Liverpool lost 3 of their last 4 games, equal to the total of 66 losses in the past

Liverpool lost 3 of their last 4 games, equal to the total of 66 losses in the past
In the early morning of the FA Cup 1/8 final at the Stamford Bridge Stadium, Chelsea won Liverpool 2-0 at home and eliminated the promotion to the quarterfinals of the FA Cup.Liverpool’s FA Cup journey ended early this season.Photo / Osports This is the third defeat suffered by the Reds in the last four games, and the number of losses is equal to the total of their past 66 losses.The three games lost were placed away, and Liverpool missed one goal in three games, netting 6 goals.This is also the first time since Klopp took office, Liverpool suffered a losing streak with 0 goals.Liverpool coach Klopp admitted that the two goals conceded in the campaign were caused by the team’s own mistakes, but they still have to treat it in the right way.”For us, these three weeks are not the best three weeks of the season, but this is an opportunity for us to retrieve the best three weeks from now. That is our plan.Klopp said.Since the winter break, Liverpool have 2 wins and 3 losses in five games. In the last two games, they have missed 1 goal and lost 5 goals.This Saturday’s league, Liverpool will face Bournemouth at home, and at 4 a.m. Beijing time on March 12, Liverpool will welcome Atletico Madrid at home.Klopp said that the team will not consider playing with Atletico Madrid for the time being and will focus on Bournemouth.”Bournemouth is working hard and they played well against Chelsea.You do n’t have to regret us, we will win the game, that ‘s what we need to do on Saturday.Klopp said.Sauna, night net editor Deng Hanyu Zhang Yunfeng proofread Liu Jun

Global snapping up of Chinese ventilator?Concept stocks soared, these companies are stepping up production

