[Can pregnant women eat citrus fruit]_Pregnancy period_Can you eat

[Can pregnant women eat citrus fruit]_Pregnancy period_Can you eat

During pregnancy, Baomao couldn’t eat because of pregnancy reaction.

But in order to achieve a balanced nutrition for the baby in the belly.

Will force myself to eat.

However, you should pay special attention to your diet during pregnancy to avoid harming your baby.

Therefore, pregnant women should consult their doctors when eating during pregnancy. Let’s find out if pregnant women can eat mandarin sweets.

First, oranges contain a large amount of vitamin C, and vitamin C is an important nutrient that improves human immunity and participates in the normal metabolism of the human body.

And a lot of life experience tells us that orange does not contain any harmful substances contraindicated by pregnant women.

Therefore, pregnant women eating oranges can supplement vitamin C, which is beneficial to the growth and development of pregnant women and their fetuses.

Of course, although pregnant women can eat oranges, they should not be too greedy.

Eating more oranges is likely to get angry, especially if pregnant women are prone to constipation during the second trimester, pregnant women should eat less oranges.

So pregnant women have to limit the amount of oranges they eat.

As the season for oranges matures, pregnant women may eat 1-2 high-quality oranges a day.

Pregnant women in the second trimester, it is advisable to eat 1 orange for more than 2 days.

Second, the nutritional value of oranges 1, vitamin C and citric acid in oranges, the former has a cosmetic effect, but also has the effect of eliminating fatigue.

2. The thin skin in orange contains high-molecular fiber and pectin, which can promote laxative and reduce cholesterol.

3. Hesperidin can strengthen capillary cholesterol, lower blood pressure, and dilate the coronary arteries of the heart. Therefore, orange is a food to prevent coronary heart disease and arteriosclerosis. Studies have confirmed that citrus can reduce the plasma deposited in arterial blood vessels.Helps reverse atherosclerosis.

Precautions for pregnant women to eat oranges When pregnant women are eating oranges, they must pay attention to the residual pesticides that have not been washed out.

Harm to officials.

Is it related to fetal skin?
Some pregnant women say that eating oranges will make your baby’s skin turn yellow. In fact, the two have nothing to do with it. The yellowing of the newborn’s skin is normal.It has nothing to do with the child’s skin.

[How to eat walnut oil for babies]_Walnut oil_Infants and toddlers_How to eat

[How to eat walnut oil for babies]_Walnut oil_Infants and toddlers_How to eat

The majority of parents know that walnut oil is a good thing, but they do n’t know how to give it to their babies. Childcare experts say that the method is actually very simple. Parents can add some walnut oil directly to their children. This is good for the baby ‘s body.Good health.

First, how to eat baby walnut oil. The method of eating baby walnut oil is very simple. Moms can add walnut oil directly to milk, rice noodles, rice, porridge, vegetable puree, noodles, custard and other infant foods. It can also be used as a baby.Eat fried, add to the stuffing, soup, steamed fish, steamed eggs and so on, you can eat it for your baby.

1. Cooking: You can mix with other blending oils in a 1: 4 manner. Do not use high fire, and the temperature should be controlled below 160 degrees, that is, the oil is 80% hot. 2. Mix dishes: such as cucumbers, pineapples, etc.Can be added; 3, add to the brewing: such as adding milk, yogurt, honey and fruit juice to eat together; 4, add to the soup, noodles, fillings, stir-fry, seasoning; 5, dip two,The effect of baby walnut oil 1 is to promote brain development.

Walnut oil is rich in linoleic acid, linolenic acid, phospholipids, and other important substances that metabolize brain functions and constitute nerve cells.

Phospholipids are essential components that make up the brain and nerve cells, and bear the heavy task of conveying information, which plays an important role in the development of the baby’s brain and brain nerves.

2. Improve memory.

The more developed the synapse, the faster the information is transmitted, and the better the memory and thinking ability of the person.

DHA accounts for about 25% of its trace content in neural tissue, so a sufficient amount of DHA supplementation enhances synaptic structure integrity and functions.

