Month: April 2020

Inspur Information (000977) Company Tracking Report： Gating biological effects from profit margins

Posted on by admin

Inspur Information (000977) Company Tracking Report: Gating biological effects from profit margins

Investment Highlights: Three Thoughts on the Server Industry.

We have proposed three considerations for the server industry. First, we believe that 5G upgrades drive server demand.

We observe that when 4G is promoted, the growth rate of the server market has a relatively obvious increase, while 5G upgrades, the speed increase of 4G upgrades has changed, so we think 5G will be an important driving force for the server market.

In fact, the rapid growth of CAPEX from overseas technology giants has brought about a continued boom in the server industry. Even Amazon, Google, Microsoft, Apple, Ali and other giants also have separate 武汉夜网论坛 CAPEX negative growth, but in the long run, the compound growth rate remains at a high level.Moreover, Ali, Amazon, Microsoft, and Facebook clearly pointed out that when explaining CAPEX, it is mainly used for the construction of computer equipment, data centers, and cloud computing infrastructure. We believe that the server is an important infrastructure that supports data centers and cloud computing. Therefore, CAPEXThe rapid growth will also bring a sustained boom in the server industry.

Finally, the global server market has changed, and China’s market share has increased.

The world ‘s large-scale data centers are still dominated by the United States, but China has a large number of three times that of the United States, and the contrast is huge. Therefore, we believe that China ‘s IDC will have huge development space in the future, and the server will also have potential procurement requirements.

Low profit margins are in themselves biology.

We believe that overseas technology companies attach great importance to the gross profit margin of their business and will adjust their business structure due to the level of gross profit. Take IBM’s sale of x86 server business to Lenovo as an example. On January 23, 2014, Lenovo Group issued an announcement to 23 billionUSD USD (cash + shares) acquisition of IBM x86 server business.

We believe that because the core technology of x86 is in the hands of Intel and AMD, and the logic of server manufacturing technology is not high. In addition, Inspur Information, an internal enterprise, developed an independent K1 Tissot server in 2013, which impacted the server market and caused IBMThere is no advantage in “low price and volume”, so IBM sold the x86 server business to Lenovo and braked on its high-margin product line that has more core technology.

Therefore, we believe that the low profit margin itself is the performance of the door, so gradually exiting, and the industry structure is constantly optimized.

The server market is concentrated in China, and Inspur is at the forefront.

According to data from source IDC derived from DOIT and IT168, the top five server market shares in 2015 were only Lenovo one Chinese company, while the top five server server market shares in 2018 were three Chinese companies, namely Inspur Information, Huawei and LenovoIn addition, from the perspective of revenue growth by region, in 2017 the demand for the server industry increased by 29 in the United States.

6% in Europe, the Middle East and Africa grew by 17.

4%, China has increased by 33.

8%, Japan grew by 4.

3%.

We think the server industry is concentrating on China.

With further increase of market share, it is expected to see an increase in profitability under the effect of scale in the future.

In addition, we observe that the company’s per capita income has increased from 1.52 million in 2012 to 10.1 million yuan in 2018, and the per capita profit has increased from 5 million in 2012 to 140,000 yuan in 2018.To the company’s obvious size effect.

profit prediction.

We believe that the company’s server business is expected to continue to be boosted by the demand for cloud computing business of Internet companies. It is expected that the company’s EPS for 2019-2021 will be 0.

68, 0.

99, 1.

37 yuan / share, with reference to a comparable estimate, we assign a dynamic PE of 40-45 times in 2019, corresponding to a reasonable value range of 27.

2 yuan-30.

6 yuan, given the “preliminary market” rating.

risk warning.

Internet enterprise server demand is not up to expectations.

Ziguang (000938)： Steady growth and continuous optimization of business structure