Global snapping up of Chinese ventilator?Concept stocks soared, these companies are stepping up production
“Recently, the epidemic has spread rapidly around the world, and the demand for medical equipment abroad has grown dramatically, especially the demand for invasive ventilators.On March 30, Xu Kemin, director of the Industrial Policy and Regulation Department of the Ministry of Industry and Information Technology, said publicly.Sauna and Yewang learned that it was further controlled through the domestic epidemic, while the spread of foreign epidemics was faster, which led the company to reflect the increase in overseas orders for ventilators and other anti-epidemic supplies, and even queued orders.”In order to support the supply of anti-epidemic equipment to the greatest extent and meet the needs of the most urgent and urgent epidemic treatment, the company has been stepping up production and expanding production capacity. At present, the output of hospital invasive ventilators has been greatly increased, and the daily output has reached severalHundreds of thousands of units, and the company will increase production capacity according to the situation, in order to fully guarantee the use of equipment for the front line of anti-epidemic.”The relevant person in charge of Mindray Medical told the sauna and Yewang.Global snapping up of Chinese ventilator?A company said that existing overseas orders were queued up on March 30, the State Council’s antique press conference on the joint defense and control mechanism.Xu Kemin said at the meeting that there are currently 21 invasive ventilator manufacturers in total, of which 8 major products (about 2200 units per week) have obtained the EU mandatory CE certification, accounting for about one-fifth of global production capacity.”At present, there are about 20,000 high-frequency units, and at the same time, there are still a large number of international orders for negotiation.According to incomplete statistics, in just ten days since March 19, while ensuring domestic demand, it has urgently provided more than 1,700 invasive ventilators abroad, which has reached half of the domestic scale provided this year.”As early as early February, Yuyue Medical stated publicly that the demand for products related to epidemic prevention and anti-epidemic surged due to the spread of the new coronary pneumonia epidemic.Machine, nebulizer and oxygen generator products are needed for the treatment of pneumonia patients, but the market demand has been increasing since the area affected by the epidemic expanded.”In late February, Mindray Medical mentioned that during the New Coronary Pneumonia epidemic, the company ‘s demand for 70% of its products in the domestic market was driven by the epidemic, including vital information and monitors supporting production lines, ventilators, etc.So as to accelerate the first quarter results.”During the New Coronary Pneumonia epidemic, most of the company ‘s life information and support product lines function as the main force. The demand for ventilators, monitors, and infusion pumps has grown explosively. It is expected that emerging businesses such as ventilators and infusion pumps will continueHigh growth will be maintained, but the number of emergency orders that can be met by a certain number of company capacity increases can be achieved.Mindray Medical said.With the domestic epidemic situation being further controlled, and the spread of foreign epidemic situations faster, Yuyue Medical stated on March 28, “The company’s overseas business has a medium-sized warm gun and orders for ventilator products have grown significantly.”With regard to the ventilator business, Yuyue Medical also disclosed more information when answering investors’ questions on March 30.” At present, the company’s ventilator output is mainly subject to upstream raw material supply. The company has taken various measures to stabilize the supply chain.Increasing production efficiency and arranging for employees to work overtime “” The company’s overseas business of the company’s demand for ventilator products has increased by a certain amount, and there are certain orders queued.”Beijing Daily reported that since the outbreak, Yi’an Medical has received emergency ventilator procurement projects from 35 countries and regions including Italy, the United Kingdom, Russia, Serbia, Ukraine and Mongolia.According to reports, 20 units have been sent to Russia on March 16, 30 units in Mongolia, and 50 units have been sent to Italy on March 17.”Yi’an Medical has gradually produced and delivered nearly a thousand ventilators to the international market, and thousands of ventilators are being urgently scheduled for production.”” On March 30, Mindray Medical told the sauna, Yewang: “Since late February, the epidemic has shown signs of spreading in many overseas countries. The company has received overseas purchase requests including Asia Pacific, Europe, and the Middle East.In response to Italy’s severe epidemic situation, the company has docked with Italy and Chinese doctors and experts to carry out anti-epidemic and anti-epidemic programs. At present, China dispatches an Italian medical expert team to replace Mindray’s various equipment.At the same time, due to the rapid warming of the Italian epidemic, the Italian government urgently purchased nearly 10,000 anti-epidemic equipment from Mindray Italian branch in Italy, mainly including products such as monitors and ventilators.The company will step up the organization of production and deliver it in