Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Event On August 29, the company released the 2019 semi-annual report, which reported and realized operating income36.

07 billion, an annual increase of 32.

86%; net profit attributable to mothers3.

52 ppm, with a ten-year average of 24.

49%; net profit after deduction of non-return to mother 2.

92 ppm, an increase of 10 in ten years.

34%; Realize basic profit income of 0.

31 yuan, down 24.

39%; net cash flow from operating activities -2.

6.1 billion.

A brief review of the large increase in installed capacity in the first half of the year led to rapid revenue growth and better cost control is the leading domestic lithium iron phosphate power battery. In the first half of the year, the total installed capacity in the domestic new energy vehicle market was approximately 1.

77GWh, a big increase of 92 a year.


Benefiting from this, the company’s battery pack revenue was 32.

79 trillion, a 48-year increase.

71%; battery pack gross margin is 30.

35%, a slight decrease of 2.

12 units, an increase of 5 units from the second half of 2018; gross profit margin of transmission and distribution products 14.

34%, above average budget.

In terms of expense control, the sales expense ratio and management expense ratio decreased by 1.

10, 1.

57 units, the financial expense ratio increased by 2.

54 averages, during which the expense ratio decreased by one.

1 unit.

The strength of lithium iron phosphate is outstanding, and the ternary battery energy storage company is ready. Through the optimization of the material system, the improvement of the cell structure design, and the improvement of equipment control capabilities, it is currently the only company that has developed a single-cell battery with an energy density exceeding 190Wh / kgAnd it has successfully industrialized and merged into passenger car users such as JAC, Chery New Energy, etc. According to the statistics of the high-tech lithium battery company, the installed capacity of lithium iron phosphate batteries for passenger cars accounted for nearly 40% of the company’s overall.

As the replenishment continues to decline, lithium iron phosphate batteries are expected to rely on its cost-effective advantages to continue to increase the penetration rate in the passenger car field. As the leader of lithium iron phosphate, the company is the first to benefit from the lithium iron phosphate batteries for passenger cars, which is the core benefit.Subject.

On ternary battery products, the company has completed design verification and mass production, and is currently supplying ternary battery products in batches for Chery Little Ant and other models.

The company’s ternary battery has achieved a single cell energy density of more than 210Wh / kg and a cycle life of more than 1500 weeks.

With the upgrade and transformation of the ternary production line completed, the annual output of 4GWh ternary is expected to achieve iron and lithium, and the ternary will go hand in hand.

The whole industry chain layout can effectively respond to the company’s existing capacity of 13,000 tons of ferric phosphate silicate conversion materials affected by the decline of the slope, Sanyuan 622 has a capacity of 6,000 tons, and 16,000 tons of lithium iron phosphate are being constructed, and 10,000 tons of high nickel ternary replacementMaterials and 5,000 tons of silicon carbon nanomaterials, and through the joint venture with Xingyuan Materials, has a wet diffusion capacity of 80 million square meters, and will continue to expand to an annual production capacity of 500 million square meters.

The company’s layout of midstream battery materials can basically ensure that the materials are self-sufficient, can effectively reduce 苏州夜网论坛 production costs, and stabilize the gross profit margin level against the backdrop of supplementary decline.

The blue ocean market for energy storage is actively deployed. Overseas overseas is expected to bring more lithium iron phosphate batteries. Earlier ternary batteries have advantages such as good safety, long cycle life, and low cost. In markets other than power, such as energy storage and electricTools and other fields have broad application prospects.

Recently, the company’s wholly-owned subsidiary Hefei Guoxuan High-tech Power Energy Co., Ltd. and Huawei have long-term “lithium battery supplier procurement cooperation agreement”, which has agreed to expand in-depth cooperation in the field of lithium battery energy storage applications.

In addition, the company has signed a purchase agreement with Bosch to provide 佛山桑拿网 lithium-ion batteries, modules and battery pack products to Bosch as its qualified supplier.

In terms of overseas markets, the company recently announced that it intends to establish a joint venture with India’s Tata Group in India. The Indian new energy industry started late, the penetration rate of electric vehicles is extremely low, and the potential for new energy vehicles in the future is huge. The company has advanced into the Indian power battery market.Enjoy dividends from overseas markets.

Profit forecast we expect 2019?Revenue in 2020 was 81.

9.5 billion, 119.

68 ppm, 164.
8.8 billion; net profit attributable to mothers was 7, respectively.

3.8 billion, 8.

7.8 billion, 10.

79 trillion; current sustainable corresponding PE is 19 respectively.


34, 13.

29 times.

Maintain “Buy” rating.

Hongqi Chain (002697) 2019 Annual Results Express Comment: The main business of the franchise has adopted various measures to achieve rapid growth in net profit

