[Can durian milk be eaten together]_Durian_Milk_Can it be paired

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[Beer Roasted Duck Tongue Practice]_Beer Roasted Duck Tongue Common Practice _Beer Roasted Duck Tongue Practice Daquan _How to Make Beer Duck Tongue

[Beer Roasted Duck Tongue Practice]_Beer Roasted Duck Tongue Common Practice _Beer Roasted Duck Tongue Practice Daquan _How to Make Beer Duck Tongue

With the development of the economy, the pressure on us is getting more and more, and the time spent in the company every day is getting longer.

In this way, we have to pick up the mobile phone every day to take out, but our heart is full of intentions.

Therefore, on weekends and holidays, we are all willing to cook for ourselves.

Now, let me tell you about the practice of roasting duck tongues in beer.

1.

Get ready for duck tongue.

2.

Slice the shallot and slice the ginger.

3.

Wash duck tongue with water and soak for 20 minutes.

4.

Soak the duck tongue in water and drain the water.

5,

Fill the pan with oil and sauté the shallot ginger and star anise.

6.

Duck into the tongue and stir-fry until discolored.

7.

Add soy sauce and sugar and continue to stir fry.

8.

Pour the beer without duck tongue.

9.

Turn to high heat and simmer for 20 minutes.

How do you feel, Xiao Bian’s beer roast duck tongue introduced to you today is simple and easy to get started, if you think, then try it.

[Does longan dry get angry?

]_Hot gas_fire gas

[Does longan dry get angry?
]_Hot gas_fire gas

Litigation is a condition that often occurs in the human body in Chinese medicine, especially friends who have relatively small eyes in daily life. It may be more common, because many things make you very angry.

Bad emotions are also the main reason for getting angry, so everyone must pay more attention.

In addition, the food in the daily diet may also cause people to get angry. So, will dry longan eat too much and get angry?

Longan, also known as longan, is the season for the longan to be listed in July and August each year. Generally, the lychee leaves and the longan is listed.

It is not easy to eat fresh longan in the winter, but it is not easy, so dried longan has become a fruit that replaces longan and comes to the forefront.

Many families use dried longan to make soup, which is more nourishing.

However, like dried longan, it is easy to get angry if you eat too much.

As the saying goes, there are three litchis of litchi, in fact, the same is true of longan. You can’t eat more.

Dry dried longan is a tonic fruit to eat a few times a day. Once you eat more, it is easy to get angry.

Dry dried longan can eat about 10-20 capsules a day. You can’t eat more dried longan and fresh longan, but because dried dried longan becomes smaller in volume, some people think that eating 10 dried longan is equivalent to eating 2-3 longanTherefore, he began to eat unrestrictedly and eat dried longan.

This is not possible. Of course, occasionally eating 10 or more dried longan balls at a time may not be a problem, or it may not show the symptoms of anger, but to prevent it before it happens, it is better to eat less acne.
Can dried longan be eaten for a long time?
It is no problem to eat dried longan long-term, because dried longan retains most of the nutrition of longan, and long-term eating has certain benefits to the body.

But don’t eat dry longan continuously for a long time. In addition to eating dry longan without interruption, it may cause weight gain.

No matter what kind of fruit you are advised not to eat too much at one time.

[How to boil the sauce is the most fragrant?】 _How to do_How to do

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[Can pregnant women eat tofu skin]_Pregnancy_Can I eat

[Can pregnant women eat tofu skin]_Pregnancy_Can I eat

The diet of pregnant women during pregnancy must not be eaten indiscriminately. In fact, in order to give the baby a healthy internal growth environment before pregnancy, pregnant women will choose to avoid eating junk food. After pregnancy, they will only eat green and healthyThe nutritional value of food and tofu skin is okay. It can supplement the protein needed by the human body. Can pregnant women eat tofu skin?

Let me introduce you.

Pregnant women can rest assured that eating cold tofu skin has certain benefits for their own health and the health of their oxides.

Cold tofu skin is a single good recipe during pregnancy. Tofu skin is rich in high-quality protein. Pregnant tofu skin can add too much protein, which can prevent cardiovascular disease and protect the heart.

Postpartum consumption of cold tofu skin for pregnant women can also help milking and promote rapid recovery.

Pregnant women need to strictly abide by the dietary rules during pregnancy. Do n’t eat anything and cause your body to appear and affect your weight, but you do n’t have to be too nervous. You always feel that you ca n’t eat that or that.

