Guoan will welcome the debut of the new season, Genesio bluntly said that everything is ok

Guoan will welcome the debut of the new season, Genesio bluntly said that everything is ok
The Guoan team is actively preparing for war overseas.Video screenshot Beijing News News On the evening of February 18th, Beijing Zhonghe Guoan team will usher in the first game of the new season. The AFC Champions League away against Thailand’s Chiang Rai United team.Official competition.Before the game, head coach Genesio, captain Yu Dabao and deputy captain Augusto talked about their outlook for the game.During this time, Chiang Rai has played two official matches, and for Guoan this is the first official match.In doing so, coach Genesio believes that the team is ready, “Everyone is working very hard to train, everything is okay, we are ready.”Captain Yu Dabao said that the team is ready to meet the difficulties.” The first game of each year is very difficult. The game may be played very hard, but the result is the most important, weWe must go all out to win the game, dedicated to Beijing fans and national fans.”Augusto admitted that everyone is facing a more difficult situation,” because the domestic epidemic has not ended, everyone is very worried, the preparation situation of the entire team this year is also different.But we are training overseas and we are well prepared, hoping to continue our usual fighting style on the court and win this game.”

Not convinced!38-year-old Ibrahimovic returned for the first start and scored

Not convinced!38-year-old Ibrahimovic returned for the first start and scored
In the 19th round of the Serie A game that ended this morning, AC Milan visited Cagliari and defeated their opponents 2-0. The first win of the new year also ended the embarrassment of the league’s three rounds.Currently, AC Milan has temporarily risen to eighth place in the standings.38-year-old Ibrahimovic “old and strong”.Figure / Sports This campaign is the 38-year-old Ibrahimovic’s first start after returning to Milan. In the 64th minute of the game, Ibrahimovic’s left foot shot scored the first goal after the return, helping the team to score 20 wins.In the match, Ibrahimovic scored 4 times and scored 2 times and scored 1 goal.Ibrahimovic broke the left foot.In the post-match interview, Milan coach Pioli highly praised Ibrahimovic’s first start achievement.”He hasn’t played a complete game every month, but today he is smart enough to adapt to the rhythm of the game and can give his teammates the right instructions to become a real fulcrum on the field.Pioli said, “Ibrahimovic wants to prove that he still has this ability. His presence has indeed helped one of the youngest teams in Serie A. His adaptation, determination and experience are well passed on to him.”Other players.”Pioli believes that what the team currently has is not an opportunity, but the ability to seize the opportunity.”With the arrival of Ibrahimovic, the team introduced by Pioli has more choices and rotation options on the way forward.”He will only get stronger and we will see the real Ibrahimovic after three to four games.Pioli finally said.Ibrahimovic also uploaded a group photo of the team celebration on personal social media, with the words: “Strong alliance will be stronger.”Editor Zhang Yunfeng proofreads Wei Zhuo

Yutong Technology (002831): Inflection point is now profit reversed

Yutong Technology (002831): Inflection point is now profit reversed
The company released its 2018 performance report, and Q4 attributed net profit growth to 25.4% of the companies released a performance report for 2018, which reported revenue of 85.8 billion (+23 y / y).50%), net profit attributable to mother 9.4.5 billion (+1 year over year.38%).Among them, 2018Q4 achieved revenue of 31.2.6 billion (+ 29% YoY).0%), net profit attributable to mother 4.0.2 million yuan (+25 compared with the same period last year).4%), ending negative performance for several consecutive quarters. Falling raw material prices + maximizing production capacity increase, the company’s profitability has steadily increased, and the gross profit margins of Q1-Q3 in 2018 were 25 respectively.2%, 24.0%, 31.2%, of which Q1 and Q2 are far lower than the historical period, and Q3 is significantly better than the previous month.The preliminary is: the company expanded its scale business layout in early 2018, and the production capacity needs to climb in the early stages of development; the company’s profit space was squeezed during the rise in raw material prices.With the development of new 北京夜网 customers, the prices of white paper, corrugated, copper and other paper grades have fallen, and the company’s profitability has continued to improve. It is expected that the company will continue to release profit elasticity in 2019. Diversification of downstream customers continued to advance. Tobacco and alcohol packaging went hand in hand. Based on consumer electronics packaging, the company vigorously developed tobacco packaging and wine packaging and achieved good results.According to the company’s semi-annual report for 2018, the company has entered the continuous high-end liquor supply chain such as Yanghe and Gujing Gongjiu, and has further entered the tobacco label market through Wuhan Aite.The company announced the acquisition of Jiangsu Dejin in 2018H2, extending the packaging layout to the field of plastic materials. 合肥夜网 Profit forecast and investment advice The company actively optimizes the customer structure, increases production capacity and steadily increases the price of upstream raw materials. It is expected that the company’s profitability will rise significantly in 2019.It is expected that net profit attributable to mothers will be 9 to 2018-2020.45, 12.48, 15.60 million, the current market value corresponds to PE 16 in 2019.2 times.The company’s corresponding PEG <1 in 2019, with reference to the same industry assessment and the growth rate of the company's performance, gives the company a 20-fold reasonable estimate for 2019, corresponding to a reasonable value of 62.4 yuan, maintaining the company's "Buy" rating. Risks suggest that the growth rate of the macro-economy has fallen faster than expected; the customer's development has fallen short of expectations; affected by other external factors, the prices of raw materials have risen again; and exchange rate changes have affected it.