Posted on by admin

Ziguang (000938): Steady growth and continuous optimization of business structure
Event: Recently, Ziguang shares released the 2018 annual report, and the company achieved operating income of 483 in 2018.0.6 million yuan, an increase of 23 in ten years.63%; net profit attributable to shareholders of the parent company17.40,000 yuan, an increase of 8 in ten years.86%; net profit attributable to shareholders of the parent company after deduction of 13.110,000 yuan, an increase of 35 in ten years.11%. Opinion: Steady growth in performance and continuous optimization of business structure.The company achieved steady growth in 2018, of which IT product distribution and supply chain services business achieved operating income of 300.6.3 billion yuan, a slight increase of 6.63% of IT infrastructure products and solutions achieved operating income of 216.8.4 billion, a year-on-year growth rate of 35.57%.The company’s business structure was further optimized, and the proportion of IT product distribution business with low gross profit margin in total revenue continued to decline.However, due to the high gross profit margin of 杭州夜网论坛 the IT infrastructure products and services and solutions business, the gross profit margin itself decreased6.95 units, the company’s overall gross margin fell slightly.72 up to 21.twenty four%.Various expenses remained basically stable, and only financial expenses increased rapidly due to factors such as the increase in subsidiaries. Core products of IT infrastructure keep leading the market share.The company still maintains an industry-leading position in the core product lines of IT infrastructure products such as network equipment, security products, servers, and storage.According to IDC data, in 2018, the company’s market share in China’s enterprise-class WLAN was the first, the market share in serial switches was second, and the market share of enterprise-class routers was second.The global Ethernet switch market size increased in the fourth quarter of 201812.At 7%, the enterprise and service provider router market is growing at an annual rate of 15%.6%.Demand for network infrastructure continues to grow strongly.In addition, the company ranks first in the market share of multiple types of security products such as firewalls, intrusion prevention systems, secure content management, and load balancing, and maintains the first market share in the domestic SDN / NFV market.The company launched the world’s first 400G platform data center core switch, more than 30 AC and AP products, and internal security products including terminal security and advanced threat detection products, which further consolidated the existing industry components.In addition, the company also continues to make efforts and achieve technological breakthroughs in the development of 5G small base stations. Winning the bid for multi-field cloud computing projects, the government cloud market leading position remains.In the field of cloud computing, the company has built a full-stack cloud service platform that supports multiple modes such as public cloud, private cloud, and hybrid cloud.In 2018, the company has vigorously developed for different industries, and has successively won the bids for the National Extranet Cloud, National Statistics Cloud, Beijing Government Affairs Cloud, Cloud on the North Xinjiang Big Data Cloud Platform, China Pacific Insurance Private Cloud, and the State Drug Administration Cloud PlatformShanghai Shentong Metro Cloud Center, some provincial police cloud and other cloud computing projects continue to maintain the leading position in the government cloud market.At present, the company has undertaken the construction of more than 300 government affairs clouds at the national, ministerial, and provincial, urban, and county levels.At the same time, the company also successfully entered the financial cloud high-end application field represented by the People’s Bank of China Clearing Center; full-stack edge computing solutions have been successfully applied in the security and water conservancy industries. Earnings forecast and rating: What do we expect in 2019?In 2021, the company’s operating income will be 575.17,668.75, 756.500,000 yuan, net profit attributable to the parent company was 22.96, 28.21, 34.510,000 yuan, according to the latest share capital 14.The calculated diluted return on 5.9 billion shares is 1.57、1.93, 2.36 yuan, the latest expected corresponding PE is 29, 23, 19 times, maintaining the “overweight” level. Risk factors: macroeconomic downside risks; increased competition in the cloud computing market; technology and product development risks.

Chenguang Stationery (603899)： Growth in performance and acquisition of Shanghai Anshuo optimize multi-category supply chain

Posted on by admin

Chenguang Stationery (603899): Growth in performance and acquisition of Shanghai Anshuo optimize 北京夜网 multi-category supply chain

Investment Highlights The company released its 18-year annual report: it achieved revenue of 85 in 18 years.

35 billion (+34.

26%), net profit attributable to mother 8.

07 billion (+27.

25%), deducting non-net profit 7.

4.9 billion (+37.

63%).

Among them, Q4 achieved revenue of 24 in a single quarter.

1.1 billion (+29.

36%), net profit attributable to mother 1.

8.2 billion (+27.

06%), deducting non-net profit 1.

7.7 billion (+70.

45%).

The company changed the accounting estimation method for the provision of bad debts for accounts receivables of Colip, and the number of impacts on net profit attributable to mothers for 18 years was +15.94 million. After excluding this effect, the company’s net profit attributable to mothers for 18 years was 7 after excluding this effect.

9.杭州桑拿网1 billion (+24.

76%).

　　Acquiring Shanghai Anshuo to improve industrial layout, categories, and coordinated development of channels: The company intends to acquire 56% equity of Anshuo Stationery (Shanghai) Co., Ltd. for a consideration of 1.

932 trillion, corresponding to an overall estimate of 3.

4.5 billion.

Shanghai Anshuo’s main wooden pencils are sold to 80 countries and regions around the world. The top five customers replace the export customers, and achieved 17 years of revenue7.

3.6 billion, net profit 881.

460,000 yuan; revenue from January to September of 20183.

9 ppm, net profit of -61.36 million yuan, was the external sales order of Shanghai Anshuo integrated into the significant insertion and fixed costs, which led to shifts.

Through the acquisition of Shanghai Anshuo, the company will obtain the world’s leading wooden pencil supply chain resources, and build it into a category that replaces market leadership after neutral pens, in line with the company’s “strong commodity” strategy, and to a certain extentThe company promotes the development of the company’s export channels; through the company’s completion of the acquisition, it expands the integration of Shanghai Anshuo’s domestic sales channels and enhances industry synergy.