In fact, as long as the pregnant mother has a good appetite, she can eat too much, and eating more tofu skin can improve immunity, as long as not eating too much at once!

Relax to be able to give birth to a beautiful and cheerful baby!

Tofu skin is a traditional Chinese cuisine. It has two methods. One is to form a natural oil film on the surface after the soy milk is boiled and “picked” to dry., “Tofu”, etc .; the other is pressed tofu skin, similar to dried tofu.

Tofu skin is not only rich in protein, sugars, trace amounts, cellulose, but also potassium, calcium, iron and other minerals needed by the human body, and it is easy to digest, absorb quickly, and is suitable for all ages.

Can pregnant women eat tofu skin?
Tofu skin is a soy product, which is rich in nutrition and can supplement protein for pregnant women, so pregnant women can also eat tofu skin.

Can a mother eat tofu skin? From a Chinese medicine perspective, tofu skin is sweet and cool, and clears heat and diuretic, reduces swelling and blood, which is beneficial to the mother.

Therefore, the mother can eat some tofu skin appropriately.

Can you eat tofu skin during lactation? Tofu skin is a soy product that consumes zinc, protein and other nutrients. Eating tofu skin during lactation can completely whiten the skin and supplement nutrition.

Can babies eat tofu skin? Although tofu skin is rich in nutrition, it cannot be eaten by babies with inadequate digestive function. If the baby wants to eat tofu skin, it is best to wait until one year old.

Linglong Tire (601966) Third Quarterly Report Review: Profitability Continues to Improve Overseas Layout and Supports Company Development

Linglong Tire (601966) Third Quarterly Report Review: Profitability Continues to Improve Overseas Layout and Supports Company Development

The company released the third quarter report of 2019, and the company achieved high growth in revenue. The first three quarters of 2019 achieved revenue of 125.

09 million yuan, an annual increase of 13.

26%; realized net profit attributable to mother 12.

140,000 yuan, an increase of 37 in ten years.

38%; realized non-net profit attributable to mothers 11.

170,000 yuan, an increase of 30 in ten years.

28%.

Among them, Q3 achieved revenue of 41 in a single quarter.

99 ppm, an increase of 10 per year.

41%, net profit attributable to mothers4.

8.9 billion, up 35 per year.

83%.

In terms of expense ratio, the company entered sales expenses7.

4.6 billion yuan, accounting for 5.

96%, a year to increase 0.

10 pct; enter management cost 3.

8 billion, with revenue accounting for 3.

03%, increase by 0 every year.

14 pct; enter R & D expenses 5.

2.9 billion, accounting for 4% of revenue.

23%, a year to raise 0.

52 pct; enter financial expenses 2.

3.6 billion, with revenue accounting for 1.

89%, a year up 0.

74.

The change in the financial expense ratio was mainly due to the increase in convertible bonds and additional expenses of banks. Exchange rate changes affected the decrease in foreign exchange income from the same period of the previous year.

Single tire gross profit increased, profitability improved The company produced a total of 1,574 tires in the third quarter.

220,000 articles, an increase of 16 in ten years.

60%; sales 1470.

500,000 tires, an increase of 10 in ten years.

85%.

The price of a single tire is 282.

81 yuan, slightly lower than last year.

1 yuan; single-shoulder gross profit of 78 yuan.

60 yuan, an increase of 12 per year.

46 yuan; realized gross margin of 27.

79%, an increase of 4 from last year.

41. The company produced 4,480 tires in the first three quarters.
杭州桑拿网

400,000 articles, an increase of 10 in ten years.

94%; sales 4228.

250,000 articles, an annual increase of 8.

74%.

The single price is 293.

03 yuan, up 11 from last year.

91 yuan; single-gross gross margin of 76.

93 yuan, an increase of 9 per year.

98 yuan; realized gross margin of 26.

25%, an increase of 2 from last year.

44.

In the third quarter, the overall prices of the five main raw materials of natural rubber, synthetic rubber, carbon black, steel cord, and cord fabrics declined 7.

70%.

We judge that under the environment of the original downlink and the downturn of the automobile market, the company can achieve the stability of single tire prices and the increase in single tire profit mainly because: 1) the company’s product structure has improved, and the sales ratio of all-steel and 杭州桑拿 large-size semi-steel tiresIncrease; 2) Trade barriers impede the export of mainland tires, and overseas factories are profitable.

