Tsingtao Brewery (600,600): Accelerated improvement in gross profit margin has been realized for 4 quarters

Tsingtao Brewery (600,600): Accelerated improvement in gross profit margin has been realized for 4 quarters
Event Company publishes third quarter report for 2019.  The company achieved operating income of 248 from January to September.9.7 billion, an annual increase of 5.3%; net profit attributable to mother is 25.USD 8.6 billion, an annual increase of 23.1%; net profit after deduction to non-mother 22.9.8 billion yuan, an annual increase of 27.5%.  Among them, the operating income in the third quarter alone was 83.USD 4.6 billion, an average of one each year.7%; realized net profit attributable to mother 9.$ 5.5 billion, an annual increase of 19.8%; net profit of non-attributed mothers 8.5.3 billion, an annual increase of 22.7%.  In terms of revenue, sales volume increased in the third and third quarters, and the ton price continued to increase rapidly.(1) Affected by the rainy weather in many parts of the country and the impact of cargo hold at the end of the second quarter, the company’s sales in the third quarter fell.1%, but we believe that the quarterly growth contribution rate caused by the cargo holding behavior, we still maintain the industry’s overall sales and the company’s sales will remain stable in the long-term judgment.From January to September, the company achieved beer sales of 719.May, at least 0.07%.  One single Q3 sold about 246.1 First, drop by 6 every year.1%.(2) The sales structure continued to increase, and most of the sales were low-end products.In the third quarter alone, the sales volume of high value-added products / other major brands / other brand products were about 50/67/129, accounting for about 20% / 27% / 52% of the total sales, and each year +0.8pct / + 1.0pct / -1.8 points.The proportion of other brand products (approximately expected low-end products) decreased rapidly, mainly due to the low-end products mostly at the end of Q2.  (3) The price of ton in the first three quarters is about 3460 yuan / ton, which is increased by 6 every year.2%, of which Q3 increased by about 4.The main reason for the decrease of 9% from the previous month was that the base price of the ton price has gradually increased through price increases in 18Q3.Q1 / Q2 / Q3 ton price growth rate is about 4 respectively.4% / 6.1% / 4.9%, of which Q1 is mainly contributed 杭州桑拿网 by structural improvement and a small increase in price. Structural improvement is the more important factor; Q2 increases tax reduction factors. The replacement tax rate has dropped from 16% to 13% since April 1.The impact of commercial discounts and tax reductions on ton prices is expected to be 1?2%; Q3 continued to increase rapidly, and the decrease in QoQ was a base reason.  Structure, ton price, and gross margin improvement are the core of industry and company inflection point improvement.  The gross profit rate accelerated, pushing the rated profit rate upward.In the first three quarters, gross profit margin, operating profit margin, net profit margin, and non-net profit margin were increased by 0.9pct, 1.9pct, 1.5pct, 1.6 points.The first three quarters of non-net profit increased by 27.5%, single Q3 still achieved non-net profit growth 22 in the case of sales decline.7%.  The deduction of non-net profit margin accelerated, mainly due to the increase in gross profit margin, the decline in taxes as a percentage of revenue, and the decrease in impairment losses.  (1) In terms of gross profit margin, the total increase in the first three quarters was zero.9%, with Q1 / Q2 / Q3 increasing by 0 respectively.5 points / 1.0pct / 1.3 points.The gross profit margin accelerated.  