[How to eat fried pork with fried pork and cooked white rice]

銆愯倝涓濈倰鑼櫧鎬庝箞鍋氬ソ鍚冦€慱鍋氭硶_鍚冩硶
鑲変笣鐐掕尛鐧芥槸涓€绉嶅甯歌彍鑲达紝鍦ㄥ钩鏃剁殑鏃跺€欏瀹舵埛鎴烽兘鏄細鍘荤児楗紝鑰屼笖鐑Return to the rules and regulations of the disease chain and the wealth of the unhealthy, uncle, uncle, uncle, uncle, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow鏉剧殑鐑归オ鍑烘潵杩欓亾鑿滆偞锛屼笉杩囪娉ㄦ剰鍦ㄧ児楗殑鏃跺€欒灏嗚尛鐧藉垏鎴愪笣鐘朵互鍚庡啀鍘昏繘琛屽埗浣滐紝杩欐槸涓轰簡璁╄嚜宸卞湪缈荤倰鐨勬椂鍊欎細鏇村姞瀹规槗鍏ュ懗涓€浜涖€傛潗鏂欎富鏂欙細鑼櫧涓ゅ皬鏍癸紝鑲変笣灏忓崐纰楋紝閰嶆枡锛氭熆瀛愭鍗婁釜锛岃懕濮滀笣閫傞噺锛岃捀楸艰眽娌癸紝娣€What are you looking for?銆佽尛鐧姐€佹熆瀛愭鍒囦笣銆?銆佸湪鑲変笣涓姞鍏ラ€傞噺鐨勮捀楸艰眽娌瑰拰灏戣娣€绮夛紝鑵屽埗鐗囧埢銆?Do you want to know how to do it? Do you want to know how to do it?I am afraid that I will be afraid of crashing and crashing down. I am afraid that you will be able to see what you are doing, what are you doing, what are you doing, what are you going to do, what are you going to do?Come to the top of the map of the sorrow and the sorrow of the sorrow and the sorrow of the squirrel and the sorrow of the monkey浠ユ槬澶忓鐨勮川閲忔渶浣筹紝鎷涚墝钀ュ吇绱犳瘮杈冧赴瀵屻€傜敱浜庤尛鐧藉惈鏈夎緝澶氱殑鑽夐吀锛屽叾閽欒川涓嶅鏄撹浜轰綋鎵€鍚告敹锛屽嚒鎮h偩鑴忕柧鐥呫€佸翱璺粨鐭虫垨灏夸腑鑽夐吀鐩愮被缁撴櫠杈冨鑰咃紝涓嶅疁澶氶銆備富鏂欙細鑼櫧2鏍癸紝鑲変笣100g锛岄潚妞?涓紝绾㈡1涓紝娉″彂鏈ㄨ€?鏈佃倝涓濊厡鍒惰緟鏂欙細鏂欓厭2鍕猴紝鐢熸娊1鍕猴紝鐧界硸2g锛屽鏈皯璁搞€傝皟鏂欐眮锛氱敓鎶?A monkey monkey?g Adorable?g adjective?g 銆 賆 傛 咉 璉 紉 1 Ad?Faintly sorrowful?Adze?Inlaid 笣 琢?鐕 間 閡 閰 掞 纴 1 鍕 虹 敓 鎶 鎴 纴 5g 甏 界 硸 Adding chain?锛岃尛鐧藉幓鐨紝鍒囩粏涓濆鐢紝闈掔孩妞掞紝娉″彂鐨勬湪鑰筹紝鍏ㄩ儴鍒囩粏涓濄€?锛屽钩搴曢攨涓斁鍏ラ€傞噺椋熺敤娌癸紝鐖嗛濮滀笣锛岃挏鐡o紝涔嬪悗鏀惧叆鑲変笣鐓哥倰鑷虫柇鐢熷悗鐩涘嚭銆?锛屽彟璧锋补閿咃紝鐓哥倰鑼櫧涓濓紝鐒跺悗鍔犲叆闈掔孩妞掍笣锛屾湪鑰充笣锛岀户缁吀鐐掋€?锛屾渶鍚庡姞鍏ヨ倝涓濄€?籽 皢 3 Onyx?2g Hagi?5g 鐢 熺 蒙 + 3g 獏 界 硸 鍜?0ml 呓 呮 呮 Press Di Di 悎 鍧 囧 团 劆?锛屾渶鍚庡皢璋冩枡姹佹穻鍦ㄨ尛鐧借倝涓濅笂锛屾敹姹佸嵆鍙€?Adze?The fan is very effective. It’s a must-have method. It’s a good idea. It’s very easy to pick up. It’s a lot of fun.姂鍒堕叒姘ㄩ吀閰舵椿鎬э紝浠庤€岄樆姝㈤粦鑹茬礌鐢熸垚锛屽畠杩樿兘杞寲鐨偆琛ㄩ潰鐨勮璐ㄥ眰锛屼娇鐨偆娑︽粦缁嗚吇锛岃倝璐ㄩ矞瀚┿€?