batches in an orderly manner.”The rise in demand for ventilators has driven continuous growth. The 7-day 5-litre stoppage of the Aerospace Changfeng data shows that the current main products of the stock include a total of four stocks of ventilators, namely Jichuan Pharmaceutical, Yuyue Medical, MindrayMedical, aerospace long peak.According to Sauna and Yewang, there are also some listed companies that are suppliers of ventilator accessories.For example, Zhongding Co., Ltd. is a bulk supplier of precision rubber sealing products for the US General Ventilator Project; Changzhou Xinqisheng Polymer Technology Co., Ltd., a wholly-owned subsidiary of Tiansheng New Materials, is a supplier of ventilator accessories, mainly Wuhan Vulcan Mountain,The Nebula (Hospital) Hospital, other hospitals in Wuhan, and the epidemic designated hospitals in Beijing, Shanghai, and Guangzhou provide functional assembly parts that are urgently needed.According to data from Choice Financial Terminal, from March 20th onwards, on March 30th, the total market value of the above six stocks increased by about 557.9.8 billion yuan.Among them, Changfeng Aerospace has harvested 5 rising stops in the last 7 trading days.On March 28, Aerospace Changfeng stated in the abnormal announcement of stock trading, “The Athena 8500, a severe ventilator developed by the company, is currently in the product registration stage. It has not yet obtained a Chinese medical device product registration certificate. It has not yet been mass-produced and has no domestic production.Form actual sales.”Announced the title, the company’s current sales of ventilator models are mainly ACM812A emergency transport ventilator, the printer only has basic respiratory support function, but can not meet the more complex critical respiratory support needs.”The company’s self-produced ACM812A ventilator business scale accounts for a small proportion of the company’s overall business.In 2019, the budgeted sales volume was 201 units, and the sales amount was approximately 3.25 million, which accounted for a small proportion of the company’s overall sales revenue and had a minimal impact on the company’s overall performance in 2019.”The first time to resume production: most of the three shifts, and some R & D personnel also went to the production line ventilator supply problems have affected the hearts of all walks of life at home and abroad.Xu Kemin said, “The ventilator is the most critical medical device for the treatment of patients with new coronary pneumonia.”Since the epidemic, major chronic ventilator manufacturers have resumed production for the first time.For example, Shenzhen Mindray urgently summoned the technical backbone of the fake home on the second day of the new year and made full efforts to resume production.We organized multi-regional industry and information departments, and under the intervention of epidemic prevention and control, we quickly realized 794 of the 853 national supporting companies in the upstream to resume work and resume production, promptly helping companies solve the problems of component decomposition and poor logistics and transportation.As of March 29, major ventilator companies gradually supplied ventilators to the country2.There are more than 70,000 units, including more than 3,000 ventilators.”It can be said that our company has been working non-stop to prevent and control the global epidemic and work overtime.As far as I know, most companies work in three shifts and produce continuously, and even some R & D personnel are sent to production lines.”Xu Kemin said.”In order to support the supply of anti-epidemic equipment to the greatest extent and meet the needs of the most urgent and urgent epidemic treatment, the company has been stepping up production and expanding production capacity. At present, the output of hospital invasive ventilators has been greatly increased, and the daily output has reached dozens ofTen thousand units.”Relevant person in charge of Mindray Medical said that the company will increase production capacity according to the situation, in order to fully guarantee the use of equipment for the frontline of anti-epidemic.However, under the influence of the new coronary pneumonia epidemic, it is not easy to increase the production of ventilator on a large scale.Xu Kemin explained, “A ventilator has thousands of parts. The main parts suppliers are both domestic and some include Europe.”It is reported that in order to further understand the situation of the coordinated expansion of the key medical equipment industry chain and the difficulties, the Ministry of Industry and Information Technology organized a video conference focusing on the coordinated expansion of the medical equipment industry chain and organized an internal invasive ventilator.Key enterprises, local relevant departments, find out the problems and difficulties faced by enterprises, and study measures for coordinated expansion of the industrial chain.The party group member of the Ministry of Industry and Information Technology, the expert of Deputy Minister Zhang Kejian, and government enterprises work together to turn crises into opportunities, and prudently and actively promote the coordinated resumption of production and expansion of medical equipment industry chains such as invasive ventilators.It is necessary to combine government and enterprise, and enterprise and enterprise to enhance the supply and guarantee capability of key parts of medical equipment.Sauna, Ye Wang editor Yan Weijia Li Weijia proofread Liu Baoqing

