30 Apr

[Take a few easy steps to teach you how to make lotus root rib soup]_Recommended diet

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浼楁墍鍛ㄧ煡锛岃幉钘曟湁鐫€闈炲父閲嶈鐨勮惀鍏讳环鍊硷紝鍍忔竻鐑€佸紑鑳冦€佸尽瀵掔瓑閮芥槸鍏惰惀鍏绘柟闈㈢殑鍔熸晥锛屽洜姝ゅ畠鍦ㄤ紬澶氳敩鑿滅殑钄彍涓篃灏辫劚棰栬€屽嚭銆傚挨鍏跺彈娆㈣繋鐨勬槸鐢ㄥ畠鏉ュ仛姹わ紝鎺ヤ笅鏉ユ垜浠潵浜嗚В涓嬪叧浜庤幉钘曟帓楠ㄦ堡鐨勫仛娉曘€傜粡鐖卞ソ缇庨鐨勬湅鍙嬫€荤粨锛岃幉钘曟帓楠ㄦ堡鐨勫仛娉曞ぇ鑷翠负浠ヤ笅7涓楠ゃ€?.It ‘s hard to find the world, it ‘s so strong, it ‘s so strong, it ‘s so hard, it ‘s so bad, it ‘s so bad, it ‘s so bad, it ‘s so bad.搧銆傚叾涓紝灏嗚棔鍒囧ソ鏂瑰潡锛屽苟鍒囧ソ濮滅墖鍜岃懕鐧藉皬娈靛鐢ㄣ€?.灏嗗噯澶囧ソ鐨勬帓楠ㄥ潡杩涜鐒按銆傞攨涓姞鍏ラ€傞噺鐨勬按锛岀劧鍚庢斁鍏ュ鐗囧拰钁辩櫧銆傜瓑寰呮按寮€鍚庯紝鏈€鍚庡皢鎺掗鍧楁斁鍒伴攨閲岃繘琛岀劘姘村伐搴忥紝娉ㄦ剰姘撮噺娌¤繃鎺掗鍗冲彲锛岃繖鑳借鎺掗鐨勫彛鎰熸洿娓呯敎锛屼篃鏇存槗鐔熺儌銆?.What’s the difference between the world and the world? What are you doing? What are you going to do? Press and hold?.灏嗙爞閿呭仛绠€鍗曠殑娓呮礂锛屽苟鍔犲叆瓒抽噺鐨勬竻姘达紝鏀惧叆涓や釜濮滅墖鍚庯紝鍊掑叆鍑嗗濂界殑鎺掗鍧椼€傛彁绀烘按涓€瀹氳涓€娆℃€у姞濂斤紝涓嶅缓璁腑閫斿娆″姞姘达紝鍚﹀垯瀵硅倝鐨勫彛鎰熶細鏈夊奖鍝嶃€?.The problem is that there are many people in the country who are not in the same state of affairs.閿呯殑璇濓紝鏅€氱殑鐐掕彍閿呬篃鏄彲浠ョ殑锛屼絾鏄仛鍑烘潵姹ょ殑鏁堟灉娌℃湁鐮傞攨鏇村ソ涓€浜涖€?.You are here, you are here, you are here, you are here, you are here, you are here, you are here, you are here, you are here, you are here.竴鑸渶瑕佸啀鐐栦笂1涓皬鏃跺乏鍙炽€傛湡闂达紝鍙互鐪嬩笅钘曞潡鏄惁瓒冲鐔熸潵鍐冲畾鏄惁鍔犳椂銆?.鏈€缁堬紝鍦ㄥ嚭閿呬箣鍓嶅姞鍏ラ€傞噺鐨勮皟鍛虫枡锛屽锛氶鐩愩€佸懗绮撅紝鍦ㄥ叧鐏殑鍗佸垎閽熶箣鍓嶏紝杩樺彲浠ヨ€冭檻鍔犲叆閫傚綋鐨勬灨鏉烇紝杩涗竴姝ユ彁鍗囧叾钀ュ吇浠峰€笺€備互涓婂氨鏄幉钘曟帓楠ㄦ堡鐨勫仛娉曟€荤粨浜嗭紝寤鸿澶у鍙互灏濊瘯鍋氫竴涓嬨€?

