2015 NBA Finals 1st half: Curry led the Warriors counterattack JR buzzer 3-pointer

TheWarriorsusheredinthefirstgameoftheCavaliersFinalsathome.TheWarriorswhotrailedby10pointsinthefirstquarterformedacontinuouscounterattackinthesecondquarter.Curryjoinedthelong-rangeleadertoforma12-0offensive.Thescorewasonceexceeded;beforehalftime,ChambertandJRSmithmadeanotherthree-pointer,theCavaliers51-48lead.Jamesscored19pointson7-for-16shootingandCurryscored14pointson6-of-10shooting.CurryheldOwenhardandtheCavaliersled29-19inthefirstquarter.ThereasonsfortheCavaliers’superiorityareclearataglance-theWarriorshave9reboundsinaquarterandonly1offensiverebound;theCavaliershave17reboundsinaquarterand4offensiverebounds.Jamesscored12pointsinthefirstquarter.Butintheearlypartofthesecondquarter,theCavaliers’momentumwentdownwhenJamestookabreak,losing4consecutiveshots.TheWarriorsexemplifiedthebenchadvantage,andLivingstonandIguodalascoredsuccessivelytochasethescoreto23-29.  IrvingassistedMozgovwithasuddendunk,butthiswastheCavaliers’onlygoalinsevenshotsbeforethesecondquarter.TheCavalierswereforcedtoarrangeforTristanThompsontoreturntoplayearlyinthefirstquarter.AndSpeightsscoredtwogoalsfortheWarriors,theWarriorschased27-31.Duetoaleginjury,SpeightsplayedforthefirsttimesinceMay9.  With7minutesand46secondsleftinthesecondquarter,Jamesreturned.JamesquicklykilledIguodalaandmade1of2freethrows.AfterCurryjumpedintotheball,JamesreturnedtotheCIC.ButthenJamesmissedconsecutiveshots,andtheWarriorscontinuedtoshowcounterattackmomentum-Speightsputtheballintotheopenagain;DremondGreen’sfiercelyimportantpositionunderthebasketsqueezedJamestothebottomline,andtheneasilypickedThegoalisscored.  With4minutesandahalfremaininginthesecondquarter,Curryscoreda3-pointerontheleftcornerandCurrymade13of143-pointersfromtheleftcornerintheplayoffs!ThisseasontheMVPtookoverthegame-afterstealingtheShampert,Curryshotathree-pointeragainata45-degreeangleontherightwing;Currythenrushedtothebasket.Curryscored8pointstoleada12-0offensive,theWarriorshadexceeded41-36.  InthecaseofJameslosingfourconsecutiveshots,theCavaliersmustemergeotherfirepowerpoints,andtheCavaliersreallyhavestrongmentostandup-Champpertscoredtwoconsecutivethree-pointers.Thepressure-relievedJamesrecoveredandscored2moregoals.Lasthalfbeforehalftime3.Inthe1-secondoffensive,theCavaliersshotfromJRSmithintothebuzzerforalongshot,andtheCavaliersledthefirsthalfwithascoreof51-48.(Skyfire)

[How to make small toast]_The common practice of toast small pizza_The practice of toast small pizza

[How to make small toast]_The common practice of toast small pizza_The practice of toast small pizza

In today’s booming economy, more and more people are pursuing “quick talk”, and more and more gourmet restaurants have suddenly emerged.

Eating out is a wonderful thing, but it’s not as good as doing it at home.


So in order to satisfy your “mouth desire”, you can learn to make small toast pizza with me1.

Preparation materials: sausage, shiitake mushroom slices, onion dicing; carrot dicing, corn kernels, peas cooked in boiling water, mozzarella cheese and thin slices.


Evenly coat the toast slices with tomato sauce.


Cover with a layer of mozzarella cheese.


Spread the processed vegetables and sausages in that order.


Cover with a slice of Surila cheese.


Bake in a preheated 200 ° C oven for 8-10 minutes until the toast is golden, and the cheese will melt.
After reading the introduction of toast mini pizza, then, now that you have the latest and most complete memory, quickly go to the kitchen and learn to make it. You will definitely enjoy the “sweetness” of the food.