　　The brand and channel moat are deep, and the four tracks of the traditional 2C business are fully developed: the traditional traditional business realizes revenue54.

08 thousand yuan (+15.

97%), of which 18H2 achieved 27.

6.9 billion (+15.

95%). Thanks to the optimization and upgrading of the company’s terminal channels and the enhancement of the penetration rate of fine cultural and creative products, it has maintained steady growth.

In terms of products, writing / students / office stationery achieved income19.

46 billion, 18.

6 billion, 46.

1.3 billion (excluding Klippu revenue 25.

After 8.6 billion, it is 20.

2.7 billion), an annual increase of 8.

82%, 13.

79%, 62.82% (Excluding Colip is 28.

45%), gross margins were 34.

83% (+0.

48pct), 33.

50% (+1.

89 points), 18.

97% (+0.

09pct).

The company has significant R & D investment, has excellent product design and manufacturing capabilities, develops new products based on the latest consumer needs, and has a strong brand. At the same time, it adheres to the “Partner Pyramid” distribution system and has 35 first-tier partners nationwide at the end of the period.Nearly 1200 second- and third-level partners in a city, more than 7.

60,000 retail terminals (up 1,000 from the previous year). Based on this, the same-store growth contribution is estimated to be about 14.

4%, reflecting the company’s performance in improving the right-to-market ratio and the proportion of key business districts.

The four tracks of key companies are fully promoted: optimizing the mass product structure, increasing single transactions, increasing the added value and penetration rate of boutique cultural and creative products, focusing on key customer development of office products, combing the layout and positioning of children’s art products, it is expected that the four tracks willThe ratio of income contribution is 6: 2: 1: 1.

　　25.Klipp’s revenue doubled and the client’s market was fully developed: the report and Chenguang Klipp’s business achieved revenue 25.

8.6 billion (30% of total revenue).

3%, an annual increase of 106.

03%), net profit is 0.

3.2 billion yuan (an increase of 52.

07%), is the main driver of the company’s revenue growth.

Looking at quarterly results, Klipp achieved revenue of 9 in 18Q4.

100 million, net profit 0.

10 billion.

In order to further expand the market size, Colip adopted a price strategy of compressing gross profit, and the net profit margin fell by 0.

44 points to 1.

24%, but ROE increased to 16.

41% (12 last year.

86%).

Klipp supplemented state-owned central SOEs, financial corporate clients and government cooperation projects, set up Wuhan, Guangzhou and Chengdu branches, and set up offices in Hangzhou and Shijiazhuang.

The five central warehouses are fully operational, covering North China, South China, East China, West China, and Central China, effectively improving distribution efficiency and customer experience.

In the next step, the company will start intensive farming in South China and Middle China, laying a foundation for Colip to fully open the market.

　　Jiumu speeds up market development and promotes brand upgrades: At the same time, the report said that the Chenguang Living Museum (including Jiumu Sundries) achieved revenue3.

0.6 billion, an increase of 49 in ten years.

15%, net profit -0.

3 billion, a significant reduction in losses; Q4 single-quarter revenue of 0.

8.7 billion, net profit -0.

US $ 2.6 billion, mainly due to rental income from the new storefronts at Jiumu Sundries.

As of the end of the reporting period, the company had approximately 255 large retail stores across the country, with a net increase of 78 at the end of the previous 17 years and a single store revenue of 119.

970,000 yuan (one year +3.

53%).

As for the Chenguang Living Museum, it continued to optimize store operation and management, and reported a series of major initiatives to reduce duplication.
Jiumu Sunshine Co., Ltd. began to join in the third quarter of 2018 and has settled in 32 cities; it has continued to improve and adjust its product categories, and gradually formed the influence of Sunshine Co., Ltd. to meet the consumer demand for cultural and creative products brought about by consumer upgrades.Further expand the company’s market share in boutique cultural and creative industries and promote the company’s brand upgrade.
　　Gross profit margin increased slightly, business expansion and selling expenses increased: Report consolidated company’s comprehensive gross profit margin 25.

83% (decade +0.

1pct), of which 18Q4 gross margin is 26.

78% (ten years +2.

81pct).

The company’s period expense ratio totals 14.

94%: Affected by Colibri, Jiumu’s channel expansion and business expansion, the sales expense ratio rose by 0.

28 points to 9.

25%; under refined management, the rate of management expenses (including R & D expenses) decreased by 0.

24pct to 5.

79%.

Taken as a whole, the company ‘s net interest rate fell by 0 as the net interest rate of Cooper ‘s business decreased and its revenue ratio increased.

52 points to 9.

45%.

It is expected that the profit efficiency of Colip’s business will increase, and the boutique cultural and creative business will continue to drive product added value, and the company’s profit level is expected to stabilize and improve.

　　Inventory turnover accelerated, and operating cash flow was good: the company’s inventory at the end of the period increased by 1 compared with the beginning of the period.