29 Apr

[Is the night fragrant flower poisonous]_Characteristic_Toxic

[Is the night fragrant flower poisonous]_Characteristic_Toxic

Yelaixiang is a plant that blooms in the summer and emits a strong floral fragrance in the summer evening.

Yelaixiang, as an ornamental flower species, is planted in many people’s yards, and its fragrance and mosquito-repellent effect make it more popular.

But many people smell Yelaixiang and feel dizzy and uncomfortable. They conclude that Yelaixiang is poisonous. So is Yelaixiang really poisonous?

First, is the night fragrant flower poisonous?

According to research, the fragrance of Nocturne odorifera contains a harmful substance, which stops photosynthesis at night and emits a large amount of exhaust gas, which is harmful to the human body.

Placed in the living room and bedroom for a long time can make people dizzy, asthmatic, coughing and insomnia, and especially make people with high blood pressure and high blood pressure feel uncomfortable.

Second, can Yexiangxiang be put in the bedroom?

Because the fragrance is too strong, flowers with strong aromas such as evening scent and lily should not be placed in the bedroom, especially in children’s rooms. This strong floral fragrance can affect children’s nervous system and cause children to lose their concentration.Notes on the cultivation of tuberose incense After the photosynthesis is stopped at night, the tuberose will emit a large amount of exhaust gas. This exhaust gas smells fragrant, but it is not good for the human body. Therefore, remind everyone to put the tuberose indoors during the day and open the window to maintain the environment.Ventilation, but in the evening, you should move to a wooden board in time.

Summer is the peak season for the growth of Echinacea. At this time, the pot soil must be kept moist, and if necessary, watered twice a day.

If it comes to lemongrass at night, spray water on the foliage 1 or 2 times a day.

Guarantee the nutrients needed for its growth.

What many flower lovers don’t know is that the fragrant flower of Yelaixiang is poisonous.

But its leaves, flowers, and fruits can be used as medicine, which has the effect of clearing the liver and clearing the eyes, and can treat diseases such as redness and swelling in the eyes, upper eyes of measles, and corneal descaling.

But everyone needs to take it under the advice of a doctor.

28 Apr

[How to make chicken legs in microwave honey sauce]_Home cooking method of chicken legs in microwave honey sauce_How to make chicken legs in microwave honey sauce_How to make chicken legs in microwave honey sauce

[How to make chicken legs in microwave honey sauce]_Home cooking method of chicken legs in microwave honey sauce_How to make chicken legs in microwave honey sauce_How to make chicken legs in microwave honey sauce

To grab a man’s heart, you must first grab his stomach.

The same is true for men.

So, for your beloved, should you learn to make some decent food?

The answer is definitely yes.

Therefore, now I will first introduce the practice of microwave honey chicken legs.

1.

Chicken legs two 2.

1 put the right amount of raw soy sauce 3

2 Swipe a few knives on the chicken legs.

1 Spread soy sauce honey and marinate for 15 minutes 5.

2 put honey down 6.

Turn the chicken legs over and marinate for 15 minutes. Ok, you can take the microwave and bite 7.

Put in the microwave.

Bake with microwave function, roast chicken legs on high heat for 7 minutes and take it out.

Turn over, bake in the microwave and bake for 7 minutes.

Have you learned the microwaved honey chicken legs introduced today?

Although it has a lot of steps, but each step is not complicated, it is very simple, as long as you follow the steps to do it, you will be successful.

27 Apr

[How to make osmanthus sugar?

]_ Production method _ home practice

[How to make osmanthus sugar?
]_ Production method _ home practice

Osmanthus fragrans is a very traditional name in developing countries. This kind of snack looks very attractive. It has a strong osmanthus flavor and tastes very good. People can eat it when they are in a bad mood.Some sweet-scented osmanthose has the effect of regulating emotions. It should be reminded that people with high blood sugar or even diabetes mellitus should not eat sweet-scented osmanthus sugar. Let’s learn how to do it

How to make osmanthus sugar?
Osmanthus osmanthus is one of the top ten traditional Chinese flowers. Osmanthus tea made from osmanthus is a specialty tea in China. It has a soft aroma and a delicious taste, which is loved by the public.