Incremental funds from the four roads entered the market and the turnover of the two cities exceeded 1 trillion yuan

Incremental funds from the four roads entered the market and the turnover of the two cities exceeded 1 trillion yuan

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: Four-way incremental capital cooperation entered the two cities. The turnover of the two cities exceeded one trillion yuan. Reporter Fei Tianyuan ○ Edited by Zhu Yin after a lapse of nearly a year, the Shanghai and Shenzhen cities’ turnover exceeded one trillion yuan.

  Finally closed yesterday, the Shanghai Composite Index reported at 2975.

40 points, down 0.

32%; Shenzhen Stock Exchange Index reported 11235.

60 points, down 0.

63%; ChiNext Index reported 2139.

44 points, down 1.


A total of 10,388 was traded in Shanghai and Shenzhen.

1.5 billion yuan.

The last time the turnover of the two cities stood at more than one trillion yuan, going back to April 8, 2019.

  Shenzhen market turnover is significantly larger than Shanghai market since this year, Shenzhen market turnover has continued to significantly outperform the Shanghai market.

Taking yesterday as an example, the Shanghai Composite Index traded at 3813 throughout the day.

At 3.1 billion, the Shenzhen Stock Exchange closed at 6574.

8.4 billion, Shenzhen’s turnover was more than 70% higher than the Shanghai Stock Exchange.

This feature is similar to the transaction volume of the two cities breaking the trillion-dollar for the first time at the end of 2014.

  On December 5, 2014, the turnover of the Shanghai and Shenzhen markets exceeded the trillion mark for the first time in history. On the same day, the turnover of the Shenzhen Stock Exchange Index was about 55% higher than that of the Shanghai Stock Exchange Index.

After that, A shares opened the big bull market in the first half of 2015, and the turnover of the two markets once climbed to more than 2 trillion.

  The significant difference in the scale of Shanghai and Shenzhen transactions is an important feature of the recent structural differentiation of the market.

Since the index bottomed out on February 4, technology chips such as chips, cloud computing, and new energy have outperformed financial and consumer products.

  According to Shenwan’s first-level industry division, since February 4, the computer industry has risen to the top, reaching 25.

92%, the electronics and communications technology industry rose more than 18%.

In terms of scale, the banking sector rose at the bottom, only 3.

34%, food and beverage, household appliances industry rose within 10%.

  Yesterday’s disk, the top five stock turnover, with four technology stocks.

Ningde Times traded 65 throughout the day.

9.9 billion yuan topped the list. ZTE, BOE A’s turnover exceeded 5 billion yuan, and San’an Optoelectronics sold 49.

1 billion yuan.

CITIC Securities became the only non-tech stock in the top five, with a turnover of 50 yesterday.

4.5 billion.

  Four-way incremental funds collectively increase positions The Shanghai and Shenzhen markets have returned to the trillion mark, which is inseparable from the four-way incremental funds collectively increasing positions.

  The first is northbound funding.

Yesterday, Northbound funds made a net purchase of 37 throughout the day.

4.5 billion.