[Can gastritis eat celery?】 _Stomach inflammation_Can you eat

鑳冪値鏄竴绉嶆瘮杈冨父瑙佺殑鑳冮儴鐤剧梾锛岃鐤剧梾浼氳鎮h€呴潪甯搁毦鍙楋紝骞虫椂缁忓父浼氭劅瑙夊埌鑳冪棝锛屽挨鍏跺悆楗箣鍚庣柤鐥涙劅浼氬姞閲嶏紝鎮h€呯粡甯镐細浠€涔堜笢瑗块兘涓嶆暍鍚冿紝鍥犱负瀹虫€曞悆浜嗕細鍑虹幇鐤肩棝锛岃繖鏃跺€欎汉鐨勯娆蹭細闈炲父宸紝绮剧娲诲姏涔熶細鍙楀埌褰卞搷锛屾不鐤楄儍鐐庣殑鏂规硶闈炲父澶氾紝鎮h€呭繀椤昏璋冩暣濂介ギ椋熺粨鏋勶紝鎮f湁鑳冪値鐨勪汉鏄惁鍙Talking about each other and admiring each other and admitting that there is no way to do it or not, and that it ‘s so stupid that it ‘s not a good idea.I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry, I ‘m sorry.銣 兤 兘 钖 咭 姭 姭 倭 悧 悧 Adhesive stupid 劣 梾 浜 検 槸 鑳 By the use of silicon and 劄 勶 嬴 麥 鐥 呬 Han Han搴旇绉瀬閰嶅悎鍖荤敓鍘婚ギ椋燂紝閫夋嫨鍚堥€傜殑姘存灉钄彍锛屽府鍔╃紦瑙g梾鎯呫€傝姽鑿滃瘜鍚泲鐧借川銆佺⒊姘村寲鍚堢墿銆佽儭钀濆崪绱犮€丅鏃忕淮鐢熺礌銆侀挋銆佺7銆侀搧銆侀挔绛夛紝鍚屾椂锛屽叿Chain hooks are set in  纴 綢 涢  鍒 ╂Hoops 縄 姎 搎 鐑 ︽ 秷 秴 纴 鍑 夎  姝 ㈣ 姃 呃 瑃 煒 煒 煒 煒 煒 煒 煒 煔 兔兒埄渚裤€佹鼎鑲烘鍜炽€侀檷浣庤鍘嬨€佸仴鑴戦晣闈欑殑鍔熸晥銆傞櫎浜嗚姽鑿滀箣澶栵紝鑳冪値鎮h€呰What are you talking about? What are you talking about?It’s hard to find a good way to do it, but it’s better for you to do it in the same way.北鑽妺澶淬€佺敇钖€侀┈閾冭柉绛夎敩鑿滐紝鍙皢瀹冧滑浣滀负绮剧櫧绫抽潰鐨勬浛浠e搧銆?銆侀浮铔嬬殑鑴傝偑閰稿惈閲忛潪甯搁珮锛屼篃鏄澶╁簲琛ュ厖鐨勯鐗┿€傛澶栵紝鍊煎緱鎻愰啋澶у鐨勬槸韬綋鐦﹀急銆佽传琛€銆佷綆琛€鍘嬬殑浜猴紝绉嬪ぉ鏈€濂藉鍚冪偣鐗涜倝銆佺緤鑲夊強鍔ㄧ墿鐨勫唴鑴忥紝骞堕厤浠ヨ冻澶熺殑涓婚锛岃繖鏍锋洿鏈夌泭鍋ュ悍锛岃繕鑳芥彁楂樻姉瀵掕兘鍔涖€?銆佸渾鐧借彍琚ぇ瀹惰獕涓哄ぉ鐒剁殑鈥滆儍鑿溾€濓紝鍏锋湁鐢熸触姝㈡复鍔╂秷鍖栫殑鍔熸晥锛岃繕鑳藉淇冭繘鑳冩恫鍒嗘硨锛屼繚鎶よ儍榛忚啘銆傝儍涓嶅ソ鐨勪汉锛岀壒鍒槸鎮f湁鑳冩簝鐤°€佸崄浜屾寚鑲犳簝鐤$殑浜猴紝鍙互灏嗗渾鐧借彍姒ㄦ眮楗敤锛屾瘡澶╀竴鏉紝杩樺彲浠ュ姞鍏ラ€傞噺鐨勮渹铚滈鐢紝瀵逛績杩涙簝鐤℃剤鍚堟湁闈炲父濂界殑甯姪銆?You can read it in a chain, and you will be able to read it in the latest version. It ‘s going to be a lot of trouble, and it ‘s very difficult to get around.椋熺墿鐨勬秷鍖栥€傛瘡澶╁悆2-3涓暘鑼勶紝鍙弧瓒充竴澶╃淮鐢熺礌c鐨勯渶瑕併€?

China National Travel Service (601888): 19H1 deducts non-performance and increases 31%, channel integration continues to advance

China National Travel Service (601888): 19H1 deducts non-performance and increases 31%, channel integration continues to advance

Report Summary: According to the company’s performance report, the company achieved revenue of 243 in 19H1.

44 billion / + 15.

46%, net profit attributable to mother 32.

7.9 billion / +70.

87%, deducting non-net profit 25.

00 billion / + 30.

86% (non-recurring gains and losses are mainly from the investment income confirmed by the alternative China Travel Service); Q2 achieved revenue of 106 in a single quarter.

5.3 billion / -12.

94% (effect of divestiture of China National Tourism Administration), net profit attributable to mother 9.

7.3 billion / + 28.

21%, deducting non-net profit 9.

10 billion / + 20.


Tax-free to maintain a high level of prosperity.

19H1 company revenue was 243.

44 billion / + 15.

46%. On the supplementary date of the current period, Shanghai’s consolidation (from March 18) caused an increase in income, and the replacement of China National Travel Service (completed in February 19) caused a decrease in income.

Looking at Q2 in a single quarter, if we exclude the impact of the China National Tourism Administration’s separation, it is expected that the company’s revenue will increase by 15% +.

19H1 Hainan outlying island tax-free sales income 65.

8.2 billion / + 26.

56%, with 169 purchases.

79 thousand / + 15.

98%, maintaining high growth on a high base.

Excluding the impact of investment income, the profit margin was basically flat.

In 19H1 and Q2, the company’s operating profit margins were 20% / 15% in each quarter. Once it increased by 6pct / 4pct; excluding the impact of the investment income of China National Tourism Organization, the operating profit margins were 18% / 15%, which were almost flat.

Under the advantage of scale, China Immunity continued to promote the integration of procurement channels, improve its bargaining power, and help improve gross profit margins; however, due to the implementation of new deduction points and exchange rate disturbances at Shanghai Airport, the company’s operating profit margin is expected to be basically flat.