The overseas layout has made great strides to promote the development of anti-dumping and trade frictions. Domestic tire exports have been hindered, and the proportion of profits of overseas factories has increased.

The third phase of Linglong Thailand was put into production at the end of 2018 and full production in 2019. So far, the Thai factory has been operating at full capacity and has become the company’s main source of profit.

The company has been non-stop, has begun construction of a European Serbian factory, and plans to reach the end of 2020.

We believe that the strategic significance of the Serbian factory includes 1) becoming a new focus for overseas profits, 2) preventing double counter-reflection of Chinese semi-steel tires in Europe, 3) preventing double counter-reflection by the United States against Thailand, and 4) landing in the European market for the convenience of nearby EuropeOEM matching.

Supporting breakthroughs to enhance the company’s brand power According to the company’s official website, on August 26, Linglong Tire and Geely Automobile Research Institute comprehensive strategic cooperation agreement, Geely Automobile’s global factories will provide Linglong tires with stable, high share of supporting resources, we believeLinglong tires are expected to achieve a large amount of supporting for domestically produced high-end models.

In addition, the company also successfully supplied FAW-Volkswagen Jetta’s main tires in May, which is also the first time that domestic tires have been used for Volkswagen series cars.

With the company’s breakthroughs in domestic mid-to-high-end models and joint venture car series, we are optimistic that the company will accelerate its breakthrough in the supporting end in the future to achieve brand upgrades.

Investment suggestion: We expect the company’s net profit attributable to its mothers to be 16 in 2019-21.

49, 19.

08 and 22.

57 trillion, EPS is 1.

37, 1.

59 and 1.

88 yuan / share, corresponding to PE of 15.

28, 13.

21 and 11.

16 times, maintaining the “highly recommended” level.

Risk reminder: natural rubber disease in Southeast Asia, project put into production is not up to expectations, sales growth is not up to expectations

Rongsheng Petrochemical (002493): PX price dragged down 2Q19 performance was less than expected; refining project expected to contribute performance in the second half of the year

Rongsheng Petrochemical (002493): PX price dragged down 2Q19 performance was less than expected; refining project expected to contribute performance in the second half of the year
Results review 2Q19 results were lower than our expectations Rongsheng Petrochemical announced 2Q19 results: revenue increased 19% to 230.$ 300 million, while net profit attributable 武汉夜网论坛 to mothers is down 13% to 4 per year.4 ppm was lower than our expectation, mainly due to the decline in PX sales prices in the second quarter of 1919, which caused the company’s subsidiary Sinopec to continue to decline in profit, and the widening of the price gap between PTA and PX brought less performance than expected.  As of the end of 2Q19, the company ‘s net debt and net debt-to-equity ratio rose by 16% and 44 fractions to US $ 66.4 billion and 311%, respectively, mainly because the first phase of Zhejiang Petrochemical Refining & Chemical Project has entered the peak construction period and increased capital requirements led to operatingIncreased leverage.  Cash flow from operating activities for the second quarter of 19 increased by 70% to 14 in ten years.400 million US dollars, but due to capital investment in refining projects also increased, net free cash length increased by 52% to 9 billion US dollars.  Development Trend The construction of Zhejiang Petrochemical Refining and Chemical Project is progressing steadily. The company’s 2,000-ton / year integrated refining and chemical project (Phase 1) in Zhoushan, Zhejiang, has put into operation the first batch of devices (atmospheric pressure reduction and related public engineering devices, etc.) in late May this year, and is currently in the process of commissioning and load rate climbingSlope stage.We expect the subsequent aromatics and supporting facilities to be put into operation in 4Q19, and some ethylene projects are expected to be put into operation early next year.  The refining and chemical project is expected to initially solidify in the second half of the year and contribute incremental performance. We judge that the refining and petrochemical project of Zhejiang Petrochemical is expected to gradually solidify in the second half of this year according to the commissioning of the units in different years and contribute to the increase.In our opinion, Zhejiang Petrochemical Refining and Chemical Project has the same scale, supporting facilities and location advantages as private refining and chemical projects that have already been put into operation in China. The commissioning of the project may contribute considerable profit growth.  Zhejiang Yisheng New Material Project was accelerated and completed and put into operation at the end of Ming Dynasty. Recently, the company and Hengyi Petrochemical jointly increased the capital of the joint venture company Zhejiang Yisheng New Materials Company at a 50:50 ratio, and gradually accelerated the 600-ton / year PTA new project planned by the joint venture company.We expect the first phase of the project (300 tons / year) 武汉夜生活网 to be completed and put into production by the end of next year.  Earnings forecasts and estimates remain unchanged at 2019 / 20e and 11.The target price of 50 yuan, corresponding to 15 times the 2020e price-earnings ratio, is basically the same as the current benchmark.Maintain Neutral rating.  Risks Oil prices fluctuate sharply, international trade frictions, competition risks of entering new product areas, equity conversion risks, stock pledge risks, and cash flow risks.