7.1 billion to 10.

4.3 billion, inventory turnover days decreased by 6 compared with the same period last year.

79 days to 54.

44 days, turnaround speeded up; fixed assets on account8.

7.7 billion (+0 from the beginning of the period).

0.6 billion), construction in progress 0.

2.5 billion (-0 from the beginning of the period.

02 billion).

Affected by the rapid volume of Colibri, the total of accounts receivable and bills receivable increased compared with the beginning of the period.

4.2 billion to 8.

1.1 billion, accounts receivable turnover days also increased by 8.

98 days to 26.

95 days; accounts payable and notes increased by 4.

7.8 billion to 13.

1.9 billion, resulting in an increase in the company’s asset-liability ratio.

81pct to 38.

41%.

Net initial operating cash flow 8.

28 ppm, an increase of 15 in ten years.

39%, with sufficient funds on the guarantee account.

　　The development of the two wings is accelerating, and we continue to be optimistic about the company’s long-term growth: relying on sound product power, brand power, and channel power, the company has established a comprehensive multi-level distribution network, and the moat is unshakable.

High-quality cultural innovation creates the vitality of traditional business growth. With the policy of Dongfeng Klip to quickly increase the volume, consumption upgrades will accelerate the expansion of Jiumu and the Living Museum, and gradually enter a good situation. It will continue to be optimistic about relying on the existing supply chain and brand advantages.The refined management and organizational structure evolution capabilities continue to improve the comprehensive retail operation efficiency.

　　Profit forecast and investment grade: The company is expected to achieve revenue of 110 in 19-21.
09/141.
83/181.

2.7 billion, an increase of 29.

0% / 28.

8% / 27.

8%, net profit attributable to mother 10.

01/12.

65/15.

8.3 billion, an increase of 24.

1% / 26.

3% / 25.

2%, the current sustainable corresponding PE is 31.

98X / 25.

32X / 20.

23X, considering the company brand, the channel moat is deep and the ROE level is high (increased ROE in 2018 is 26.

16%), maintain “Buy” rating!

　　Risk reminder: Klipp’s business growth is less than expected, and the expansion of Jiumu Sundry Club’s channels fails to meet expectations

Zhongke Shuguang (603019) 2019 First Quarterly Report Review： First Quarterly Report with High Growth Performance and Expected Future Development

Posted on by admin

Zhongke Shuguang (603019) 2019 First Quarterly Report Review: First Quarterly Report with High Growth Performance and Expected Future Development

The company released a quarterly report: the revenue in Q1 2019 was 22.

40,000 yuan, an increase of 52 in ten years.

62%; net profit attributable to mothers is 50.8 million yuan, an increase of 122 per year.

73武汉夜生活网 %; deducting non-net profit of 26.49 million yuan, an annual increase of 36.

38%.

Rising demand from downstream customers drives high revenue growth: The high revenue growth in the first quarter was mainly due to increased demand from downstream customers.

In addition, the company’s overall expense ratio fell by 2.

05 averages, of which R & D expenses remain 46.

Higher growth rate of 94%, reaching 1.

1.5 billion US dollars, mainly due to the increase in scientific research personnel, to ensure that the company’s technical strength continues to improve.

The net profit grew faster than expected, and the background advantage of the Chinese Academy of Sciences reflects: As a leading science and technology company affiliated to the Chinese Academy of Sciences, the company’s advantages in undertaking scientific research projects have been realized. Benefiting from the investment in scientific research, the company’s operating net cash flow is 6.

800 million yuan, a fundamental improvement, replacement, the company received 28.53 million yuan in government subsidies, helping the company achieve net profit attributable to mothers beyond expectations.

The company gradually and continuously benefited from the advantages of the Chinese Academy of Sciences. Related scientific research projects help the company to enhance its core technical strength and enhance profitability.

Zhongke Xingtu’s performance is excellent, and the number of Haiguang chip implants is expected to increase: Zhongke Xingtu (23% of shares) has 2018 revenue and net profit of 3 respectively.

570,000 yuan and 86.9 million yuan, the compound growth in the last three years was 105.

61% and 141.

83%, outstanding performance.

Haiguang chips are expected to purchase 600 million US dollars in 2019, an increase of 328% each year.

The growth 佛山桑拿网scale of the company’s innovative subsidiaries will help boost the company’s competitive strength, and the transformation value will gradually be transformed.

Profit forecast and investment recommendations: We expect the company’s net profit attributable to mothers to be 6-2019.

07 billion, 8.

1.3 billion and 10.

690,000 yuan, maintaining the level of “prudent increase”.

Risk warning: technical risks; market competition risks; company restructuring risks.

