[How to cook in a stove]_how to do_how to do

[How to cook in a stove]_how to do_how to do

Barbecue is a favorite food for many people in our lives. In addition to eating barbecue outside, as long as we have tools, we can also do it ourselves at home.

There are many ways to grill, one of which is a common type.

If you are a barbecue enthusiast, you can learn how to cook under the stove so that we can make delicious barbecue by ourselves.

Let’s take a look at the specific method.

Dry pickling Dry pickling is characterized by crispy taste, chewy taste in the mouth, and those who like to eat crunchy can try it.

The ingredients for dry marinating are as follows: after the pan is heated, 800g each of salt and hemp pepper, and 80g are fried with low heat; then add sand ginger powder, allspice powder, dry sausage 50g, 10g, 100g each, and stir-fry for fiveMinutes; add 200g, 10g each of MSG and maltol after cooling down, stir well and keep it sealed.

Compared with dry marinating, wet marinating is more delicate than wet marinating, which can bring out the original flavor of the ingredients.

The wet-marinated ingredients are as follows: 100g each of Huadiao Wine and Rice Wine, 100g of Soup King, 20g of concentrated chicken juice emulsifier, celery root, dried onion, dried pepper, fragrant leaves, star anise, dahongpao pepper and coriander root each 15gThen add 120g of salt and 30g of MSG and mix well.

The dipping sesame salt is 40g of white sesame, 20g of cashew nuts, 20g of peanuts, and then smashed together, and finally put 5g of salt.

50g of cumin noodles cooked, 20g of chilli powder, 2g of spiced incense and 3g of fresh spicy, these four kinds of stir well.

250g of flavored salad oil, 50g of chicken oil in the pot to six layers of heat, then add 5g each of dried onion rice, garlic rice, ginger rice, stir-fry over low heat; then add 3g of dried shrimp, 10g of salted meat, Guilin hot sauce 100g, Knorr hot sauce 30g, garlic hot sauce 20g, Axiangpo beef sauce 35g, stir-fry for half an hour, and finally add MSG and chicken essence.

In addition to eggplant, pepper and other vegetarian vegetables, fish, seafood and meat skewers, all others must be brushed with crispy water and hung to air-dry for about 12 hours.

Crispy water ingredients: 2000g rice vinegar at 9 degrees, 250g maltose, 100g honey, 1000g distilled water, and 250g Zhenjiang vinegar.

You can buy a baking hob yourself or make one for yourself, no matter how expensive it is.

It is best to use mechanical charcoal, which is smokeless charcoal.

Bake chicken wings for 15 minutes, lamb chops for 24 minutes, pork belly for 7 minutes, and lamb legs for 40 minutes.

If you like crunchy, you can take longer. The specific time and time need to be controlled by yourself. This is also the charm of food.

Tongwei (600438): The performance of the battery segment is in line with Shen Wanhongyuan’s expectations.