Hongqi Chain (002697) 2019 Annual Results Express Comment: The main business of the franchise has adopted various measures to achieve rapid growth in net profit
Event: On February 26, 2020, Hongqi Chain released the 2019 annual results report, and the company’s operating income in 2019 was 78.2 ‰, an increase of 8 in ten years.35%; net profit attributable to shareholders of the listed company is 5.20,000 yuan, an increase of 59 in ten years.90%; basic profit return is 0.38 yuan, an annual increase of 58.3%.  Opinion In 19 years, the company’s net profit increased rapidly, in line with expectations.The net profit attributable to shareholders of Hongqi Chain’s listed companies increased by 59 each year in 19 years.90%, profit growth is basically focused on the main business, technology innovation makes full use of big data, store upgrades and upgrades, optimize product structure, strengthen internal control management and internal open source savings.Specifically, the company improved customer flow and enhanced customer stickiness through fresh food transformation + date meals + rich value-added services. The drainage effect of the fresh food sector increased the average store by 20% -30%, and the profit of stores with better operating conditionsIt can be increased by 10%. Benefiting from the upgrade of the supply chain, the direct procurement and overall coordination ratios are reduced to reduce intermediate conversions, and the proportion of imported products with higher gross profit is substituted. The company’s profitability has been continuously improved.  Through the “self-built + acquisition” method, the store was quickly displayed, and the initial merger and acquisition integration was basically completed.As of the third quarter of 19, the company’s number of stores has reached 3027. It is expected that the company’s net increase in stores will exceed 210 in 2019. Since Yonghui is the company’s second largest shareholder, Yonghui has accelerated the transformation and empowerment of fresh stores and is expected to gradually create fresh stores.There are about 300 convenience stores, and more than 300 instant dining restaurants.The merger of the company accelerated the market expansion through the “acquisition + exhibition” approach. Benefiting from the company’s portal’s store operation and management capabilities, the initial merger and acquisition integration was basically completed, and the company’s profitability improved significantly. In 19 years, the company’s merger and acquisition pace restarted.  The 19-year investment income is expected to exceed 1.700 million, after excluding the impact of investment income, the growth rate of net profit is expected to be about 20-30%.In the first three quarters of 19, Xinwang Bank, which holds 15% of the company’s shares, contributed investment income1.300 million US dollars, with an annual growth rate of over 200%. It is conservative to assume that in 19Q4, the investment income of Xinwang Bank exceeded 100% growth. It is expected that the company’s investment income in 19 will be at least 1.700 million, an increase of over 200% in ten years.After excluding the impact of Xinwang Bank’s investment income, the company’s net profit in 19 years is expected to exceed the growth rate by about 20-30%.  Maintain the company’s “overweight” rating We expect the company’s operating income for 2019-2021 to be 78.3, 84.3, 90.700 北京夜生活网 million, an annual increase of 8.4%, 7.6%, 7.7%; net profit attributable to shareholders of the parent company is 5, respectively.1, 6.3, 7.500 million, an annual increase of 59.2%, 21.8%, 19.2%; EPS for 2019-2021 are 0.4, 0.5, 0.5 yuan / share; corresponding to 2020, 25 times PE for the main business and 10 times PE for Xinwang Bank.  Risk warning: Costs continue to increase; store expansion, reconstruction progress is less than expected; Xinwang Bank’s performance is less than expected.

Zhejiang Mida (002677) Interim Review: Revenue Maintains Faster Growth, Profitability Increases MoM

Zhejiang Mida (002677) Interim Review: Revenue Maintains Faster Growth, Profitability Increases MoM

Revenue maintained rapid growth, and profitability increased quarter-on-quarter. Profit growth was slightly higher than expected. The company disclosed the semi-annual report for 2019: 2019H1 company realized revenue7.

0 million yuan (+25 compared with the same period last year).

2%), realizing net profit attributable to mother 1.

800 million (+ 25% year-on-year.

0%), corresponding to a net profit margin of 25.

9% (YoY-0.

04pct); of which the company achieved revenue in the fourth quarter of 20192.

10,000 yuan (YoY + 21.

1%), to achieve net profit attributable to mother 1.

1 ppm (YoY + 27.

2%), corresponding to a net profit margin of 25.

8% (+ 1% year-on-year.


The industry’s low penetration and high growth bonus + increase in kitchen product supporting rate promotes the company’s revenue growth against the trend (1) Integrated stove industry dividend promotes continued growth of leading companies: Aowei Cloud and Zhongyikang data show that the total retail scale of kitchen appliances in H1 2019 reached 28.1 billionYuan (YoY-9.

5%) underperformed under the influence of the real estate downturn.

The integrated stove is bucking the trend, with a retail scale of 7.2 billion (YoY + 29.

2%), of which 1.5 billion online (YoY + 57.


As the industry leader, the company has a stronger brand awareness and a more complete product + channel layout, and fully enjoys the industry dividend; (2) Under the perfect channel layout, the supporting ratio of cabinets and sinks has increased to contribute to the company’s growth: 2019H1Revenue from integrated stove business 6.

300 million (+24 year-on-year.

3%); cabinet income 2221.

80,000 yuan (YoY + 38.

7%); income from other products was 5,128.

90,000 yuan (YoY + 31.


Product upgrade + cost reduction + tax reform to increase profit, increase marketing + R & D expansion layout In the future, the company’s profitability will be improved against the background of product upgrade + cost reduction + gradual reform. The gross profit margin in the first half of 2019 was 53.

5% (+2 year-on-year.

3pct), with Q2 gross margin of 53.

2% (+4 compared with the same period last year).

2 pct); Expenses The company looks at the marketing and R & D expansion that will continue to grow in the future. Report progress: (1) The sales expense ratio reaches 16.

5% (+5 compared to the same period last year).

1pct), in which advertising and promotion costs are the main part of the occupation, reaching 0 respectively.


10,000 yuan (+99 compared with the same period last year).

0% / + 83.

In this context, the company’s channel layout has been further improved. While expanding its coverage, it has also deepened its cooperation with the KA channel.

The interim report shows that at the end of the 2019H1 period, the company’s first-tier dealers reached 1,400, with 2,500 terminal stores, an increase of 70 dealers from the previous month, and 300 new stores (of which 100 new stores were opened by KA);Reached 3.
5% / 4.

4%杭州桑拿 /-0.

6% (+0 year-on-year.

7pct / -2.

8 points / -0.

2pct), which have suffered from the continuous growth of R & D expansion, the decrease of overdue share payments and the increase in interest income.

Profit forecast We believe that the kitchen appliance industry has determined the growth space in the long-term dimension, and the industry characteristics of low penetration and high growth of integrated stoves give the company the opportunity to give full play to its first-mover advantage and help it enjoy the industry growth dividend; continue to enhanceResearch and development and marketing promotion can also help the company further strengthen its competitiveness.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 深圳桑拿网 respectively.

5, 5.

2, 5.

80,000 yuan, the annual growth rate was 19.

8%, 15.

0%, 12.

3%, the latest closing price corresponds to 18 in 2019 PE.

6x, giving a fair value of 14.

0 yuan / share, corresponding to 2019 PE20.

0x, maintaining the “overweight” level.

Risks suggest that the real estate boom continues to decline; the wide-spread publicity expense is less than expected; industry competition is deteriorating.

Big Motors: Four major factors cause A shares to rise more than expected and focus on the impact of resumption on earnings

Big Motors: Four major factors cause A shares to rise more than expected and focus on the impact of resumption on earnings

Come to Sina Finance University and listen to Guan Qingyou talk about economic and financial indicators and countermeasures during the “epidemic” period. Original title: Damo: Four factors to A-shares rose faster than expected. Focusing on the impact of rework rate on profitability. In the future, we will continue to pay attention to the rework rate.It serves as an indicator of the impact of new coronary pneumonia on China’s GDP and corporate profits.