So many people like to make sweet-scented osmanthus. What is the practice of sugar-osmanthus?

How to eat sweet osmanthus?

Let ‘s go and see the sweet osmanthus with Xiaobian.

Rock sugar osmanthus pear cake material 20g osmanthus, one Sydney, 80g rock sugar, 800ml water.

Method 1) Peel the Sydney and cut into small pieces. Add the water with rock sugar and boil for 1-2 minutes. Remove the Sydney pieces.

2) Add 1 small spoon to hydrate, and then add about 100ml of boiling water to make it melt evenly.

3) Put the solution and sweet-scented osmanthus into the Sydney water, stir well and pour into the Sydney pieces, and put them into the grinding tool after cooling down.

Cool to room temperature and refrigerate for 2 hours before serving.

Brown sugar osmanthus hawthorn sauce material 200g fresh hawthorn, 80g brown sugar, a small amount of osmanthus, 80g fine sugar, 100g water.

Practice 1.

Wash the hawthorn and pierce it with chopsticks to remove the hawthorn kernels.

2.

The pitted hawthorn is put into a soup pot, and water is added.

3.

Cook over low heat until the hawthorn is rotten, add fine granulated sugar and brown sugar.

4.

Bring to a boil until the sugar has melted. When the surface of the hawthorn is bright, turn off the heat, and then add osmanthus for an instant evenly.

Sugar osmanthus sponge cake material low powder 150 grams, 4 eggs, 60 grams of sugar, 50 grams of sugar osmanthus, 30 grams of yogurt, 30 grams of salad oil.

Practice 1.

Remove the eggs from the refrigerator to warm up at room temperature, and pour them into clean basins without water or oil.

2.

Add sugar osmanthus and stir well.

3.

Add sugar in 3 times until the color becomes white. Lift the egg beater, there can be a long slurry on it, and the slurry will not disappear immediately after falling into the basin.

4.

Add yogurt and salad oil and beat well at low speed.

5,

Sift the flour in several portions and use a rubber spatula to turn from bottom to top, and quickly cut and mix well.

6.

Pour the batter into an eight-inch cake mold, shake a few times, and shake out large bubbles.

7.

Preheat the oven at 160 ° C and place it in the second layer from bottom to top for 40 minutes. After coloring, cover with tin foil.

8.
After being released from the oven, it will be buckled on the test net immediately, and then let it cool off.
Sweet-scented Osmanthus fragrans material, appropriate amount of fresh lotus root, glutinous rice, osmanthus, rock sugar, brown sugar (optional).

Method 1, first soak the glutinous rice with cold water in advance; 2. Wash the lotus root, dry it, peel it, and cut a portion of the lotus root that has been taken orally for 2-3 cm, leaving it as a cap; 3, stuff the rice with lotus rootInside the hole is stuffed, cover the lotus root cap, poke it firmly with a toothpick, and fasten it with cotton thread. 4. Heat water in the pot, rock sugar, sweet-scented osmanthus, and simmer on low fire 1-1.

After 5 hours left; 5. Remove the cool glutinous rice dumplings, continue to heat the boiled soup to dry to a sticky consistency; 6. Load the plate, pour the concentrated soup, and sprinkle with osmanthus.

26 Apr

[Luffa freckle removal method]_ Luffa _ how to do _ practice

[Luffa freckle removal method]_ Luffa _ how to do _ practice

Loofah is a very healthy vegetable. Eating more loofah can intestinal laxative and whiten the skin. Because loofah contains a lot of beneficial ingredients, it has a strong whitening effect on the skin and can be removed to a certain extent.Marking, keeping the skin white and clean, let’s take a look at how to explain the method of freckle removal.

The use of loofah to freckle is mainly edible, because the beneficial ingredients of loofah need to be digested and digested to be absorbed.