[Efficacy of flaxseed]_Benefit_Effect

[Efficacy of flaxseed]_Benefit_Effect

Many people do n’t know that flaxseed is a kind of food, and few people use it, but flaxseed can relieve skin aging, increase skin smoothness, and improve menstrual syndrome.A kind of food suitable for female friends.

Flaxseed is the seed of a herbaceous plant that can be used to make bread or cookies, and eating flaxseed is good for your health.

What is flaxseed? Flaxseed is the seed of plant flax, reddish brown, nut flavor, can be eaten, toast, biscuits, cakes are often used flax: is an annual herb, can be used with fiber flax, oil flax and oil fiberThree types of linen.

How to eat flaxseed 1, eat it directly, raw and cooked flaxseed can be eaten directly.

2. Bake and eat, make bread, biscuits.

3, make linseed oil, can be fried, can be cold.

4, make conditioning, add to soup or stir-fry.

5. Make drinks, add miscellaneous cereals to make rice cereal, or make yogurt salad.

Flaxseed’s Efficacy and Function1. The skin is soft and radiant, which improves the trace content of the skin, making the skin smoother, moisturized, soft and elastic.

2, weight loss, can consume excess body aunt.

3. Improve women’s premenstrual syndrome 4. Enhance anti-stress, stabilize emotions, maintain a calm mentality, reduce depression and insomnia.

5, relieve allergic reactions, flaxseed can help alleviate allergic reactions.

6, improve hypertension, a few days after consumption can significantly reduce acute attacks.

7, to improve inflammation of organs and tissues, flaxseed is of great help in preventing inflammation of organs and tissues.

8. Lower cholesterol. Flaxseed can reduce high cholesterol in blood by 65% and triglyceride by 65%, and convert excess low-density cholesterol (LDL) into bile acid to replace in vitro.

9, reduce the heart load, flaxseed can reduce high blood pressure and reduce blood lipid content.

10, to improve the retention of water, flaxseed helps the plasma to eliminate sodium and water.

Improve renal function11. Flaxseed can regulate prostaglandins, promote liver, pancreas and spleen secretion, and make the body’s metabolism function normally.

12, improve constipation, improve intestinal function, increase absorption capacity, increase intestinal peristalsis ability to normal bowel movements, reduce constipation.

13. Promote cell health, improve the moisture and elasticity of cell membranes, increase cell respiration and nutrition exchange functions, and strengthen the body’s ability to repair and heal cells, make cells healthy, and reduce the chance of cancer.

14. Promote brain development, promote children’s brain development, increase brain transmission media, strengthen brain activity, make the brain function more effectively, and learn and think better.

15, plenty of oxidants, balance and improve blood sugar.

Increase the muscle’s endurance and restore the tired muscles after exercise.

The role of flaxseed is much the same. When friends are preparing food, they may wish to prepare a handful of flaxseed, maybe it has a special flavor.

[How to eat bitter gourd to lower blood sugar]_ bitter gourd _ lower blood sugar _ how to eat

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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.

[Effects of figs on women]

[Effects of figs on women]

Many people in life like to eat figs very much. They also know that figs only have high nutritional value. They also have the effects of strengthening the stomach and intestines, reducing swelling and detoxification, and using figs to treat indigestion, hemorrhoids, prolapse and diarrhea.Good choice, so fig is both fruit and medicine. Figs can not only be put in fruits, but also can be made into dried figs, so the uses and values of figs are very wide, and women will eat well.

The main value is medicinal value Jianweiweiqingchang, swelling and detoxification.

Treatment of enteritis, dysentery, constipation, hemorrhoids, sore throat, scabies scabies, throat benefits, appetizers and worms.

For loss of appetite, abdominal pain, hemorrhoids, constipation, indigestion, hemorrhoids, prolapse, diarrhea, insufficient milk, sore throat, heat sore, cough and sputum.