Want to lose weight with fitness？Your body fat rate may not be accurate at all

Posted on by admin

Want to lose weight with fitness?Your body fat rate may not be accurate at all
In some of the most basic 上海夜网论坛 indicators of physical condition, the word “body fat rate” often appears, and in the gym, detecting the body fat rate is even more essential before exercising.So, what is the body fat rate?To what extent is it considered to meet health standards?What methods are used by body fat testers in the gym and on the market?Which is more accurate?With questions, a reporter from Science and Technology Daily interviewed Ge Qian, the chief member of the Clinical Nutrition Branch of the Shenzhen Nutrition Society and the chief physician of the Nutrition Department of Shenzhen People’s Hospital.Weight loss is fat reduction, not weight loss. Usually, we judge whether a person is obese from the body shape. It seems that the trace content of bloated body is high, and the trace content of a slender person is small. We also often find that two people weighIt ‘s quite the same. From the appearance, the difference in excessive weight overlaps with each other. Some people look very thin, and the overall examination found that the triglyceride is high, the plasma is high or the trace content is high. What is going on?”Actually, this is because they have different body fat rates.Body fat and muscle content can affect a person’s body. Body fat rate is the key to affecting body fat.”Ge Qian pointed out.Body fat percentage refers to the proportion of trace weight in the total weight of the human body, also known as body fat percentage, which reflects the amount of trace content in the human body.The normal range of body fat rate for adults is 20% -30% for women and 12% -20% for men.Athlete’s body fat percentage can be determined by the sport, generally 7% to 15% for male athletes and 12% to 25% for female athletes.Ge Qian said that one of the main indicators for judging overweight and obesity is the body fat rate, and losing weight also means losing the belly and body fat rate.The body fat rate of men is higher than 25%, and the rate of women higher than 35% is obese, which will affect the figure and affect health.If the body’s aunt exceeds the standard, a body fat rate of 32% or even 35% or more can be considered as severe obesity.Obesity increases the risk of suffering from various diseases.Such as hypertension, diabetes, hyperlipidemia and so on.”The first thing a high-fat person needs to do is reduce fat.Because, with the same weight of adults and muscles, adults are much larger than muscles.It can be said that the key to the success of weight loss is the management of body fat rate.”Ge Qian pointed out.”Weight loss is not fat loss, but for sports enthusiasts who are slimming and shaping, the blind pursuit of a low body fat rate can also be harmful to health.”” Qian Qian said that her aunt had protective effects on our body organs, but the low body fat rate actually caused the body’s normal metabolism to become confused.According to reports, the aunt of the human body can be divided into two parts, namely the subcutaneous uncle and the viscera, as the main energy storage substance in the human body.Aunts under the skin affect appearance, and visceral aunts often occur around internal organs. If too much, it increases the risk of cardiovascular disease and some chronic diseases.Different methods for measuring body fat rate vary widely. Generally, when you go to the gym or hospital, there will be a body composition analyzer that can measure the muscle, trace and moisture content in the body, but the same person will measure different values in different places.Which is more accurate?Ge Qian said that this is because the technical route adopted is different.In the gym, body testers, household health scales, etc. are commonly used in bioelectrical impedance analysis. The principle is that the bioelectrical impedance of different tissues of the human body is different.The specific process is: the scale body of the body fat scale introduces a weak current into the human body through the electrode sheet, the micro current enters the human body from one foot, and after implantation in the body, the data is transmitted to the electrode sheet under the other foot, the human body and the scaleThe body constitutes a closed AC circuit, so that an electrical impedance value is obtained, and then the electrical impedance value is combined with data such as height and weight to calculate the body fat rate.However, the accuracy of the measuring instrument and the measurement operation method will affect the measurement result.Household health scales generally only have the feet on the induction patch. Most of the testing equipment in the gym still need to hold the test handle with both hands.There are too many interfering factors in this test. The size of the contact surfaces of the feet and hands with the sensor patch, whether they have eaten or exercised before the test, and if urine is not discharged or is in a dehydrated state will also be affected.In addition, even one person may get different results on two different instruments, because different standards and calculation formulas may be used.Experts suggest that if you want to get more accurate body fat ratio, you can go to a specialized institution, such as a hospital, using CT (Computed Tomography) and MRI (Magnetic Resonance Imaging) to accurately analyze muscle and bone density.And amateur distribution.Ge Qian suggested that in order to control body fat usually, you need to take more exercise to increase your own metabolic rate; control the transformation in the diet and avoid intake of high-calorie foods; increase the absorption of fiber particles in the diet to improve satiety; maintain a goodRegular adjustment of life, regular exercise, diet and other aspects of adjustment, if necessary, go to a professional medical institution for help.(Reporter Hua Ling)