Yu Hongchen: Strive to achieve a total medal score over the last

Yu Hongchen: Strive to achieve a total medal score over the last
Yang Jiayu won the gold medal in the women’s 20km walking in the last World Championships.Gong Lijiao’s 7th World Championship, she hopes to win gold again. This edition’s picture Osports 2019 Doha World Athletics Championships Chinese Athletics team expedition ceremony was held yesterday at the State Sports General Administration Training Bureau, including Liu Hong, Gong Lijiao, Yang Jiayu, Lu Huihui, Wang Yu and other famous generals, some Chinese athletesThe expedition ceremony.The World Championships in Doha will be held from September 27th to October 6th. From September 22nd, China will gradually proceed from Beijing or overseas to the Doha stadium in batches.At the World Championships in London two years ago, the Chinese track and field team won 2 gold, 3 silver and 2 bronze. China ‘s extended leader Yu Hongchen said that the goal of the Chinese team ‘s Doha World Championship is to strive for medals, with a total score that exceeds the previous session, while ensuring no excitementAgent problem.  62 people took part in 25 events to compete for the Doha Athletics World Championships this year. The Chinese team will have 62 athletes participating in the 25 events, including 27 male athletes and 35 female athletes.About 46 people participated in 18 events in the 2017 World Championships, and the scale of participation has been improved.  In addition to athletes, there are 55 coaches, team doctors, and management personnel accompanying them, and a total of 117 Chinese leaders.In order to ensure that athletes are prepared for the battle with peace of mind, the Doha World Championships Support Camp has also been set up, including non-staff coaches, scientific research, medical services, management and technology support teams. The total number of support camps is 49.  As the double champion of the 2015 World Championships and the 2016 Rio Olympic Games, Liu Hong ranked as the representative of the athletes, “Starting to represent the national team in the competition from 2006, this will be my personal 6th World Championship Tour, but I feel andThe same excitement as the first time (entry), even a little nervous.”Liu Hong is one of the few” post-80s “athletes on the team.” In the two years since I left the stadium, I went to the National Games to watch the World Games and watched the World Championships on TV.”On behalf of the national team to participate in the world arena again, she will defend the honor of the Chinese women’s 20 km race walking with 3 teammates of Yang Jiayu, Sister Cheyang Shi and Yang Liujing.  Although the Chinese track and field team is not the top strong team in the world track and field, but in the past few decades, with the advantages of individual walking, women’s throwing and other individual events, the Chinese team can always win in the world championships.In the 2015 Beijing World Championships, the Chinese team won 1 gold, 7 silver and 1 bronze. In the 2017 London World Championships, the Chinese team won 2 gold, 3 silver and 2 bronze.  ”The last competition was already the best result after the 1993 World Championships. This year, we hope to build on the foundation of the London World Championships.Tian Xiaojun, the deputy leader of the Chinese leader, admitted that although it is more difficult, the Chinese team hopes to gain some results in men and women walking, women throwing, men’s long jump and women’s sprint.  Gong Lijiao’s 7th World Championships in London Two years ago, Gong Lijiao and Yang Jiayu won women’s shots and women’s 20km walking gold medals. In the past two years, both top leaders have maintained excellent competitive conditions and set off for DohaBefore, the two shouted out the goal of winning the championship.  Since participating in the Osaka World Championships in 2007, this is the seventh time Gong Lijiao has set foot on the world championships. “This should be my most relaxed one and the most confident one.”As a defending champion, Gong Lijiao can’t wait for the game,” I hope the game will come quickly, I want to go to Doha immediately, and hope to win the championship.”Not long ago, Gong Lijiao just won the 2019 Diamond League Women’s Shot Put Championship,” ranked in previous games, I can be confident this year.In these two years of competition, I basically maintained the first place in the international arena, and this year I also voted for the best result.”Of course, for the difficulties that may be encountered in the game, Gong Lijiao also made extra preparations,” like the Diamond League finals, the opponent has been leading in the first three shots, and I also cast out the back. If it had been before, I might have given up.I think I will play better, even if I am behind, I feel that I have the strength to surpass my opponent.”As the women’s 20km walking defending champion, Yang Jiayu will be competing with teammates Liu Hong, Sister Qiyang Shi, and Yang Liujing. In her view, this does not mean that the Chinese team has already won the gold medal in advance,” norThere are a lot of unknown things, we do n’t know yet.Do yourself well, and no one is afraid of doing training.”The women’s 20-kilometer walk at the World Championships this year will be at 11:30 in the evening in Doha and 4:30 in Beijing.” Because the temperature difference there is relatively large, I want to adapt to the weather in advance.Recently, the coach specially arranged for us to do morning exercises. Generally, training starts at about 5 am.”” Of course I hope to win the championship.”Yang Jiayu said,” I still go to the championship, the mood is also different from the last game.Due to weather conditions, the final score may not be too high, mainly to ensure the ranking.”Potential Lu Huihui hopes to supplement the regrets of life” This battle is the third time that my team members (Lu Huihui) joined hands in the World Championships. The previous two sessions passed the second place, the third place and the championship. We deeply regret.But we are Chinese track and field athletes. We have some kind of tenacity in our bones. We hope to make a breakthrough in Doha.”The women’s javelin coach Lu Gang said at the World Championships expedition ceremony of the Chinese track and field team.  As the head coach of the women’s javelin Asian record holder Lu Huihui, Lu Gang’s position also represents the voice of Lu Huihui.  In the 2015 Beijing Track and Field World Championships, Lu Hui will set a new Asian record with 66 meters 13 and win the silver medal in the World Championships; in 2017 London Track and Field World Championships, Lu Hui will win a bronze medal with 65 meters and 83 results and once again reach the podium.The experience of the two World Championships is very similar, both of which were overtaken by opponents in the last two shots, which is not a small regret for Lu Huihui.  ”Is this game the first?”In the face of the reporter’s doubts, Lu Hui will be a little strict and abide by:” Hope, hope there will be a breakthrough.”In fact, simply considering the status of this year’s competition, when looking forward to the World Championships, Lu Hui, who breaks Asian records three times a year, will be able to answer with confidence.  Thanks to the excellent winter training, Lu Hui will show an excellent state throughout the season.In April this year at the National Athletics Grand Prix at Huangshi Station, Lu Hui will throw 67 meters and 72, breaking the Asian record for the sixth time in his career.In the national championship held in Shenyang on July 11, Lu Hui will throw 67 meters and 83 in the final, breaking the Asian record for the second time this season.Less than a month later, Lu Hui, who returned to Fuyang, Shenyang, will once again step on the Asian record he holds, and set the Asian record for the eighth time in a career of 67 meters 98.  ”After years of hard work in world competitions, I feel that I am more mature and have a stronger ability to control the game.”The coach also reminded me at all times that such a good opportunity must be seized and strive to give full play to your level in Doha.”Lu Hui will confess that he no longer wants to leave regrets at the World Championships.  In the Diamond League finals at the end of August, Lu Huihui won the Diamond League championship for the first time in his career. At the same time, the Chinese track and field team fully participated in the women’s javelin event.Field.  Writing / Sauna, Ye Wang Xu Bangyin