3. Favorable vision development.

DHA also plays an important role in the maturation of photoreceptor cells in the retina, which can prevent myopia and improve vision; meanwhile, vitamin A contained in wild walnut oil can promote the formation of photosensitive pigments in the eye, which can effectively prevent night blindness and vision loss.

4. Promote baby’s hair growth and make the hair thick and dark.

Walnut oil is rich in linoleic acid and a variety of nutrients, which can help your baby’s brain development while promoting hair growth.

In addition, the linolenic acid contained in walnut oil has an important effect on the healthy development of the baby’s kidney. The baby’s kidney is good, and the hair will naturally be dark and shiny.

5, laxative.

The proportion of omega-3 and omega-6 fatty acids in walnut oil is close to that of breast milk, which is good for babies’ digestion and absorption, and will not cause the baby’s gastrointestinal burden. Among them, linoleic acid can better intestinal laxative and relieve constipation.

Third, how to choose baby walnut oil 1, must be high-quality, natural walnut squeezed out.

High nutrition, delicious walnuts can squeeze good oil.

In China, the highest quality walnuts grown in the Qinling Mountains of Shaanxi are related to the unique climatic conditions of the Qinling Mountains.

2. Must be a 100% physical pressing process.

Nutrients in walnuts, such as a-linolenic acid, a-linoleic acid, and vitamins, will be destroyed at temperatures above 70 degrees. Therefore, when pressing oil, you must use physical cold pressing method, so that theEffective retention of nutrients.

3. Hygienic conditions that meet national standards.

Hygienic conditions of walnuts must be very good when cold-pressed, otherwise it is easy to produce aflatoxin which is harmful to the human body.

Therefore, the machinery and plant must be modern and meet national standards.

Special attention must be paid to the walnut oil squeezed out by some small workshops. Because the oil extraction equipment is primitive and not often cleaned, the squeezed walnut oil can easily contain aflatoxin.

4, taste the taste of walnut fragrance.

Since walnut oil is edible, it must be delicious, so the original aroma of walnuts must be fully preserved when cold-pressed. Such walnut oil is delicious.

[Authentic practice of cabbage fans]_How to do _ Production method

[Authentic practice of cabbage fans]_How to do _ Production method

Cabbage is a popular home-cooked dish. Because of its bland nature and rich nutrient content, many people have a preference for cabbage, and there are many ways to do it, including Tao and Bao.The dishes related to dishes are called cabbage fans. I do n’t know if you know the specific method of making this dish. If you do n’t know, check out this article, because what we want to say is the authentic method of cabbage fans!

Cabbage is flat, sweet, spleen and stomach meridian; can be used for supplementing grains, moisturizing viscera, replenishing heart strength, strengthening bones and bones, organs, relieving qi, clearing heat and pain, treating poor sleep, dreaming easily, falling asleep, Joint flexion and extension are not good, epigastric pain and other complications.

Consumed by the general population.


Particularly suitable for patients with arteriosclerosis, gallstones, obese patients, pregnant women and those with peptic ulcer.


But pruritic skin diseases, eye congestion patients do not eat.

Cabbage contains a large amount of crude fiber and is hard. Therefore, it is not appropriate to eat spleen and stomach cold, diarrhea, and children with weak spleen. In addition, after abdominal and thoracic surgery, ulcers and bleeding are particularly serious, diarrhea and liver disease are not suitable.