This identifies the cancerous signal of the kidney

Posted on by admin

This identifies the cancerous signal of the kidney
Moles are the products of melanin accumulation.There are “melanocytes” in the skin, which secrete melanin, which fills our skin with color. The more melanin secreted by melanocytes, the darker the skin color.Sometimes the melanocytes are unevenly distributed and come together, turning this small piece of skin into a particularly dark color, which is called a mole.　　Newly grown moles are affected by UV and genetic factors.Melanin is affected not only by genetics, but also by UV rays.If the skin is always exposed to ultraviolet rays, the skin will secrete a large amount of melanin in order to protect itself, and if they happen to come together, new moles will grow.　　The skin consists of the outermost protective epidermal layer and the deep dermal layer, which 成都桑拿网 layer the retina is on, and it has a great connection with no danger of canceration.　　Most of the nails brought in the mother’s womb are “junction moles”. Its edges are clear and smooth, and most of them are brown or black plaques, or they are slightly raised on the skin, and the diameter is larger than 0.6 cm?0.Within 8cm, it is generally round or oval, and no hair will grow on it.However, there is a certain possibility of canceration in the “junction ulcer” on the soles of the feet, palms, and external genitalia.　　The new ones are basically “intradermal moles”.These moles are generally semi-spherical and less than 1 cm in diameter. Sometimes one or several hairs can be seen in the middle, which is basically not cancerous.　　Crime suddenly started, is it a sign of cancer?It may just be that the mole is “moving” in the skin.After puberty, there will be a part of the “junction mole” brought by the mother’s womb. It crosses the junction and enters the dermis layer. It becomes a relatively safe “intradermal mole”.　　When the “junction mole” has not yet entered the skin, it retains both the characteristics of the “junction mole” (black, with a smooth halo on the outside) and part of the “intradermal mole” (replacement). We call it”Mixed mole”.This type of crime is generally not at risk for cancer, but it needs to be carefully monitored.　　Whether the color of the crime is dark or light has little to do with malignancy, but the color of the nails is uneven, the shades are different, and some of them are deep in the middle and light in the side, which may be malignant.　　Greater than 0.The volume of a 6cm mole or ulcer rapidly expands on the original basis, the color suddenly deepens or becomes uneven, many small warts appear around the large diameter, or symptoms such as bleeding, ulceration, itching, and pain appear. Beware of cancerIf possible, seek medical treatment in a timely manner.　　(Lin Li, Deputy Chief Physician, the Second Affiliated Hospital of Guangzhou 杭州桑拿 Medical University)

Do rehabilitation training to prevent toe sprains

Posted on by admin

Do rehabilitation training to prevent toe sprains
For those who like running and wearing high heels, the most common situation is sprained feet.A toe sprain is actually a toe that connects the leg and toe bones, and the tendon that eventually connects to the foot is strained or torn.It is said that the rehabilitation therapist, Sun Yan, therapist of the Medical Sports Training Department of the Third People’s Hospital of Henan Province, said that timely and effective first aid 杭州桑拿 measures are very important for accelerating recovery.Patients with severe sprains should go to the hospital in time.Exclude the presence of fractures, the need for crutches or cast braces, and medication.A specialist will guide the relevant treatment.However, the risk of another sprain following a coaxial sprain is increased by 40%?70%, therefore, cross-joint functional rehabilitation exercises after the acute phase will not only cause sprains in treatment, but also prevent re-sprains.Sun Yan said that functional rehabilitation exercises should be followed in a gradual manner.Action 1: Lifting weight by weight Purpose: Training the muscles on the back side of the joint. Points: Find a step, with the feet and feet touching the heels, and lift the healthy side foot behind the affected leg.At this time, the calf muscle of the affected side lifts the heel and slowly recovers.Group of 10, 4 each day?6 groups.Action 2: Walking on the heel Purpose: Train the front muscles of the joints. Points: Lift the toes of both feet upward hard, the heels touch the ground, and alternately move the feet.Move 10 meters in groups of 4 a day?6 groups.Action three: One leg Expected purpose: To enhance the stability of the telescopic joints. Key points: One leg is contracted, and the body is required to maintain uprightness.Advanced training can close your eyes for 10 seconds.4 every day?6 groups.”Here we remind you that you must do adequate warm-ups and stretching before the exercise. When you are doing more intense exercise, you can reduce the probability of injury by adding protective gear.”” Sun Yan reminded that people who like to wear high heels should minimize the number of times they wear high heels after complications of joint sprains.(Reporter Lin Hui Correspondent Hao Zihua Xiao Jingjing)

Yonghui Supermarket (601933)： Focusing on the main business of the supermarket and showing significant results

Posted on by admin

Yonghui Supermarket (601933): Focusing on the main business of the supermarket and showing significant results

Event company released semi-annual report: 2019H1 company realized revenue of 411.

76 ppm, an increase of 19 in ten years.

71%; net profit attributable to mother 13.

69 ppm, an increase of 46 in ten years.

69%.

　　Single Q2 company achieved revenue of 189.

4 ppm, an increase of 21 in ten years.