Linglong Tire (601966) Company Review: Equity Incentive Target Clear, Tire Leading Growth Expected

Linglong Tire (601966) Company Review: Equity Incentive Target Clear, Tire Leading Growth Expected

The company released the budget of the stock incentive plan for the 2019 budget: The number of additional shares proposed to supplement the 295 incentive objects within the company is 12,807,000 shares, accounting for 1 of the company’s share capital of 1,200,013,403 shares on the date of the announcement of the incentive plan.

07%.

The grant price of the stock is priced at 10.

38 yuan / share.

The budget stock authorized by this incentive plan will be adjusted in three stages: 1) The first stage starts from the first trading day after 12 months from the date of completion of the registration of grants to the last within 24 months of the date of completion of the registration of grantsAs of the day of a trading day, the cancellation ratio was increased by 30%; 2) The second and third periods were postponed for one year, respectively, and the cancellation ratio was 30% and 40%.

  Analyze and determine that the incentive plan has clear evaluation goals, corresponding to a 30% / 15% / 13% increase in performance in 19-21 years. The incentive plan will be implemented in three phases and three phases. The management method will be based on 2018 net profit.Net profit in 2021 is not less than 30%, 50% and 70% respectively, corresponding to 15-20 in 2019-2021.

4, 17.

7, 20.

US $ 1 trillion, with annual growth rates of 30 in ten years.

0%, 15.

4%, 13.

3%.

The company is currently at a stage of rapid business development. The expansion of supporting customers in the front-loading plants is better, and the replacement demand in the after-sales retail market is stable. We believe that the company’s performance in the next three years is likely to complete its assessment goals.

The company’s purpose of launching this equity incentive is to: 1) In order to further establish and improve the company’s long-term incentive mechanism to attract and retain outstanding talents.

2) Fully mobilize the enthusiasm of the company’s directors, senior managers and other key personnel to effectively combine the interests of shareholders, the company and the core team, so that all parties can pay attention to the company’s long-term development and promote the company’s market competitiveness andSustainable development capabilities.

The performance of Q1-Q3 in 2019 increased rapidly, and the cost advantage was significant.

100 million, an increase of 13 in ten years.

3%; net profit attributable to mother 12.

10,000 yuan, an increase of 37 in ten years.

4%.

The company’s rapid growth in performance has mainly benefited from: 1) smooth customer development and new orders driving revenue growth.

The company actively explored the sales market, improved product quality, and achieved 1,470 tire product sales in the third quarter of 2019.

50,000 articles, an increase of 10 in ten years.

9%.

2) Price advantage of raw materials guarantees high gross profit margin.

  2019Q1-Q3 company gross profit margin 26.

0%, 2019Q3 is as high as 27.

5%, far exceeding the industry average, indicating that the company has alternative bargaining power in the supply of important raw materials such 杭州夜网论坛 as rubber. In the third quarter of 2019, the overall prices of the five main raw materials of natural rubber, synthetic rubber, carbon black, steel cord, and cord fabric wereBy the drop.

7%.

3) Three rates are strictly controlled to ensure a high net interest rate.

2019Q1-Q3 company’s sales expense ratio, management expense ratio, research and development expense ratio are 6 respectively.

0%, 3.

0%, 4.

2%, three rates maintained at previous levels, refined management to improve operating efficiency, and reported that the company’s net interest rate has gradually increased.

7pp to 9.

7%.

  Supporting customers drive the retail market and drive long-term growth. The logical tire business is mainly divided into supporting (front-loading) and retail (back-market) markets. The company combines the supporting-pulling retail model to achieve two-way development: 1) in the supporting market, the companyBy improving the product series, upgrading product performance, optimizing product structure, and continuously improving product grades, the 2019H1 successfully matched the two main tires of FAW-VW Jetta, Changan Ford Fores, two Renault electric vehicle tires and FAW Red Flag L5 passenger car civilian version.Inflatable tires, etc.