  Since this year, Northbound funds have gradually bought 765 net.

$ 3.9 billion, nearly a quarter of last year.

Leading companies in the consumer and financial sectors are still the focus of northbound funding.As of February 18, the top ten heavy stocks of Northbound Capital were still consumer stocks and financial stocks.

  The second is institutional funds.

With the recent rebound in market sentiment, explosive funds appear again.

  At the beginning of this year, the Bank of Communications kernel-driven hybrid absorbed more than 50 billion yuan in one day, becoming the first explosive fund in 2020.

Subsequently, Penghua’s technological innovation mix, and Hongde Fengrun’s three-year holding period were also sold out in one day.

The scale of the first subscription of Guangfa Technology Pioneer managed by last year’s performance champion Liu Gezhen was more than 90 billion, and the final confirmed share was 8 billion.

  On February 18th, Chen Guangming’s Ruiyuan Fund’s second public offering product, Ruiyuan’s balanced value three-year holding period, the hybrid fund easily reached the $ 6 billion initial fundraising scale, triggering a proportional placement, and the total subscription amount was about 120 billion, creating a 西安耍耍网 domestic public offering fund.The highest subscription record in history, the final placement ratio may be about 5%.

  The third is financing funds.

Affected by factors such as the Spring Festival holiday, the financing balance of Shanghai and Shenzhen reached a stage low of 10,140 on February 4.

66 billion.

But through the rebound of the index, financing funds began to return sharply.

As of February 18, the financing balance of the two cities has increased by nearly 50 billion to 10620.

6.5 billion.

  Hot technology stocks are the first choice for funders to increase their positions recently.

As of February 18, the top three stocks in financing net purchases since the beginning of this year were the Ningde Times, Guoxuan Hi-Tech and UFIDA, and the net financing purchases gradually exceeded 1.3 billion.

  Fourth, individual investors.

The latest data released by the China Clearing website shows that the A-share market added 80 new investors in January.

07 million people, the number of investors at the end of the period was 16,055.

300,000 people, this is the first time that the number of A-share investors exceeded 1.

600 million.
Among them, natural person investors added 79 in January.

750,000 people, the number of natural person investors at the end of the period reached 16,016.

970,000 people.

  The structural market is expected to continue. CITIC Securities Qin Peijing’s strategy team believes that the switching companies have resumed work one after another, and incremental allocation of funds has begun to search for “depressions”, which are repeated with momentum funds.

Driven by policies and incremental liquidity, there is still momentum in the market, and technology is still the main line of this kind.

  China Merchants Securities Zhang Xia (Jin Qilin analyst) strategy team said that the technology up cycle, information consumption is still the most important direction at present; the implementation of the refinancing new policy will also become more active in the small and medium market value sector.

Policy variables will play an increasingly important role in future stock markets.

  Whether it is the end of 2014 or the beginning of 2019, the turnover of the two cities exceeded the trillion average value, which brought a bull market for A shares.

From the perspective of most institutions, the current structural bull market of A shares will continue, and the theme of technology is expected to continue to be the main line of the market.

  Zhang Yidong, Global Chief Strategy Analyst, Industrial Securities, recently adjusted his judgment on the broad index space of the A-share and Hong Kong stock markets during the year, from an index bull market (that is, an annual increase of more than 20%) to a balanced market (an annual increase of about 10%).

Zhang Yidong believes that unless there is a small probability event of a “global stock market bear market,” neither A shares nor Hong Kong stocks will have a systematic bear market.

The structural market dominated by core assets of advanced manufacturing has gradually changed.

Shengnong Development (002299): The industry’s high prosperity supply is still scarce

Shengnong Development (002299): The industry’s high prosperity supply is still scarce

On the evening of August 9, the company released its 2019 semi-annual report.

In the first half of 2019, the company’s operating income was 65.

5.4 billion, an annual increase of 29.

27%; net profit attributable to shareholders of listed companies is 16.

53 trillion, an increase of 393 in ten years.

40%; net non-recurring profit or loss attributable to shareholders of the listed company is 16.

360,000 yuan, an increase of 437 in ten years.


The company expects that the range of net profit attributable to shareholders of listed companies from January to September 2019 will be 24.


50 ppm, with an increase of 204.

59% -217.