In nominal terms, the cost of ton growth is expected, with Q1 / Q2 / Q3 increasing by 3 respectively.5% / 4.6% / 2.5% is basically two aspects: one is that the company ‘s increased recycling rate of used bottles this year has increased from 70% to 75% to effectively reduce costs; the second 18Q3 cost base has risen to a high-level position, leading to an increase in growth.Looking forward, the major wine companies will jointly accelerate the high-end layout. It is expected that the company’s ton price will maintain a rapid increase rate, and then there will no longer be a marginal effect of the decline in conversion rate next year. We expect the ton price to remain at 3?At the same time, the ton cost growth rate is expected to land significantly. Driven by these two factors, the scissors difference between the ton price and the ton cost growth rate is expected to gradually increase, and the company’s gross profit margin will continue to increase.  (2) The proportion of sales tax to income, Q1 / Q2 / Q3 decreased by 0.1/0.6/0.5pct, mainly due to the decline in shrinkage.  (3) In the first three quarters of last year, the company suffered an asset impairment loss of approximately RMB 50 million due to the closure of the plant. This year, the company’s closure plan was implemented in Q4. Impairment decreased in the first three quarters, so the net profit appreciation rate of the statements was objectively increased.But even without considering the impact of this part of the impairment, the company’s net profit growth rate is still about 15%, and in the case of sales of -6%, the structure can promote the achievement of such profit growth.  The expense ratio remained stable in line with expectations.Maintain maximum shutdown of plant 1?2 expected.  The sales expense ratio increased by 0 in the first 3 quarters.3 points to 17.2% (Q1 / Q2 / Q3 +0 respectively.8 / -0.2 / + 0.8pct), as expected.  The management expense ratio decreased by 0 in the first three quarters.2pct to 3.6% (Q1 / Q2 / Q3 are -0 respectively.4 / -0.1 / -0.2pct), as expected.  Although no specific plant closure arrangements were announced temporarily in the first three quarters, we can see from non-recurring gains and losses that employee placement expenses have reached most of last year’s considerable levels, and we estimate that the company’s plant closure progress has steadily advanced.  The core focus is on structure, ton price, and gross margin improvement, and it is recommended to dilute the quarterly sales volume change.The continued performance of performance is currently expected to drive performance, and the estimates are jointly improved.  Promoting high-end, efficiency improvement is the core of the company’s operation improvement. Since the 2018 annual report, the improvement logic of the industry and the company has continued to materialize.In terms of performance, what is expected in the future 2?The average annual profit of the company in 3 years has increased by 15?20% (the overall growth rate of the industry) or higher; from the perspective of conversion, based on the historical review of Tsingtao over the past few decades, we believe that the improvement in profitability is the core factor driving the company’s estimate upward.Promote, a high probability will usher in performance, it is estimated that both rose.  Earnings forecasts and investment recommendations Maintain ongoing earnings forecasts. We expect 2019?After the company’s restoration in 2021, the net profit attributable to mothers will be 19 respectively.4, 23.5, 28.3 ten percent, an increase of 22 per year.8%, 21.1%, 20.4%.The company’s latest consensus 47.90 yuan (market value of 62.2 billion) corresponds to 2019?The dynamic PE (after reduction) in 2021 is 33.4, 27.5, 22.9 times, corresponding to 2019?2021 EV / EBITDA (after reduction) is approximately 14.0, 12.2, 10.6 times.  Maintain “Buy” rating and raise TP to 60.0 yuan, target price corresponds to 2019?2021 EV / EBITDA (after reduction) is about 18.3, 16.0, 13.9 times.