1.

Cut pork belly into 4?
5 cm wide 2?
3 mm thick slices (you can slice the meat a little bit better after freezing it), add the cooking wine, peppercorns, or minced incense in the pot, and mix with a small amount of salt for 10 minutes.
2.

Beat 2 eggs in a half bowl of flour and stir them irregularly (don’t stir in one direction to avoid batter becoming strong).

3.

Then add a little water and stir to form a thick batter (the batter will start to drip slowly and slowly).

4.

Pour the batter into a pork belly pot and mix well so that the meat pieces are covered with thick batter.

5,

Peel the loofah and cut into hob pieces.

6.

Heat the wok into the cooking oil (to the extent that the small pieces of meat will form dense bubbles around the meat), place the pieces of meat in the oil pot with chopsticks, and don’t put too much oil, you can fry them several times.Finish.

7.

The meat is fried on medium heat and the surface is golden and ready to be taken out. At this time, it is ready to eat. It is delicious, but a bit greasy.

8.

Take another pot and add 2?
3 bowls of water, then add a handful of fried crispy meat, then add the onion ginger and star anise and soy sauce (you can omit the soy sauce if you like clear soup), boil on high heat and simmer for 15 minutes.
9.

Add the loofah and cook it softly, sprinkle with the spring onion, taste the salt, and then adjust the heat.

25 Apr

[How to fry mashed potatoes]_How to fry_How to fry

[How to fry mashed potatoes]_How to fry_How to fry

For many friends, mashed potatoes taste very good, and the taste is more fragrant.

I wanted to make mashed potatoes myself, thinking it was easy, but when I put it in the pan, the mashed potatoes were scattered.

If you don’t want the mashed potatoes to spread out, you can add appropriate starch to it, which can increase the stickiness.

Ingredients: 50 grams of flour, 1 egg, 2 potatoes, salt, an appropriate amount of starch, and a little spiced powder instead of fried potato balls.

Take two potatoes, wash them and boil them until they are cooked (use chopsticks to prick a few holes in the potatoes to make them riper faster) 2.

Peel the cooked potatoes (be careful with hot hands), crush, add eggs, starch, salt, allspice, and stir 3.

After mixing well, wash your hands, do not dry them, and knead them into small balls 4.

Add the right amount of cooking oil to the skillet and heat over low heat for cooking skills1.

Be sure to boil the potatoes, otherwise they won’t break easily 2.

What is the effect of rubbing the balls with wet hands and non-sticky mashed potatoes?

Mashed potatoes are mashed boiled potatoes and added milk, cream and butter or food oil.

Mashed potatoes are popular in the United States and Europe.

The main raw material of mashed potatoes is potato protein, which even exceeds soybeans, and is closest to animal protein.

Mashed potatoes are also rich in lysine and tryptophan, which are incomparable to ordinary food. Mashed potatoes are still foods of potassium nitrate, zinc, and iron.

Contains potassium to prevent cerebrovascular rupture.

Mashed potatoes + cowpea: people are quiet.

Mashed Potato + Burdock: Protect the gastric mucosa.

Mashed potatoes + beef: protect the gastric mucosa.

The nutritional value and pharmacological effects of mashed potatoes First, the protein in nutrient-rich mashed potatoes is better than soybeans and is closest to animal protein.

Potatoes are also rich in lysine and tryptophan, which is incomparable to ordinary food.

Potatoes are still foods containing potassium, zinc, and iron.

Contains potassium to prevent cerebrovascular rupture.
It contains 10 times more protein and vitamin C than apples. Vitamin B1, B2, iron and phosphorus content are also higher than apples.

From a nutritional point of view, its nutritional value is equivalent to 3 of that of apples.

5 times.

Second, the ratio of potatoes to rice is good for weight loss, and the conversion rate is only 0.

1% aunt.

If you take it as a staple food, stick to meals every day and only eat potatoes, it will be effective for some extras.

Third, to prevent strokes, you eat an average of five to six potatoes per week. The risk of stroke can be reduced by 40%, and there is no alternative.