Our analysis and judgment are high in the industry. The company’s performance has grown. The company’s main business is broiler breeding, broiler slaughtering and processing, and food deep processing.

In terms of distribution business, the poultry breeding and processing business in 2019H1 benefited from the industry recovery, and the average price of chicken products rose by 25%.

02%, achieving operating income of 44.

21 ppm, an increase of 21 in ten years.

85%, accounting for 67.

45%, gross margin is 30.

64%, an increase of 19 over the same period last year.

62%; Food processing business achieved operating income of 17H17.

900,000 yuan, an increase of 43 in ten years.

67%, accounting for 27.

31%, gross margin is 31.

78%, an increase of 10 over the same period last year.

98 points.

Sales increased by 33.

31%, the average product price increased by 7 in ten years.


In terms of quarters, 2019Q1 / Q2 companies’ operating income was 30.


70 ppm, an increase of 31 in ten years.

17% / 27.

64%; net profit attributable to mothers is 6.


00 ppm, an increase of 414 in ten years.

14% / 380.

75%. The duration of the supply shortage, the demand is gradually increasing, and the domestic white feather broiler market continues to be in short supply, demand is rigid, the industry boom continues to rise, and the price of white feather broiler chickens is on the rise.

In terms of prices, according to Boya data, the price range for 2019H1 chicken comprehensive products is 11.


80 yuan / kg, which began to improve in June after reaching a stage high in May; the price range for chickens was 8.


68 yuan / kg, also fell after May; the price range of chicken seedlings fluctuated, the price range was 3.


76 yuan / kg, chicken seedling prices rose to 9 in May.

After 杭州夜网 76 yuan / kg fell sharply in June, the average price in June was only 3.

81 yuan / kg, the average price rose to 4 in July.

3 yuan / kg.

In terms of introduction, according to Boya data, the total number of updates in 2019Q1 is about 25.

50,000 sets, the number of updates in 2019Q2 is about 25.

50,000 sets, varieties are AA / Ross, Cobb and Hubbard.

The 2019H1 update totals approximately 510,000 units, an increase of 51 per year.


On the demand side, under the swine fever epidemic in Africa, the decline in domestic pig inventory has continued to expand, pork supply is shrinking, and white feather broiler chickens can increase animal protein supply. We expect chicken consumer demand to pick up.

In terms of improved profitability and effective profitability of fee control, the gross profit margin of the company in 2019H1 was 31.

70%, an increase of 17 per year.

83 points; net margin is 25.

63%, an increase of 19 per year.


In terms of quarters, the gross profit margins of the companies in Q1 / Q2 2019 were 28.

69% / 34.

37%, the net interest rate is 22.

04% / 28.


In terms of period expenses, 2019H1 company’s selling expenses are 1.

71 ppm, a ten-year increase of 8.

01%, selling expenses 2.

60%, reducing by 0 every year.

51pct; management fee is 0.

79 ppm, a ten-year increase of 8.

87%, administrative expenses 1.

21%; financial expenses are 0.

0.94 million yuan, a decrease of 16.

86%, financial expenses1.

43%, a reduction of 0 per year.

79 points.

Investment suggestion: We expect the company’s operating income to be 143 in 2019-2020.03 ppm and 160.

42 ppm, an increase of 23 per year.

87% and 12.

16%; net profit is 28.

6.1 billion and 25.

62 trillion, 90 years of growth were 90.

09% and -10.

47%, EPS is 2 respectively.

31 yuan / share and 2.

07 yuan / share, the company’s total market value of 35.8 billion, the corresponding P / E is 12 respectively.

5x and 14.

0x, maintaining the “overweight” level.

Risk reminder: chicken meat price fluctuation risk; raw material price fluctuation risk; risk of epidemic disease.