[Encyclopedia of frozen tofu kelp]_ making method _ how to make

[Encyclopedia of frozen tofu kelp]_ making method _ how to make

Frozen tofu is a very delicious way of making tofu. Frozen tofu can be used with many other ingredients to make gourmet food.

Frozen tofu tastes very good and is often welcomed by people. One dish people often eat is frozen tofu kelp.

This is a meal, and many people make different flavors according to their favorite tastes. Each person’s taste is different. Then you can add some ingredients to stew frozen tofu to taste unexpectedly beautiful.

So what is the practice of frozen tofu kelp?

Ingredients: 250 grams of frozen tofu, 100 grams of fresh kelp seasoning: 50 grams of lard, 4 grams of MSG, 2 grams of green onions, 5 grams of ginger, and 2 grams of ginger. Procedures and steps: 1. Frozen tofu and wash.

Cut into small pieces 2 with a length of 4 cm and a width of 3 cm. Wash the kelp and cut into strips 3 with a width of 2 cm 3. Pour the oil into the pot and cook until it is mature.

Add green onion and ginger.

After bursting the flavor, add tofu and kelp, stir-fry, add fresh soup, and skim off the floating foam.

Cover the pot and simmer for about half an hour.

Stew until the kelp is crispy, add salt and MSG.

Ready to serve.

Nutritional value of kelp stewed tofu Kelp stewed tofu is a delicious and nutritious dish.

The nutritional value of kelp is very high. It is rich in protein, protein and small amounts. It also contains supplemental fiber, including calcium, phosphorus, iron, carotene, vitamin B1, vitamin B2, nicotinic acid and iodine.Trace elements.

Therefore, eating kelp is very beneficial to people’s health.

In addition, frozen tofu may be rich in protein and very nutritious.

The reason for the combination of the two is a good health product for the cultivated person.

[How much honey water is best to drink every day]_Honey water_How to drink_taboo

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[Can you lose weight by eating bananas on an empty stomach in the morning?]

[Can you lose weight by eating bananas on an empty stomach in the morning?]

There is no doubt that the morning is the key time for weight loss. Many people will seize this time to help lose weight. Some people will eat bananas to lose weight on an empty stomach. Experts say that this approach is theoretically effective, but it may beBad health.

First, in the morning banana diet, eat a few bananas with boiled water at breakfast, you can eat until you feel full, and then, dinner, you can eat according to daily recipes.

This is the “core technology” of this amazing banana weight loss method. It uses bananas to make the stomach feel full, and the rich enzymes make digestion faster, so it will not accumulate even if you eat at lunch and dinner as usual.

Compared to those suffering from hunger and diet, or trying to calculate calories for every food you put in, this is really easy.

Second, is it feasible to eat bananas on an empty stomach?

Can I eat bananas on an empty stomach in the morning?

Some people recognize this problem from a theoretical perspective.

Some people recognize this problem from the actual situation.

It is understood that a considerable number of people do not feel uncomfortable after eating bananas on an empty stomach in the morning.

Therefore, they feel that as long as they eat bananas on an empty stomach, they slowly chew the pulp of the bananas, and do not swallow them, which affects digestion of the stomach and intestines.

Third, why some people do not recommend eating bananas in the morning, and some people advise people not to eat bananas in the morning, because they believe that a trace element in bananas contains more magnesium.