Fourth, the stomach and spleen potatoes have the effects of stomach, tune, spleen, and qi, and have a therapeutic effect on gastric ulcers, habitual constipation, heat cough and skin eczema.

The cellulose contained in potatoes is delicate, has no stimulating effect on digestive mucosa, and has the effect of relieving pain or reducing gastric acid secretion.

Regular potatoes have become an adjuvant therapy for stomach cancer.

24 Apr

[Best birth control ring]_Best birth control ring_Birth control ring_Best

[Best birth control ring]_Best birth control ring_Birth control ring_Best

There are many different types of birth control rings according to different materials and shapes. This makes many female friends very distressed when choosing a birth control ring. I do n’t know if the birth control ring is the best birth control ring and then place it on their own body.Generally, we want to choose the best thing, so as not to adversely affect our body.

So what are some of the best birth control rings?

One, with copper intrauterine contraceptive ring: It is the most widely used type of active intrauterine contraceptive device. It uses copper to kill sperm or fertilized eggs to enhance the contraceptive effect of the contraceptive ring.

Second, inert intrauterine birth control ring: made of stainless steel wire or plastic, silicone, such as metal single ring, twist ring and stainless steel palace ring.

Third, the intrauterine contraceptive ring that releases hemostatic drugs: can effectively control the increase in menstrual flow after the IUD is placed.

Fourth, the intrauterine contraceptive ring that releases progesterone: The progesterone contained in the intrauterine device is slowly and constantly released into the uterine cavity, which improves the contraceptive effect and significantly reduces bleeding.

The newer ones are: Gini ring, mother ring and fancy ring.

However, the currently used birth control rings at home and abroad are the following: 1. Silicon rubber strip steel V-shaped birth control rings: The advantage is that the shape conforms to the uterine cavity, and the copper wire is evenly distributed in the implantation area of the uterine cavity, which can enhance the contrast effect.The effect is better, but the drip or irregular bleeding is slightly more, can be stored 5?
8 years.

2. Multi-load copper-containing birth control ring: It was introduced from the Netherlands, and it has been produced by joint venture.

It is placed in a suitable way to facilitate advancement and removal. The clinical effect is better. It is expected to be placed 3?
5 years.

3. Active gold single ring 165 and copper with high support force ring: This ring picking technology is similar to gold single ring, but because the stainless steel wire of the ring is thick, it is not easy to be replaced by deformation, and copper wire spring is the active material.Indomethacin can relieve its complications, so the clinical effect is better, and it is expected to be placed for more than 10 years.

In fact, regardless of the best birth control ring, women can only ensure that their body parts are infected after the birth control ring is put in place. In particular, it is necessary to prohibit intercourse and wash the vulva with running water every day.To ensure that the genitals are clean and hygienic, and bath tubs are prohibited.

23 Apr

[Benefits and Taboos of Women Eating Ginger]

[Benefits and Taboos of Women Eating Ginger]

For some women, if their bodies are cold, they will have cold hands and feet and dysmenorrhea.

In fact, at this time, ginger can help a lot.

In particular, ginger has a cooling effect.

So, in addition to expelling the cold, what are the benefits and taboos of women eating ginger?

In fact, we have already said the benefits, mainly the effect of expelling cold, let’s look at the taboos of ginger on women.

The benefits of ginger to promote appetite Eating ginger can appetite and strengthen the spleen and promote appetite.

Ginger can help stimulate the secretion of saliva, gastric juice and digestive juice, stimulate gastrointestinal motility, and increase appetite.

Especially in the summer, when the saliva of the human body is hot, the secretion of gastric juice will be reduced, and ginger can effectively promote appetite.

Eating ginger can help prevent heatstroke.

Ginger alcohol, gingerene, citral and other essential oils contained in ginger can help the body sweat and cool down, thereby helping to prevent heatstroke.

In addition, gingerol, resin, etc. contained in ginger can also help excitement.

Sterilization and detoxification Eating ginger can help sterilize and detoxify.

Some starches contained in ginger can act like antibiotics. Eating ginger can help relieve symptoms due to acute gastroenteritis caused by eating food contaminated with bacteria.

