CBA新赛季赛制微调 首钢备战专注练内功_1

CBA新赛季赛制微调首钢备战专注练内功­CBA新赛季赛制微调首钢备战专注练内功­2016/2017赛季CBA联赛新闻发布会昨天在京举行。在第22个年头,CBA再次对规则进行了调整,涉及赛制、外援政策及管理力度

CBA新赛季赛制微调 首钢备战专注练内功
­  CBA新赛季赛制微调 首钢备战专注练内功­  2016/2017赛季CBA联赛新闻发布会昨天在京举行。在第22个年头,CBA再次对规则进行了调整,涉及赛制、外援政策及管理力度等10余个方面。对于新政策给北京首钢男篮可能带来的影响,主教练闵鹿蕾表示坦然接受。­  场次增加 半决赛七场四胜­  本赛季CBA最引人关注的一个变化是半决赛由以往的五战三胜增加为七场四胜,主客场顺序为2-3-2。CBA联赛办公室负责人张雄表示,这是出于市场需求,也是为了满足球迷的观赛愿望。­  经过将近4个月的常规赛和季后赛首轮的球队,只有5天的调整时间就将进入强度更大的半决赛。另外,总决赛的主客场顺序从上赛季的2-3-2变为2-2-1-1-1。张雄介绍,除了球队地域跨度因素,也希望能在比赛的最后时刻更加公平合理,“当然任何一种赛制的调整都有利有弊,我们也需要通过实践来看调整后的效果如何。”­  CBA的亚洲外援政策一直在争议中存在,本赛季可以使用亚洲外援的球队又减少一支,上赛季后5名球队中,除八一队,实际可使用亚洲外援的球队只有佛山、天津、吉林和同曦4支球队。张雄坦言:“亚洲外援政策近些年来外界议论很多,在联赛委员会内部也有不同声音,这次修改亚外政策的出发点,是为了让国内球员能有更多上场机会,在一些比赛的重要时间节点能有更多的锻炼机会。”­  继续严打 增追加停赛规定­  北京晨报记者了解到,CBA新赛季的纪律处罚条例也进行了修订,增加了队员、教练的技术犯规、违体犯规和夺权犯规累计追加停赛的规定。­  据介绍,运动员一个赛季中的个人技术犯规累计达到6次,将自动追加停赛1场;第12次则停赛3场,达到18次则取消本赛季比赛资格。违体犯规的累计次数则分别为4次、8次和12次,追加停赛场次与技术犯规相同。被夺权的处罚力度更大,个人累计2次,追加停赛3场;达到3次停赛场次翻倍,再出现一次将赛季报销。­  同时,CBA在新赛季还对教练员的行为做了进一步规范:将对教练员在比赛期间到记录台前质疑、干扰比赛秩序等违规现象进行录像取证,进行停赛追加处罚等。此外,队员如果发生打架等冲突事件,教练需负连带责任。­  备战加速 首钢要做好自己­  CBA各队主帅都出现在了昨天的发布会现场。对于半决赛场次增加带来的影响,首钢队主教练闵鹿蕾认为:“既然定出来了,就去执行和准备。七战四胜在体现球队实力方面可能更明显,不像一两场比赛那么有偶然性。我不排斥这个,正常吧。”­  首钢队打季后赛颇有心得,闵帅也表示相信球队的训练和调整能力,“总决赛不也是七战四胜吗,提前一轮而已。”闵帅还介绍了球队的备战情况。距离新赛季首战还剩10天,全队还需要进行最后的查缺补漏,“安排好这10天的训练很关键,队员又要保持好状态,又要保持健康。”朱彦西的恢复情况乐观,经过季前赛“试水”,教练组目前还是以保护他为主。闵帅还透露,张松涛在美国比赛时表现不错,“‘大树’有可用之处。一个是我怎么用好他,一个是他自己怎么去相信自己,把自己的东西开发出来。”­  闵帅表示,新赛季球队的目标依然是争取最好的成绩。“赛季很漫长,北京队并不会关注对手,而是做好我们自己,把我们的备战做好,这是最关键的。”­  北京晨报记者 刘晨