The policy has helped the tax-exempt leaders continue to expand.

The relaxation of the island ‘s tax exemption policy has helped Sanya ‘s Haitang Bay grow steadily. In 19, the company ‘s injection of ocean exemptions is progressing in an orderly manner, and its market share will further increase. The airport ‘s tax-exempt holdings will continue to increase at Beijing-Shanghai Airports.Advantages of peripheral traffic; overseas tax exemption is accelerating in Hong Kong / Macao / Southeast Asia / cruise tax exemption layout and internationalization is steadily advancing; the city’s tax exemption policy waits for the implementation of the tax exemption space, freeing up space for profit in China.

Investment suggestion: The company’s operating income is expected to be 440 in 2019-2021.

57 billion / 510.

27 billion / 597.

9.8 billion yuan, net profit attributable to mother is 45.

6.9 billion / 48.

5.3 billion / 57.

2.7 billion, an increase of 48% / 6% / 18%;杭州桑拿 corresponding P / E is 39 times / 36 times / 31 times, maintaining the “Buy” rating.

Risk reminders: tax exemption policy risk, exchange rate fluctuation risk.

[How to make aphrodisiac wine?

Aphrodisiac recipes]_How to do_How to do

[How to make aphrodisiac wine?
Aphrodisiac recipes]_How to do_How to do

After men are over 35 years of age, kidney function will gradually decline. At this time, it will easily lead to some sexual dysfunction problems. This will easily bring about some adverse effects on the life of husband and wife and family harmony. At this time, you can drink some aphrodisiac wine.Replenishing kidney and strengthening kidney.

For example, wolfberry ginseng wine, kidney and aphrodisiac wine, kidney tonic waist medicine, Bazhen wine, kidney medicinal wine and so on.

First, the formula of Chinese wolfberry ginseng wine: 100 grams of ginseng, 1700 grams of Chinese wolfberry, 2000 grams of rock sugar, 500 grams of cooked land, and proper amount of white wine.

Efficacy: nourishing vitality, nourishing the spleen, improving spleen, strengthening spleen, and soothing nerves.

It is suitable for soreness in waist and knee, fatigue injury, less fatigue, palpitations, forgetfulness, headache and dizziness.

Second, the formula of kidney and aphrodisiac medicine of traditional Chinese medicine: Angelica 15 grams, Chinese wolfberry 60 grams, longan meat 120 grams, shochu 750 grams, white wine pulp 1700 grams.

Method: Put the medicine into the silk cloth, hang it in the altar, then seal the wine, store in the warehouse for more than one month, and then place it.

Achievements: Tonic, strengthen health, prevent diseases.

It is suitable for the symptoms of deficiency of blood, loss of complexion, frequent dizziness, restless sleep, forgetfulness, and palpitations.

Changyin can improve the immune function of the elderly, strengthen the ability to resist disease, and delay aging.

Dosage: Take 1-2 cups 1-2 times a day.

Third, the formula of tonifying kidney and strengthening waist: 20g of imperial grass, 20g of celestial spleen, 20g of alopecia, 10g of hives, 30g of cistanche, 15g of Eucommia ulmoides, 20g of Achyranthes bidentata, 4 sticks, 30g of continuation, 20g of Cynomorium, yellow dog kidney1 set, Huangjing 20g, Mandrill 20g, Lycium barbarum 15g, Baiji 30g, Licorice 20g.

Preparation method: The above medicinal boiled water is soaked. After cooling, put it in a container, add 4-5 kg of white wine, and take it after two weeks. Add 50mL daily.

Efficacy: kidney and impotence strengthening.

Four or eight precious wine recipes: 150 grams of angelica (whole use, wine washing), 50 grams of scallion, 100 grams of scallion (芍), 200 grams of huanghuang (wine washing), 50 grams of ginseng (to aloe), and atractylodes150 grams of reeds, fried, 100 grams of white Poria (peeled), 75 grams of powder grass (), 400 grams of Wujiapi (wine washed and dried), 200 grams of small red dates (pitted), walnut meat200 grams, boiled glutinous rice wine in moderation.

Efficacy: Harmonize qi and blood, nourish viscera, adjust spleen and stomach, strengthen spirit, pleasing color, help tiredness, and make up for deficiency.

Fifth, the formula of yang tonifying kidney wine: 20g of imperial grass, 20g of fairy spleen, 20g of apiary, 20g of Cistanche, 30g of Eucommia ulmoides, 20g of Achyranthes bidentata, 30g of continuity, 20g of Cynomorium, 20g of alopecia, 30g of wolfberry, and yellow dog kidneyThere are 4 sticks, glutinous rice 20g, mandarin meat 20g, white peony 60g, licorice 20g. Preparation method: The above medicinal boiled water is soaked. After cooling, put in a container, add 4-5 pounds of white wine, and two weeks later.Take 50mL daily.