In addition, gargle with ginger decoction can also help alleviate oral diseases and so on.

Preventing motion sickness Eating ginger can help prevent motion sickness and is effective for vomiting and dizziness.

You can eat ginger about half an hour before the ride, or you can eat ginger during the ride.

In addition, some people have applied ginger tablets to the inside points to help prevent motion sickness.

Treating a Cold Eating ginger can help treat a cold.

Especially for colds and colds, frying ginger slices or boiling soup can help increase blood circulation in the body, help disperse cold and fever, and eliminate wind chills in the body.

Preventing disease Eating ginger can also prevent the occurrence of disease.

For example, eating ginger can help reduce the cholesterol content in the blood and reduce the occurrence of arteriosclerosis; eating ginger can also help remove free radicals in the body, prevent the destruction of organs and tissues, delay aging, and enhance the body’s resistance.

The disadvantages of eating ginger induce liver cancer. Ginger contains certain safrole. If it is a long-term excessive consumption of ginger, it is likely to increase the risk of liver cancer.

In addition, if the rotten ginger is still eating, it can easily cause the body to take in toxins, affect the detoxification function of the liver, and severely cause liver cancer.

Aggravating constipation If you are a person with constipation, it is easy to aggravate constipation by eating ginger.

Constipation is mostly caused by intestinal fever. Ginger is a hot and spicy food that can cause the body to get angry and increase constipation.

03 Apr

CYTS (600138): Enhancement of passenger orders, replenishment of passenger flow, reorganization of local operations continued to improve

CYTS (600138): Enhancement of passenger orders, replenishment of passenger flow, reorganization of local operations continued to improve

A brief review of performance for 18 years of revenue 122.

6.5 billion / + 11%, attributable to mother 5.

9.7 billion / + 4.

50%, deducting non-net profit increased by 14.

40%.

Operational analysis The overall company’s revenue and profit performance were in line with expectations. Attraction of tourist attractions replaced but mastered marketing capabilities and the development of convention and exhibition business to achieve increased revenue and net profit: the company’s revenue and net profit growth were +11 respectively.

3% / + 4.

5%, with the exception of the 10% increase in rental income of the China Youth Tourism Building, other businesses recorded positive growth, including travel agency / integrated marketing / hotel / attraction / strategic business / real estate sales revenue growth respectively.

52% / 24.

25% / 13.

84% / 5.

63% / 10.

5% / 307.

twenty two%.

Attraction plate Wuzhen receives tourists 915.

30,000 people / -9.

71%, Dongzha receives 400 tourists.

99 million people / -14.

At 48%, Xizha received 514 tourists.

40,000 person-times / -5.

61%.

With the decline in passenger flow, Dongzha has reduced the price of tickets by 10 yuan per person since September 20. By expanding the marketing of the exhibition business, creating a cultural town to improve the overall level of tourist orders, and revenue 19.

05 ppm / +15.

74%, customer order 208 yuan / + 28%, profit 7.

3.4 billion / + 5.

98%, excluding 1.

The US $ 9.4 billion government supplemented the investment income of Gubei Water Town and Wuzhen’s endogenous profit increased by 13%.

Gubei Water Town receives tourists 256 due to economic and summer flood conditions.

490,000 person-times / -6.

85%, revenue 9.

98 ppm / + 1.

98%, the customer unit price is 389 yuan / + 9.

5%, net profit 3.

08 billion / +169.

84%, the investment income of the real estate companies invested over 200 million, contributing to the growth of net profit.

Under the background of overall passenger flow, the overall attractions segment has achieved a rapid increase in customer unit prices and a change in business capabilities based on the mature development of Wuzhen through the source structure of conventions and exhibitions and the positioning of cultural towns.

China Youth Union achieved profit growth of 33.

51%, Shanshui Hotel deducted non-profit growth of 11.31%: Integrated marketing performed well, with revenue and profit of 4, respectively.

400 million / + 25.

12%, 6906.

60,000 yuan / + 33.

5%.