ICBC Beijing Branch makes every effort to improve the quality and efficiency of cash services during normal epidemic prevention

ICBCBeijingBranchmakeseveryefforttoimprovethequalityandefficiencyofcashservicesduringnormalepidemicpreventionSpringreturnedtotheearthandeverythingrecovered.ICBCBe

ICBC Beijing Branch makes every effort to improve the quality and efficiency of cash services during normal epidemic prevention
Spring returned to the earth and everything recovered.ICBC Beijing Branch quickly adapts to the needs of the normalization prevention and control policy, insists on the prevention and control of epidemic situation and financial services “two hands, two mistakes, two promotion”, pragmatically implements the cash supply and service guarantee during the normalization prevention and control, and fully supports BeijingRegions carried out orderly resumption of production and production, and actively implemented the current social responsibility of big banks.As of the end of the first quarter, a total of 15.8 billion in cash was invested externally, of which 12.2 billion were invoices and 3.6 billion in clean cash.  Scientific planning to ensure the full supply of cash during the critical period of the epidemic, the work of resuming production has been gradually advanced, and the rate of resumption of outlets across the bank has reached 80%.Management requirements, increase daily monitoring and pre-judgment of cash usage at outlets, make a cash transfer plan in advance, co-ordinate the management of the original new bonds and cash notes that meet the requirements of circulation, reasonably arrange the staff on duty and the arrival time, and establish cashThe emergency plan was transferred to make up for meeting the cash requirements of the outlets, and effectively improve the operation capabilities of the outlets during the resumption of production and production.  Based on people’s livelihood, effectively respond to the peak of pension withdrawal. To ensure that elderly customers in the capital area can successfully obtain “safe money”, the ICBC Beijing branch formulated a “one policy, one machine, one policy” work plan to reasonably predict the scale of pension withdrawal, Pay close attention to the management of cash inventory of implements, adjust cash inventory and add and remove cash plans in a timely manner, and improve the cash guarantee rate of implements.For temporary closure of the access cycle function, the operation of the attached line-type all-in-one machine and the passbook machine is arranged to strengthen the monitoring frequency of the platform, especially to strengthen the operation and maintenance of self-service machines during the pension period., Fully guarantee the safety of the use of equipment, effectively remedy the risk of site staff gathering, so that pension customers “have a long-term support, old-time support.”  Emergency management, customer service is in place in time. The professional cash setting department of ICBC Beijing Branch sets up an emergency support team, sets up emergency personnel arrangements and business processing models, communicates with Zhenyuan Escort Center and other relevant departments in advance, coordinates emergency vehicles, and arranges wrong accounts first.Checkout, deal with in time, and return the customer’s wrong account.The self-service channel customer service team personnel use professional business skills and good communication skills to answer the customer’s concern about the return time in detail, eliminate customer fears in time, and effectively improve customer satisfaction.  Prevent risks and rebuild cash security barriers. ICBC Beijing Branch pays close attention to treasury management and sorts out high-risk points in the cash field, including the whole point.Put the sky library, set up a sign board, indicate the date of storage, the number of bundles, the amount and the date of storage, to ensure that the cash is in line with the circulation requirements.The bank is responsible for 50 hospital door-to-door collection points and adopts the “five special” measures: namely, “special car” collection, “special person” disinfection, “special area” code placement, “special position” inventory, “special plane” operation, and the amount reaches 1.USD 1.7 billion has achieved the physical isolation of high-risk cash in hospitals and cash from other channels, truly preventing epidemic prevention and control “not loose”, and financial services “not closing”.