If you eat bananas, it may lead to imbalance of trace elements in the body.

In fact, people don’t have to worry too much about this issue.

As long as you don’t eat too much banana, it will not increase the magnesium content in the body.

Fourth, the precautions related to being able to eat bananas on an empty stomach in the morning For most people, can they eat bananas on an empty stomach in the morning?

The answer to this question is: No problem.

However, for some people with special physical conditions, eating bananas in the morning should be careful.

Banana can promote the peristalsis of nitric acid, and also has a certain heat-clearing effect.

Therefore, if people have a weak spleen and stomach, or have kidney problems, it is best to eat bananas with caution in the morning on an empty stomach.

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Linglong Tire (601966): Dual three-year performance target equity incentive highlights participant confidence

Linglong Tire (601966): Dual three-year performance target equity incentive highlights participant confidence

Company Announcement: The company released an expanded stock incentive plan budget. The proposed increase in the number of stocks for the incentive object is 1280.

70,000 shares, accounting for 1.
.

07%, the source of shares is the company’s A shares of common shares repurchased from the secondary market.

The incentive price for the stocks of the incentive objects is 10.

38 yuan / share.

  Equity incentives cover executives and backbones, and set clear targets for high performance in the next three years.

A total of 295 people were awarded to this equity incentive plan, including directors, executives and other key personnel who served in the company, which can fully stimulate the enthusiasm of the management team.

12 months, 24 months, 36 months from the date of completion of the initial inventory self-inspection, the sales restriction is lifted, and the percentages of lifting the sales restriction are 30%, 30%, and 40% respectively. The evaluation year for each period of extended stock contact sales restriction corresponds to 2019For the three fiscal years of -2021, the target of each year’s performance assessment is to take 2018 net profit as the base, and the net profit measurement should not be less than 30%, 50%, and 70%, corresponding to a net profit of three fiscal years of 15.

35 (+30 year-on-year.

0%), 17.

72 (+15 compared to the same period last year).

4%), 20.

08 (+13 year-on-year.

3%) million.

The share amortization expenses of this equity incentive plan total 1.

42 trillion will be amortized according to the proportion of lifting the limit during the implementation process. Each year from 2020 to 2023, 7974, 4191, 1977, and 72 will be amortized.

70,000 yuan.

Considering the impact of equity incentive amortization, the net profit target before amortization in 19-21 actually reached 15.

35, 18.

51, 20.

The goal of 50 ppm, high growth performance demonstrates confidence in the company’s future.

  The Jingmen Phase I project was put into production, and the release of production capacity promoted the company’s rapid development.

Benefiting from the release of production in Thailand and the Liuzhou plant and the increase in the gross profit margin of tires brought by the drop in raw material prices, the company’s net profit increased and the company achieved operating income of 125 in the first three quarters of 19.

09 million yuan (+13 compared with the same period last year).

26%), net profit attributable to mother 12.

1.4 billion (+ 37% YoY).

38%).

Entering Q4, with the decline in passenger car production and sales narrowing and heavy truck production and sales remaining high, the high prosperity of the tire industry has continued, and the company has achieved semi-steel tire production and sales by expanding its share in downstream OEMs and strengthening the development of the retail market.Steady improvement. It is expected that the company’s net profit will maintain a high growth rate.

In the next two years, the company’s output growth will be mainly contributed by the Jingmen plant and the Serbian plant under construction. In late November this year, the first all-steel of the Hubei Jingmen project has been rolled off. 10,000 sets of semi-steel tires are being put into production successively, which will effectively increase the company’s market share in central China; the Serbian project also laid a foundation stone laying ceremony in March 2019. The plant plans to form 12 million sets of semi-steel tires and 1.6 million sets of all steelThe annual production capacity of 20,000 sets of tires, engineering tires and agricultural radial tires is expected to be put into production in the first phase of the project by the end of 2020.

The successive commissioning of Jingmen and Serbian factories will become the company’s continuous growth 淡水桑拿网 driver.

  Supporting FAW-Volkswagen continues to strengthen brand building.

This year, the company successfully supplied FAW-Volkswagen Jetta main tires, Changan Ford Fores main tires, and FAW Red Flag L5 passenger car civilian version gas-deficient tires. The company’s product performance and product grades are rapidly improving.