Driven by the expansion of the hotel’s scale and the transformation of the hotel, Shanshui Hotel’s revenue and deductions were 4 respectively.

9.2 billion / + 13.

8%, 0

28 ppm / + 11.

3%.

Affected by the adjustment of upstream manufacturers’ rebate policies and changes in the conditions of renewal contracts, Chuangge and Fengcai’s net profit declined (where Chuangge’s profit was 0.

29 ppm / -45.杭州桑拿

6%).

Gubei Water Town’s equity transfer was filed, and the company was assigned 5.

1613% of Gubei Water Township’s equity has completed industrial and commercial registration. Puyuan is expected to open in 2020. In the long term, the company will develop and operate a moat alternative in the future, and can obtain Everbright’s resources and funding support.

The moat developed by the company’s scenic spots has been continuously strengthened, and the passenger flow and per-capita unit price of Wuzhen and Gubei Water Town, which have been added to the industrial status upgrade and cultural exhibition properties, can increase.

Earnings adjustment and investment recommendations 19E-21E’s performance is 6.

74/7.

97/9.

2.2 billion, compared with the original profit forecast (19-20E net profit is 7).

USD 7/900 million), a decrease of 12% / 11%, mainly considering the need to strengthen the marketing of scenic spots in the current environment. At the same time, the budget for the construction of the Puyuan Project and the equity transfer of Gubei Water Township increased by 13%% / 16%, EPS 0.

93/1.

1/1.

27 yuan, PE 18/16/13 times, maintain BUY rating.

Risks indicate that extreme weather and unsafe factors occur; continuous changes in passenger flow around the area; advancement of the Puyuan project fails to meet expectations; travel agency business continues to replace

02 Apr

Jinjiang (600754) 2018 Annual Report Comments: Increase in Labor Costs Slows Performance Growth and Vienna Botao maintains a good growth trend