Tongwei (600438): The performance of the battery segment is in line with Shen Wanhongyuan’s expectations.
Event: The company released its semi-annual report for 2019 on August 14, 2019, which is expected to achieve revenue of 161.24 ppm, an increase of 29 in ten years.39% (adjusted), net profit attributable to mothers14.51 ppm, an increase of 58 in ten years.01% (adjusted). The company issued a pre-plan for the non-public issuance of green corporate bonds on August 14, 2019. The face value of the bonds to be issued this time does not exceed RMB 3 billion (including USD 3 billion), and it is intended to be issued in stages. Key investment points: The performance is in line with Shen Wanhongyuan’s expectations, and the accelerated launch of advantageous production capacity drives high growth.The company released the 2019 semi-annual report on August 14, 2019, which reported revenue of 161.24 ppm, an increase of 29 in ten years.39% (adjusted), net profit attributable to mothers14.51 ppm, an increase of 58 in ten years.01% (after adjustment), the first growth in performance is the production 杭州夜生活网 of standard cell capacity.Due to the large-scale conversion of the construction in progress, the final expenditure ceased to be capitalized, the scale of external financing expanded, and the R & D expenses continued to increase. The report caused the company to achieve an increase in the expense ratio during the period.79 units. The initial new production capacity has obvious cost advantages, and the proportion of single crystal materials has steadily increased.The reported company’s photovoltaic business line capacity expansion, Yongxiang shares achieved high-purity crystalline silicon sales.28 Initially, it grew by 162 per year.85%.As of the end of June 2019, the company has formed a high-purity crystalline silicon production capacity of 8 inches, and the production cost can replace within 4 million tons / ton.Preliminary 2 expected that the proportion of single crystal materials in the project has exceeded 80%, 2 in Baotou and 2 in Leshan.5 The proportion of single crystal materials for the first new production capacity will gradually reach the 80% -85% efficiency level in the third and fourth quarters of this year, accelerating import substitution. The proposed issuance of no more than 3 billion green bonds has obvious advantages in the battery sector.As of the end of June 2019, the company has formed a solar cell capacity of 12GW. According to PVInfoLink statistics, the company’s cell capacity and output continue to remain the world’s number one.The company has a total capacity of 8GW of high-efficiency monocrystalline cells under construction, and it is expected that they will be completed and put into production one by one from the end of 2019 to the first half of 2020.The issuing company intends to issue green bonds in installments of no more than US $ 3 billion, and 70% of the funds raised are intended to be used for green project construction, further consolidating the funds for expansion projects.Reporting the average value, the company achieved a solar cell volume of about 6GW, an annual increase of about 97%.With the continuous increase of the company’s R & D expenses, the company’s battery technology reserves are abundant, and the non-silicon cost advantage is obvious. It is expected to continue to accumulate leading advantages in future competition. Maintain profit forecast and maintain “Buy” rating: The company is a double leader in photovoltaic admixtures and battery chips, with obvious cost advantages. We expect the company to achieve net profit attributable to mothers in 2019-2021.86, 39.92, 45.400,000 yuan, the corresponding EPS is 0.85, 1.03, 1.17 yuan / share.At present, the corresponding PE for 2019-2021 is 15 times, 12 times and 11 times respectively, maintaining the “Buy” rating. Risk reminder: PV demand fell short of expectations in the fourth quarter, and cell prices further declined.

[Honey milk has some practice?】 _How to do_How to do

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[Fried Pork with Daylily]_Fried Pork with Daylily_Family Practice_Practice

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[Do you eat beef and blood?]_ Effect_Efficacy

[Do you eat beef and blood?]_ Effect_Efficacy

Beef is a kind of nutrient-rich and extremely high-protein meat. Beef also contains many vitamins and trace elements such as potassium, which can not only enhance people’s physical fitness, but also provide more nutrition for the human body.

Moreover, the content of beef in adults is relatively low, and even those who are losing weight can eat beef.

Patients with too many civilians also regularly eat beef.

So, does beef eat blood?

Beef can replenish blood.

Benefits of beef: 1.

Creatine in beef has a higher creatine content than any other food, which makes it particularly effective in building muscle and strength.

In the first few seconds of training, creatine is the source of muscle fuel. It can effectively restore adenosine triphosphate and make the training more continuous.

2.

Beef contains vitamin B6 The more protein we need, the more vitamin B6 we need in our diet.

And beef is rich in vitamin B6, which can enhance your immunity, promote metabolism and protein synthesis, so that the body can recover in time after high-intensity training.

3.

Beef contains carnitine. Chicken and fish have low carnitine and creatine, but high beef content.

Carnitine is mainly used to support trace metabolism and produce branched chain amino acids, which play an important role in muscle growth of bodybuilders.

4 Potassium and protein potassium in beef is a mineral lacking in most athletes’ diets.

Low potassium inhibits protein synthesis and growth hormone production, which affects muscle growth.

Beef Protein Protein: 4 Hydrolyzed lean pork tenderloin produces 22 grams of major protein.

5,

Beef is a low content of linoleic acid, but it is rich in linoleic acid. Linoleic acid is a potential antioxidant that can effectively recover tissue damage caused by exercise, some kind of weightlifting.

In addition, linoleic acid acts as an antioxidant to maintain muscle mass.