With the company’s continuous deep cultivation and innovation in core technology research and development, emerging market development, brand value building, and diversified services, the company has successively entered the supporting facilities of Audi, Volkswagen, GM, Ford, Renault Nissan, Red Flag, Geely, Great Wall and other first-class automobile factoriesThe supply system reflects the improvement of the company’s brand power and the optimization of its product structure.

In the future, the company’s supporting system will continue to march toward high-end models, enhance product added value, and strengthen the leading position in the industry.

  Earnings forecast and investment grade: Maintain the company’s 2019 profit forecast to achieve net profit attributable to mothers.

00 ppm, raised 2020-2021 profit forecast to 17.

80, 20.
10 ppm (17 before adjustment.
48, 20.

05 ppm), corresponding to PE16X / 14X / 12X, maintaining the “overweight” level.

Guizhou Moutai (600519) 2018 Annual Report Comments: 2018 Performance Exceeds Expectations, Marketing Breaks Help Future Growth

Guizhou Moutai (600519) 2018 Annual Report Comments: 2018 Performance Exceeds Expectations, Marketing Breaks Help Future Growth
The company’s performance in 2018 exceeded expectations.2019 is the year of marketing breakout, which is expected to help the company’s revenue to grow by more than 14%.In the long run, the company’s leader is consolidated and has both the volume and price increase logic.Maintain “Buy” rating. In 2018, the company’s revenue / net profit increased by 26% / 30%, exceeding previous guidance and market expectations.In 2018, the company’s revenue / net profit was approximately 77.2 billion / 35.2 billion, an increase of 26% / 30%.In Q4, it realized revenue / net profit of about 220 billion yuan / 10.5 billion yuan, an increase of 34% / 48%, exceeding 北京夜网 market expectations, thereby increasing the company’s Q4 investment in unplanned boutique wine and zodiac wine.At the end of 2018, advance receipts were 13.6 billion, with an increase of 2.4 billion, mainly due to the advance of the Spring Festival peak season, and dealers were active in making payments.Gross profit margin for sales in 2018 was 91.1%, the same increase by 1.3 pieces, of which the gross profit margin of Moutai is 93.74%, the same increase of 0.9Pct, series wine gross margin 71.05%, the same increase of 8.Three.Selling expense ratio 3.3%, down by 1.6 cases, mainly due to the same decrease in advertising and market development rates.4.Management expense ratio 6.93%, down by 0.8 points.In summary, the net interest rate in 2018 was 45.6%, the same increase of 1.3 points, profitability continued to improve.In 2018, the company plans to distribute a cash dividend of 145 for every 10 shares.39 yuan (including tax). Business analysis: The volume and price of Moutai wines rose, and the series of wines increased by 40%.In terms of Moutai, in 2018, it achieved revenue of 65.5 billion yuan, an increase of 25%.Break through volume and price from the report caliber to achieve sales volume 3.25 cobalt, with the same increase of 7.5%, better than expected; ton price increased by 16.3%, mainly due to the initial company’s increase in the price of Pfeiffer to 969 yuan.In terms of series wine, in 2018, it realized revenue of 8.1 billion yuan, an increase of 40%, and a sales volume of 3 tons, which was basically the same. The ton price also increased by 40%, mainly due to the improvement of product structure.In terms of different channels, the sales volume of Moutai’s direct sales in 2018 was 2,372 tons, a decrease of 35%, mainly due to the company’s cancellation of the approval policy and subsequent e-commerce channels to stop volume. In 2019, the guidance revenue will increase by 14%, and the short-term and short-term growth of the product and channel structure is highly certain.In 2019, the company’s planned revenue will increase by 14%. Under the expected release of stable sales, the driving force for growth will mainly come from the improvement of product structure and channel structure.2019 is the “year of breaking the game” for the company to streamline and improve its marketing system.For the increments other than 7, please follow the following arrangements: ① Expand direct sales in various provinces, cooperate with large-scale supermarkets, well-known e-commerce, and go inward to key city airports and high-speed rail stations.② Optimize product structure and moderately increase high value-added products.We believe that the reform of the marketing system will help the company continue to build brand influence, strengthen terminal control and control channel prices, and increase the certainty of 2019 performance growth.According to the latest tracking, the demand for Moutai during the Spring Festival is strong, supply and demand, and the post-holiday approval price continues to rise. It currently remains above 1800 yuan. At present, the company has organized dealers to gradually pay for and prepare for the second quarter. It is expected that the first quarter will have a good start. Risk factors: The high-end wine boom is worse than expected and production capacity is consumed. Investment suggestion: As a leader in the liquor industry, the company has built a brand-focused occupational barrier and has the logic of volume and price improvement. It will continue to benefit from industry upgrading and concentration enhancement, and in the long term, it has room to double.Increase the company’s EPS forecast for 2019-2020 to 33.7/40.3 yuan (original 31.7/35.5 yuan), the current price corresponding to PE is 24/20/17 times, given a target price of 1,000 yuan, 重庆耍耍网 corresponding to 25 times PE in 2020.Maintain “Buy” rating.