The authentic method of cabbage fans 1 fans are best to use sweet potato fans, longkou fans are OK 2 fans are fried in long sections with soft water, boil for one minute in hot water, cover and simmer for 3 minutes4 sauteed vegetables, cut into shreds, shredded carrots, shredded pork tenderloin (preferably marinated with salt, cooking wine, pepper, and raw flour for ten minutes, so the fried meat is very tender), I rushed after workBoil rice, so skip this step, beat two eggs in 5 bowls, put oil in 6 pots, cook to 80% heat, pour in egg liquid, use chopsticks to disperse, put a spare 7 scrambled eggs in the pot, and pour in an appropriate amountOil, add pork shreds and stir-fry until the color is white 8 then put carrots and cabbage, stir-fry until the cabbage is soft 9 pour the drained water into the fans, stir fry quickly, use chopsticks and stir-fry 10 pour raw soy sauce,Oyster sauce, a few drops of old soy sauce (really just drop a little, or it will turn black after being fried), or do n’t put old soy sauce, this is your color requirement. If it is sticky, you can pour in boiling water and salt along the side of the pot.I did n’t put it, because I put oyster sauce soy sauce and old soy sauce, because now the soy sauce has a sweet taste, so do n’t put the sugar, fry until the fans color关Fire, cut into chopped green onion, stir fried egg previous 11 Zhuangpan

[How to cook quick-frozen chaos]_How to cook_How to cook

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[How to cook frozen duck legs-]_ How to make_How to make

[How to cook frozen duck legs?

】 _How to do_Making method

Frozen duck leg is a kind of meat that is more common in daily diet. Duck leg meat is tender and rich in nutritional value. It contains a large amount of protein and a variety of minerals. There are many ways to freeze duck leg, which can be used to make braised flavor.It’s better, and the method is very simple. You can make it at home. You can thaw the frozen duck leg first, and then marinate it with seasoning.

How to make frozen duck legs?

Ingredients Two duck legs, one potato, two spoonfuls of old soy sauce, one spoonful of cooking wine, appropriate amount of salt, half a spoonful of sugar, about five slices of ginger, scallions, three star anise, one dried pepper, and water or beer.Chop the legs into pieces, cut the potatoes into pieces 2, heat the pan into the duck and stir-fry the oil and seasoning (old soy sauce, cooking wine, salt, sugar, ginger, onion, star anise, dried peppers) and continue to fry and colorAdd water or beer over the duck and boil it. Then change to low-medium heat and simmer for 40 minutes until the meat is rotten. Add potato pieces to continue to stew the potato pieces. Cook the sauce on high fire and eat the benefits of duck legs.In large salamander, duck protein content is higher than livestock meat content, a small amount is moderate and the distribution is more uniform.

The fatty acids in duck meat have a low melting point and are easy to digest.

It contains more B vitamins and vitamin E than other meats. Duck meat also contains a large amount of rich niacin, which is part of two important coenzymes in the human body, and has protective effects on patients with heart diseases such as myocardial infarction.

The nutrients contained in 100 grams of duck meat are as follows: ((240.

00 kcal), protein (15.

50 grams), aunt (19.

70 g), pantothenic acid (1.

13 mg), carbohydrates (0.

20 grams), cholesterol (94.

00 mg), vitamin A (52.

00 μg), thiamine (0.

08 mg), riboflavin (0.

22 mg), niacin (4.

20 mg), Vitamin E (0.

27 mg), calcium (6.

00 mg), phosphorus (122.

00 mg), potassium (191.

00 mg), sodium (69.

00 mg), magnesium (14.

00 mg), iron (2.

20 mg), zinc (1.

33 mg), selenium (12.

25 micrograms), copper (0.

21 mg), manganese (0.

06 mg).

1. Duck-like melanoglyphic, cold, enters the lung, stomach, and kidney meridians, and has the effects of nourishing, nourishing the stomach, nourishing the kidney, removing entrails and hot bones, eliminating edema, stopping heat pus, and coughing and phlegm.

2, trace impurities in duck meat, other animal oils, the proportion of various fatty acids is close to the ideal value, the chemical composition is similar to olive oil, has a role in reducing cholesterol, especially suitable for people suffering from atherosclerosis.

3. Duck meat is also good for the heart.

100 grams of duck meat contains about 300 milligrams of potassium, which is related to heart rhythm, and potassium is high to fight sodium.

Eating too much salt and high sodium is the cause of high blood pressure, so it is very healthy to eat more duck meat every day to replace other meat dishes.

4, Chinese medicine believes that eating more duck meat can treat the skin caused by yin deficiency, dullness, dullness, weariness and other symptoms.