Common People (603883): Store Expansion Smoothly Promotes Steady Performance Growth

Common People (603883): Store Expansion Smoothly Promotes Steady Performance Growth
Event: On October 30, the company released the third quarter report of 2019: 83 in the first three quarters of 19 years.70 billion, an annual increase of 23.59%; net profit attributable to mother 3.9.4 billion, an annual increase of 21.44%; deduct non-net profit 3.7.3 billion, an increase of 20 in ten years.62%; net operating cash flow 7.07 billion, an increase of 20 in ten years.42%.EPS1.38 yuan / share.Company performance is in line with our previous expectations.  Comments: 1. The income growth rate has temporarily increased, and the profit growth rate has been steadily. In terms of quarters, the company’s income and profit maintained rapid growth.27 billion (+23.34%), 28.0.6 billion (+26.06%), 28.36 billion (+21.46%); net profit attributable to mother 1.60 billion (+22.15%), 1.1.1 billion (+22.02%), 1.2.4 billion (+20.12%); deduct non-net profit 1.4.6 billion (+15.98%), 1.10 billion (+25.17%), 1.1.7 billion (+22.50%).  The Q3 revenue growth indicator was slightly supplemented in the first half of the year, and is expected to be related to the improvement in the rate of self-construction and mergers and acquisitions in the third quarter under the environment where the policy of licensed pharmacists is becoming severe.  The company’s net cash flow from operating activities was 7.07 billion, an increase of 20 in ten years.42%, mainly due to revenue growth and inventory optimization.The inventory turnover days in the first three quarters of 19 were 87.7 days, an improvement from the 90 days of the same period last year.  In terms of gross profit margin, the gross profit margin for the first three quarters of 19 was 33.89%, compared to 35 in the same period before 18.56% fell slightly; in terms of net interest rate, the net interest rate in the first three quarters was 4.71%, compared with the same period in the previous 18 years4.79% down 0.08%.The decline in gross profit margin is expected to be related to the increase in the distribution business and the proportion of prescription drugs. In the future, the size of stores in each region will gradually expand, management costs will increase, and the brand and scale effect will be synchronized to ferment, and the company’s profitability will be promoted.  2. Self-built + mergers and acquisitions have steadily advanced, with strong integration capabilities. In the first three quarters, the company’s number of stores reached 4,808, with a net increase of 467 in the first three quarters (177 in the first quarter + 207 in the second quarter + 83 in the third quarter).In the first three quarters, there were 536 new direct-operating and M & A stores (389 direct-operated stores + 147 acquisitions), and a net increase of 467 (69 closed stores). Quarterly, Q1, Q2, and Q3 opened new stores 109 and 183 respectively., 97, acquired 91, 45, 11 and closed 23, 21, 25 stores, self-built stores accounted for 72 new stores in the first three quarters.57% (389 new direct sales / 536 new totals) (excluding franchise).Through rigorous selection of targets for mergers and acquisitions and all-round empowerment, the company has acquired more than 1,500 stores and gradually reached or even exceeded expected results. The company’s market share in the 11 key provinces of key development 杭州夜网 has steadily increased.  3.Full employee incentives In April 2019, the company awarded 161 incentive objects (7 executives + 200 core personnel).110,000 shares, accounting for 0 of the total share capital.57%, grant price 30.12 yuan / share; In September, a further 12 were awarded to 40 incentive targets (1 executive + 39 core personnel).930,000 shares at a grant price of 37.88 yuan / share, employees are fully motivated.The evaluation goals of equity incentives are: based on the net profit attributable to mothers in 2018, the growth rate in 19-21 is not less than 20%, 45%, 70%; the annualized growth rate is not less than 20%, 20 respectively.83%, 17.twenty four%.Incentive expenses amortization: RMB 19,608 / 1388 / 5.55 million in 19-21, with little impact on profits.  Profit forecast: Net profit is expected to be 5 in 201无锡桑拿网9-2021.29, 6.6, 8.3.3 billion, corresponding to PE is 37, 29, 23 times.Covered for the first time and given a “Buy” rating.  Risk warning: Store performance after mergers and acquisitions is less than expected.

Huayou Cobalt (603799) Quarterly Review

Huayou Cobalt (603799) Quarterly Review

The company’s performance increased significantly in the first quarter of 2019, and its net profit attributable to its mother was zero.

120,000 yuan (YOY-98.

55%) The company released the first quarter of 2019: the first quarter of 2019 achieved operating income44.

10,000 yuan (+28 compared with the same period last year).

28%), net profit attributable to mother 0.

120,000 yuan (YOY-98.

55%), net profit after deduction is 0.

1.7 billion (YOY-98.