Northern Huachuang (002371): Fast growth in performance will be approved Increased R & D and production expansion Start a new round of high-speed development

Northern Huachuang (002371): Fast growth in performance will be approved Increased R & D and production expansion Start a new round of high-speed development

The company achieved revenue of 27 in the first three quarters.

3.7 billion yuan (+30.

24%), net profit attributable to mother 2.
.

1.9 billion (+30.

(09%), of which Q3 achieved revenue of 10 in a single quarter.

8.2 billion (+53.

17%), net profit attributable to mother 0.

9.1 billion (+82.

97%).

Comprehensive gross profit margin for the first three quarters of 42.

05%, a year to increase by 1.

80pct, Q3 gross profit margin 39.

58%, a decrease of 3 per year.

80pct, gross profit margin remained basically stable.

The scale of income is constantly expanding, the absolute value of accounts receivable and inventory are at historical highs, and cash flow from operating activities in the first three quarters is -9.

600,000 yuan, the amount of inventory at the end of the third quarter is 35.

89 ‰, an increase of 24 per year.

30%, the amount of inventory maintained a rapid growth trend.

  The R & D expenses have increased significantly, and the management expense ratio has been declining to increase the company’s profits.

From an expense perspective, the company’s sales / management / R & D / financial expense ratios totaled 34 in the first three quarters.

68%, an increase of 3 per year.

3无锡夜网7pct, from a single quarter of Q3, the period expense ratio is 32.

14%, a decline of 4 per year.

39pct, in which the management expense ratio increased by a single quarter and had a positive effect on the increase of net profit.

R & D expenses in the first three quarters3.

530,000 yuan, an increase of 168 in ten years.

77%, R & D expense ratio is 12.

90%, an increase of 6 per year.

65pct. From the data point of view, the total R & D expenditure is consistent with the expansion of cost-based R & D, and it is also a reflection of the company’s mature product development.

  Approval of fixed increase, increased R & D and production expansion, the proportion of large fund holdings will continue to increase, and a new round of high-speed development begins.

On October 28, the company received the approval from the CSRC. According to the adjustment plan, the company will raise no more than 2 billion funds (large fund 9).

100 million + Beijing Electric Control 5.

9 trillion + Jingguorui 5 trillion), the investment plan for high-end IC equipment projects17.

8 ppm + high-precision electronic components project 2.

200 million yuan, is expected to reach an annual average sales income of 26.

40,000 yuan, the total annual average profit of the project reached 5.

400000000.
1) The big fund already holds the company7.
5% shares, after the completion of this issuance, the share of large funds will be further increased, showing confidence in the company’s development; 2) The company will gradually realize the industrialization of 14-nanometer equipment on the basis of 28-nanometer, and carry out 5 / 7-nanometer equipmentResearch and development of key technologies, the development of grinding equipment can be advanced smoothly, and breakthroughs in key indicators have been achieved. 3) Investment of 2 billion US dollars for expansion and research and development, can cut the company’s products fully verified downstream, very optimistic about industry development and demand.

  Investment advice and rating: The company’s net profit for 2019-2021 is expected to be 3.

5.1 billion, 5.

20 billion, 7.

2.2 billion, corresponding to PE of 90x, 60x, 44x, maintaining the “Buy” level.

  Risk Warning: The development of the semiconductor industry is less than expected; new product development is less than expected