Runda Medical (603108): IVD integrated service circulator growing through continuous mergers and acquisitions-Fu Tao

Runda Medical (603108): IVD integrated service circulator growing through continuous mergers and acquisitions-Fu Tao

Runda Medical is a mature medical laboratory comprehensive service provider based in East China and covering the whole country.

As a cross-regional IVD comprehensive service provider, the company can undertake IVD manufacturers upwards and dock hospital customers downwards.

At the same time, self-produced products are synergistic with company channels.

As a leading company in the IVD channel, the company’s national integrated business expansion continues to accelerate.

The company has acquired more than 30 wholly-owned or holding subsidiaries through mergers and acquisitions. The business covers most of the provinces, cities, and regions in China including East China, Northeast China, North China, Central China, and Southwest China.Has basically completed the nationwide strategic layout.

Extremely, business growth in the Northeast, Central China and Southwest China is faster.

Through continuous mergers and acquisitions, the company promotes the development of overall integrated services to the whole country.

At the end of 2018, the company’s overall integrated services business revenue accounted for 30% of total revenue, approximately $ 1.8 billion, and an annual increase of 45%.

At the same time, the company took advantage of its own value-added services to acquire channel providers with hospital-related resources, and continued to integrate resources to achieve nationwide expansion.

In addition, the company supports 23 hospitals nationwide to establish regional inspection centers and provide overall integrated services, extending downstream to the industrial chain.

The self-produced products are gradually enriching, and the growth rate of the production base is still maintained at over 28%.

The company’s self-produced products cover the fields of glycated hemoglobin, quality control products, biochemical reagents, chemiluminescence and POCT, and achieved revenue in 20182.

USD 1.7 billion, a year-on-year growth of 28%. The company has successfully completed the full use of Runda Jinshan Industrial Park, and the overall production efficiency has been further improved.

The company’s cash flow situation continued to improve in 2018.

The company’s net operating cash flow was 5.

390,000 yuan, a sharp increase of 713.

42%, first of all, the following two points: the strategic cooperation agreement reached with upstream manufacturers has reduced procurement costs and also obtained supplementary accounts in terms of payables; the company has strengthened the control of receivables and replaced the receivables with assessments.

Investment suggestion: It is estimated that the operating income for 2019-2021 will be 75.

02, 92.

16 and 111.

870,000 yuan, an increase of 25北京桑拿洗浴保健 in ten years.

78%, 22.

85%, 21.

39%; net profit attributable to mothers is 3.

28, 4.

10, 5.

02 ppm, an increase of 25 in ten years.

42%, 24.

89%, 22.

47%; realized EPS are 0 respectively.

57 yuan, 0.

71 yuan, 0.

87 yuan.

Taking into account the acceleration of the company’s integrated business expansion and continued improvement in cash flow, we believe that the company’s reasonable forecast range for 2019 is 16-21 times PE, a reasonable variable price range of 10-12 yuan, and it is covered for the first time, given an “overweight” rating.

Risk Warning (1) Business promotion is not up to expectations.

(2) Policy risks: Changes in related industrial policies may lead to adjustment of the company’s business model.

(3) Risk of price reduction in the industry.

Sit back after meals is good for liver care

Sit back after meals is good for liver care

Sit and rest for 10 to 30 minutes after eating, then go to a nap, take a walk or do something else, which is very necessary for the maintenance of people ‘s liver, especially for people with liver disease.

  Experts explain that after people eat, the blood inside the body is concentrated in the digestive tract to participate in food digestion activities. When the body goes from lying down to correction, the blood flow into the liver will be reduced by 30%.At this time, blood flow into the liver will be reduced by more than 50%.

If the liver is in a state of insufficient blood supply, its normal metabolic activity will be affected.

  Keep your eyes closed for 10-30 minutes after meals, and allow the blood to flow to the liver appropriately to supplement liver cell oxygen and nutrients.

Woman loves regret medicine

Woman “loves” regret medicine

Who will you marry?
Every woman has her own Prince Charming, even more than one.
But women are always righteous and fickle, perhaps the real Prince Charming is really hard to find in reality.
  ○ Marry a rich man who eats and eats fish, has a car, a luxury villa, Jinyi Lifu, Zhuwei green, and the fragrance is diffused. This kind of day should be good?
However, men need time and energy to make money. Rich men are either businessmen who must compare their baht, or they are busy with entertainment.
The businessman’s mind is full of benefits, calculating inputs and outputs every day, lacking warmth. ○ Marrying a handsome guy is obviously self-defeating.
Even if a handsome guy has a heart and only loves you, he can’t resist the dedication of other women.
The handsome guy looks handsome, and the encounters come fast, so fast that you can’t stop killing them, and then your marriage becomes a farce that you sing me on stage.
  ○ Marry a man who has leisure. He is accompanied every day. He has few things and has a good memory.
He goes home on time every day, and he cooks good food. He is willing to accompany you to the mall and will educate his children.
You live in his siege every day. Shouldn’t it be a pity?
No, such men often have limited abilities, without a lot of money, you have to work hard together.
Seeing other women’s respect and superiority, they will not be reconciled: how can others marry a “diamond man”, and how can they marry a broken copper?
  ○ Marry a man who speaks sweet words Your mood will be especially comfortable, this kind of man is smart and attentive and good at discovering the beauty of women.
However, you should be awake, this kind of man is also very good at discovering the beauty of other women besides you.
He will tell sweet words to many women. This kind of man is very dangerous. If you accidentally put up a few “colorful flags” outside, you will be filled with pain and shame.
  ○ Marry a simple and awkward man. Although you can rest assured, he is loyal to you, has no heart, and can definitely not squint at the beauties passing by.
However, this kind of man is often terribly dull, and you have changed a new pair of shoes for a week, but he didn’t find it.
Marrying a man of this lack of interest, you will feel that your feminine beauty is useless.