[How to make fish head tofu soup]_Fish head tofu soup_How to make_Practice

鐢熸椿涓殑缇庨鏈夊崈鍗冧竾涓囩锛岄奔澶磋眴鑵愭堡涔熸槸鍏朵腑涓€閬撶編椋熴€傞奔澶磋眴鑵愭堡鏄竴閬撹惀鍏讳赴瀵岀殑瀹跺父鑿滐紝鑷充簬楸煎ご璞嗚厫姹ゅ簲璇ユ€庝箞鍋氭洿濂藉悆锛屼竴瀹氳娉ㄦ剰鐏€欓棶棰橈紝閫夋嫨鏂伴矞椋熸潗锛屽彲浠ヨ姹ゅ懗鏇村姞娴撳帤銆? 鍋氭硶涓€ 鐢ㄦ枡 鑳栭奔澶?涓紝鍖楄眴鑵愪竴鐩掞紝濮滀竴鍧楋紝 鐩愰€傞噺锛岀敓鎶介€傞噺锛岃懕涓ゆ牴锛岃儭妞掔矇閫傞噺 鍋氭硶 1。What is the difference between a tank and a tank? ╁ 璬 鍧 楋 纴 鐢 ㄧ 洂 鲂 Can you?0 闒 嗛 抓 銆?2.鐑攨鍐锋补鏀惧鐗囩垎棣欍€?3.鎶婇奔澶村潡鏀鹃噷闈㈢厧涓ゅ垎閽熴€?4.缈婚潰鍐嶇厧涓ゅ垎閽熴€?5,鐮傞攨鐑у紑涓€閿呮按锛屽姞鍏ヤ竴灏忓嫼鐩愩€傛妸鐓庡ソ鐨勯奔澶存斁姘撮噷鐓层€?6.澶ф鐓插崄鍒嗛挓鍚庡氨鍙互鐪嬪埌姹ゆ眮鍙樼櫧浜嗐€?7 揀 fear 叆 鍒 囧 ソ 圄 圮 圴 竪 竴 Bi 風 丛 15 鍒 嗛 抓 銆?8.鏈€鍚庢斁鐐圭敓鎶姐€佽儭妞掔矇銆佹拻涓婅懕鑺便€? 沭 氭 浜 浜?1.璞嗚厫鍒囨垚闀挎柟闈㈠瀷鐨勫帤涓€鐐规病鏈夐棶棰樼殑锛岄奔澶撮渶瑕佸厛澶勭悊涓€涓嬬敤楂樻俯娌圭厧涓€涓嬶紝鍔犲叆涓€浜涢叡娌瑰氨鍙互椹笂瑁呯澶囩敤銆?2.鐢ㄧ厧楸煎ご鍓╀笅鐨勬补鎶婅懕濮滆挏鐖嗛鍐嶅姞鍏ラ€傞噺鐨勬按銆傚湪鍔犳按鐨勮繃绋嬩腑鍙互鍔犲叆鐩愬拰涓€灏忓潡鍐扮硸杩涘幓銆?3.鎶婇攨閲岀殑姘寸儳寮€銆?4.鍐嶆妸璞嗚厫鍜岄奔澶撮兘鍊掑叆鍒伴攨閲岋紝鐢ㄦ參鐏叜浜屽崄鍒嗛挓瑙佹堡鍛堢櫧鑹茬殑鏃跺€欏氨鍙互鍑洪攨瑁呯浜嗐€傝纰楀悗鍙互鍔犲叆涓€浜涢鑿滆繘鍘昏楸肩殑鍛抽亾鏇村ソ銆? 涓夈€佽惀鍏讳环鍊?Catalpa fried Nin Pu Ming Ao Uu  Li Shi ang Cun Pik Fung Yu additional information Beng Bang Zhi Lun Wei Hui silly you receive false Ren linden (v) Ben still water village polyps Elsie  against the dollar Lu ㄨ clear wine mace pounds Renxi Tan Pei Xia Chu Zan reading纴鑴傝偑鍜岀儹兘寰堜綆锛岄涔嬫湁鍋ヨ劸琛ユ皵銆佹俯涓殩鑳冦€佺編瀹规鼎鑲や箣鏁堛€傝眴鑵愮殑铔嬬櫧璐ㄥ拰閽欏惈閲忎赴瀵岋紝鏈夋竻鐑鼎鐕ャ€佺敓娲ヨВ姣掋€侀檷浣庤鑴傜殑浣滅敤锛屽皢椴㈤奔澶村拰Han╄ 眴 霮 倮 倴 镦  垚 姹 ら ギ 鐢  纴 璴 璎 綎 獙  Mutually 揆 栬 Korean pot ヨ 剳 岃 缮 鍙 Hua Kuan Han Han  円 峆 峆 商 峆 峆 商