5. The B vitamins and vitamin E contained in duck meat can effectively treat beriberi, neuritis and a variety of metabolisms, and also anti-aging.

Sany Heavy Industry (600031) Quarterly Report Review: Performance Meets Expectations Continuous Improvement in Operating Quality

Sany Heavy Industry (600031) Quarterly Report Review: Performance Meets Expectations Continuous Improvement in Operating Quality

The performance was in line with expectations, and the quality of operations continued to improve. The company released the third quarter report for 2019. From January to September, it achieved operating income of 58.7 billion / + 43%, which was attributed to net profit of 91.

6 ppm / + 88%, after deducting 92.

5 ppm / + 77%, performance is in line with expectations.

Q3 revenue increased by 18%, and excavators and concrete machinery achieved rapid growth.

The company’s competitiveness has continued to improve, the profitability has further room for improvement, and the quality of operations has improved.

Expected EPS for 2019-21 is 1.



78 yuan, PE is 10.



8 times.

To benchmark global leaders, we are optimistic about the company’s long-term development potential.

Give 20x PE evaluation 10x?
11x, corresponding to a target price of 15.



99 yuan, maintain “Buy” rating.

In Q3, revenue increased by 18%, and the sales volume of the construction machinery industry, which realized rapid growth of excavators and concrete machinery, increased rapidly, and the company’s competitiveness continued to increase, thereby increasing the product city share.

Q3 single-quarter revenue was US $ 15.3 billion / + 18%, which was narrower than the increase in Q2 revenue growth in the previous quarter. We judge that the three major breakthrough products performed differently: 1) Excavators maintained growth rates higher than the industry level, 1-9The monthly sales volume of the excavator industry increased by 15%, of which Q3 single-quarter sales increased by 16% quarterly; 2) Concrete machinery ranked first in the world, benefiting from real estate investment exceeding expectations, rapid project construction, and rapid growth of concrete machinery; 3) The Q3 crane industry’s single quarter sales volume has dropped by 4% each year, and the company’s market share is high, or it will be affected to some extent.

The profitability was quickly repaired, the cost was well controlled, and the R & D investment increased by 32% from January to September.

5% / + 1.

4 pct, Q3 single quarter gross margin was 33.

0% / + 2.

9 pct, we judge that the gross profit margin of the excavator is relatively stable, the hoisting machinery has improved slightly, and the concrete machinery has room to improve.

The net interest rate from January to September was 16.

0% / + 3.

7 pct, Q3 single quarter net profit was 16.

1% / + 4.

2 pct, benefited from: 1) the company vigorously promoted digitalization and intelligent manufacturing, operating quality, operating efficiency, and per capita output value continued to increase; 2) costs were effectively controlled, and costs were reduced by 9 during the period from January to September

1%, sales / management / financial expense ratios are reduced by 1 each year.



5 pct.

The company continued to increase R & D investment in construction machinery and key components, and the Q3 R & D expense ratio reached 5 in a single quarter.

5% / + 2.

5 pct.
The operating quality continued to improve, the financial structure was stable, the operating cash flow was stable, and the operating efficiency was improved. The changes in the accounts receivable and inventory turnover ratio from January to September significantly increased.
The overdue amount dropped significantly, and the overdue rate of new sales was well controlled.

The financial structure is 西安耍耍网 stable, with assets and liabilities replenishing 50 at the end of September.
76%, compared with the previous quarter and supplement 4 respectively.

3 pct with 2.

6 pct.

Net cash flow from operating activities from January to September94.

45 ppm / + 8%, the highest level in history.

We raise our profit forecast and maintain a “Buy” rating. We expect the construction machinery industry to develop steadily in 20 years, the company’s competitiveness will continue to increase, and its profitability will be higher than expected.

It is estimated that the net profit attributable to mothers will be 110/130/150 trillion and the EPS will be 1 in 2019-21.



78 yuan (up 6).

5% / 3.

4% / 2.

3%), PE is 10.



8 times.