Yingqu Technology (002925): FDA Approves PMI to Sell IQOS Electronic Cigarette Industry in the US

Yingqu Technology (002925): FDA Approves PMI to Sell IQOS Electronic Cigarette Industry in the US
This report reads: FDA allows IQOS to enter the US market, and the electronic cigarette industry has ushered in important progress. As a core supplier of IQOS, the company has achieved performance repairs in its precision plastic parts business. The FDA approved PMI to sell IQOS in the United States, and the company directly benefited as a core supplier, maintaining a target price of 73.66 yuan, maintaining the “overweight” level.On April 30, the US Food and Drug Administration (FDA) formally approved Philip Morris (PMI) to sell heating tobacco equipment 深圳spa会所 IQOS in the United States. As the core supplier of precision plastic parts, the company directly benefited from the rapid growth of new users in the US market., IQOS3.0 Channel demand for new products.We maintain our performance forecast and expect an operating income of 36 in 2019-2021.6.3 billion / 45.7.1 billion / 56.9 billion, with a net profit of 10.2.1 billion / 12.3.1 billion / 14.7.2 billion with an EPS of 2.23 yuan / 2.69 yuan / 3.21 yuan, maintaining a target price of 73.66 yuan, corresponding to 33 times PE in 2019, maintain the “overweight” rating. The FDA acknowledges that IQOS is beneficial for protecting public health.After a series of scientific evaluations, the FDA believes that IQOS can greatly reduce the harmful substances in traditional cigarettes. For example, butyraldehyde is 89% -95% lower than conventional cigarettes, and formaldehyde is 66% -91% lower than traditional cigarettes. However, the nicotine content of IQOS is veryClose to traditional cigarettes, smokers can smoothly switch from traditional cigarettes to IQOS electronic cigarettes without sacrificing user experience.This also proves from the side, why 70% of IQOS’s 10.4 million users worldwide have completely converted to loyal consumers and no longer use traditional cigarettes. As the core supplier of IQOS, the precision plastic parts business ushers in the opportunity for performance recovery.Thanks IQOS3.0 New products ramp up in 2019Q1, 2.The 4p old model was destocked, and the company’s e-cigarette business decreased in 2018, but we believe that the entry of IQOS into the US market will effectively boost market demand. PMI has established IQOS offline physical retail stores in multiple cities in the United States. The company has adopted highly customizedThe deep binding of the product and PMI helps to directly benefit from the 佛山桑拿网 promotion of new users after IQOS enters the US market, 3.0 Demand for new product channels. Catalyst: PMI accelerates the construction of IQOS offline retail stores in the U.S. Market

Tianqi Lithium (002466) 2019 Annual Report Results Express Review Comments: Falling lithium salt prices & financial costs dragged down company performance

Tianqi Lithium (002466) 2019 Annual Report Results Express Review Comments: Falling lithium salt prices & financial costs dragged down company performance

Investment Highlights The company released the results of the first half of 2019: the company is expected to achieve operating income of 25 in the first half of the year.

9 trillion, 21 on New Year’s Eve.

3%; achieve net profit attributable to mother 2.

06 ‰, 84 years ago.

3%; the first half performance is in line with the company’s 2019Q1 quarterly report.

The company achieved operating income in Q2 2019.

5 ‰, the ten-year average of 22.

7%, cyclic oxide 6.

3%; net profit attributable to mothers reached 94.33 million yuan, an annual 深圳SPA会所 extension of 85.

5%, compared to 15 carbonic acid.


  Fluctuations in lithium salt prices and the drag on financial costs of M & A loans have led to a significant decline in the company’s performance growth.

First, the company’s lithium carbonate was 44% and lithium hydroxide was continuously doped in the first half of 2019.

6% directly led to a significant decline in lithium salt gross margin.

The company ‘s actual lithium salt sales in the first half of the year increased by 17.

7%, reaching 1.

94 ounces.

However, due to rising prices, the gross profit margin has temporarily decreased by 17.

9 units.

In the field of spodumene, the company’s external sales for the first half of the year 19 were initial and continued for 10 consecutive years.

8%, at least basically maintained.

However, due to the increase in the initial sales volume of the company’s lithium chemical products, the self-consumption is expected to increase.

Second, M & A loans dragged down the company’s performance.

2019H1 company’s total expenditure on M & A loan interest8.

610,000 yuan, but SQM investment income recognition is limited to 2.

760,000 yuan, 5 exist.

The $ 8.5 billion gap directly affected the company’s net profit.

We expect to raise funds through the company’s rights issue and convertible bond issuance, and financial costs are expected to decrease in the future.

  Earnings forecast and grade: Adjust the company’s 2019-2020 earnings forecast and lower the 2019 performance forecast.

It is expected that net profit attributable to mothers will be achieved from 2019 to 20206.