[Can baking cake be made without oil paper]_ 无 油纸 _ 可 可以

[Can baking cake be made without oil paper]_ 无 油纸 _ 可 可以

You must use oiled paper when baking cakes, because when you put the cake in the oven, the temperature of the oven is very high. In order to avoid cake batter, you need to use some oiled paper at this time, and oiled paper and our ordinaryPaper is not the same. He does not make the cake stick to the paper. It is also convenient to use it as a mold for the cake.

Whether to put oily paper depends on the type of cake to be baked. Generally sponge cakes (commonly known as whole egg cakes) need oily papers to facilitate demolding.

1.

Place it on a baking sheet, eliminating the hassle of cleaning the baking sheet, especially when baking small snacks and cookies!

2.

When baking the cake, add tin foil during baking to prevent the surface from being too dark. Another advantage is that it can spread the heat radiation on the cake surface to avoid surface cracking.
3.

Friends who often roast meat can use it to wrap and roast meat, so the roasted meat is relatively tender and full of water.

4.

You can also use the previous movable bottom mold to wrap it into a solid bottom mold (the wrapping method is here), so that you can use the water bath baking method without buying a solid bottom mold?
Use of greased paper: 1.

Grease paper is an essential tool when making cake rolls.

On the one hand, it can be placed on a baking sheet, and the cake can be demoulded; on the other hand, the oily paper is relatively soft. When rolling the cake, it can be easily rolled with a rolling pin.

Because the material of the foil is harder here, it cannot be replaced with foil.

2.

Because aluminum foil paper cannot be microwaved, oily paper must be used when microwaves are required.

In summary, oil paper and foil have their own advantages, so when you choose, do n’t leave them both, just in case you need them. How to choose foil and oil paperChoose a 30cm × 5m carton package, one is clean and hygienic, and the other can be used and stored.