  After the market fell sharply on the first day after the market opened on February 3, A-shares continued to rise, and the Shanghai Composite Index rose 2 on the 17th.

28%, the GEM index rose sharply3.


On February 18, the Shanghai Composite Index closed up slightly.


In the face of the epidemic, the market has temporarily transitioned temporarily, focusing on the long-term pattern.

  On February 17, the latest research released by Morgan Stanley stated that there are four major factors driving the continuous rise of A shares, including easing policies, new refinancing regulations, fewer confirmed cases of new crown pneumonia, and sudden shocks overseas.

Morgan Stanley’s A-share sentiment index also shows that the latest reading is maintained in the middle of the 40 range. Although the epidemic has caused production to shift, market sentiment continues to rise.

Approximately, when the A-share market rebounded strongly in the first quarter of last year, the reading was about 50, and it fell below 30 in the second half of the year.

The agency also said that it will need to continue to pay attention to the return to work rate in the future as an indicator of the impact of new coronary pneumonia on China’s GDP and corporate profits. In the near future, the agency will change the 2020 profit expectations of MSCI China and Shanghai and Shenzhen 300Reduced by 3% and 4% to 7% and 6%, respectively.

  Four factors boost China’s stock market. First, gradually lower the medium-term borrowing facility (MLF) interest rate by 10 basis points (BP) to 3.

15%, Morgan Stanley believes that this also paves the way for subsequent LPR (loan quote interest rate) reductions, and at the same time the market still has expectations for directional and comprehensive RRR cuts.

  About the evening of February 14th, the Securities Regulatory Commission formally issued refinancing rules.

The biggest highlight is that this revision adjusts the pricing and locking mechanism of non-public offering of shares, which is also considered to be the core of the current refinancing market.

The revised rules have relaxed the discount rate for refinancing issuance prices, and at the same time shortened the lock-up period of shares, and the relevant restrictions of the reduction rules do not apply.

At the same time, after the formal revision, if a listed company applies for a non-public offering of shares, the number of shares to be issued shall not be increased from 30% to 30% of the total share capital before the issuance in principle.

Morgan Stanley believes that this will boost the A-share market flow, especially in the small and medium-cap markets.

  In addition, the number of confirmed cases of neocoronary pneumonia began to decline.

Morgan Stanley also said that the return rate should be used as one of the indicators to measure the impact of the new crown pneumonia on China’s GDP and corporate profits.

  Another surprising idea is not due to the world ‘s largest worm raging once in 25 years, which caused the United Nations to issue a profound forecast. On February 17, a wave of agricultural stocks rose in the A-share market.

  However, Morgan Stanley said that the risk to be alert is that once the situation gradually normalizes, policy effects may be replaced.

For the time being, communication services are still the most oversupplied sector. Online companies continue to be optimistic about connected activities, such as online games and e-commerce; and over-configuration infrastructure related sectors (materials, industry).

  Mainstream institutions concerned about the resumption of work and profitability of mainstream companies generally believe that the recent market activity reflects more the goodwill of policies, including the easing of monetary policy and the relaxation of regulatory policies, and the stock market has not yet responded to the downward pressure on the economy and the decline in corporate profits.Therefore, the stock market trend should not be pessimistic after the sharp fall on the first day after the holiday, but it should not be blindly optimistic after continuous forcing short-term growth, and the continuous long-term trend still needs to reflect fundamental changes.

  At present, the decline in the market’s risk-free rate of return may not yet fully hedge the decline in corporate profits.

Affected by the new crown pneumonia temporarily, on February 14, Morgan Stanley lowered the 2020 target prices of MSCI China and Shanghai and Shenzhen 300 to 84 and 3960, respectively, and reduced the 2020 profit expectations of MSCI China and Shanghai and Shenzhen 300 in the scenario, respectively.Down 3% and 4% to 7% and 6%.

The reason for the adjustment is that, assuming the epidemic peaks in February or March, the impact on GDP growth in the first quarter is expected to be zero.



At 5%, the recovery of corporate and consumer sentiment has improved, and the agency’s Z-score model of Chinese consumer activity also reflects this.

The Air Force’s Chinese consumer activity has been improving, and it is worth observing the follow-up situation.

  In response to resumption of work and profits, Eastspring recently traced the risk exposure of the electronic equipment manufacturing end in the technology industry.

The total number of employees in such companies in listed companies in China is tens of thousands, or even 100,000, and small and medium-sized enterprises with a few people can be found everywhere.

How to prevent new coronavirus pneumonia in such a dense and populous environment, and promptly identify and isolate cases when they occur, while ensuring normal production is challenging.

  In addition, Morgan Stanley also mentioned that the fundamentals of the first quarter will be damaged due to the traditional Chinese New Year factors. The revenue of alcohol, beverage, food and brand clothing companies generally exceeds 25%.?30%, corresponding profits accounted for 30%?
40%, attractions, education and training enterprises accounted for 20% of revenue?
25%, profit accounted for about 25%; hotel and catering companies accounted for 20% of revenue, but the relative proportion of profits was about 15%.
However, leading companies have the ability to penetrate faster and expand in times of industry crisis. The growth rate of these companies will remain the same or even higher in 2021. Some tax exemptions, hotels, offline training leaders, travel platform services and high-quality scarce attractions.

  Therefore, mainstream institutions believe that even if the index subsequently adjusts moderately, it will be more conducive to the healthier operation of the stock market, and moderate 都市夜网 adjustments will allow hesitant off-market funds to enter the market and will be more conducive to long-term market optimism.

  In addition, Morgan Stanley pointed out that even though it is difficult for MSCI to continue to promote A-share substitution factors this year, foreign investment in A-shares is still in a very early stage, and overseas investors ‘holdings of A-shares have only reached 3% of the total market value.

5% (as of December 2019).
Since June 1st last year, the most ideal sectors for Beijing’s capital are consumption, capital goods, banking, and healthcare.

  On February 13, MSCI released its February 2020 quarterly adjustment list on its official website, and the relevant changes will take effect after the close of February 28.

The elimination of Midea Group has long been expected, which is also associated with suffering from being “buyed”.