After successfully entering the joint venture car company supply chain, the company is expected to continue to penetrate more products and develop more high-quality car company customers.2) In the retail market, the replacement demand stems from supporting equipment. After the supporting market achieves a breakthrough, the company’s retail market can grow for a long time. At the same time, the company upgrades its retail marketing strategy, deeply cultivates subdivided products, develops blank areas, and sinks channels.Both internal and external tire retail sales have increased by more than 10%.

  Investment recommendations The equity incentive assessment has clear targets, and the growth of scarce tire leaders can be expected.

In the global tire industry where the competition is relatively stable, the company is the first tire supplier in the domestic front-loading industry to penetrate the supply chain system of joint venture car companies, and has two core competitiveness: ① high-quality customer structure; ② significant cost advantages; retail marketRelying on the steady increase in the number of holdings, the company’s supporting retail sales will drive retail growth in the long run.

We maintain our profit forecast: The company is expected to achieve revenue of 176 in 2019-2021.

2,207.

5, 232.

200 million, net profit attributable to mother 16.

1, 18.

7, 20.

700 million, EPS is 1.

34, 1.

56、1.

72 yuan, corresponding to PE 15.

5, 13.

3, 12.

0 times.

Give the company 18 times target PE in 2019 and maintain target price of 24.

12 yuan to maintain the “overweight” level.

  Risks suggest the impact of changes in the price of rubber and other important raw materials on the gross profit level; new orders fell short of expectations; changes in the competitive landscape, external pressure from overseas tire giants, and price wars affecting the company’s profitability.

Peng Ding Holdings (002938): Product structure and solidification will affect the third quarter gross profit margins to grow rapidly in 2020

Peng Ding Holdings (002938): Product structure and solidification will affect the third quarter gross profit margins to grow rapidly in 2020
The company released third-quarter results: the third quarter achieved revenue of 79.98 ppm, a ten-year increase2.71%, net profit attributable to shareholders of the company10.92 ppm, 10-year average3.43%, net profit excluding non-recurring gains and losses.7 ppm, with a ten-year average of 0.84%.On January 9, 2019, it achieved revenue of 173.370,000 yuan, an increase of 0 in ten years.4%, net profit attributable to shareholders of the company.20,000 yuan, an increase of 8 in ten years.97%, net profit excluding non-recurring gains and losses.95 ppm, an increase of 10 in ten years.88%.Overall, the third quarter performance was slightly lower than market expectations. In the third quarter of the business analysis, the 杭州桑拿 gross profit margin decreased slightly, and the transfer of fixed assets and product structure were influential factors.The company’s single quarter gross profit margin was 24.38%, compared with 26 in the same period last year.55% has improved.Fixed assets increased by 9 in the third quarter.$ 800 million is the conversion of newly invested production line equipment. The effectiveness of these new equipment has not yet been fully realized. Transformation. Although Apple’s new machines have sold well this year, they are mainly reflected in the lower-priced iPhone11 and the higher-priced iPhone11 Pro And the performance of MAX is average, while the iPhone 11 on FPC and SLP stand-alone value compared to the high-end version of the revenue, profitability is lower than the high-end version of the product, thereby affecting the gross profit margin.With the overall growth of Apple’s mobile phone sales, the company’s product structure has been continuously optimized, and consumer electronics and computer boards have grown more, mainly benefiting from the growth in sales of Airpods, Apple Watch, and iPad. Apple’s new machine sales exceeded expectations, the fourth quarter profit growth is expected to return to growth, next year’s Apple 5G mobile phone implantation innovation year, the company actively benefits.Apple ‘s mobile phone sales this year exceeded expectations, and the industry chain has increased orders by 10%. The outlook for the fourth quarter is positive and optimistic. It is expected to return to growth. Apple will launch the iPhone SE2 in the first half of next year.Next year, Apple will integrate and innovate in 5G mobile phones. Beyond the millimeter-wave range, the value of SLP, FPC, MPI, and LCP single devices is expected to increase significantly, and the company is expected to benefit deeply. Apple Japan’s FPC supplier expects consumer electronics business, the company is expected to add the old material number + new material number.At present, Apple’s three major FPC suppliers in Japan (Chosen, Fujikura, and Sumitomo) account for about 50% of the total supply in Apple. Japanese FPC manufacturers are not enthusiastic in the field of consumer electronics and intend to scale.In addition to the new part number, the old part number is expected to be increased, and some are expected to be further improved to maintain steady growth. Investment advice predicts that the company’s net profit for 2019-2021 will be 30.5, 37.7 and 44.100 million, EPS is 1.32, 1.63, 1.At 91 yuan, the current price is 35.3, 28.6, 24.4 times.Maintain “Buy” rating, give 35 times estimate in 2020, target price in 2020 is 57.1 Yuan. Risks Apple’s iPhone sales have fallen, and the price of the industrial chain has fallen.