[How to cook quick-frozen taro balls]_How to cook_How to cook

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It ‘s so sturdy, it ‘s so hard, it ‘s very difficult for you to do it. It ‘s just like a stack, it ‘s a stack, it ‘s so faint, it ‘s so beautiful, it ‘s so beautifulSorry, it ‘s hard to fry, and it ‘s like a tree with a thin chain. It ‘s like a tree with a thin chain. It ‘s hard to beat it. It ‘s very effective. It ‘s a fan, a fan, a fan, a fan, a fan, a fan, a fan, a fan, a fan, a fan, a fan.瀹炰篃鏄瘮杈冨父瑙佺殑鍋氭硶锛屾瘮濡傝妺鍦嗛鑺嬬硸姘淬€佽妺鍦嗚タ绫抽湶绛夈€傝妺鍦嗕篃鍙互鑷鍒朵綔锛岃繃绋嬫瘮杈冪畝鍗曪紝閫傚悎澶т紬鍒朵綔銆傝妺鍦嗗師鏂欙細绱柉150鍏嬨€佸崡鐡?00鍏嬨€佹湪钖矇(鍗冲彴婀惧湴鐡滅矇)450鍏嬨€佺朝绫崇矇60鍏嬨€佸湴鐡滄穩绮?0鍏嬭皟鏂欙細鍐扮硸銆佺墰濂躲€佺偧涔?鲭 氭 塶 1 銆 丸 廸 紱 屽 屡 鐡 Cang 斏 鍏 ヨ 區 呬 兑 钂 哥 四 銆 倽 逽 选 逾 选 选 选 們 們 逾 选 选忋€?銆佸彟澶栧噯澶囦竴涓攨锛屾斁鍏ユ竻姘村拰涓€澶у潡鍐扮硸鐓紑锛屽苟鎶婂啺绯栫叜鑷宠瀺鍖栥€?銆佸湪鐓硸姘寸殑鏃跺€欙紝鎶婂崡鐡滃拰绱柉瓒佺儹鍒嗗埆纰惧帇鎴愭偿(鏂规硶鏈変簩锛氫竴鏄洿鎺ユ埓涓婁竴娆℃€ф墜濂楁姄;浜屾槸鏀惧叆淇濋矞琚嬩腑鐢ㄦ搥闈㈡潠鎿€銆?4銆佹妸鏈ㄨ柉绮夛紝绯背绮夈€佸湴鐡滄穩绮夊钩鍧囧垎鎴愪笁浠斤紝鍒嗗埆鏀惧湪涓変釜鐩嗕腑銆?銆佸彇涓€浠芥贩鍚堝ソ鐨勭矇锛屽€掑叆鐑у紑鐨勫啺绯栨按(澶х害150鍏嬪乏鍙筹紝涓€瀹氳鐑殑鍝?锛屼竴杈瑰€掍竴杈圭敤绛峰瓙鎼呮媽锛岀洿鍒拌兘澶熸弶鎴愪竴涓被浼间簬钂搁澶撮偅鏍疯蒋纭殑闈㈠洟銆?You can find the best way to deal with this problem. It’s not easy to find out how to deal with it.呭垎镄勮瀺钖悗锛屽啀鏍规嵁绮夌殑骞叉箍绋嬪害鍒嗘鍔犲叆灏戦噺鐨勭儳寮€鐨勫啺绯栨按锛屾妸绱柉娉ュ拰绮夋弶鎴愪笌姝ラ浜斾腑鐨勮蒋纭浉鍚岀殑闈㈠洟銆?銆佹妸鐑崡鐡滄偿鏀惧叆涓€浠界矇涓紝鍥犱负鍗楃摐娉ョ殑姘村垎杈冨ぇ锛岄厡鎯呮垨灏戦噺娣诲姞鍐扮硸姘村苟鎻夋垚杞‖閫備腑鐨勯潰鍥€?What are you going to do?銆佸湪妗堟澘涓婃拻涓€灞傛穩绮夛紝鎶婅繖涓夌棰滆壊鐨勯潰鍥㈠垎鍒湪妗堟澘涓婃悡鎴愰暱鏉★紝鍒囨垚灏忓潡锛岃妺鍦嗗氨鍋氬ソ浜嗐€?銆佺儳涓€閿呭紑姘达紝鎶婂仛濂界殑鑺嬪渾鏀惧叆娌告按閿呬腑鐓紑锛岀瓑鑺嬪渾鍏ㄩ儴婕傛诞璧锋潵涔嬪悗锛屽啀鐓竴浼氬氨鍙互鎹炲嚭锛岀洓鍏ュ啺闀囪繃鐨勭墰濂堕噷锛屾祰涓婄偧涔冲氨鍙韩鐢ㄤ簡銆?

[Can pregnant women eat braised meat]_Pregnancy_Can I eat

[Can pregnant women eat braised meat]_Pregnancy_Can I eat

Braised meat is a kind of gourmet prepared through multiple processes. As an ordinary person, it is good for the body to eat some braised meat, but for pregnant women, try not to eat braised meat. This is becauseThe way meat is processed may have adverse effects on pregnant women, especially on women ‘s growth and development. After all, braised meat is a cured product, which is a kind of food that is heavily salted and seasoned.

Can pregnant women eat braised meat?

Reasons for pregnant women to eat braised meat cautiously: Braised meat, also known as braised vegetables, is a substitute made by preparing raw materials after preliminary processing and braised water treatment in a prepared marinade.

The diet of expectant mothers during pregnancy plays an important role in the growth and development of the fetus. The diet during pregnancy is comprehensive.

Marinated meat is marinated in marinade. It is a salted product. It is heavily salted and seasoned. Expectant mothers tend to edema if they eat too much. Most of the brined eggs contain nitrite, which is a strong oxidant.Oxidizes hypomethemoglobin in the blood to methemoglobin, loses the ability to transport oxygen, and easily causes bloody hypoxia.

Therefore, expectant mothers should eat braised meat with caution during pregnancy.

The correct way for pregnant women to eat stewed meat: Prospective mothers should eat less stewed meat as a principle. It is really a mouthful and can be eaten once or twice.