According to the relevant regulations of the Shanghai and Shenzhen Stock Exchanges, individual foreign investors hold the shares of a listed company through qualified investors, and the shareholding ratio must not exceed 10% of the total number of shares of the company; all foreign investors’ shareholding ratios in the A listed shares of the alternative listed companyThe sum does not exceed 30% of the total shares of the listed company.

  According to Morgan Stanley’s calculations, the top ten stocks with the highest foreign shareholding currently are: Midea (27.

2%), China Test (27.

1%), Bank of Nanjing (18.

6%), Tiger Medical (18.

3%), Founder Securities (right protection) (17.

9%), Sofia (17.

9%), Bank of Ningbo (17.

3%), Gree (16.

9%), the boss appliances (16.

3%), Angel yeast (16.


Sunshine City (000671) 2018 Annual Report Comments: High Performance, Rich Soil Reserve Margins Steady Up, Revenue Improved

Sunshine City (000671) 2018 Annual Report Comments: High Performance, Rich Soil Reserve Margins Steady Up, Revenue Improved
The 18-year performance has increased rapidly, + 46% per year, and the profit margin has steadily rebounded. The subsequent yield may reduce the company’s operating income for 564 years.700 million, +70 ten years ago.3%; net profit attributable to mother 30.2 ‰, +46 per year.4%; the corresponding return is 0.66 yuan, +29 for ten years.4%.Gross profit margin and net profit margin were 26.1% and 6.9%, +1 each year.0pct and +0.2pct.Three fees formic acid 7.0%, ten years +0.2pct.At the end of 2018, the company received advance accounts 621.2 ‰, +54 a year.7%, covering land settlement income for the year1.12 times.In addition, due to the principle of prudence in 2018, the company accrued 3 projects in Fuzhou and other places.5 trillion inventory depreciation reserve.The company’s 17-18 year yields are 38% and 39%, mainly due to the impact of irresistible deduction costs in previous M & A projects. It is estimated that the 18 years of conversion to M & A will exceed 160 billion sales, more than + 78%In 2018, the company’s sales amount was US $ 169.2 billion, an annual growth of 78%; the equity ratio was 73%, and Kerui ranked 14th. Among them, the strategic cities in the Mainland and the Yangtze River Delta accounted for 37% and 28% respectively.In 2018, the company took a cautious approach to land acquisition, with an initial land acquisition amount of 560 megabytes until -35.2%, of which the equity ratio is 55%; the land area is 13.33 million pixels, up to -54.1%; the average land price is 4,204 yuan / square, accounting for 33% of the current average selling price, and the cost is properly controlled.In 2018, the company’s land acquisition accounted for 34% of the sales amount, and the land acquisition area accounted for 105% of the sales area. The saleable area is 4,400, with a corresponding value of 560 billion, of which 75% of the value is on the first and second lines. As of the end of 2018, the company has a land reserve (unsettled caliber) of 44.18 million square meters and an equity ratio of 63%; the progressive cost of land is only RMB 4,339 /Square meters, accounting for only 34% of the average sales price in 2018; corresponding to a saleable value of 5,681 trillion, covering the sales amount in 20183.5 times to ensure a high increase in subsequent sales.In terms of saleable area distribution, strategic cities in the Mainland accounted for 48%, mainly including Changsha, Nanning, Xi’an, Chongqing, Taiyuan, etc., which accounted for 7 respectively.5%, 5.8%, 5.3%, 4.6%, 4.5%, the five major cities together accounted for 27.7%; Greater Fujian, the Yangtze River Delta and the Pearl River Delta are evenly distributed, 15%, 17% and 15% respectively.In terms of energy levels, the area of the first and second lines accounts for 65%, and the value of goods accounts for 75%. High repayment, cash flow continued to improve, debt ratio steadily declined, the rating during the year may be increased to about 80% of the company’s repayment rate in 2018, and the operating net cash flow is at least + 148%, which is positive for two consecutive years and continues to improve.At the same time, the company’s debt ratio has steadily declined. At the end of 2018, the asset-liability ratio and net debt ratio were 84% and 182%, respectively, -1.2pct and -70.4pct; interest-based denials amounted to 112.3 billion yuan, a slight decrease of 0 per year.9%; average financing cost 7.94%, ten years +0.86pct, basically controllable uplink.It is expected that under the background of active and loose funds in 2019, the company’s debt structure will improve, and the flexibility of funds will also improve. 杭州桑拿网 The double decline in interest and financing costs is expected to significantly contribute to performance, and the rating may be improved during the year. Investment suggestion: high performance, abundant soil reserves, steady upward profit margin, and improved resistance. Maintain “Strong Push” rating. Sunshine City started in Fujian, deepened and strengthened the second line. After three contributions from the star management team, the company achieved 70 years and 70 times.High sales growth, breaking through the foundation of future settlement heavy volume; the comprehensive change after the “Shuangbin” team combined will also bring refinement and standardization of management, meanwhile, the company will actively deleverage and merge credits, and the credit trend will become loose, and the downward interest rate environment must also be the company’s salesAnd performance elasticity indicators, and to achieve quantitative and qualitative improvements, and estimates are also expected to be improved.We forecast the company’s 10-year earnings for 2019-21 to be 1.00, 1.35 and 1.82 yuan, the current price corresponds to 2019 PE7.4 times, and a 50% discount from the previous NAV, click the 35% NAV discount to raise the target price to 10.00 yuan, equivalent to 2019 PE10.0 times, maintaining the “strong push” level. Risk warning: Third- and fourth-tier sales are lower than expected and industry capital is improving less than expected.