18%, net profit attributable to mothers2.

450,000 yuan, an annual increase of 32.

The 25% brief evaluation performance is consistent with the express report, which is in line with expectations 天津夜网 that the company’s revenue in 2019H1 will increase by 19%.

71% to 411.

7.6 billion, net profit attributable to mothers increased by 46.

69% to 13.

69 ppm; single Q2 revenue also increased by 21.

18% to 189.

400 million, net profit attributable to mother increased by 32.

25% to 2.

4.5 billion.

The company’s performance is basically consistent with the express report and meets expectations.

　　Focusing on the main business of the supermarket, the store network continues to expand. In 2019H1, the company added 84 new stores (excluding MINI stores), of which 21/25 were newly opened in Q1 / Q2 respectively. In May, it consolidated the Parkview Yonghui 38 Bravo stores, H1.The total number of stores at the end was 791, covering 24 provinces (municipalities directly under the central government), and 249 stores 苏州桑拿网 have gradually been opened. The store has abundant resources. It is expected that H2 will help maintain a high booth speed.

　　The MINI business model has been opened up, Q2 expansion and acceleration H1 MINI stores opened 398, Q2 opened 305 stores, Q2 expansion speed increased significantly.

At present, MINI stores have covered 50 cities in 19 provinces, with an average store area of 488 square meters, and H1 achieved revenue of 5.

5 billion.

　　Same store growth rate of 3%, H2 same store is expected to maintain a high growth driven by food CPI 19H1 company same store growth rate of 3.

1%, mainly driven by the increase in customer unit prices.

Since July-August, the continuous growth rate of food CPI has remained at a high level, which is expected to drive the company’s H2 same store to maintain a high growth rate.

　　Increased the construction of its own brand, and the product structure has been continuously optimized. H1 has sold 44 of its own brands, with 1022 SKUs of its own brands.

Own brand C end section 7.

8.6 billion, accounting for 2%.

1%, of which one hundred five.

4.4 billion, fresh 2.

4.2 billion; B-end budget 7.

1.4 billion, of which one hundred four.

50 billion, fresh 2.

6.4 billion.

　　Continuous layout of home-to-home business, JD.com cooperation, self-built system, two-pronged approach. In 2019, H1’s supermarket home-to-home business has covered 22 provinces, autonomous regions, and 109 cities. A total of 518 stores received home services and home warehouses.

3 trillion, with an average monthly growth rate of 7.
.
1%.
H1’s online sales accounted for 3.

4%, a significant increase of 111% each year.

The company’s senior management deepened its cooperation with JD. H1 JD.com connected the company’s 407 supermarket stores with an increase of 112; gradually, the company further supported the C-terminal application of the home business and the construction and optimization of the online platform.Development landing and promotion.

At present, the community group purchase has been promoted and applied in 300 general stores, with more than 70,000 users and more than 100,000 effective orders.

　　The gross profit margin has been affected by the consolidation and profitability, and the fee control effect is good. The H1 company’s gross profit margin decreased by 0.

6 pct to 21.

8%, which is expected to be mainly affected by the merger of Baijia Yonghui and the newly opened stores; the rate of increase during H1 will decrease by 1.
.

9 pct to 18.

2%, of which sales / management / financial expense ratios are -0.

72 pct / -1.

38 pct / + 0.

24 pct to 15.

19% / 2.

66% / 0.

37%, the company’s period expense ratio fell mainly due to the reduction of equity incentive expenses2.

0.8 billion to 1.

36 billion.

Reduced expense ratio. Overlapping color fresh food.

3 billion, driving H1 companies to increase their net profit margin by 1.

2 pct to 3.

3%, the profitability improved significantly.

　　Cash flow increased significantly, inventory turnover days increased slightly H1’s net operating cash flow increased by 52.

87% to 20 ppm, with single Q2 exceeding -2 by 18Q2.

100 million turned to 3.

800 million, a significant improvement.

H1’s inventory turnover days increase by 5 each year.

8 days to 40.

Within 7 days, it is expected to be mainly affected by the increase in the scale of inventory with the expansion of sales; H1 accounts payable turnover days exceeded the increase by 3.

In one day, the upstream bargaining power was further improved.

　　Investment suggestion: The company focuses on the main business and has significant benefits. The MINI format Q2 has accelerated its expansion. In the second half of the year, due to the low base in the previous period, its performance is highly flexible and can be expected.

　　It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 24.

3, 33.

300 million, corresponding to PE 40X, 29X, raised to the “buy” level.