6.1 billion, 14.

7.1 billion, 16.

1.3 billion US dollars, excluding equity rights and other changes in equity, EPS is 0.

58 yuan, 1.

29 yuan, 1.

41 yuan, with a closing price of 25 on August 1, 2019.

Calculated at 11 yuan / share, the corresponding PE is 43.

4X, 19.5 times, 17.

8 times.

Considering that the company has completed the acquisition of SQM, it has become a leader in the global lithium industry. Its product costs are highly competitive and its capacity expansion is fast in the future. We continue to maintain a “prudent increase” rating on the company.

  Risk warning: lithium price drops sharply, new capacity is not put into production as expected, overseas operating risks, other factors

Hailan House (600398): The white horse leading brand layout of apparel consumption has been launched for the second time

Hailan House (600398): The white horse leading brand layout of apparel consumption has been launched for the second time

Key points of investment: The company is a leader in the domestic apparel industry, and has a white horse of consumer goods with high dividends.

The company is a large consumer brand operation platform enterprise for brand management, supply chain management, and marketing network management.

The company’s main brand, Hailan House, has occupied the first place in the Chinese menswear industry for 5 consecutive years. Since 17 years, it has laid out lifestyle home brands “Hailan Preferred”, light luxury clothing “OVV, AEX”, and young fashion brand clothing brand “”Black whale”, and in 18 and 19 years successively controlled the popular children’s clothing brand “boys and girls” and the high-end infant and young children’s brand “British infant”.

The company’s performance has grown steadily for many years, and annual revenue and profits have never been excessive.

In the six years since listing, the cash dividends have gradually reached 103.

US $ 600 million and reorganization of the five-year (2018-2022) repurchase plan. It is planned to repurchase shares at 20% -30% of the net profit of the previous year, which is a scarce white horse.

  Comprehensive efforts were made to expand the category, and a multi-brand management group was formed, optimistic about long-term growth.

1) New brand incubation has entered an expansion period.

  Hailan’s preferred second- and third-tier shopping mall channels have developed smoothly and settled in leading chain shopping malls such as Wanda Plaza and Vientiane City, providing a basis for rapid promotion and replication in the future.

Light luxury brands have become the new favorite of first-tier and second-tier cities. The OVV brand has successfully expanded into Shanghai Xintiandi and Lujiazui; Beijing Wangfu 南宁桑拿 Central, Nanjing Deji Plaza, and Bangkok CentralwOrld.

  The second-brand black whale is positioned as a young trend, with more than 250 stores, sponsoring e-sports events such as the KPL spring tournament, and a perfect marketing strategy.

2) The layout of outsourcing investment children’s clothing is completed.

In 18 years and 19 years, the company has successively controlled the brand differentiation of children’s clothing brand boys and girls, British children’s clothing, mass children’s clothing, and high-end children’s clothing, and is optimistic about the follow-up efforts.

3) Overseas markets have steadily expanded.

The company has successfully settled in Japan, Malaysia, Thailand, Singapore, Vietnam and many other countries. Multi-brand coordination goes abroad. The number of stores exceeds 50. The channel expansion has entered a period of stable growth. In the future, 武汉夜生活网 it will continue to cultivate and open stores in Southeast Asia.

  The main brand has been expanding for a long time to create an efficient retail operation system, and product power upgrades are expected to usher in secondary growth.

1) Channel management: The company’s direct sales model has deep control over terminal retail management, is responsible for store product deployment, store image, and salesperson management, and has strengthened the company’s terminal management capabilities, enabling the company to focus on the depth of its products.

2) Supply chain management: credit purchase and joint development, fully motivate upstream suppliers to achieve deep binding, the profitability of suppliers and terminal sales rate are linked, and both parties are encouraged to work together to improve product power from the source.

3) Headquarters management: automatic equipment superimposed information system, and an efficient logistics system has been established.

Since 2013, the company has participated in the construction of an automated logistics system year by year, and has dug deep into the moat.

In the same year, the company adopted the SAP system to effectively connect data such as store real-time sales and logistics park storage.

From 13-19 years, the company continued to develop a high-efficiency logistics system for fixed asset construction, achieving an annual turnover of 400 million times. It can efficiently distribute goods to terminal stores twice a week, replenishment and inter-store transfer capabilities, ensuring large orders.Efficient moving pin ability under the measurement.