Koboda (603786): leader in automotive electronic controller industry

Koboda (603786): leader in automotive electronic controller industry
Key points of investment: The leader in the automotive electronic controller industry, with high-speed growth and strong profitability.The company focuses on the automotive electronics industry. It is one of the few Chinese companies that has entered the global supporting system of internationally renowned vehicle manufacturers and developed automotive electronic components simultaneously.The core business lighting control system revenue accounted for more than 50% of the total revenue, while other main business motor control systems and on-board electrical appliances and electronics accounted for more than 20%.The company’s revenue CAGR28 in the past three years.64%, the net profit CAGR reached 39.3%.The company’s profitability is still high quality in the automotive electronics industry with a higher average gross profit, with an average gross profit margin of 34.72%, higher than industry 33.75% average, average ROE29.26%, long distance 10.39% industry average.  Automotive electronics penetration continues to increase, and LED lighting drives the development of lighting control systems.The continuous and rapid growth of the automotive electronics market is mainly driven by the growth of passenger vehicle sales, consumer demand to promote penetration, and the rapid growth of new energy vehicles. The three major factors are driven by: (1) the prosperity index of the electronics industry since May 2018 at 151.06 rose to 158 in July 2019.39.(2) Increased consumer demand for automotive electronics promotes the increase in automotive electronics assembly rates for new cars. Based on the statistics of the new models launched in 2019, the body stability control system / automatic air conditioning system / ESC / active safety system / active noise reduction penetration rates have reached95% / 70% / 55% / 35% / 5%, automotive electronics penetration has increased significantly.(3) The cost of hybrid / pure electric vehicle electronics accounts for 47% / 65%, far exceeding that of traditional cars. The growth of the automotive electronics market is driven by the sales of new energy vehicles.Specific to the subdivided industries, (1) the automotive lighting system market is rapidly growing driven by the LEDization of car lights, and the penetration rate of LED car lights increased from 2% to 26% from 2012 to 2018; (2) the scale of the electric motor control market from 20121.9 million to 107 in 2018.900 million, CAGR reached 96.06%.Fuel pump control system (FPC), air-conditioning blower controller (ABC), active intake grille system (AGS) and other categories of motor control products have developed rapidly.  Product technology and quality are both leading, and mainstream high-end customers are stable.(1) Concentrate on improving hard power, and global sales and market share are increasing year by year.The company’s research and development expense rate reaches 6%, which is close to the level of the international leading continent. It has a total of more than 200 patented technologies. Its main product, the main light source controller, has a global sales of 7.41 million units and a market share of 5.26%, an increase of 45 per year.7%. (2) Integrate mainstream global high-end customers and lay a solid foundation for long-term cooperation.Among the world’s top 30 mainstream automotive brands, 17 are business partners of the company. The company binds high-quality customers such as Volkswagen, and Audi, Porsche, and Long Yat all have configured the company’s LLP, LDM, AVS, 北京桑拿洗浴保健 and electronic fuel pump controllers.product.And the company continues to develop new customers and has been newly nominated for Ford’s AGS project, BMW LED tail light controllers and Renault LED main light source controllers.(3) Efficient customer response system to increase production efficiency through sales and production.  The company builds a flexible and efficient customer response system, and implements the policy of “selling production based on sales” to fully improve operating efficiency, and the coverage rate of stocked goods and orders in hand exceeds 120%.  Products are in short supply, and investment and investment projects are expected to achieve double improvements in technology and production capacity within 4-5 years.At present, the company’s production and sales rate exceeds 100%, the order coverage rate 深圳桑拿网 exceeds 120%, and orders in hand5.25 ppm can bring at least 20% revenue growth for the company, and bring about 1.7.6 billion gross profit.The company’s leading product projects / R & D center projects are expected to invest 6 respectively.7/1.7 trillion, plans to achieve output growth in 4 years, the main product LED main light source controller LLP supplementary production capacity will reach 7.2 million units; within 5 years new products DC / DC transformers, 48V inverters and vehicle charging modules OBC completed research and development,Achieve further development of customer side.The average production capacity was maintained at a maximum of 63%, and new production lines continued to expand to help capacity climb.After the project is completed, the company’s revenue is expected to grow to 15.9.7 billion.  Covered for the first time, giving an overweight rating.With the company’s investment projects’ production capacity and new product releases in the next 4-5 years, combined with the marginal recovery of downstream automobile production and sales, the demand for orders continues to increase.We expect the company to achieve operating income of 27-20.48, 29.87 and 35.1.7 billion, net profit attributable to mother 5.0, 5.2 and 6.100 million, corresponding to estimates of 34 times, 33 times and 28 times.The absolute estimation method was used to estimate, and the company calculated WACC = 6.54%, assuming that the company will continue to increase production capacity through investment projects in the next 8 years, lighting control systems and automotive electronics business orders continue to expand, revenue growth in the semi-dominant phase is 22%, and revenue growth in the sustainable phase is assumed to be 2%, The company’s intrinsic value is 47.59 yuan, the current consensus (the closing price on October 16, 2019) is 42.59 yuan, the potential upside is 12%, giving an overweight rating.  Core risks: Customer orders are less than expected risks, motor control system business R & D and fundraising progress are less than expected risks

Hailan House (600398): Steady Revenue Growth Multi-Brand Matrix Development Expected

Hailan House (600398): Steady Revenue Growth Multi-Brand Matrix Development Expected


The event company released its 2018 annual report. From January to December 2018, the company achieved revenue of 190.

90 ppm, a ten-year increase4.

89%; net profit attributable to parent company was 34.

55 ppm, a 10-year increase3.

78%; net profit deduction for non-return to mother 32.

68 ppm, a reduction of 0 per year.


18 years to achieve EPS of 0.

76 yuan.

It is planned to distribute cash dividends to all shareholders for every 10 shares3.

80 yuan (including tax), dividend yield 4.

91% (March 29, 2019).

2018Q1-Q4 operating income increased by 12 respectively.

16% / 3.

28% /-6.

09% / 5.

67%, the income gradually recovered since 18Q4; net profit attributable to the parent company increased by 11 respectively.

97% / 10.

20% / 4.

66% / 3.



Our Analysis and Judgment (1) The multi-brand matrix maintains the company’s stable growth. The CAGR of the main brand Hailan House in 2014 is 10-10.

59%, while steadily growing, actively cultivate a number of sub-brands, including Aiju Rabbit, Black Whale HLA jeans, AEX, OVV, etc., covering women’s clothing, business wear, children’s wear, light luxury goods, home furnishings, etc.