CCTV Media (600088) First Coverage Report: Waves of Media Convergence Backed by CCTV

CCTV Media (600088) First Coverage Report: Waves of Media Convergence Backed by CCTV

CCTV’s subsidiary listing platform has been in the capital market for more than 20 years.

CTV Media was co-sponsored by five legal entities, CCTV Wuxi Taihu Film and Television City, China International Television Corporation, China Power Hi-Tech Television Development Co., Ltd., Beijing Future Advertising, and Beijing Screen Car Rental. It is the first state-owned culture in China to test the capital market.Media company, listed in 1997.

The actual controller of the company is the former CCTV (now merged into CCTV main station).

CCTV Media focuses on advertising, film and television, and tourism, with advertising revenue accounting for a maximum of 48% (18 years).

Since 17 years, the company’s operating performance has begun to pick up. In 2018, it continued to pick up and achieved revenue8.

1.1 billion, an increase of 13% in ten years; net profit attributable to mothers1.

1.5 billion, a 39% increase in ten years.

1Q1 company achieved revenue 2.

09 million yuan, an increase of 34 in ten years.

09%; net profit attributable to mother is 35.79 million yuan, an increase of 47 year-on-year.

01%, continue to pick up.

Utilizing CCTV resources to develop business, advertising, film and television, three major sectors go hand in hand.

Based on special resources, China Television Media’s advertising business has contracted the full-channel advertising resources of Science and Education Channel of CCTV and some of the new media advertising resources, focusing on the cultivation of the four major industries of “baijiu, automobiles, big health, and urban tourism”;The company’s North China Ultra HD technology has the leading strength and is the first domestic enterprise to enter the field of high-definition television production. The newly constructed ultra-high-definition technology support system has successfully helped CCTV to launch 4K Ultra-HD channels, which can meet the full-service needs of high-end 4K programs.After the release of the National Ultra HD Plan, it is expected to open up new industry 深圳桑拿网 space.

The company’s tourism business is centered on Wuxi and Nanhai Branch, and its revenue and gross profit have steadily increased in the past 20 years.

Backed by CCTV, each has rich assets, and there is room for business development and collaboration.

The actual controller of the company is the former CCTV. From 2018, it has been merged into the main station of the Central Broadcasting Station, a public institution directly under the State Council, and led by the Central Propaganda Department.

One of the sponsors of CCTV Media, China International Television Corporation, is a large state-owned enterprise with full investment from the former CCTV. It is also the main market player of the original CCTV’s global layout, all-media communication and the entire industry chain operation. It has more than 50 subsidiaries., Including sports, film and television, animation and other content areas, as well as media technology, market research, etc.

Investment suggestion: As a subsidiary of CCTV, we believe that CCTV Media has sufficient resource advantages for its main business development and has technical strength in the field of ultra high definition. For 19 years, the company highlights the trend of media integration and development, and is expected to be under the new trend.Create a new situation in industrial operation, and focus on the scale of the map, the company’s shareholders are rich in assets, business integration and innovative development in the media wave is worth looking forward to.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 1.

5.7 billion / 1.

8.9 billion / 2.

180,000 yuan, an increase of 36 in ten years.

7% / 20.

6% / 15.

4%, corresponding to PE of 34.

1x / 28.

3x / 24.

5x, follow-up arbitration and compensation with the company will arbitrate, to integrate the special resource advertising and film and television services under the background of the development of the media to achieve room for increased profits.

Combined with the domestic media platform People’s Network (2019PE 58.

57x), Xinhuanet (2019PE 29.

23x), considering the background of CCTV’s CCTV shareholders and the performance space under the trend of financial media, we believe that the reasonable estimate range of CCTV Media is 19 years 45x-55x, corresponding to a market value of 70.

6.5 billion-86.

35 billion, the corresponding price zone is 17.

76 yuan / share-21.

76 yuan / share, the first coverage given a “buy” rating.

Risk reminders: The company’s resources with shareholders fail to meet expectations, the impact of macroeconomics on advertising, the impact of new media and new technology competition, and the production and sales of film and television projects fall short of expectations.