“Southern Yunnan Materia Medica”: apply all unknown swelling and poison, scabies of scabies and kidneys, yellow water sores, poisonous fish mouth, milky knots, broken acne; adjust sesame oil.

“Convenience atlas”: treatment of throat diseases.

Wang Ying’s “Materia Medica”: appetizer, stop pus.

“Outline”: treatment of five hemorrhoids, sore throat.

“Preparation of raw herbs”: Wash hemorrhoids.

Seeds, cook meat, detoxify.

Rui, under latex.

“Yinlin Compendium”: Yifei, Tongmao.

“Suishuiju diet spectrum”: clearing heat, moisturizing the intestines.

“Jiangsu Phytophysiology”: the white milk of fresh fruit is applied to remove warts.

“Yunnan Chinese Herbal Medicine”: Jianwei Zhixie, expectorant and qi.

Treatment of loss of appetite, indigestion, enteritis, dysentery, sore throat, cough and sputum, chest tightness.

Common prescriptions for throat irritation: fresh figs are dried, ground, and throat blown.

(“Quanzhou Materia Medica”) for treating lung heat and hissing: figs, five dollars, water-fried sugar and sugar.

(“Fujian Chinese Herbal Medicine”) Treatment of hemorrhoids, prolapse of the anus, constipation: fresh figs eaten ten or dried fruits, pig large intestine, decoction.

(“Fujian Chinese Herbal Medicine”) There is more to Zhijiu: five to seven figs, decoction.

(“Hunan Medicine Journal”) Hair cream: two or two figs, two or two tree sweet potatoes roots, four to six or two lilac flower roots, and two or two milk vines.

Stewed pig front hoof clothes.

(“Chongqing Herbal Medicine”) 150 grams of figs, decoction and appropriate amount of rock sugar, to cure lung heat and hoarseness, cough and sore throat.

Two figs are eaten raw, or ten dried fruits are part of the pig’s large intestine, and they are cooked together to treat hemorrhoids, prolapse, and constipation.

Ten fresh figs, wash the affected area with decoction, and treat external hemorrhoids.

Two figs, 10 grams of cumin, decoction, and kidney qi.

A proper amount of fig branches, decoction, two or three times a day, to treat enteritis.

Fig half a cup of juice, boiled in water, once a day, to the degree of healing, cure hypertension.

1010g fig leaves, decoction for tea, cure jaundice.

The fig root is peeled, shattered, and soaked in water to relieve itchy throat.

[How long does the poached egg cook]_How to cook_How to cook

銆愯嵎鍖呰泲鐓涔呫€慱鎬庝箞鐓甠濡備綍鐓?
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Detailed Interpretation of Pudong Development Bank (600000) 1H19 Interim Report: Interest Margin Improves Momentum and Asset Quality Continues Stability

Detailed Interpretation of Pudong Development Bank (600000) 1H19 Interim Report: Interest Margin Improves Momentum and Asset Quality Continues Stability
Investment Highlights Financial Report Highlights: 1. The performance was slightly higher on the basis of high growth in the first quarter, and the overall growth rate remained at the best level since 1H16.2Q revenue, PPOP, and net profit increased by 18 respectively.5%, 23%, 12.4%.2. The interest margin is up 4bps from the previous month, mainly due to the contribution of the debt-side interest rate.3. The asset structure continued to be optimized.From a structural point of view, the proportion of asset-side loans increased slightly to 57.Looking at the loan structure of 5%, personal loans maintained a high increase of 20%.Debt-side deposits grew at an impressive rate, with two deposits increasing in value in the second quarter14.2%, the proportion of interest-bearing denials rose to 61.8%.Insufficient financial reports: Asset quality continuity is still to be tracked: the generation of bad purity has slightly increased in the second quarter, and the credit card non-performing ratio has increased from the end of 2018, and the 1H19 credit card non-performing ratio 238%.深圳桑拿网 The performance has a little time on the basis of the high growth in the first quarter, and it has maintained the best growth rate since 1H16.The high performance increase has 18 years of low base factors, as well as factors brought about by the company’s structural adjustment and optimization.1Q18-1H19 revenue, PPOP, attributable net profit or growth rate were -7 respectively.9% /-2.twenty one.3% / 1.5% / 26.9% / 18.5%, -11.2% /-4.4% / 0.1% / 0.5% / 27.5% / 23.0%, -1.1% / 1.4% / 3.1% / 3.1% / 15.1% / 12.4%. Investment suggestion: The company 2019, 2020E PB 0.69X / 0.61X; PE 5.64X / 5.31X (Share Bank PB 0.81X / 0.72X; PE 6.61X / 6.13X), the market measures the quality of its assets, and its estimates exceed the average level of the stock bank.SPD Bank has continuously increased its efforts to deal with stock risks, steadily adjusted its structure, and gradually stabilized its asset quality. The company has an advantage in corporate affairs and continues to exert its strength on the retail side. In the future, it will focus on observing its asset quality trends and business development direction.SPD Bank is now estimated to be cheap and the fundamentals have stabilized. It is recommended to pay close attention to it. Risk warning: The economic growth exceeds expectations, and the company’s business advances less than expected.