Domestic companies in the same industry have an average PE value of 9 in 20 years.

1x, overseas leader CAT and Komatsu’s 20-year PE average 11.


To benchmark global leaders, we are optimistic about the company’s long-term development potential.
Give the company an estimated 10x PE in 2020?
11x, corresponding to a target price of 15.


99 yuan, maintain “Buy” rating.

Risk reminders: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not risen as expected; real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; new product markets have not expanded smoothly;

Connie Electromechanical (603111) 2019 Interim Report Review-Core Core Business Grows Beautifully

Connie Electromechanical (603111) 2019 Interim Report Review-Core Core Business Grows Beautifully

After the company eliminated Longxin Technology, its core main business grew beautifully. After the date of the rescue fund to replace Longxin Technology came to an end, the company’s operation was back on track.

The company’s main business orders for rail transit increased 36 times per quarter.

02%, the layout of new energy vehicles is advancing steadily, maintaining a “Buy” rating.

After excluding Longxin Technology, the performance growth is ideal, and the core main business competitiveness remains.

In the first half of 2019, the company achieved operating income18.

190,000 yuan, an increase of 0 in ten years.

62%, achieving net profit attributable to mothers1.

35 trillion, compared to the same period last year 6.

08 thousand yuan.

If we assume Longxin Technology, the company will realize operating income in the first half of the year.

770,000 yuan, an increase of 39 in ten years.


Comprehensive gross profit margin of businesses other than Longxin Technology 31.

96%. We estimate that the actual profit growth of the company’s core business in the first half of the year may exceed 50%.

The plan shows sincerity. After removing Long Xin, the business performance is back on track.

The company’s stock announcement intends to sell 100% of Longxin Technology to the bail-out fund. The company’s 12 shares are pledged for 25% of the shares held by the company, and the transaction price is 400 million US dollars.The crisis brought by the acquisition.

Rail transit main business orders are full, and the growth rate is somewhat more guaranteed.

As of the end of the reporting period, the company’s rail transit sector had an increase of 36 orders in hand.

02% to 39.

880,000 yuan, an increase of 28 orders higher than the end of 2018.

6% time point growth.

In the first half of the year, the company’s rail transit business income increased by 51.

63% to 14.

09 million yuan, the beautiful growth rate or the report’s 杭州桑拿养生会所 intervention to facilitate early delivery.

The company still continues to have a market share of more than 50% in the urban rail door system for more than ten years. The market share of EMUs has also exceeded 50%, and it has a larger share in the standard and dynamic market. The company has its own core component advantages.Outstanding, can ensure the overall control of market share and gross profit margin, and maintain strong competitiveness of the door system.

The high percentage of rail transit revenue besides urban rail transit fully benefits from the peak of domestic railway and subway traffic in 2019-2020. The company’s new Guangzhou subsidiary has been established to accelerate the layout of key regions.Certainty.

The new energy vehicle business is advancing steadily.

The company’s main high-voltage, charging harness assemblies and transportation door systems have maintained market share in independent brand OEMs, expanded the development speed of joint venture brand customers, and reported a 17% increase in revenue from the new energy vehicle parts segment.

28% to 1.

940,000 yuan, the subsidiary Connie New Energy achieved a net profit of 2.64 million yuan, an increase of tens of 25.


At the same time, the company’s traditional automotive precision forging parts have received orders from BMW, Yifa, Musashi, etc., trying to open up the market space with new energy products.

Risk factors: Long Xin’s reduction in progress is less than expected; domestic railway or subway construction progress is less than expected; the company’s product gross margin declines; new energy automobile parts or traditional automobile castings and forgings have grown less than expected.

Investment suggestion: Considering that the company’s track delivery sector has a good pace in the first half of the year, we slightly increase the company’s 2019-21 net profit forecast to 3.



500 million (previous forecast was 3).


30,000 yuan), the net profit forecast for 2019 is 20% higher than 2018 (excluding Longxin Technology).

50%, the company’s current market value corresponds to 15 times PE in 2019, maintaining the company’s “Buy” rating.