BTG Hotel (600258): Downfall in REVPAR drags down Mother’s net profit store expansion gradually expected

BTG Hotel (600258): Downfall in REVPAR drags down Mother’s net profit store expansion gradually expected
Event: The company released the 19Q3 quarterly report.From Q1 to Q3 2019, the company’s revenue was 62.3 ‰, at least -2.2%; net profit attributable to mother 7.2 ‰, at least -10.3%; net profit after deduction 69 trillion, +3 for ten years.8%. In a single quarter, the company’s revenue in 19Q3 was 22.4 ‰, at least -5.3%; net profit attributable to mother 3.5 ‰, at least -23.9%; net profit after returning to the mother 3.5 trillion, +1 a year.The 5% direct business strategy has shrunk, and the franchise business has continued to expand.In the income composition, from 19Q1 to Q3, the company’s hotel direct sales / joining / attractions business achieved revenue of 47 respectively.5/11.5/3.3 ‰, at least -4.8% / + 9.5% / + 0.6%.The decrease in direct operating income was mainly due to the decrease in the number of rooms and the upgrading and renovation of direct operating stores. In 19Q3, the number of direct operating stores continued to decrease by 80 (including apartments). The increase in franchise revenue was mainly due to the expansion of franchise stores.Increase of 396 homes.Among the cost components, operating costs are 3.880,000 yuan, ten years +12.1%, mainly due to the increase in food delivery costs and the growth of commodity sales business.Selling expenses 39.8.3 billion a year -3.0%, the budget is that the same store RevPAR gradually leads to a reduction in accrual bonuses, leading to a decline in employee compensation 7.1% is expected to reduce the number of directly operated stores, resulting in energy costs every ten years.1% and depreciation amortized for ten years -4.8%.Management expenses 7.390,000 yuan, at least -1.6%, the cost of consulting services of various types of intermediary agencies decreased.R & D expenses 0.19 trillion, ten years +26.8%.Finance costs 0.98 ppm, at least -24.5%, the company used cash flow from operating activities to repay loans.Investment income 0.300,000 yuan, at least -80.7%, mainly because the sale of Yanjing Hotel equity in 18Q3 generated pre-tax investment income 12.6 billion. Cash flow from operating activities 7.42 trillion, ten years +13.1%. 19Q3RevPAR continued to slump, and the industry’s prosperity did not improve.In 19Q3, the company’s economic direct sales / economical franchise / mid-to-high-end direct management / mid-to-high end franchise RevPAR were respectively 138/157/273/248 yuan, changed to -4.9% /-6.1% /-7.6% /-9.1%.In terms of same-store data, RevPAR for economic direct sales / economical franchises / medium and high-end direct sales and mid-to-high-end franchise same-store RevPARs were 138/157/286/276 yuan, each time -4.9% /-7.1% /-6.9% /-4.4%.The industry prosperity has not seen a boost, the company’s revpar continued to decline, 18Q4 / 19Q1 / 19Q2 / 19Q3 company’s economical RevPAR +1.5% /-2.4% /-3.9% /-6.5%, high-end RevPAR + 0.3% /-6.8% /-3.2% /-5.2%. The number of stores opened in 19Q3 accelerated, and the new hotels were mainly mid- to high-end.In 19Q3, the company opened 197 new hotels and closed 93 stores, with a net increase of 104 hotels, including economy / mid-end / cloud hotels / other net increase hotels-34/59/47/32 (excluding the apartmentThe impact of reconsolidating statements is the same below). 19Q1 / Q2 / Q3 companies added a net increase of 12/57/104 hotels respectively, which was +0 earlier.3% / + 1.4% / + 2.6%.As of 19Q3, the company has a total of 4,174 hotels, which are divided into 2642/814/377/341 by economy / mid-end / cloud brands / others, accounting for 63.3% / 19.5% / 9.0% / 8.2%; there are 860/3314 direct franchise / affiliate companies, accounting for 20.6% / 79.4%, the hotel structure is further inclined to high-end and franchise.From 19Q1 to Q3, the company opened a total of 431 new hotels, accounting for 53 of the initial 南京夜网 reorganization plan.9%. Earnings forecast, estimation and investment advice: Maintain “Buy” rating.We predict that the company’s net profit attributable to the mother in 19/20/21 will be 7 respectively.9/8.6/10.10,000 yuan (of which the contribution of home-owned net profit to the mother is 6.7/7.5/9.1ppm), the CAGR for 2019-2021 is 13%, corresponding to the current expected PE of 20 respectively.9/19.3/16.3 times.At present, the hotel industry has been initially rebuilt, and there is still limited downward space; we believe that the company’s reasonable city size is 25.7 billion, corresponding to PE is 30 times, and the target price in 2020 is 26.03 yuan. Risk reminder: Macroeconomic downturn, industry oversupply, and company management risk.

Chrysanthemum pillow that makes Lu You live long

Chrysanthemum pillow that makes Lu You live long

Lu You (1125?
1210) was from Shanyin (now Shaoxing, Zhejiang) in Yuezhou, Southern Song Dynasty.

He is the largest poet in the developing world (about 9,300 poems in total), and he is also a long-lived person who lives 85 years.

Lu You attaches great importance to health, and using chrysanthemum pillows is one of his secret recipes for health.

Lu You repeatedly mentioned the situation of making and using chrysanthemum pillows in his “Swordsman’s Poetry Draft” and “Once again picking chrysanthemum quilt pillow sacs”, such as “The chrysanthemum pillow poems in the past 20 years.

“Picking chrysanthemums and sewing pillow pillows, full of room fragrance”, “Picking chrysanthemums to make pillow pouches, Quping deep and boring fragrance” and so on.

In his later years, Lu You wrote the poem “head wind, chrysanthemum pillow, foot stagnation and quinoa bed” in “Old State”.

These verses indicate that Lu You slept with a chrysanthemum pillow from an early age until he was old.

  Chrysanthemum pillow is a medicinal pillow made of chrysanthemum, Chuanxiong, Danpi and Baiji.

Its main ingredient, chrysanthemum, is not only the famous flower under observation, but also the commonly used Chinese medicine.

Chinese medicine believes that chrysanthemum has the effect of clearing heat and detoxifying, and calming the liver.

The “Compendium of Materia Medica” of the Ming Dynasty said: “The chrysanthemum taste is sweet and bitter, and the nature is slightly cold . its seedlings can be vegetables, leaves can be simmered, flowers can be bait, roots can be used as medicine, and sacs can be pillows.

“Inhibition of staphylococcus, streptococcus, dysentery, influenza virus and dermatophyte.

Chuanxiong, Danpi and Baiji have the functions of promoting blood circulation, refreshing heat and cooling blood, expelling wind and relieving the skin, and promoting muscle analgesia.

Combining chrysanthemum with these three Chinese medicines can complement each other and enhance the effect of medicine.