Some small workshops may have hidden health hazards in the preparation of marinades and other sauces, and prospective mothers should choose to buy them at a distance.

The key to diet during pregnancy is not partial eclipse, but not too much, a broader diet, eat more high-protein high-quality protein foods, eat more fresh fruits and vegetables, so that nutrition is balanced.

For foods that are eaten with caution or not, expectant mothers should also eat as little as possible.

Nutritional supplements for expectant mothers in the first trimester The expectant mothers in the first trimester mainly respond to pregnancy and have a poor appetite.

At this stage, expectant mothers do not have to deliberately make themselves eat more, and worry about chicken, duck, and fish every day. It is better to choose more foods they like to increase appetite.

For greasy and appetizing foods, you don’t have to eat it.

The first trimester is the period during which the main organs of the fetus develop, especially the development of the neural tube and main internal organs.

During this period, the development of voltage organs requires vitamins and minerals, especially folate, iron, and zinc.

However, it is often difficult for a pregnant mother to determine when she is pregnant. Therefore, you must start preparing for pregnancy and pay attention to the vitamins and minerals you supplement.

[Can pregnant women eat kelp]_kelp_pregnancy_can you eat

[Can pregnant women eat kelp]_kelp_pregnancy_can you eat

Pregnant women are the most protected objects in the family, because the fetus in the belly of a pregnant woman is the hope of a new family force. Therefore, various actions for pregnant women, including diet, need to be focused on. Some women prefer it after pregnancy.Eat kelp, think that kelp can feed milk and supplement nutrition, but can pregnant women eat kelp?

How to eat it?

Take a look at the following explanation.

1, pregnant women can eat kelp, supplement the amount of iodine, so as not to cause poor development of obesity and mental retardation.

So it is okay for pregnant women to eat kelp in moderation, as long as you follow the correct method of use and do not consume too much, there is no harm in eating kelp.

2, pregnant women do not drink tea immediately after eating kelp (tea contains amino acids), and do not immediately eat sour fruits (acid fruits contain plant acids).

Because kelp is rich in iron, these two foods will hinder the absorption of iron in the body.

3, pregnant women do not eat kelp.

This is because the iodine in the kelp can enter the plasma with the blood circulation, causing thyroid dysfunction.

4. Due to the rich iodine content in kelp, patients with hyperthyroidism should not eat kelp, which will aggravate the disease; pregnant women should not eat kelp.

5, pregnant women must pay attention to the freshness of kelp when buying kelp, some kelp has been placed continuously, and after curing will produce some undesirable substances such as nitrite, so you must pay attention to the quality of kelp when buying kelp.

6, pregnant women eat kelp can be cooked with meat and bones or shellfish and other soups, stir-fried kelp shredded pork, kelp shrimp, or boiled with mung beans, rice, cold salad is also a good choice.

[Fig Lean Congee]_How to do_How to do

[Fig Lean Congee]_How to do_How to do

I believe that the most common way to eat figs is to eat them first or eat dried figs.

Figs, as a fruit rich in amino acids, can fight against various diseases in the human body, so people can choose different figs to eat according to their own taste.

There are many ingredients to add to the porridge during the production week, and the fig lean porridge is also a favorite porridge flavor.

Let’s learn how to make fig lean porridge together.

The material of fig lean porridge rice 400g lean 200g supplementary figs 14 yuan meat 8 salt appropriate amount of oil appropriate amount of soy sauce method of fig congee 1.

Figs washed and opened for use; 2.

Wash and chop lean meat, add sesame oil, salt, soy sauce, starch and mix well for 10 minutes; 3.

The rice was washed out.

Add an appropriate amount of water to the pot, pour rice, figs, and boil a piece of meat until the rice is cooked through;

Pour the lean meat and cook the lean meat, season with salt, sprinkle with sesame oil, and serve from the heat.