  The company is an underrated leader in the apparel industry. The main brand has very strong barriers to competition, a new brand matrix has been formed, and it maintains a “buy” rating.

The company’s PE in 2019 and 2020 is only 9 times, 9 times, which is obviously underestimated as the industry leader.

We believe that the market has poor expectations for the company’s future growth drivers and its core competitiveness in terms of operating efficiency.

We maintain our original profit forecast. It is expected that the company will achieve net profit attributable to mothers in 19-21, respectively.



9 trillion, EPS in 19-21 are 0.



97 yuan, corresponding PE is 9/9/8 times.

We use an absolute estimation method to give the company a target price of 11.

82 yuan, corresponding to 13 times PE in 20 years, 56% more space than in the near future, maintain “Buy” rating.

  Risk Warning: New brand positioning is not recognized by the market, and store development is slowly slowing down.

Watch out for cesarean delivery!

Watch out for cesarean delivery!

With the increasing number of older women and some conceptual reasons, more and more women choose to have a cesarean section.

So, is there a difference between a child born by caesarean and a child born by Shun?

If so, what do parents need to pay attention to?

  Studies have shown that children born by caesarean section did not pass through the birth canal at birth and lacked the first tactile and proprioceptive experience and learning in life.

Although this lack of experience does not affect the child’s IQ, it is easy for children to have problems such as emotional sensitivity, lack of concentration, clumsiness of hands and feet.

Children born by caesarean section generally have the following questions: Question 1: Feeling unbalanced “Why are you careless?

“Yingying’s mother couldn’t help it again.

It’s no wonder that Yingying always missed the question “accidentally”. Usually, her homework is always dragging, and often she misses words in the text.

Although she worked hard, Yingying couldn’t change her “bad habits.”

Worried about her death, her mother came to the hospital with Yingying.

  After some understanding, Deputy Chief Physician Cai Xiaomei of the Department of Maternal and Child Health Care of Guangdong Province believed that Yingying had learning difficulties and had sensory integration disorders.

She said that children with learning disabilities often have varying degrees of sensory integration disorders, and the lower the level of sensory integration development, the more affected children’s learning ability is.

  The cause of this situation is that caesarean section is one of the adverse factors.

Hypertension patients undergoing normal delivery can suffer from contractions, moderate physical tension changes in the birth canal, etc., causing the fetal body, chest, abdomen, and head to be squeezed rhythmically, while cesarean delivery lacks such stimulation, soDisturbance of tactile sensation, proprioception, and vestibular balance is prone to occur, that is, “sensory integration disorder”.

  Reason: When the child is small, let the baby do more left-right roll, limp, crawl, play parent-child games such as “airplane” lift, etc., and older can train them to walk on the balance beam, swing, do spin games, etc.Give fine movements and other training.

Some children may not show problems during infancy, but by the school age, they may have problems with their learning ability.

Immediately parents should pay attention to observation, the armor gives the child proper guidance and training as soon as possible.

  Question 2: Emotional sensitivity analysis of poems and poems implanted in the abdomen, and quoted by other children, apparently timid withdrawn, even a small sound can have too strong a response, so often waking and crying.

  The short-term cesarean section makes high blood pressure lose the experience of being squeezed during childbirth, and lacks the early tactile sensation of pressure on the brain and skin, which results in many behavioral problems, mainly over-tactile defensive reactions.

  For example, babies have tactile reflexes such as suction, grip, and defense as soon as they are born. At this time, they begin to stimulate the baby’s skin with tactile stimuli, such as caring, hugging, massaging, and grasping different parts of the child. When the weather is good,Take the child out, expose the child to wind and other stimuli, or let the child pass the stimulation of hot and cold water.

Older children can lead him out for activities, playing with sand, water, swimming, walking barefoot, wiping the body with a rough towel after bathing, blowing the body with a hair dryer and breeze, brushing the body with a hair brush, and rolling the child with a towel to makeCrimp roll games, playing games with children that require physical contact, etc., can all be trained in baby’s sense of touch.

For children under 1 year old, massage is a very effective method.

Wrap the child in a bath towel and gently rub the child so that his whole body can be massaged.