When people are sleeping on a chrysanthemum pillow, the temperature and pressure of the head can gradually release the active ingredients of the medicine contained in the pillow, and enter the blood circulation from the lungs through breathing, thereby achieving the purposes of preventing and curing diseases and maintaining health.

People with hypertension, coronary heart disease, stroke and other diseases often use chrysanthemum pillows to control certain adjuvant treatment effects.

If healthy people often use chrysanthemum pillows, they can improve sleep quality and prolong life expectancy. They will feel refreshed and full of energy during the day.

  The production method of chrysanthemum pillows is: take 1000 grams of dried chrysanthemums, 400 grams of Chuanxiong, 200 grams each of Danpi and Baiji.

The above medicines are dried together and filled into the pillow core. Generally, each medicine pillow can be used continuously for about six months.

TCM conditioning female chronic pelvic inflammatory disease

TCM conditioning female chronic pelvic inflammatory disease

Chronic pelvic inflammatory disease refers to the chronic inflammation of the female genitalia and its surrounding connective tissue and pelvic peritoneum.

The main clinical manifestations are menstrual tension, excessive leucorrhea, waist and abdomen pain, and infertility. If chronic appendicitis has formed, the mass can be touched.

  Types of chronic pelvic inflammatory disease The scope of pelvic inflammatory disease mainly lies in the fallopian tubes, ovaries, and pelvic connective tissue. The common types are: 1. Salpingitis: It is the most common in pelvic inflammatory disease.

The fallopian tube mucosa and interstitial tissue are damaged by inflammation, which makes the fallopian tube thicker, fibrosis, and becomes slender or slender to make the ovary. The fallopian tube adheres to the surrounding organs, forming a hard and fixed mass.

  2. Hydrosalpinx and fallopian ovarian cysts: After the fallopian tube is inflamed, the umbrella end is stuck and locked, and the wall of the tube infiltrates the serous liquid, slipping in the lumen to form the hydrosalpinx.

After the absorption of the pus with the obvious tubal empyema, hydrosalpinx can also be formed.

If the ovary is involved at the same time, a fallopian tube ovarian cyst is formed.

  3, chronic pelvic connective tissue inflammation: inflammation spread to connective tissue near the uterus and uterine diaphragm ligament most common.

The local tissue thickened and hardened, spreading fan-shaped to the pelvic wall, and the uterus was immobilized or pulled to the affected side.

  Traditional Chinese medicine therapy for chronic pelvic inflammatory disease TCM believes that the pathogenesis of the disease includes damp-heat stasis and cold-coagulation qi stagnation.

  1. Main symptoms of damp and hot stasis pelvic inflammatory disease: often low fever, backache, abdominal pain, aggravation during menstrual period or fatigue, less chest tightness and food, dry mouth, do not want to drink, advance menstruation, with multicolor yellow turbid smell, stool or dry or thin,The tongue is red, the moss is thin and yellow and greasy.

  Treatment with heat and dampness, promoting blood circulation and removing blood stasis: 15 grams of dandelion, 10 grams of cork, 15 grams of houttuynia cordata, 15 grams of Poria cocos, 15 grams of mischievous grass, 10 grams of peach kernel, 8 grams of safflower, 10 grams of blood exhaustionAchyranthes m g, raw licorice 8 g, orally decoction.

Take one dose daily, 2-3 times per dose, and then use the medicine residue to fry and wash or sit in a bath.

Do not use during menstruation or pregnant women.

  2, the main symptoms of cold condensing qi stagnation pelvic inflammatory disease: abdominal pain, cold feeling, menstrual period or fatigue, exacerbated after cold, temperature decreased.

Breast pain after menstruation, after menstrual period, the amount is small, the color is purple, the band is more thin, the tongue is pale, the fur is white and greasy, and the pulse is late.

  Govern by warming and dispersing cold, qi and blood circulation: 10 grams of black medicine, 10 grams of incense, 10 grams of angelica, 10 grams of chuanxiong, 10 grams of cinnamon, 10 grams of cannon ginger, 10 grams of Wulingzhi, 6 grams of raw puhuang10 grams of red chrysanthemum, 5 grams of licorice, orally decocted in water.

Take one dose 2-3 times a day.

The final medicine residue can still be boiled in water for bathing or fumigation, but it should be washed hot. It should not be used after cooling down.

Avoid menstruation and pregnancy.

  Chronic pelvic inflammatory disease, patients with abdominal mass using traditional Chinese medicine retention enema treatment, the effect is very good, it has the effect of promoting blood circulation and removing stasis, softening and solidifying, clearing heat and detoxifying or warming the palace and dispersing cold.

The method is as follows: preserve the enema recipe: red rattan, sagebrush, dandelion, osmanthus spp., Yarrow, 30 grams each, peach kernel 10 grams, safflower 10 grams, triangular ridge 10 grams, xuanhuso 10 grams, incense stick10 grams, add water to boil to 100 ml, use a 5th urinary catheter or pediatric anal canal, insert the anus more than 14 cm, and irrigate within 30 minutes, stay in bed for 30 minutes after irrigation, once a month, use 5-7The days are 1 course.

  Preparation before operation: ①Prepare a dose of traditional Chinese medicine for looml.

  ② A disposable infusion set with a small amount of paraffin oil or lubricating oil.

  ③ Drain big and urinate before enema to reduce abdominal pressure and clean the intestines.

  Operation method: Before going to bed every night, emptying large, and after urination, take the right side position, move the left side closer to the edge of the bed, connect the infusion set according to the method of intravenous infusion, discharge the gas, cut the needle off the infusion set, and apply a small amount on the endLubricating oil, slowly insert 15cm into the rectum from the anus, and slowly drip the medicinal solution.

The temperature of the medicinal solution is preferably 39 ° C to 41 ° C, the pressure should be low, and the liquid level should not exceed 30cm from the door. After the irrigation is completed, stay in bed as much as possible.

  Traditional Chinese medicine hot compress: Aconitum.

10 grams, 12 grams of wormwood leaves, 30 grams of heliotrope, 20 grams of motherwort, 8 grams of safflower, 10 grams of white peony, 10 grams of Sichuan pepper, cricket, solitary, stretch vine, osteophytes, xuanhusuo each 12 gramsResearch details.