Tips: Wash the lean meat and salt it with soy sauce and starch. The meat will be smoother and tenderer when cooked.

How to eat figs?

1. In addition to fresh food and medicinal products, figs are thoroughly processed to make dried and preserved fruits, jams, juices, fruit teas, fruit wines, beverages, canned foods, etc.

2, dried figs without any chemical additives, strong taste, sweet, extremely popular in domestic and foreign markets.

Fig juice, beverage has a unique clear fragrance, refreshes thirst, and is suitable for young and old.

3. The fig branches are luxuriant, with elegant trees and better ornamental value. They are good ornamental trees for garden and garden greening.

Efficacy and role of fig lean porridge Fig has the effects of clearing heat and promoting body fluids, nourishing the lungs and swallowing the lungs, strengthening the spleen and appetizing, detoxifying and swelling, and helping digestion.

Lean meat supplements blood, prevents iron deficiency anemia, supplements B vitamins, nourishes deficiency.

Fig Lean Broth Soup This soup has the effects of helping digestion, strengthening the stomach and intestines, clearing heat and swallowing throat, nourishing qi and nourishing blood.

This recipe has the effect of appetizing and strengthening the spleen. It is good for moistening the lungs and relieving cough. It can also nourish qi and blood, it is good for promoting digestion and absorption, and it can also alleviate the situation of anemia. You can try such health food.

Sou Yute (002503): a robust and expanding supply chain management expert

Sou Yute (002503): a robust and expanding supply chain management expert

This report reads: The company’s three major businesses go hand in hand, supply chain management has become a core growth point, financial performance is stable and controllable, overall performance has improved, and a neutral rating has been given for the first time.

  Investment points: Neutral rating for the first coverage: The company’s EPS is expected to be 0 in 2019, 2020 and 2021.

09, 0.

10, 0.

11 yuan, an annual increase of -19% / 12% / 10%. Considering the rapid growth of the 武汉夜网论坛 company’s supply chain management business, other businesses have gradually stabilized, giving the company 24 times PE in 2019 with a target price of 2.

37 yuan, the first coverage given a neutral rating.

  The three major businesses are developing concurrently, and the scale of supply chain management business is competing.

The company is an expert in the supply chain management of the domestic textile and apparel industry. After the expansion of its revenue scale and the completion of business transformation, its revenue has shown an expanding trend. In 2018, its total revenue reached 185.

1.9 billion.

Among the three main industries, brand clothing operation, brand management and other businesses have developed steadily, and supply chain management has grown strongly. In the past three years, it has become the company’s main source of revenue, and its proportion has continued to increase.

2%.

  The supply chain management business has become a core growth point, and the customer optimization overlap model helps drive performance growth.

The company provides integrated services of centralized procurement, R & D design, and procurement planning to create a B2B manufacturing procurement platform with a customized focus.

The new consumption trend in the textile and apparel industry requires improved supply chain management capabilities. The company is currently optimizing customers and establishing new subsidiaries to promote the development of the model, and the company’s supply chain management business performance promotes further expansion.

  Financial performance is stable and controllable and is expected to improve in the future.

Affected by the macroeconomic downturn, rising raw material prices, and adjustments to the company’s operating strategy, the growth rate of the company’s revenue and net profit attributable to mothers improved in 2018, and its gross profit margin declined slightly.

61%, but during the period, the expense ratio remained at the lowest level, and the profit performance was stable and controllable; the turnover situation 北京体验网 changed slightly, and the overall stability improved.

  Risk factors: The development of the supply chain management business is less than expected, the sales revenue of brand apparel changes, and the prosperity of the apparel industry is less than expected.

Torch Electronics (603678): The growth of military electronics has significantly reduced the losses of new materials many times

Torch Electronics (603678): The growth of military electronics has significantly reduced the losses of new materials many times

The net profit attributable to mothers increased by 21 in 19H1.

22%, the growth in the first half of the performance is in line with expectations The company released the 2019 semi-annual report, the company’s revenue in 2019H110.