02%), net cash flow from operating activities is 0.

56 ppm from negative to positive in one year with a gross profit margin of 12.

02%, which had previously fluctuated significantly by 23.

09 points.

Finance costs are 1.

25 trillion, an increase of 183 per year.

87%, mainly due to large foreign exchange gains in the same period in 2018, compared with exchange losses in the current period.

The asset impairment loss is 1.

610,000 yuan, an increase of 266 in ten years.

13%, mainly due to the provision for inventory impairment.

According to the company’s first quarter report for 2019, as the price of cobalt products has dropped significantly compared to the same period in 2018, the decline in prices has reduced the profitability of the company’s cobalt products. It is expected that the company’s gradual net profit to the end of the next reporting period will be significantly larger than the same period in 2018.decline.

Taking into account the increase in the price of cobalt, we expect the company’s net profit attributable to its mother to be 7 in 2019-2021.

94 (-4.

29) / 11.

01 (-5.

19) / 13.

72 (-7.

56) billion yuan, corresponding to 0 EPS.

96/1.

33/1.

65 yuan, maintain the “recommended” level.

The company intends to acquire Bamo Technology, and the downstream extension will produce synergy. The company intends to purchase 100% equity of Bamo Technology by issuing shares, and the transaction amount is tentatively set at 3.2 billion yuan.

In addition, the company intends to issue shares to Cinda Xinneng to purchase its holding Huayou Luzhou15.

68% equity, the transaction amount is tentatively set at 8.

6.2 billion.

After the transaction is completed, the company will hold 100% equity of Bamo Technology and 100% equity of Huayou Yinzhou, and the total supporting financing will not exceed 3.2 billion yuan.

Bamo Technology is mainly engaged in the production 天津夜网 and sales of lithium battery raw materials. The newly acquired assets and the company’s existing new energy materials business belong to the upstream and downstream relationship. This acquisition will have an interactive synergy effect.

In addition, the company intends to increase the capital of Huayou New Energy, and at the same time, the proposed date is CITIC Investment, Guoxin Fund and other well-known first-class investment funds.

Domestic electrolytic cobalt prices stabilize, overall market supply exceeds demand According to Shanghai Nonferrous Metals, foreign media cobalt prices continue to increase, the directionality of domestic electrolytic cobalt prices weakens, and speculation about overseas cobalt prices remains doubtful.begging.

While downstream consumption is still in a doldrums, the rapid price increases of mainstream production companies have encountered a number of rejections, and most of them need to be purchased in batches.According to the CIAPS, domestic electrolytic cobalt prices continue to hold steady, currently at 26.

Between 80,000 and 28,000 yuan per ton, the actual transaction is not much, and the market shows a priceless market trend.

Risk warning: Cobalt prices fall; production capacity advances less than expected.

Agricultural Bank of China (601288): Rejected budget advantage is still significantly bad and stable for the better

Agricultural Bank of China (601288): Rejected budget advantage is still significantly bad and stable for the better

Report Summary: Event: On August 30, Agricultural Bank of China announced 1H19 financial report: net profit attributable to mother was 1214.

500 million, a year-on-year increase of +4.

9%; revenue 3231.

800 million, a year-on-year increase of +5.

5%, annualized ROE 14.

57%, a decrease of 2 per year.

15 averages.

At the end of June 19, total assets were 23.

98 trillion, non-performing rate 1.

43%, provision coverage rate of 278.

38%, core tier 1 capital adequacy ratio11.

13%.

Opinion: Deposit policy has significant advantages and is sustainable.

The interest rate on the resistor side is lower than the industry average, and the specified comparative advantage is obvious.

In terms of scale, the advantages of corporate deposits brought by a large number of county and township outlets, the scale of allocated deposits is huge, and the balance of deposits at the end of June accounted for interest-bearing liabilities.

84%; in terms of deposit structure, due to the company’s more customers’ main accounts, the required current deposit ratio is absolutely leading among major banks (1H19 current account ratio is 56).

99%, second only to China Merchants Bank).

Under the current trend of deposit termization, the short-term deposit cost of the industry as a whole has increased marginally; however, the higher demand deposit ratio of ABC has maximized the benefits.

County financial competitiveness continues to strengthen.

The company’s county-level business leads, with county-level financial revenue accounting for 36% in 1H19.