What storytelling children love to hear!

What storytelling children love to hear!

One dad said, “A 4-year-old baby girl likes to listen to stories the most, so she takes her storytelling seriously.

However, when I read the sentence in the book very intently, the story was always over, and my daughter had “escaped from the scene”, leaving me with only my self-esteem hurt.

How can I make my daughter enjoy listening to my story?

“I believe this good dad worked hard to tell the story, but in fact he replaced the storytelling and storytelling, but the storytelling was learned.

  Learn the story first, then learn to tell the story. The story is that the parents read the story to the child word by word.

For example, some parents think that they are not good at performing, and the level of storytelling is not good enough, but they have a good attitude. They can start with a way of reading without skills and tell stories to their children.

Of course, sometimes because the way of thinking is more rigid, the child is often not satisfied.

Therefore, you ca n’t stay “reading”. The story you choose to read must be fluent in words. Otherwise, it is just that the child is impatient and it also affects the child ‘s language development.

For example, choose some classic stories to read.

After a period of time, you can “upgrade” to tell a story. In addition to expressing the content of the story, you can also imitate and perform characters while telling.

  Choose the best time to tell a story Some parents always think that the best time for parents to tell a story to their children is before bedtime, but it may not be the case. It may be after breakfast or before dinner. Just choose the best time for your home.Time and create yourself with your child to feel relaxed and happy anytime.

In addition, when telling a story to a child, you might as well obey the child ‘s instructions. Because the parents are not radio stations, what they say, how long, and how many times should not be the parent ‘s final decision, they must also listen to the child ‘s thoughts.

For example, children are often asked to choose a book, even if they have heard that story for 3 consecutive days.

Also, allow them to interrupt the topic, ask questions or comment while they are near their parents.

Because the purpose of parents is to make their children happy when listening to stories.

  Getting started and creating different endings is a time of individuality, like “in the past .” “Today, I’ll tell you a story about .” can’t attract young children.

Parents should start to study fresh and creative beginnings to attract their attention. Some kind of beginning with questioning and guessing. A witty nursery rhyme is also a good beginning to tell a story. In contrast to the beginning, some old endings will not satisfy the child.For example, “From then on, the prince and the princess lived happily together .” “The monster is finally defeated .” To become a master of storytelling, story books are only a foundation, and parents and children can create on this basis, Use your imagination as you want, and describe the dwarf as Chinese, Japanese, space, and the plot will change. It may be possible to create a Snow White for their children, 7Each dwarf has a different color and so on.

.Therefore, the plot of the story and the ending will be good, and the child will never tire of listening.

  Dramatically, the way children like to tell a story is more important than the story itself. Therefore, when telling a story to a child, parents sometimes throw “dignity” and “personal image” behind their heads.

For example, think about arranging different tones for each character in the story. Sometimes, there is no difference between sound and tone. You can insert your nostril and insert your index finger into your mouth to produce special effects. The key to storytelling is toHappiness is conveyed to children.

Therefore, the majority of parents should put down their elder status and treat themselves as a child’s partner. When it comes to happiness, smile with the child full of joy; when it comes to nervousness, you should also clenched your fists and shiver, so as to be with your child.Resonance, children will love to listen to your story more.

  Don’t neglect the problems when telling a story. Tell your children a calm story. Don’t be as anxious as catching a train.