61 ppm, an increase of 12 in ten years.

7%, net profit attributable to mother is 2.

13 ppm, an increase of 21 per year.

22%, performance 杭州桑拿 growth in line with expectations.

As the core supplier of military MLCC, the company is actively deploying the two-way capacitor and special ceramic materials business, and its future performance will continue to increase.

We expect the company’s EPS to be zero in 2019-2021.

88/1.

11/1.

35 yuan, maintain “Buy” rating.

Military electronics business revenues increase by 49 per year.

6%, self-produced components business continued to improve 2019H1 company’s self-produced business to achieve sales revenue3.

0.94 million yuan, of which sales of military products2.

710,000 yuan, an increase of 49.

59%; self-produced sales revenue of civilian products1.

23 ppm, an increase of 19 per year.

25%.

Guangzhou Tianji 2019H1 acquired in April 2018 achieved revenue of 3165.

10,000 yuan, net profit 1214.

60,000 yuan, the first half of the net profit is close to the 2018 consolidated profit.

2019H1 company’s tungsten capacitor business achieved sales revenue of 2385.

90,000 yuan, an increase of 33 in ten years.

45%, gross margin 50.

01%, an increase of 4 a year.

49pct, sales and profits of tungsten capacitors have further increased.

We believe that after the end of the 13th Five-Year Plan and the gradual elimination of the effects of the military reform, the military electronics business is expected to usher in a period of sustained high-speed growth.

The new materials business has reduced losses by nearly half, and it is expected to significantly increase the company’s competitiveness and profitability in the future.

580,000 yuan, an increase of 19 every year.

77%, the three companies engaged in new materials business Liya New Materials, Liya Tetao, Liya Chemical replaced 1.34 million yuan, 1.65 million yuan, 4.84 million yuan, respectively, reducing losses 626 times in total.

270,000 yuan.

The company started to deploy the industrialization of CASAS-300 materials in 2014, and started construction of the industrialization project of CASAS-300 in 2016, and realized profitability in 2018. The business is currently progressing smoothly.

This material is expensive. According to the company’s announced price of about 50,000 to 6 million / kg, the continuous growth of downstream demand in the future and the gradual release of production capacity will significantly enhance the company’s competitiveness and profitability.

The decline in the gross profit margin of the trading business, which is expected to achieve revenue in 2019H1’s trading business6.

62 ppm, an increase of 0 per year.

81%, gross profit margin 18.

15% twice a year.

42 points.In 2018, the company’s trade sector business was affected by the shortage of supplementary agent lines and the ceramic capacitor market. The gross profit margin of trading products increased. In 2019, the shortage of ceramic capacitors eased. The product price and gross profit margin generally began to decrease. We believe that the company’s agencyThe business gross margin growth rate is still within 深圳桑拿网 expectations.

Ceramic capacitors and ceramics new materials high-quality civilian enterprises, maintain the “buy” rating company in the first half of the new material business substantially reduced losses, military electronics business grew significantly, we believe that the transition to new materials and military electronics business usher in a high growth period, 2020The performance of -2021 is expected to continue to grow at a high speed. Therefore, the profit forecast for 2020-2021 is raised. It is estimated that Torch Electronics’ operating income for 2019-2021 will be 24.

78/29.

53/34.

7.9 billion (number from 19-21 years ago 24.

78/28.

89/33.

5.7 billion), net profit attributable to mothers was 4.

00/5.

03/6.

1.3 billion (19-21 years ago) 4.

01/4.

65/5.

33 ppm), the corresponding EPS is 0.

88/1.

11/1.

35 yuan.

Comparable companies’ average P / E in 2019 is estimated to be 34.

42, we give Torch Electronics 34-34 in 2019.

5x P / E estimates with a target price range of 30.

01-30.

46 yuan / share.

Maintain “Buy” rating.
Risk reminder: Expenditure on military spending and military-civilian integration policies are expected; the promotion of new materials fails to meet expectations.