In terms of brands: 1.

Hailan House: 2018 revenue reached 151.

4.4 billion (+2.

62%), the growth rate slowed down year by year, accounting for 77% of total income.


In 2018, we increased our store openings. The number of stores increased by 594 from the end of 2017 to 5,097, of which 144 were directly operated stores and 450 were franchised and mall stores.

Due to the increase in the proportion of mall stores, gross profit margin increased by 3 in 2018.

06pct to 43.

40%, due to the increase in the proportion of buyout products, due to changes in the franchisee segmentation policy, it is expected that the gross profit margin in 19 years will increase steadily.


Aiju Rabbit: 2018 revenue reached 10.

9.8 billion (+22.

68%), 18Q4 growth slowed down, slowing down the growth rate throughout the year. At present, women’s clothing is still in a high-speed growth stage, and its proportion of total revenue has further increased to 6.twenty three%.

In 2018, the pace of opening stores slowed down. The number of stores increased by 231 from the beginning of the period to 1,281, of which 26 directly operated stores opened and 205 franchise and mall stores opened.

Due to the increase in sales promotion of women’s clothing brands, faster opening of stores and higher proportion of new stores, the gross profit margin decreased by 3 in 2018.

86pct to 23.



San Keno: 2018 revenue reached 21.

2.1 billion (+12.

82%), due to the further expansion of production capacity at the newly established production base in Qixian County, Kaifeng City, Henan Province.

Gross profit margin decreased by 0 in 2018.

88pct to 49.

25%, gross profit margin remained stable.


Other brands: 2018 revenue reached 3.

7.7 billion (+25.

78%), as most brands are still in the incubation stage, which has led to the adjustment of one store in Hainan, etc., the gross profit margin increased by 1 in 2018.

34pct to -24.


Among them, 1) Black Whale HLA Jeans: reached an official cooperation with the King Glory Professional League to provide official competition apparel.

In 2018, the content of King Glory’s practice event system exceeded 17 billion views, an increase of 65%; the number of single-day live views of the KPL Autumn Finals exceeded 3 billion, an increase of 26%, all hitting a record high.

The cooperation between the tide brand black whale HLA Jeans cultivated by the company and Tencent Games reflects the deep integration of the two tide cultures.

2) Light luxury brands: OVV and AEX target light luxury menswear and womenswear, and successfully cover the first and second tier markets.

Among them, the women’s OVV brand opened stores faster than expected, aiming to create a “feeling of high-end effort”.

AEX guides the creation of “new technology men’s clothing at affordable prices, providing a comfortable wearing experience and deepening” wearable technology fashion “.

3) Hailan Optimization: As the company ‘s newly-incubated home lifestyle brand, it benchmarks the domestic version of “MUJI”, including office, makeup, dining table, kitchen, bedding, care, travel, living, furniture, clothing, etc.SKU, to create a cost-effective home living museum, one-stop to meet consumer shopping needs.

4) Boys and girls (HEY LADS): The company achieved a holding (52% equity) of children’s clothing brand through capital increase in 2018. The target group is children from 6 months to 16 years of age. It is positioned for high quality, high cost performance, and intends to create another stop.The full category is at the same time, casual clothing brand.

Product styles mainly include cotton, linen, fashion casual, classic campus style, Korean style lady, outdoor sports and other twelve series.

5) Shares in the equity of the joint venture company to reserve resources for the company’s extended expansion: Hailan Investment, a wholly-owned subsidiary of the company, has a stake in Zhihe Trading.

10% equity, its main operating brands are HARD HARDY, ECKO, ENO, MU, LEE COOPER, SEAN JOHN and other mid-to-high-end brands; 18 years of increasing the British infant child 2

7027% equity, held a total of 45 as of the end of 18.

5173% equity, waiting for the company to fully start the integrated management of Ying’s infants and children; its participation in the 10% equity of Aibe Clothing, and its affiliated JEANS is an original denim brand in China, positioning mid-to-high-end, which can achieve synergy with the company’s brandseffect.

(2) E-commerce channels are gradually gaining strength, and offline store openings are smoothly viewed from the overall channel. In 2018, online and offline revenues reached 11 respectively.

51 ‰ (+ 9).

25%), 175.

880,000 yuan (+4.

83%), the proportion of main business income was 6 respectively.

14%, 93.

86%, gross profit margins were 54.

88%, 40.

67%, an increase of -2 per year.72, 2.


The decrease in online gross profit margin was mainly due to the annual cargo festival in the first half of the year. The 618 promotion activity broke through and the discount was controlled in the second half of the year. As a result, the online growth rate slowed down, but the revenue share increased to 6.


The company’s existing nearly 3,500 stores have launched an omni-channel retail system to implement online ordering and delivery models at nearby stores, and deepen the exploration of online and offline linkage O2O models.

In terms of offline channels, offline franchise operations in 2018 saw franchise revenues of 6 respectively.

7.1 billion (+118.

37%), 159.

4.7 billion (+1.

93%), the proportion of main business income was 4 respectively.

04%, 95.

96%, gross margins were 60.

71%, 39.


Due to the rapid expansion of offline stores in 18 years, leading to direct operation, the efficiency of franchised stores has decreased.

At present, the company’s overseas stores cover Malaysia, Thailand, Singapore, Vietnam and other countries. The number of overseas stores reaches XX, and it is expected to further expand to markets such as Indonesia and the Philippines in the future.