　　Risk factors: Declining consumption boom; intensified competition in the industry; less-than-expected development of new businesses

Ziguang Co., Ltd. (000938) Depth： Recognize Xinhua San ICT Network Equipment Leader

Posted on by admin

Ziguang Co., Ltd. (000938) Depth: Recognize Xinhua San ICT Network Equipment Leader
1, outstanding technical strength, China’s leading network equipment.Xinhua III is one of the world’s leading enterprise network switching equipment. The company was formerly known as Huawei Enterprise Network Business Unit (later merged with 3COM to form Hua San Communications).After years of development, the company has become a leading enterprise in the field of enterprise network equipment. Its products are widely used in government and enterprise, finance, data center, telecommunications operators and other fields, covering switches, routers, servers, storage, network security, and hyper-converged solutions.Program, etc. 2. The Ziguang Group became the master and the leader of the leader returned.After the Cisco patent battle, 3COM acquisition, HP acquisition, Ziguang Group in 2016 to 188.5.1 billion yuan acquisition of 51% equity in Xinhua III.R & D is rooted in China, management is connected to the world, and as the company’s control returns to local enterprises, the leadership’s right to speak is enhanced, and the company’s long-term strategic planning, strategic execution and operating mechanism are streamlined and improved. 3. The integration benefit is remarkable in three years, and the improvement of operations will lay a solid foundation for takeoff.Since the completion of mergers and acquisitions in 2016, Ziguang has expanded R & D investment and integrated channel resources. Xinhua III and Ziguang have shown an overall accelerated development trend.After 3 years, the integration and coordinated development of Xinhua III and Ziguang System has been smooth, and high operating efficiency has been maintained. Facing the technological innovation brought by the integration of 5G, cloud computing and AI, the development momentum is sufficient, and the business has gradually entered a rapid growth track. profit prediction.We forecast the company’s total operating income for 2019-2021 to be 59.1 billion (+ 22%), 73.8 billion (+ 25%) and 94 billion (+ 27%), with a net profit of 22.3 billion yuan (+ 31%), 30.4.9 billion yuan (+ 37%) and 42.1.8 billion (+ 38%).EPS are 1.09 yuan, 1.49 yuan and 2.06 yuan, giving a 2019 北京夜网 PE range of 35-40x, corresponding to a reasonable value range of 38.15-43.60 yuan, “continuous market” rating. Main risk factors: systemic risks such as trade friction; R & D and expansion of overseas markets expanded faster than expected.

Gemdale Group (600383) September 2019 Monthly Commentary： Layout of High-Energy Cities Moderately Raising Leverage

Posted on by admin

Gemdale Group (600383) September 2019 Monthly Commentary: Layout of High-Energy Cities Moderately Raising Leverage
Core Views The company fully benefits from industry changes.The layout focuses on first- and second-tier cities, with strong sales certainty.At the same time, the company has a credit advantage and the property management platform is also valuable.　　 Sales growth continued to lead the industry.In September, the company’s sales growth further improved.The monthly sales amount is 250.100 million, +38 a year.69%, sales area is 135.20,000 square meters, +46 per year.68%; from January to September, the cumulative sales amount was 1418.4 trillion, +33 a year.70%; cumulative sales area is 710.30,000 square meters, +22 per year.44%.The company’s sales growth continued to lead the leader.　　 The layout and capabilities are excellent, optimistic about the subsequent sales growth.We noticed that the sales growth rate of leading companies in the first nine months was significantly positively correlated with the average selling price, and the sales certainty ratio in high-tier cities.The city layout of the company is relatively high, benefiting from market changes.The company also actively promoted the market to expand sales results.We are optimistic about the maintenance and improvement of the company’s subsequent sales growth.　　 Take the ground steadily, without game cycles.The company’s land investment in September was 517.800 million, expanding the land reserve area of 7.14 million square meters, mainly concentrated in first-tier and second-tier cities.The company’s land acquisition was stable in the third quarter, and it has maintained the rhythm of “selling one for one” since 2018 (sales area / new area: 2018: 877.淡水桑拿网8/878.2, 2019Q3: 710.2/714.7) Under the circumstance of controlling risks, it also guarantees the company’s continuous development and the project will not be blocked.　　 Low capital cost and moderately increased leverage.The company scale proactively expanded, driving the net debt ratio from 78% at the end of 2016 to June 2019.0%.However, the company’s credit history is good.Under the background of broader industry credit spreads, the company’s credit spreads have been further reduced, and it has gained a relative value in operating advantages.　　 Risk factors: Inadequate profitability of the company’s new projects and the risk of the company’s equity ratio continuing to decline.　　 Blue chip companies that have fully benefited from the changes in the industry and enjoyed steady growth.The company plans to focus on first-tier and second-tier cities. It is expected that sales will have a high degree of certainty and future performance growth can be expected.In addition, the company has the lowest capital cost, the product has a certain premium capability, and the property management platform also has a certain value.We maintain the company’s EPS forecast for 2019/20/212.07/2.28/2.49 yuan / share, maintaining 14.The target price of 46 yuan / share corresponds to a 7x estimate and the company’s “buy” investment rating.