Usage: After spraying the wet powder, put it in a gauze bag, put it in a pot and steam it for 30 minutes, apply it to the pain or the mass while it is hot, remove it after the cold, and steam it again the next day, each bagUse for 1 week.

In summer, plastic bags can be used to store medicine bags in the refrigerator to avoid deterioration.

  Acupoint injection (1) The main points of acupoints: Wei cell, Zhongji, return, Guan Yuan.

  Acupoints: Zusanli, Sanyinjiao.

  (2) Medicinal solution for treatment: placenta tissue fluid, angelica injection, vitamin B1 injection 100 mg / 2 ml plus 5 ml of physiological saline.

Each time one kind of medicinal solution is taken for injection, different medicinal solutions can be used for injection at different points.

  Choose 2 main points, 1 matching point, and 0 for each point.

5 ml of liquid medicine.

Acupuncture points can be used round.When injecting, do not insert the needle too deep, and take the Qi as the degree, and slowly push in the liquid medicine.

Daily or every other day, 6?
10 times as a course of treatment.

  Laser irradiation of acupoints (1) Main acupoints: uterus.

  Matching points: divided into 3 groups.

1. Zhongji, Qihai, Guanyuan, Shenshu, Xuehai, Zusanli, Guanyuanyu, Sanyinjiao; 2. Baji; 3. Uterus, endocrine, pelvic cavity, ovary (place auricular points).

  (2) The main acupuncture points must be taken every time. For attachment inflammation and fallopian tube embolism, add the first group of acupuncture points and irradiate a total of 4 points each time.

When the effect is not obvious, add the third group as appropriate.

  He-Ne laser treatment instrument, wavelength 6328 angstroms.

The main point plus the first group of matching points, the output power is 3?
5 mW, the uterine point is irradiated for 10 minutes, and the matched points are irradiated for 5 minutes; the main point plus the second group of matched points, the output power is 25 mW, and the total irradiation is 20 minutes each time.

The auricular point uses light-guiding fibers to directly contact the skin, the output power is 7 milliwatts, the spot diameter is 4 mm, and the area is 12.

56 square millimeters.

Choose 2 each time?
3 points, each point is irradiated for 5 minutes.

Once a day, 15 times is a course of treatment.

  Moxibustion (1) The main point of acupuncture: Qi Hai, Zhongji, return.

  Acupoints: Dachangshu, Jixu.

  (2) The main method is to treat the main points, and add points when the effect is not obvious.

Take 2 each time?
3 points.

The operation can be divided into traditional moxibustion with ginger and moxibustion.

The traditional method is: take pure Ai casting diameter 1.

5 cm, height 1.

8 cm of Ai Yi, enter 0.

4 cm thick slices of fresh ginger are lit, and each point of moxibustion is 3 strong, each strong about 6?
7 minutes.

The method of moxibustion is as follows: the meridian acupuncture device is used, the moxibustion head is fixed on the acupoint, and the acupuncture point is set to 0.

Fresh ginger slices with a thickness of 2 cm, each moxibustion takes 20 minutes, the temperature is based on the patient’s comfort.

The above statutory once a day, 10 times a course of treatment, the interval between treatments?
5 days.

About two?
Three courses.

  Body acupuncture (1) Main points for acupuncture: Guan Yuan, watercourse, Zusanli, Sanyinjiao, return, and ditch.

  Acupoints: waist acid plus Shenshu, Ciliao, Venezuela; leucorrhea and more ground machines, Yinlingquan; irregular menstruation plus Zhaohai, between the lines; abdominal distension with veins, Qihai; inflammatory masses and houses.

  (B) the main method of selecting acupuncture points 2?
3 points, add points as appropriate.

Guan acupoint needs to reach the vagina, watercourse, and return to the accessory part. The method requires light insertion and gentle twisting, combined with a small twist, to stimulate the vitality.

When the needle is stopped, the patient feels certain abdominal pains such as abdominal pain at the time of onset.

After the acupuncture points get qi, it is used for the method of leveling up and reducing diarrhea.
Needle 15?
For 20 minutes, warm needles can be added when the needles are left in the abdominal points.

During acupuncture, it is not advisable to pierce the part and the mass area directly.

Menstrual periods do not need warm needles.

Once a day or every other day, 10 times is a course of treatment.

Treatment interval 3?
5 days.

  Cupping (1) The main points of acupuncture: Guan Yuan, Shenshu, Sanyinjiao, under the seventeenth vertebra.

  Acupoints: Qi Hai, waist and eyes, large vertebra, Hachiman.

  (2) The main acupuncture points are mainly used for treatment, and the acupuncture points are added or changed when the effect is not good.
Replace 2 each time?
3 points, first massage the acupuncture points, after the surrounding veins are exposed, use a triangular needle to puncture, determine the number and depth of puncture according to the severity of the condition, and then use the fire method or cupping method 5?
10 minutes.

The amount of bleeding is as small as 3?
5 ml, up to tens of ml.

  Take the cans a little bit and suck them out by flash fire, leaving the cans at 15?
After 20 minutes, use a triangular needle (also using a skin needle) to quickly puncture ten times.

Then moxa stick moxibustion for 15 minutes.

  The method of acupuncture points is performed once a day or every other day, and the acupuncture points are alternately used, and 10 times is a course of treatment.

  Acupoint application (1) Acupoints Main points: lower abdominal pain: return, waterways, low back pain: Mingmen, Shenshu, Qi Haishu, Yaoyangguan; back pain: Guan Yuanyu, bladder shu, epicondyle, second condyle, Inflammatory mass: A is a point.

  A is acupoint location: the lesion.

  (2) Preparation of treatment method: 30 grams of artichoke ginger, 24 grams of safflower, 15 grams of cinnamon, 18 grams of white mustard seed, 18 grams of bile star, ephedra, raw Pinellia ternata, 21 grams of aconite, red lady, red budEuphorbia 3 grams each.

Use 5 jins of sesame oil to fry and slag the medicine, add 240 grams of camphor per jin of oil, 1.

5 pounds of oil plus 4 grams of musk, 30 grams of vine yellow noodles, spread into a large plaster weighing 6 grams each, a small plaster weighing 3 grams each, spare.