At the end of June, county-level corporate deposits accounted for 12.
.

1%, county-level personal deposits accounted for 29.

At 11%, the contribution from county deposits was significant.

The interest margin is high, and the average yield on county loans is 4.

59% (above average loan interest rate), average interest rate on deposits1.

51% (below average deposit rate).

Defective rate 1.

82%, down 26BP from the end of the previous year.

Digital transformation empowers traditional businesses.

In the field of traditional agriculture, rural areas and farmers, rapid technology has formed the comparative advantages of earlier commercial banks and Internet financial companies.

Utilize big data technology to accelerate internal and external data integration, and achieve better expansion of customer coverage and business efficiency.

In the first half of the year, the online financing balance was 343.6 billion, an increase of 138% over the beginning of the year. In terms of scenario construction, there were more than 2,600 new scenarios around consumer retail, livelihood government, and industrial chain.184.7 billion, an increase of 8.1 billion from the beginning.

With the establishment of digital transformation working mechanism and technical team, the technology empowerment effect will be more significant, and the traditional county financial competitive advantage 杭州桑拿网 will be sustainable.

The quality and efficiency of the service to the real economy have improved, the benefits of inclusive loans are reasonable, and risk control is prudent.

In the first half of the year, corporate credit was preferentially invested in the areas of Inclusive Finance, Sannong County, private enterprises and the national economy. The pricing took into account the differences in capital costs, operating costs, and guarantee methods.

At the end of June, inclusive small and micro loans increased by 36 compared with the end of the previous year.

45%, higher than the total loan growth rate of 27.
65 units; inclusive small and micro loan interest rate 4.
.
68%, higher than the average loan interest rate of 18BP, maintaining a reasonable level of income.

Ensure prudential risk control of inclusive loans, strengthen risk compensation and risk sharing.

Asset quality has improved steadily, provision coverage has increased, and safety mats are redundant.

1H19 bad rate 1.

43%, a quarter-on-quarter drop of 10BP; pay attention to the loan ratio2.

42%, an earlier decrease of 31BP.

Mainly after the company launched the net statement plan, it has actively adjusted its credit structure and stepped up its write-off efforts to achieve phased results.

Bad expectations have tightened, overdue for more than 90 days / declining for bad ten 6.
.

91 up to 65.

69%, the lowest level of the five major banks.

Provision coverage was 278.

38%, an increase of 26 earlier.

2 units.

In the second half of the year, the net statement plan will continue to advance, and the company’s stable asset quality will be sustainable.

Investment suggestion: The short-term deposit cost of the industry is insufficient to increase marginally, but the relative advantages of the company’s debt-side deposit redistribution are sustainable; the asset quality is stable, the risk control is prudent, and the credit structure continues to be optimized;

It is expected that the net profit growth rate in 19/20 will be 4.

9% / 4.

8%, giving the company 0.

85 times the 19-year PB target estimate, corresponding to the manifestation 4.

23 yuan, given a “strong recommendation” rating.

Risk warning: the decline of economic stall will lead to deterioration of asset quality; external changes in regulatory policies are expected.

Green Fund snapped up the Science and Technology 50 Index to participate in the tracking fund but lost 8.

6%

Green Fund snapped up the “Science and Technology 50 Index” to participate in the tracking fund but lost 8.

6%

Source: Wealth management company Fujii Niu announced on Friday that the announcement of the Shanghai Stock Exchange postponed the release of the 50 component index of the Shanghai Stock Exchange, which was considered by the market to be “not unexpected.”

The science and technology board index has not yet opened, leading to major fund companies lining up to knock, and fund companies with ETF business lining up to deliver authorization schemes.

Wealth Management Bull (ID: buerniu5188) found that as early as July this year, a fund company’s joint fund sales agency had first compiled the relevant science and technology 50 index and launched the relevant layout.

  It is reported that this index was formally issued by Green Fund and Flush Love Fund on the first day of the official launch of the science and technology board on July 22, tracking the stocks of the science and technology board. At present, only Greenbury’s flexible allocation of fund investmentRefer to the Science and Technology 50 concept.

However, this water-testing “mice mouse”
fund suffered a big loss. Until October 18, when the science and technology board opened, the fund’s income fell by more than 8%.