Shaanxi Coal Industry Co., Ltd. (601225): The logic of price and volume rises gradually to realize the high cost and drag the performance

Shaanxi Coal Industry Co., Ltd. (601225): The logic of price and volume rises gradually to realize the high cost and drag the performance
Key Investment Events: The company released a semi-annual report, and realized revenue of 325 in the first half of 2019.86 ppm, an increase of 24 in ten years.17%; net profit attributable to mother 58.71 ppm, a ten-year increase of -1.23%; net profit after deduction is 57.79 杭州桑拿网 ppm, a ten-year increase of -2.91%. Both price and volume increased, and revenue increased significantly: 1) Volume increased: According to the company’s announcement, coal output increased by 5370 in the first half of the year, an increase of 1.87%; commercial coal sales are 7730 per year, an increase of 18 per year.18%.Among them, self-produced coal sales are 5267 per year, an increase of 2 per year.91%; trade coal sales are 2463 per year, an increase of 73 per year.09%.2) Price increase: In the first half of the year, the company’s coal carbonization was 386.90 yuan / ton, an increase of 14 per year.15 yuan / ton, an increase of 3.8%, of which 376 is a small amount of self-produced coal.04 yuan / ton, an increase of 9 per year.18 yuan / ton, an increase of 2.50%; trade ash 410.09 yuan / ton, up 16 before.14 yuan / ton, an increase of 4.10%.Both price and volume rose, and the company achieved revenue of 325 in the first half of the year.USD 8.6 billion, an annual increase of 24.17%. High costs drag down performance: According to the company’s announcement, the full unit cost of the original coal preparation in the first half of the year was 206.13 yuan / ton, up 32 before.89 yuan / ton, an increase of 18.99%, we believe that the rising costs are mainly from resource taxes and reclamation funds.Subject to the significant increase in costs, the performance of several of the company’s main coal-producing coal mines in the first half of the year showed varying degrees of displacement, of which Zhangjiabang achieved net profit.100 million, down 6 every year.19%; Hongliulin achieved a net profit of 10.800 million, down 15 every year.63%; Caragana tower achieved a net profit of 12.700 million, a decline of 24 every year.41%.At the same time, considering that the Xiaobaodang No.1 mine and coal preparation plant project has officially entered into a joint trial operation, and the coal quality has not yet reached the optimal state at the initial stage of operation, the company’s operating cost in the first half of the year was 182.67 ppm, an increase of 53 in ten years.59%, dragging the company’s gross profit margin performance, gross profit margin was 43 in the first half.94%, a decline of 10 per year.74 units. The cost control during the period is still good, and the operating net cash flow is even higher: the company’s sales expenses, management expenses and financial expenses in the first half of the year were 10 respectively.66, 25.29, 0.77 ppm, with annual growth rates of 2 respectively.73%, 21.52%, 10.29%, of which the increase in management expenses mainly comes from the amortization of Xiaobaodang and Xiaobaodang, and the compensation for farmland occupation of Yuan Datan. Generally speaking, the company’s periodical expenses decreased by 11.27%, a decline of 0 per year.88 units, the cost control ability during the period is still good.Operating net cash flow for the first half of the year was 110.340,000 yuan, an increase of 73 in ten years.72%, cash cow attributes are more prominent. Profit forecast and investment rating: The company’s EPS for 2019-2021 is expected to be 1.14.1.17.1.21 yuan, corresponding to PE 8, 8, 7 times, maintaining the company’s “Buy” rating. Risk reminders: 1) Demand: Downward macroeconomic impacts downstream demand in the coal industry, supply-side reforms affect downstream coal demand in power plants and steel mills, etc. 2) Supply: Incidents such as mine disasters impact coal mine production capacity; increased environmental protection and security supervision impacts coal mine production capacityLaunch, etc .; 3) price: coal price rise and conversion.