Huayang Lianzhong (603825) Incident Review: Clear Growth Path Has Unique Internet Technology Advantage

Huayang Lianzhong (603825) Incident Review: Clear Growth Path Has Unique Internet Technology Advantage

Event: On March 11, 2019, the company’s stock closing price was 16.

65 yuan, up 6.


Main points: 1.

The Internet advertising market has a large space, and the company’s market share can be expected to continue to increase.

According to iResearch statistics, the scale of China’s online advertising in 2017 is expected to exceed US $ 380 billion, and the company’s revenue in the first three quarters of 2018 will be US $ 7.5 billion, increasing its market 杭州桑拿 share.

The company’s customers are mainly from the automotive, FMCG, e-commerce, IT and communications industries.

As advertisers ‘budgets for Internet channels continue to grow, the company ‘s advertising agency business will benefit from this trend and its revenue will continue to grow.

2. The Internet technology industry is leading and the company’s core competitiveness is built.

With the traditional advertising industry index, Internet advertising has a technological upgrade path.

Mastering digital information technology has become one of the decisive factors for winning the competition in the Internet marketing industry.

In 2014, the company’s R & D occupation was 0.

7.5 billion to 2.

2.5 billion US dollars, the establishment of interactive creative laboratory, digital marketing research institute and North American Silicon Valley technology research and development laboratory, the company currently has a certain competitive advantage in the field of Internet technology.

3. The business model is stable, benchmarking Dentsu Group and WPP Group.

As an Internet advertising provider, the company connects advertisers with Internet media.

The company stands at the advertiser’s default and provides advertisers with efficient marketing services.

The company’s customers are mainly direct customers, and maintain long-term stable cooperative relationships with customers to reduce customer search costs.

The company’s business model can benchmark overseas Dentsu Group and WPP Group, and the company has great potential for future development.

Earnings forecast and rating: We expect the company’s net profit to be 1 in 2018-2020.

9 billion, 南京夜网 2.

7 billion, 3.

7.5 billion, corresponding PE is 20X, 14X, 10X.

Based on the company’s rapid growth period, we give the company a PE estimate of 30 times in 2019, corresponding to a target price of 35.

22 yuan, given a “strong recommendation” rating.

Comment on the recent situation of Jinhua Group (601992)

Comment on the recent situation of Jinhua Group (601992)
The company is a large state-owned holding industry group.The core industry chain includes cement and concrete, new building materials and trade logistics, real estate development, real estate and property. Performance continued to rise.The company announced that 2018 revenue was 83.1 billion, an annual increase of 30.53%, attributable net profit of 19.2 billion, an increase of 14.94. Revenue in the first quarter of 2019 was 160 billion yuan, an increase of 61.09%, gross margin 28.64%, up 6 exceptions previously. Technology funding continues to rise.In 2018, Jinye Group’s technology expanded for a decade.71%; 28 key scientific research projects in 7 major categories have been transformed around green environmental protection, green building materials, green buildings, green manufacturing, new materials, etc., and new product sales revenue has been increasing 83.56% improve solid waste treatment capacity and strengthen transformation and upgrading.In 2018, a total of 22 companies in the Jinyu Group launched solid waste disposal, including 11 hazardous waste disposal companies with an annual disposal capacity of more than 460,000 tons; 10 domestic sludge disposal companies with an annual disposal capacity of 55 tons;There are 3 garbage disposal enterprises with an annual disposal capacity of more than 310,000 tons; 3 enterprises engaged in the disposal of contaminated soil have ranked the third in the industry.In 2018, the Group’s total disposal of hazardous waste increased by 112%, the disposal of domestic waste increased by more than 269%, the disposal of domestic sludge increased 四川耍耍网 by more than 369% per year, and the disposal of contaminated soil gradually increased by 487%. Profit forecast: It is estimated that the revenue growth rate in 2019-2021 will be 35%, 35% and 35%, and EPS will be 0 respectively.53 yuan, 0.73 yuan and 0.93 yuan, PE is 6.6 times, 4.8 times and 3.8 times, give “overweight” rating. Risk reminders: 1) risks of market changes; 2) regulatory risks; 3) risks of changes in industrial policies.