  The rapid launch of the Science and Technology 50 Index was issued by listed companies on the Science and Technology Board, and some calls for the Science and Technology Index also increased. Seizing the first-mover advantage of the Science and Technology Board index fund has become an excellent path for many small and medium-sized fund companies to raise funds.The compilation of the science and technology board index has not yet landed, and public funds have taken the lead in compiling the science and technology board index with the fund sales platform.

  In July of this year, the “Science and Technology 50” section of the Flushing Fund platform service page was quietly launched. After clicking on it, the k-line chart of the Science and Technology 50 Index was brought into view.

Since its inception, the Science and Technology 50 Index has shown a parabolic downward trend, and it has dropped to 826 on October 18.

7 points, down 16.

2%.

Niu Niu noticed that the fluctuation of the index complemented the overall fluctuation of the listed companies on the science and technology board-July 22?
On October 18, the 34 stocks of the listed science and technology board lost an average of 16.

52%.

  It is reported that this Sci-Tech 50 Index is an index compiled by tracking 50 Sci-Tech board stocks. It will select the top 50 Sci-Tech board listed companies with comprehensive strength such as profit and R & D investment ratio.

When there are less than 50 stocks in the science and technology board, they will be all divided according to certain conditions.

Specifically, this index stock has identified 34 listed companies in the science and technology board, such as Lexin Technology, Nanwei Medical, and Xinmai Medical, as the constituent stocks.

  Participation in tracking funds plunged at the bottom of the market page. Niu Mei noticed a line of small words “Greenbury’s Flexible Configuration Fund Reference Sci-Tech 50 Concept”.

In other words, unlike the “pseudo-science and technology innovation theme fund” on the market, this fund has a more pure bloodline, and only 100 南京夜网论坛 yuan can be used to buy all the science and technology innovations covered by the science and technology 50 index through the fund.For board companies, which requires 5 million yuan and two years of investment experience to participate in the science and technology board investment, it is undoubtedly the gospel of small and medium retail investors.

  As the first “crab eater”, Greenberry’s flexible allocation of funds’ performance trend naturally attracted many attention.

Wind data shows that Greenbury’s flexible configuration has been continuous since the start of the science and technology board on July 22, and for October 18 consecutively, its A and C distribution losses have reached 8 respectively.

64%, 8.

67%, the bottom of all the company’s performance, it is the leading fund in the industry.

According to relevant 上海夜网论坛 sources, “In the third quarter, two or three percent of the funds were allocated to the science and technology board stocks, which led to a performance conversion.

Some companies listed on the Science and Technology Innovation Board have gathered the hot economic fields, which is still very valuable in the long run. It is only because the number of constituent stocks has decreased shortly after the introduction of the Science and Technology Innovation Board, so the short-term risk fluctuations are also cracked.

“Niu Mei also found evidence of the allocation of science and technology board in the semi-annual report of the fund-the fund manager replaced it in the semi-annual report.” In the next stage, the fund’s stock investment will focus on seizing the investment opportunities of the science and technology board and strive to provide investorsGet long-term investment returns.

In terms of fixed income investment, the fund will actively select high-quality bonds for allocation and respond to the dual opportunities of interest rate debt.

At present, the fund is in a specific state, waiting for the listing of the science and technology board on July 22, the fund will gradually increase positions with reference to the science and technology 50 index.

“From the perspective of fund size, this fund has become a” small micro foundation “shortly after its establishment.

When it was established in November 2018, the fund raised a total of 3 shares.

55 billion; at the end of the first quarter of 2019, it shrank to 1.73 million, and at the end of the second quarter it further shrank to 99.

40,000 copies.

Regarding the reasons for almost all the redemption of short-term shares, Flush Financial Services explained that “the fund will invest in science and technology board stocks in the future, because the risk tolerance of the previous funds did not match, it has been dealt with in advance.

“It is not ruled out that this fund may increase in scale in the third quarter.

  Every reporter Wang Yan, every editor Xiao Ruidong

Zhongyuan Environmental Protection (000544) in-depth report: The state-owned enterprise environmental protection platform is ready to wait for the injection of assets

Zhongyuan Environmental Protection (000544) in-depth report: The state-owned enterprise environmental protection platform is ready to wait for the injection of assets

Comprehensive environmental service providers in the Central Plains region, with steady growth in performance.

