billion, a decrease of 0 every year.


The first quarter report of 2019 was issued to achieve operating income12.

1.9 billion, an annual increase of 0.

99%, net profit attributable to mother 6392.

950,000, a decrease of 17 per year.

8%, net profit after deduction to non-returned mother 6184.

40,000 yuan, an annual increase of 12.


The company’s profit distribution plan is to pay a cash dividend of 1 for every 10 shares.

70 yuan (including tax), 0 bonus shares will be given, and the capital reserve will not be converted into capital.

Ping An’s point of view: The gross profit margin recovered rapidly from Q3 2018, and Q1 2019 fluctuated slightly due to industry changes.

The company’s gross profit margin in 2018 was 19.

82%, 2018H1 gross profit margin 16.

88%, 2018Q3 single quarter gross profit margin 22.

59%, 2018Q4 gross profit margin 22.

8%, the company ‘s gross profit margin has continued to increase since the second half of 2018, and ultimately comes from the recovery of order demand in the telecommunications market and the company ‘s continued breakthroughs in overseas customers.

In Q1 2019, affected by industry influence factors, the gross profit margin dropped to 17.

81%, but still higher than 16 in Q1 2018.


We believe that the control of the company’s operating costs is mainly extended to the increase in sales volume, the unit procurement cost brought by the expansion of production scale, and the decline in direct labor and manufacturing expenses.

The amount of government subsidies in the first quarter of 2019 decreased, and net profit after deductions increased.

The amount of government subsidy for the company’s non-recurring profit and loss project in Q1 of 2019 was 231.

380,000 yuan, which is substantially lower than the Q1 2018 government subsidy amount of 2358.

90,000 yuan.

杭州桑拿网The total amount of non-recurring profits and losses in the first quarter of 2019 was 208.

50,000 yuan, the total amount of non-recurring profit and loss in 2018Q1 was 2,276.

20,000 yuan, the difference is 2067.

70,000 yuan.

Excluding the impact of government subsidies, the net profit of non-returning mothers in Q1 2019 increased by 12 year by year.


Layout of optical chips to achieve independent controllable, and increase the number of digital communications market to foster new growth points.

The company already has 10G optical chip production capacity, completed the research and development of 25G series chips, and the R & D and design of layout silicon optical active chips, which will improve the company’s ability to resist the risk of optical module technology change, and improve upstream supply and 四川耍耍网 reduce procurement costs.To achieve self-controllability.

In 2018, the company’s revenue structure increased the proportion of data and access business revenue by about 2 percentage points. It raised funds to build a 100G datacom optical module production line and added more than 800,000 new capacity after it reached capacity, which will increase the performance of the datacom sector.

Optimistic about domestic 5G bearer network optical module demand.根据我们针对5G C-RAN和D-RAN架构分别建立的带宽和光模块时序模型,测算内部电信光模块市场在5G驱动下2019年市场规模大约85亿,到增速约为31%,2020年 年The annual growth rate is about 79.


Profit forecast and investment grade: Considering the impact of the transmission network expansion in 2019, and the intensified competition in the 5G telecommunications optical module market, and the decrease in the international market demand for datacom optical modules, the company’s operating income for 2019-2021 is forecasted to be 63.

9.3 billion, 83.

9.3 billion, 97.

80 ppm (previous forecast was 69 in 19).

9.3 billion, 95 in 20 years.

9.3 billion), the predicted net profit attributable to the parent company is 4.

5.6 billion, 6.

3.4 billion, 7.

31 trillion (previous forecast was 5 in 19).

28 ppm, 20 years 7.

3.6 billion), the predicted EPS is 0.

67 yuan, 0.

94 yuan, 1.

08 yuan, the corresponding PE is 41.

5x, 29.

8x, 25.

9x, maintaining “Highly Recommended” rating.

Risk reminders: (1) Operators’ tolerance for transmission network expansion and 5G construction progress is not as expected or changes in deployment schemes have an impact on the demand for optical modules; (2) New entrants in the optical module market have an impact on the continuous market and the market participates in the marketThe risk of falling share; (3) The cost of 5G network construction is high, and there is a risk that operators have surplus demand leading to risks in the purchase price of upstream optical components; (4) The replacement risk of some new products such as silicon light to some products; (5) OpticalThere is a risk that the mass production of new chip products will not meet expectations.