Store addresses are mostly distributed near Uniqlo, H & M and other brands.

The expansion of overseas markets, while increasing brand awareness, has also expanded the company’s profitability.

(3) 2018 results bottomed out. It is expected that the inflection point will be restored and the net interest rate will remain basically stable and the company’s profitability will be sustainable.

2018 net margin decreased by 1.

03% to 18.

10%, the net interest rate remained stable, not as fast as revenue growth and net profit growth.

Specifically, Q1-Q4 in 18 were 19 respectively.

55% / 22.

12% / 18.

56% / 13.

69%, the weakness in terminal consumption since the third quarter has brought about a decline in the company’s net interest rate.

The scale of inventories and receivables increased, and the net operating cash flow decreased due to the incubation of new brands.

As of the end of 2018, the scale of inventory increased by 11 each year.

55% to 94.

74 million, the inventory turnover days increased by 9 days to 286 days, the increase in inventory size was mainly due to OVV, Hailan preferred, AEX, boys and girls and other brands increased inventory.

The scale of accounts receivable has increased in ten years.

17% to 6.

USD 8.5 billion, the turnover days of accounts receivable remained stable at 12 days; mainly due to the increase in new brand incubation expenses, resulting in a decrease in net operating cash flow.

98% to 24.

1.9 billion.

Affected by the increase in marketing activities, the expense ratio (including R & D expense ratio) increased during the period.

The cost rate increased by 13 per year during 2018.

10% to 15.

43%.Among them, selling expenses, management expenses and selling expenses are 9 respectively.

43% / 6.

02% /-0.

02%, change 10 every year.

75% / 3.

96% /-96.


Affected by factors such as brand expansion, increased advertising and marketing, and increase in direct sales stores, the increase in the sales expense ratio; the promotion of new brands leads to an increase in research and development costs, which results in an increase in management costs (including research and development costs); and changes in the deposition structureIndex income decreased, and the final income of interest-bearing 3 billion convertible bonds increased, and financial expenses still showed positive returns.

As of the end of 2018, the company’s asset-liability 杭州夜网论坛 ratio was 55.

75%, increasing by 0 every year.

51%, still maintained at a reasonable level.

In July 2018, 30 trillion convertible corporate bonds were officially issued, and they entered the conversion period on January 21, 2019.

(IV) Young coach Zhou Lizhen leads the brand to become younger. In 2017, Zhou Lizhen led the company from the audience of his father Zhou Jianping to the post of Hailan Group, leading the company to continuously tap the young people’s in-depth demand for fashion in order to increase brand awareness.

In the past 18 years, the company has launched in-depth cooperation with multiple IPs to launch targeted products such as “Fat Westward Journey Series”, “Pacific Rim Series”, “Stimulating Battlefield Series”, and “Transformers Series” to broaden the brand’s popularity among young people.Influence, attract more and wider consumer groups.

On April 1, 19, the domestically produced classic IP “Trouble in Heaven” series of T-shirts was launched. Together with six young children, Lin updated. Suda (Director of Shanghai Fine Arts Film Studio) reshaped the classics of China and gradually built them.19 spring and summer explosion models.


Investment suggestion The company is a leader in the field of casual menswear. New categories, new brands, new marketing and new retail have injected new vitality into the company and continue to maintain a “recommended” rating.

Expected revenue for 2019-2021 is 204.



21 trillion, once every ten years.

19% / 8.

40% / 7.

84%, net profit attributable to mother is 40.



17 trillion, EPS is 0.



117 yuan, the company’s current sustainable corresponding PE for 2019-2021 is 11.



96 times.

In view of the fact that the company has been surpassed by MSCI’s large-cap stocks, the total market value and liquidity are at the forefront of the industry. Since the listing of the backdoor in 14 years, the cumulative dividend has exceeded 9 billion U.S. dollars under a stable operating background, taking into account the category and the possibility of brand growth.We maintain our “Recommended” rating for the premium.


The risks indicate the market risks of new brand development, the uncertainty of the end-consumption environment, the progress of the incubation of the new brand is less than expected, and the inventory is significantly increased or there is a risk of impairment.

Diet zinc, why use medication

Diet zinc, why use medication

During the child’s growth, the daily need of zinc is about 5-10 mg. Zinc deficiency will cause the child’s growth and development retardation, anorexia, anorexia, genital dysplasia, poor intellectual development, and even cause zinc deficiency dwarfism.Extremities dermatitis, recurrent oral ulcers, zinc deficiency venereal diseases and anemia.

  When it comes to zinc supplementation, some parents find it troublesome.

In fact, in daily life, there are many home-style dishes that can achieve the effect of zinc supplementation.

Here are some homemade ingredients for moms to buy, simple to prepare, easy to make, and large in zinc. Home-made diet: Flammulina velutipes ingredients: Flammulina velutipes, gall (canola), ham, ginger, peanut oil, salt, MSG, oyster sauce,Water starch.

  Practice: 1. Wash the Flammulina velutipes roots, wash the gallbladder and remove the old leaves, shred the ham, and ginger to spare.

  2. Add water to the wok. After the water has boiled, add a small amount of salt, monosodium glutamate, and oil, then add the vegetable gall, blanch until just cooked, and remove for use.

  3. Add oil to the hot pot, add ginger, shred the fragrant, then pour in enoki mushroom, shredded ham, add salt, monosodium glutamate, stir-fry oyster sauce, pour in water starch, and finally pour into the gallbladder.