Juxing Technology (002444): a powerful manufacturer of upgraded hardware tools

Juxing Technology (002444): a powerful manufacturer of upgraded hardware tools

The impact of China and the United States is expected to be controllable, and it is expected to upgrade the global hardware tool manufacturing service providers. In this report, we discussed the two core issues of the company’s different entanglements. We believe that: 1) the overall impact of the Sino-US trade friction on the companyControllable, mainly due to the improvement of the logic of the competitive landscape, the company’s market share has steadily increased, the company’s bargaining power has been transferred, and the promised tariff has not been reached; 2) From the overseas experience, the hand tool industry has a large market capacity and the foundation of a large market capitalization company.

The company’s PE in 19 and 20 is estimated to exceed that of overseas leading companies and is at a historically low level. There is already room for repair.

Taking into account the company’s latest strategic planning and changes in external expectations, we raised our profit forecast and expect the company to return to its parent net profit for 19-21 years9.



600 million, EPS 0.



17 yuan.

19% performance growth of 25%?
40%, profitability increased beyond expectations The company is expected to achieve net profit attributable to mothers in 20198.


03 ppm / yoy + 25%?
40%, higher-than-expected performance growth, mainly due to 1) improved competition layout caused by trade frictions in 19 years; 2) higher-than-expected increase in gross profit margin caused by the depreciation of RMB and some exchange gains; 3) improvement of the company’s product structure and the proportion of private brandsImprove and enhance overall profitability.

The impact of trade friction has been positive since 18 years, and the company is expected to continue to improve its operating performance. We believe that the historical conversion of tariff increases has so far had a positive impact on the company, mainly due to the logic of 1) the increase in the company ‘s market share due to tariff increases; 2The relative bargaining power of the company’s copyright helps to promote the company’s continuous optimization of its product structure.

Through its effective strategic layout, the company is expected to achieve the goal of transforming into a global hardware tool service provider in the future, extending the impact of external uncertainties on the company’s business.

The strategy mainly includes 1) developing Southeast Asian bases such as Vietnam and Thailand, and striving to avoid the risk of being taxed in a single country through “multi-point practice”; 2) opening up European and American channels and logistics storage systems, and gradually providing customers with logistics, maintenance, and replacement.High-value-added local services; 3) Expansion of categories and conversion of hardware tool suppliers, and gradually increasing revenue scale.

The upgrade is expected to support the steady growth of revenue and profit. It is estimated that there is room for repair. We believe that the company has investment value, mainly due to 1) based on overseas historical experience, the hand tool industry has developed into a large market capitalization company.USD 26.2 billion; 2) The company has a cost advantage, and the risk of substitutability is small. In recent years, it has achieved steady growth, the company has abundant cash flow and high operating quality; 3) Until 2020/01/17, the company 19 and 20 The annual PE estimate is still lower than overseas leading companies, and is at a low level of historical estimates. The uncertainties caused by the gradual mitigation of overlapping trade frictions are expected to improve, and the company’s market risk can be improved.

The company’s profitability and anti-risk capabilities have been continuously enhanced. It has raised its profit forecast and maintained a “Buy” rating. The company is expected to return to its parent’s net profit in 2019-2021.



600 million, EPS 0.



17 yuan, corresponding to PE is 13, 11, 10 times.

Taking into account that the company’s operating stability will reach the expected industry 北京夜生活网 level, and at the same time friction is expected to suspend the expected market risk appetite, with reference to similar comparable companies 13 times PE in 2020, we give companies 14-16 times PE in 2020, corresponding to a target price of 14.


26 yuan, maintain “Buy” rating.

Risk reminders: economic growth in major overseas markets, exchange rate risks, less-than-expected progress in the start-up of Southeast Asian foundations, increased trade friction between China and the United States, and less-than-expected acquisition integration and investment synergy.