  Problem 3: In the process of natural birth, the regular uterine collapse or twisted cracks are squeezed and expanded, making the alveoli more flexible in the body after birth and greatly increasing the lung development of the newborn.

From the perspective of the newborn, children born by caesarean section cannot expel 1/3 of the fetal lung fluid due to at least the birth canal squeeze, and some of them cannot breathe spontaneously after birth, which is the so-called “wet lung”, which is prone to neonatal asphyxia and lungs.Complications such as transparent film.

In addition, when the weather changes greatly, cesarean babies are also more likely to suffer from respiratory diseases than natural babies. Parents should pay attention to the situation of their children.

  Question 4: Poor coordination of children born by caesarean section There is evidence that there is no difference in intelligence between children born by caesarean section and children born naturally, but the adaptability of children born by caesarean section is worse than that of children born naturally.

  Human skin is an organ for tactile learning. It has normal defensive reflexes. Children need to recognize themselves and the environment through the skin, so that they have a normal response to the objective world.

Children born by caesarean section have a congenital tactile learning problem, and they will have manifestations during infancy. They cannot adapt to the various information that the skin contacts, such as bathing, changing clothes, changing beds, poor adaptability, or excessive protective reactions.It is emotional, crying, not sleeping well, and not sleeping well.

Children who have a C-section have not been squeezed through the birth canal, so the tactile information of the skin is poor.

After a child is born by caesarean section, this possibility can be replaced by parenting.

Coordination ability The prediction and analysis of the coordination ability of cesarean children. It was found that more than 50% of cesarean children have overreaction, are more emotional, and have symptoms such as sleep disturbances.Many children who are born by caesarean section have also found that children who have a caesarean section are less able to balance than those who have a child.

Children who have a caesarean section lack the necessary tactile and proprioceptive learning, are emotionally sensitive, are not attentive, and have clumsy hands and feet.

They often can’t sit on the bench. They are very temperamental at home. They timidly flinch when they go out. They are not generous and afraid of crowding. They like hiding behind their mother’s ass in strange environments.

In a word, “A dragon is at home and a worm is out.”

Socially, the child shows timid flinching, emotional fluctuations are large, and attention cannot be focused.

This kind of child has innate tactile defense, and the family needs to take desensitization as soon as possible to recover as soon as possible.

Watch out-often wearing high boots can lead to swollen feet

Be wary: often wearing high boots can lead to swollen feet

The weather started to get colder, and the girls who were extra-beautiful put on all kinds of high boots.

However, wearing high boots for a long time may cause health problems.

While women are enjoying the beauty brought on by boots, some diseases have also come afterwards.

  After wearing high boots for a long time, some girls experienced mild swelling in the lower third of the calf and pain in the outer side of the lower leg, and even pain in the back of the foot. As a result, peri Achilles tendonitis, tenosynovitis, and beriberiWait.

  These representations are collectively referred to as “leather boots disease”.

  The main cause of leather boots disease is that the leather boots are too small, the boot waist is too tight, and the heel is too high, which makes the back of the foot and the blood vessels inserted at the joints squeezed and penetrates the nerves, causing the feet, constrictions and lower legs.Tissue blood circulation is poor.

At the same time, due to the poor breathability of high-top leather boots, the water emitted from the feet after walking cannot be dissipated in time, which creates a good growth and reproduction environment for anaerobic bacteria and molds, which is prone to tinea pedis and tinea pedis infection.

In addition, due to the high heels of high boots, women’s feet are unevenly stressed during wear, and long-term squeezing may also cause eye diseases such as corns.

  To avoid the harm caused by high boots, orthopedic experts believe that the height of the heel is preferably 3 cm, and the waist of high boots should not be too tight.

Underage girls should not wear high-heeled leather boots. If you must wear them, you should take off your leather boots and put on casual shoes in time to improve blood circulation in your feet.

In addition, it is not suitable to wear high boots when traveling. Washing feet with hot water before going to bed at night can eliminate foot fatigue.

Women who often wear boots or high heels, in the evening, put on light slippers, and soak their tired feet with hot water. If possible, put some angelica, safflower warming and meridian, can even soothe and relieve feetDepartment of fatigue, but also good for some gynecological diseases of women.

Usually, if you have time, you can do some simple foot massage yourself.