Jinjiang (600754) 2018 Annual Report Comments: Increase in Labor Costs Slows Performance Growth and Vienna Botao maintains a good growth trend
Key investment events: The company announced its 18-year results and February 19 operating data: 18-year operating income 146.97 ppm, a ten-year increase of 8.21%, net profit attributable to mother 10.8.2 billion, an annual increase of 22.76%, net profit after deduction to mother 7.390,000 yuan, an increase of 9 in ten years.88%, EBITDA is 28.600 million, down 2 a year.41%; 18Q4 operating income 37.41 ppm, a five-year increase of 5.31%, net profit attributable to mother 2.110,000 yuan, an increase of 23 in ten years.82%, net profit after deduction is 0.62 trillion, down 65 a year.18%; 18 years profit 1.13 yuan / share, net cash flow from operating activities is 35.15 ppm, a ten-year increase of 8.10%, may pay 0.6 yuan (including tax).The company released its operating data for February 19, with a net increase of 49 stores in February, of which 52 were domestic and 41 were mid-end. The overall RevPAR of internal hotels increased by 8.05% (economic and mid-range growth of 0 each year).14% and 2.85%), ADR increased by 8 in ten years.67%, OCC pitch 0.37pct, RevPAR of overseas hotels increased by 5.85%. Opinion: The impact of consolidation factors has faded, Vienna / Platinum’s performance is still beautiful, Lu Fu is stable, Jinjiang Star has changed again, the catering business has maintained good growth, and labor and cost increases have dragged performance growth.Reported average, Mainland China territorial income 103.59 trillion, an increase of 9 in ten years.76%, net profit attributable to mother was RMB 606.21 million, a year-on-year increase of 9.74%, overseas income of Mainland China was 527.07 million euros, an annual increase of 2.93%, net profit attributable to mothers was 34.48 million euros, a year-on-year decrease of 12.26%, in terms of hotel series, the profits of the Jinjiang Department have all declined in 18 years. Jinjiang Star was affected by the relocation of its subsidiaries and the renovation of its stores, and its revenue and profits were replaced respectively.19% and 33.At 07%, after a slight improvement in 17 years, profits increased again, and Louvre Asia’s revenue reached 16.86% growth, but profit is close to 60%. Expected increase in personnel and performance related expenses. Jinjiang International Hotel’s investment performance is negative for 5 consecutive years and can create a new high, thereby accruing goodwill impairment provision, fashionThe profitability of Journey was basically flat; the growth rate of Plato’s revenue was mainly due to the influence of direct store closures. The profit maintained rapid growth. The revenue and profit of Vienna maintained a rapid growth rate.Yuan, falling 7 per year.14%, net profit of 179.93 million yuan, an increase of 17.98%, mainly from KFC operations. 18 closed stores accelerated, direct-operated stores continued to shrink, mid-to-high end continued to exert force.The report totaled 1,243 newly opened hotels, 494 opened hotels, and a net increase of 749 opened hotels, of which 43 decreased directly and 792 joined hotels.As of the end of February 2019, there were 2,586 mid-range hotels, with 317,968 rooms, and mid-range hotel rooms accounted for 42.55%, an increase of 9 over the end of 17.59pct; 3,494 non-opened stores (377,764 rooms), and a total of 307,570 mid-range rooms that have not been signed, of which 81 are mid-range rooms that have not been signed.42%, which is equivalent to the number of mid-range rooms that have been opened, to provide protection for new openings in the future; from the perspective of brand stores, mid-ends have become the main force for opening stores. From the perspective of contracted stores, this trend will be maintained in 19 years. Platinum and ViennaBecame the main force of the mid-range, the improvement of overseas mid-range stores decreased in 18 years; the economy was mainly affected by factors such as the strengthening of quality management of 7-day stores, the number of stores closed down in 18 years, and other brands maintained small openings; 19 plans to open a new chain limited service hotel 900The goal of adding 1,500 new limited-service hotel chains was in line with the 18-year target. In 18 years RevPAR showed a trend of high front and bottom, Q4 economy same-stores declined, and the increase in the mid-end share drove RevPAR growth.The overall RevPAR growth of hotels in China in 18 years5.83%, mid- to high-end and economical RevPAR increased by 0.34% and -0.88%, RevPAR growth is mainly increased by the proportion of high-end ADR mid-range rooms; from the same store data, the occupancy rate has shifted at the same time and has a trend of accelerated decline quarter by quarter. After the average house price accelerated in Q2, Q3 / Q4 againThere has been a growth rate. In the past 18 years, mid- to high-end and economic same-store RevPAR have increased by 2 respectively.6%, 4.54% and -0.63%; According to the monthly data of domestic hotels, the past 18 years showed a high level and a low level, which is highly consistent with the overall internal economic trend. Except for the influence of spring factors in January 18, the average of the remaining months has increased; from 19 yearsLooking at the data from January to February, the occupancy rate is still on the rise, and no obvious improvement has been seen. Overseas hotels, overall overall stability, economic performance changed to high-end, occupancy rate increased, ADR decreased. Profit forecast and investment rating: Through the rapid increase in the proportion of mid-end stores and franchise revenue, it is expected that ADR will maintain a rapid growth rate in 19 years and drive the overall RevPAR growth; the company’s store size, the proportion of mid-to-high-end rooms and the brand andSignificant geographical 云尚丽体验网 distribution advantages; through the “one center, three platforms” construction, optimized resource allocation, and promoted deep integration, internal integration has been steadily advanced to promote operating efficiency, reduce costs, and improve profitability; thus, the company’s 19-year revenue target has improved from 18 yearsThe target has been accelerated, and the goal of opening a store is consistent with 18 years. It reflects that the company is not pessimistic about 19 years. We lowered the company’s 19-20 year performance forecast and expect the EPS of 19-21 to be 1.20/1.41/1.66 yuan, the PE corresponding to the closing price on March 29, 19 was 23/20/17 times, maintaining the level of “prudent increase”. Risk reminders: Macroeconomic growth rate, store expansion and revpar growth rate are less than expected, management 杭州桑拿网 improvement and internal integration are not progressing as expected, goodwill impairment losses, state-owned enterprise reform progress is less than expected, shareholders reduce risk, etc.