  When using, the selected acupoint area is washed and wiped dry, and the plaster is heated and baked to stick the acupoint. Except for Ashi, a large plaster is used, and the rest is a small plaster.

In the summer, the dressing is changed once every 12 hours, and in the winter, the dressing is changed once.

Menstrual period is interrupted, 12 times as a course of treatment.

  Dialectical diet therapy: 1. Qi stagnation and blood stasis manifestations: tingling or bloating in the lower abdomen, pain radiating to the lumbosacral region, a mass in the lower abdomen, pain in pressure, a large amount of underbelly, irregular menstruation, and dark blocks.

There are petechiae on the dark side of the tongue, thin white fur and thin pulse strings.

  Diet: ① 30 grams of hawthorn, 15 grams of bergamot, 60 grams of bitter amaranth, add water and fry, take 1 dose daily, and even take 7?
8 agents.

② 30 grams of misograss, 10 grams each of bergamot and rose, decoction.

1 dose per day, even 5 servings?
6 days.

  2, liver and kidney yin deficiency manifestations: the lower abdomen is faintly painful, with a lot of carry, the color is yellow and sticky.

With waist and knees tenderness, dizziness, or early menstruation, pale red.

The tongue is red and moss-less, and its veins are thin.

  Food therapy: ① 30 grams of habitat, the previous rice 30?
60 grams.

Wash and slice the raw ground, and cook it twice with water. Take 100ml of juice.
Cook the previous rice porridge and add the medicinal sauce when the eight are mature.

Eat porridge for several days.

② 5 pigeon eggs and 30 grams of gelatin.

First put gelatin in a bowl, put in an appropriate amount of water, and bake on a non-smoky fire.

Take it 2 times in the morning and evening. It can be taken continuously until the disease is healed.

  3, spleen and kidney yang deficiency manifestations: lower abdomen, swelling, pain, taking a lot of volume, thin.

With soft waist, cold chills, swollen face.

The tongue is pale and fat, with thin white fur and thin veins.

  Diet: ① 50 grams of leeks root, 2 eggs, 50 grams of sugar, eat the same soup, even for several days.

② 20 grams of walnut kernels, 18 grams of coriander seeds, 18 grams of lotus seeds, 60 grams of previous rice, often eat porridge.

The best time to eat three meals a day

The best time to eat three meals a day

After entering modern society, we work more and more hours.

There wasn’t even time to eat, so I could only use a few packets of instant noodles to deal with the problem.

You see, the meals are irregular.

Can cause a variety of diseases.

You must eat and live regularly to ensure your health.

So what is the best time for three meals a day?

Let’s take a look below.

  What time is it for three meals a day?

The best time to eat three meals a day!

  1. Breakfast, time should be from 6:30 to 8:30. Breakfast is the most important meal of the day and the first meal.

I spent one night on metabolism, loss of various energy, and consumption of body fluids.

Our energy is almost exhausted, so breakfast is a must.

Eat more protein-specific foods in the morning, certain eggs, milk, and more.

To absorb some moderate aunt.

But not too much to prevent getting fat.

  Although the breakfast should be rich, but not too much energy, refuse to eat foods with high concentration and high fat in the morning.

May affect our day work and study.

  2, lunch, the best time is from 11:30 to 1:30, it is very important.

It’s a succession meal.

After a busy morning of work, the energy for breakfast was almost exhausted.

And for us, we have to continue working in the afternoon.

And the workload may be scaled, which requires our lunch to be full and eat well, and to be vegetarian.

You can eat some food with transition.

Staple food is a must, but less vegetarian.

For partners who want to lose weight, eat more vegetables for lunch.

  3, dinner, eating time is generally from 6:00 to 8:00 after a day of rest, our bodies are very tired, so we need to eat some low-dose food, so as not to cause excess energy, but also rest at night, before the next mealIt’s a long time, about 12 hours.

Therefore, dinner is suitable for eating something that is full, as long as you feel full.

However, supper must be eaten. You cannot eat dinner because you want to lose weight.

  Have a good breakfast, a full lunch, and a small dinner.

For the meaning of this sentence, eat some high-quality food for breakfast and be nutritious.

But eat a balanced diet.

Such as milk bread, eggs and the like.

It’s best to have some soy products.

If there are nuts, it is better to eat a little in the morning.

  Have to eat full lunch, not picky eaters, eat all kinds of food.

Eat more staple foods and meals, and be sure to have plenty of variety.

  Eat less for dinner. Don’t starve yourself, but don’t overeat.

Eat less oil and less high-conversion foods.For example, vegetables.

As long as we have three meals, our body will be healthy.

Gather thighs from small objects on the spot

Gather thighs from small objects on the spot

This action is effective for tightening thigh muscles, and the focus is on the movement of the body’s center of gravity.

When the upper body suspects the foot that stepped forward, it means that the center of gravity moves to the front.

Be careful not to step too far. If the step is too large, you will easily lose balance when you return to the original posture.


Hold a drinking bottle in each hand, and let your arms hang down naturally from your body, with your legs close together to straighten your spine.

  The calf is the most charming. It can be displayed whether it is in a skirt or pants.

The pursuit of slenderness is no longer enough, it must be smooth and delicate enough, so we must not forget to take good care of it.


Keep your upper body straight, while exhaling, slowly take a big step forward with your left foot, move your weight to your left foot, bend your left knee and squat.

Note that the right heel cannot touch the ground.

Then exhale, slowly return to the original position.

Step forward with your right foot and repeat the above action.

Repeat 10 times for each leg.

  Extension: Are you excited to buy back the boots that have been put on hold?

In addition to long boots, short boots are also extremely popular this season.

However, short boots are not as easy to wear as long boots and require certain skills. In case of poor wearing, it will seriously affect your ratio. The following suggestions are worthy of reference!


Hold the squat position for a few seconds, and then exhale, return to the original posture.

Hold a drinking bottle in each hand, with your arms hanging down on both sides of your body, and your legs close together to straighten your spine.

  For many women in the office, they may sit in the office for a few months or more a day, and slowly find that the thighs are getting thicker and thicker. In fact, as long as you understand the real problem with your thighs?

With some simple exercises and even changing the sitting position, you can achieve the effect of preventing the thighs from becoming thicker.