  This dish contains about 12,9 mg of zinc, and combined with essential amino acids for children, can regulate the zinc content in children.

The combination of red, yellow, and green colors can easily motivate the child’s appetite.

  Cabbage fried pork raw materials: cabbage, lean meat, red pepper, garlic, peanut oil, salt, monosodium glutamate, water starch.

  Practice: 1. Wash and shred cabbage, red pepper, shred lean meat, and cut garlic into pieces.

  2. Add a little salt to the shredded pork, MSG, and water starch.

  3. Add oil to the wok and fry the pork until it is tender and pour it out for use.

  4. Add oil to the hot pan, add the garlic grains to scramble, pour the cabbage, stir-fry the red pepper until it is broken, add the shredded pork, add salt, stir-fry the monosodium glutamate, and stir in a small amount of water starch.
  This dish contains about 14,88 mg of zinc.

Cabbage contains a variety of vitamins and ascorbic acid, which has the effect of moistening dryness and nourishing deficiency, and has special effects on children’s indigestion and thirst caused by zinc deficiency.

  Oil splash lettuce ingredients: young lettuce, spring onion, olive oil (or peanut oil), salt, monosodium glutamate, peppercorn.

  Method: 1. Peel and wash the lettuce and cut into 6 cm strips.

  2. Add water to the boiling pot. After the water is boiling, add lettuce.

Then add it to a container with cold water, remove it from the water, place it in a dish, sprinkle salt, monosodium glutamate, marinate in water, and place the shallots on standby.

  3, add oil to a hot pot to about 80 degrees, add an appropriate amount of peppercorns, simmer until the peppercorns turn black and turn off the heat, remove the peppercorns, and pour the oil onto the good bamboo shoots.

  This dish is light and refreshing and contains about 7,86 mg of zinc.

Lettuce contains 5 times more minerals than other vegetables, and has a good effect on children with zinc deficiency and indigestion caused by zinc deficiency.

  Ingredients of radish and tomato soup: carrots, tomatoes, eggs, shredded ginger, shallots, peanut oil, salt, monosodium glutamate, sugar.

  Practice: 1. Peel and slice carrots and tomatoes.

  2. Add oil to the hot pot, pour the ginger and stir-fry a few times, add the carrots and stir fry a few times, pour the clear soup, and boil over medium heat. When the carrots are cooked, add tomatoes, salt, MSG, and sugar, beat the eggsPour in and sprinkle with green onions.

  This soup contains about 35 mg of zinc.

Tomatoes have the effect of clearing heat and detoxifying, and the carotene and minerals contained in it are the best products of zinc deficiency and supplementation. They have certain effects on children’s accumulation and zinc deficiency dwarf detoxification.

  There are also many slices that we can usually make, such as carrot fried pork with zinc content of 12 mg, potato stuffed burdock with zinc content of 16 mg, spinach cooked fish fillet with zinc as high as 47 mg, etc. Some more complex soft-shelled turtles, yellow mealIt is the best product with higher zinc content.

I often eat five kinds of coarse grains

I often eat five kinds of coarse grains

Different coarse grains have different effects. For example, corn is recognized as the “golden crop” in the world. Its cellulose is 4-10 times higher than that of polished rice and refined flour.

And cellulose can accelerate intestinal peristalsis, can exclude factors of colorectal cancer, reduce plasma absorption, and prevent coronary heart disease.

  Mung bean tastes sweet and cold, diuretic and swelling, neutralizes detoxification and cools thirst; buckwheat contains “chlorophyll” and “rutin” that other grains do not have. Its vitamins B1 and B2 are more bidirectional than wheat, and niacin is 3-4 times.

At the same time, niacin and rutin contained in buckwheat are medicines for treating hypertension.

  Regular consumption of buckwheat is also effective for diabetes. Fresh grained rice is more beneficial to health than polished rice. As the food is processed more and more refined vitamins, protein, and cellulose are lost.

  The large amount of moisture in coarse grains directly brings benefits to the skin. For example, the cellulose in coarse grains accelerates intestinal peristalsis, promotes defecation and detoxification, and reduces skin diseases such as acne. Coarse grains have diuretic swelling to make the skin delicate and even. For the skin, beansAnd vitamin E in nuts, which can help antioxidants and eliminate free radicals, is an angel protecting the skin; especially coarse grains also contain a large amount of magnesium, which can promote the excretion of body waste and have the effect of weight loss, which also guarantees skin fitnessThe essential.

  Amy’s lady, middle-aged people with “three high” symptoms, long-term constipation, long-term office sitting, contact with computers to target the family, and people who eat dinner even eat more coarse grains.

Especially summer is rich in fruits and vegetables, coarse grains can be tired, it is more appropriate to eat more.

For example, you can eat more fruits during the day and multi-grain porridge for dinner.

If you stick to it for a summer, your skin will definitely improve.

  However, it should be noted that coarse grains generally have the disadvantages of poor sensory and poor absorption. This problem can be solved by cooking coarse grains or mixing them with fine grains.

Elderly people with poor long-term function (over 60 years old) and children with impaired digestive function should eat less coarse grains and eat coarse grains carefully.

Patients with chronic gastritis, gastrointestinal ulcers, and acute gastroenteritis have soft and soft food requirements, so they should avoid coarse grains; prevent chronic diabetes, and patients with chronic chronic inflammation should eat coarse grains less.