Generally, when you need to stop, you can insert clues to the story, ask your child some interesting questions to strengthen the effect of the story, and sometimes ask the children: “What can you do to grind the grandmother and real grandmother who are dressed up by the wolf?It is the same?

“Frogs want to become princes themselves” “Guess what gifts the farmer will ask for goldfish” and so on, to guide the children to feel and understand.

Questioning is important. It can exercise your child’s observation, imagination, and reasoning skills, while also making him especially attentive to the story.

However, telling a story to a child is not in class. If the question is boring and the child is unable to answer it, then “what does this story tell us” is not appropriate.

Think of asking questions as games, and when children can’t answer, they can provide supplementary guidance to expand his ideas.

  In childhood, storytelling by parents is a fixed program for each family, and story time will also become an important content of childhood memories.

After that, you can give our parents some tips to make your story time more perfect.

Before 3 years old, children prefer bright colors and cute illustrations. They will be intoxicated by the sound of the story told by their parents and the warm feeling of sitting in the arms of their mother.

After 3 years of age, children begin to pay attention to the story itself. They pay attention to the main context of the story and can remember each character in the story. They can even refine the main plot of a scene. At this time, the child is already passing the story.Know the whole world.

The infertility diet gives you a little surprise!

The infertility diet gives you a little surprise!

Treating infertility is not the way to take medicine every day, as the saying goes: “Medication is worse than food.

“Diet is divided into yin, yang, cold, heat, warm tonic and clearing diarrhea, so diet therapy is just” tonic “, and there is also a sense of conditioning.

It must be authentic, convenient, affordable, delicious, and have a certain targeted conditioning and nourishing effect.

  The following recommends several food therapy methods that are of practical value to infertility for doctors and patients.

  All kinds of eggs and caviar are the best raw materials for making eggs or sperm after digestion and absorption by the body. They are high in protein and should be eaten frequently.

Eggs 1 per day?
2 only.

The eggs are hot, and the duck eggs are cold. They can be used alternately. If the infertility is cold, you can eat more eggs.

Bet on hot and humid, often urinary tract infection, yellow belt, red belt can enter duck eggs.

According to popular rumors, “Children cannot eat caviar.

“There is really no scientific basis.

Investigate its cause.

It may be that “one fish roe lives one life and has sinned” (according to a Zhejiang Shuru), which is in line with the old mentality of good morals.

  Eat more fish, fish, and other aquatic products, such as sparrows, pheasants, wild ducks, hares, pigeons, silky fowls, boy chickens, beef and sheep pork, and various fish, shrimp, turtles and the like.

These foods are rich in various nutrients needed by the human body, especially the protein is much higher than vegetarian food.

Flesh and blood sentimental goods, nourish the main axis of flesh and blood sentiment.

As the saying goes: “The smaller the sparrow, the smaller the fiercer.

“” You can’t eat finches away from home.

(One of the stems of the penis is called “tit”, the common saying is “little sparrow”).

Venison is rare, and eating more will raise the sun.

Today, there are more and more people with excess nutrition.

Various aquatic products are mostly flat and cool.

Raw shrimp soaked in wine, nourish yin and kidney, and help to sperm.

Turtles, lobsters, and hairy crabs have doubled in value and do not have to catch up with the trend. The working class has limited income. Pay attention to the price / benefit ratio. Therefore, it is necessary to talk about science and buy as many nutrients for reproduction as possible with limited money.

  Eel and conger eel are delicious, everyday dishes.

It has been used since ancient times, and its taste is flat.

“Compendium of Materia Medica” said: “Benefit the kidney, strengthen the deficiency.

“” Experience Collection “said:” If men and women are all fatigued and weak.

“Rihuazi Materia Medica” said: “Qiyang.

“The freshwater river eel is exceptionally tender, and the market price is several times higher than the conger eel. It can be described as a banquet treasure, and the conger eel does not have the disadvantages of” multiple items on the sea “.

“Compendium of Materia Medica” believes that eels and snakes “are similar to each other,” and indeed have the effect of expelling wind and beautifying skin.