In 2007, the company achieved backdoor listing through asset reorganization with Baige shares.

Based on sewage treatment and heating, the company has extended its business in the fields of reclaimed water reuse, construction waste, village sewage, watershed management, sludge treatment, environmental protection equipment manufacturing, and 夜来香体验网 landscaping.”Environmental protection, big ecology” comprehensive environmental service provider. The current sewage treatment scale is 153 tons / day, the recycled water utilization is 20 tons / day, the water supply scale is 10 tons / day, the sludge disposal scale is 500 tons / day, and the heating area is 400.Ten thousand square meters.

The company’s major shareholder is the Zhengzhou Public Utilities Group, and the actual controller is the Zhengzhou Municipal Government.

16%, the company’s equity concentration is relatively high.

The company’s revenue has increased 4 in the past 12 years.

43 times, the average annual compound growth rate of net profit is 20.

53%, with steady growth in performance.

Environmental protection investment in Henan accelerated, and the US $ 68.2 billion market for water environment was released.

Henan’s per capita sewage treatment capacity is 0.

16 tons per day, ranking 22nd in the country, below 0.

With a national average of 22 tons per day, the construction of sewage treatment facilities is seriously inadequate.

In 2017, Henan Province’s investment budget for environmental pollution treatment was 641.

300 million, a big increase of 78 in ten years.

24%, the proportion of GDP also increased to 1.

44%, Henan Province’s environmental protection investment has accelerated in recent years.

We estimate that by 2020, new sewage treatment plants in Henan Province will be built, river basin treatment, and black odorous water market space will be 10, 25, 42.8 billion U.S. dollars, totaling 68.2 billion U.S. dollars. If combined with rural sewage treatment, industrial wastewater, etc.Scale, the water environment market in Henan Province will be gradually released in the next few years.

Based on the prospect of sewage operation, PPP projects bring performance flexibility.

The company’s existing sewage treatment scale is 153 daily / day, and the sewage treatment capacity under construction is 48 daily / day (+31.

37%). At the same time, Zhengzhou’s sewage treatment fee is at the mid-level in the country, and the rest increases space. The sewage treatment business will grow steadily in the next two years.

In addition, the company has been obtaining total equity investments in PPP and solid waste projects since 2017.

52 ppm, as of Q3 201919.

7.3 billion, with an asset-liability ratio of only 40.

30%, there is still a lot of financing space, sufficient funds to support project facilities, and the gradual landing of PPP projects will bring performance flexibility to the company.

The reform and progress of state-owned enterprises has accelerated, waiting for asset injection and long-term investment value.

In August 2018, the company was classified as a “Double Hundred Enterprises” list for state-owned enterprise reform. It is expected that specific aspects of state-owned enterprise reform such as dating war investment, market-oriented incentives, and asset injection will improve.

Henan Assets has gradually increased its shareholding in the company from the secondary market.
.

95% became the company’s second largest shareholder.

The major shareholder public utility group and purification company promised to include the Zhengzhou New District Sewage Treatment Plant (100 tons / day) and the Shuangqiao Sewage Treatment Plant (60 sites / day) into the listed company before July 31, 2020.The processing scale elasticity is 104.

58%, waiting for asset injection.

At the same time ranking with peers, the company’s finances are relatively stable, currently only 1 PB.

04, with long-term investment value.

Earnings forecast and investment grade: Maintain “overweight” grade.

The company’s sewage treatment business has grown steadily, increasing the flexibility of performance in the sewage treatment plant and PPP projects, and at the same time, the asset injection is expected to be significant. As a result, the company’s finances are stable, and its PB is only 1.

04, with long-term investment value.

As the company’s four sewage treatment plants raised the sewage treatment fee due to the implementation of the Jialu River effluent standards, we raised the company’s profit forecast, while ignoring the impact of asset injection on the company’s performance for the time being, it is expected that the company’s 2019-2021 EPS will be 0.

52, 0.
45, 0.
49 yuan, corresponding to the current expected PE of 12, 13, 12 times, maintaining the company’s “overweight” rating.

Risk reminder: the risk of falling sewage treatment fees; the risk of PPP project expansion and promotion falling short of expectations; the risk of increased accounts receivable; the risk of uncertainty in asset injection; the risk of quotation upside; the macroeconomic downside risk