“The Outline” still exudes eel blood, ointment, bones and head magical works, which is fascinating, but has always been struggling to refine and refine, and treasure substitutes make the best use of them.

  The Sino-Japanese joint venture Zhenjiang Hehe Healthcare Pharmaceutical Co., Ltd., backed by China’s largest freshwater river eel breeding company, Longshan Eel, introduced the most advanced technology from Japan to replace the meat of the “Tongzi River Eel”, a treasure of eels, about 250The essential parts of the brain, liver, gall, bones, etc. use ultra-low temperature to preserve the activity of active ingredients, and scientifically extract all the essence.

Concentrated and refined “He and eel essence” capsules are convenient and suitable for various vitamins, amino acids and minerals necessary for the human body.

The pharmacological research report hosted by Professor Hou Dehui of China Pharmaceutical University proves that “Hehe Eel” capsule can indeed nourish yin and kidney, promote protein assimilation, improve immune function and mating ability, without any complications, and help to increase proliferation ability.

The infertile person can help to conceive.

  Homemade bullwhip cream bullwhip with rare earth pills is more effective.

Wash, chop the sections, boil the water, discard the fishy water, and then carefully remove the hair and sundries. You must use chopsticks to clear the “臊 物” in the urethra.
Add rice wine 500?
1000ml, white wine 250ml, green onion ginger, the trick is to add a spoonful of brown sugar and half a glass of beer, without adding water, add pressure cooker, stew as low as a paste after boiling.
Bullwhip cream is mainly eaten with protein and admixtures (胨, amino acids).

For homemade bullwhip cream, you can also ask Chinese medicine to prescribe a nourishing formula. Mix the Chinese herbal decoction, about 50ml per day, and take it on an empty stomach.

The cost of homemade bullwhip cream is relatively reduced, but the production is cumbersome. There are finished bullwhip cream products on the market for sale. For example, the bullwhip kidney powder produced by Shanghai Caitong Detang Traditional Chinese Medicine Pharmaceutical Factory is a traditional cream formula with stable quality, rigorous medication and convenient use.
The bullwhip in the prescription has the effect of nourishing kidney yang and benefiting yang qi; Epimedium and walnut meat are convenient to assist.

Bullwhip helps Yang Yijing.

Nourishing liver and kidney, strengthening the strong bones and strong bones; alfalfa, mature ground, Cuscuta chinensis, Ligustrum lucidum can astringent essence and nourish liver and kidney; Huang Jing, Dangshen, Huai yam, Poria, can nourish the spleen, nourish qi and regenerate Jin;The function of nourishing yin, tanning, clearing heat and blood, and blood makes the whole formula tonic, not greasy, warm but not dry.

Applicable to kidney yang deficiency, kidney qi failure, impotence nocturnal emission, waist and knee weakness, chills and cold limbs.

Three fitness tips to help your breasts

Three fitness tips to help your breasts

Strengthens the rib lines and gradually warms the body.

Anyone watching TV, waiting, sitting in a chair can do it easily.

You can do anything at any time, even if you are chatting with people, you will not feel that you are doing breast enhancement exercises, so it is natural.

  Exercise plan one: Put your hands on your chest, fasten each other, and pull them in opposite directions for about 10 seconds.

Repeat 5-6 times.

  Time spent: About 2 minutes Must be reminded: Strengthen the contours and make the body gradually warm.

Anyone watching TV, waiting, sitting in a chair can do it easily.

  Exercise plan two: Stand at the table, straighten your elbows, rest on the table, lower your center of gravity, and slowly tilt your body back for 5 seconds.

Time spent: about 40 seconds. It must be reminded that you can do anything at any time. Even if you chat with people, you will not feel that you are doing breast enhancement exercises. It is natural.

  Exercise plan three: Massage method: 1 Use both hands and fingers to cover the entire breast, entangle the surrounding tissue, stay for 3 seconds each time.

  2 Open your hands and stop from the cleavage until the breasts are extended.

  3 Do a figure 8 massage between the breasts.

  Note: Repeat each action 5-6 times to promote blood circulation and stimulate breast development.