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

Syntec (603086): Discovery of the herbicide segment leader leading into the fast track of growth

Syntec (603086): Discovery of the herbicide segment leader leading into the fast track of growth

Summary of the report: The herbicide market segment is 成都桑拿网 in the market, and the long-term growth space is open.

The company has been focusing on the R & D, production and sales of new selective herbicides. The main products such as clethodim, wesothopine, imazapyr, allylmorpholine (fungicide) rank among the top in China.

The company’s profitability is stable and its gross profit margin is stable at more than 30% year-round.

The company’s existing installations are in full-load production all year round. The new Huludao Phase I project is expected to be ramped up this year. The company’s capacity limit is broken and long-term growth space is opened.

Outstanding research and development, environmentally friendly and safe production growing company.

The professional background of the company’s headquarters in the field of pesticides can be used as a substitute for the company’s overall anticipation of new pesticide product technology development.

The company’s R & D expense to revenue ratio has basically remained above 5%, leading its peers, and the company can replace its R & D results transformation capabilities, with independent R & D products listed one after another, so the company is still actively planning to create a pharmaceutical field.

The company focuses on environmental protection and safety expenditures. The main production bases are located in national / provincial parks, and the overall level of environmental protection and safety management is relatively high.

There is a large market for small varieties, and capacity expansion can benefit from industry improvement dividends.

Benefiting from the increased resistance of soybean field weeds to traditional herbicides such as glyphosate, the continued expansion of supplementary crops, and continued demand for dimethoxone, the company’s new production capacity is expected to increase in the heavy volume market this year.

The demand for weed pine in Brazil’s sugar cane fields and other markets is stable and supported. The domestic applicable crops are gradually expanding from a single soybean field market to sugar cane, rice, tobacco and other crops. The company’s absolute absolute market share within the company has benefited from short-term internal production suspensionThe price increase bonus will benefit from the continuous growth of demand in the long run.

In the imidazolinone herbicides, the market demand for imazamox is stable. In the follow-up of new generation products such as imipramine, imidazolinone market companies have made a lot of efforts.

Allylmorpholine has higher efficacy than traditional widely used traditional metal bactericides such as metalaxyl, cymoxanil, and triethyl aluminum phosphate. The product has better prospects. The release of new production capacity provides another driving force for the company’s growth.

Profit forecast: The company’s revenue for 2019-2022 is expected to be 19 respectively.

50, 25.

54, 31.

4.3 billion yuan, net profit attributable to mothers was 3.

10, 4.

19, 5.

24 ppm, corresponding to PE is 14X, 10X, 8X, the first coverage assigned a “buy” rating.

Risk reminder: product price drops sharply, new project progress is less than expected

Valin Iron & Steel (000932) Annual Report Comment II: Achieving New Records in Performance and Optimizing Capital Structure to Consolidate Performance Stability

Valin Iron & Steel (000932) Annual Report Comment II: Achieving New Records in Performance and Optimizing Capital Structure to Consolidate Performance Stability

Core viewpoints: 1. Performance in 2018: Net profit increased by 65% to a record high, cost control was optimized, and operating quality improved. In 2018, Hualing Iron and Steel produced iron, steel, and steel in the years 1631, 1972, and 1836, up to 9%.

68%, 13.

86%, 10.

24%; realized net profit of 6.8 billion yuan attributable to mothers, with a multi-year appreciation of 64.

53%, a new high since listing in 1999; basic profit reached 2.

25, an increase of 64 a year.

53%.

In terms of its performance drivers: 合肥夜网 (1) Total operating income reached 91.4 billion, surpassing value-added19.

11%.

Initially, steel sales reached around 1849, an increase of 11 each.

66%; ton steel and iron and steel revenue reached 4,674 yuan / ton, an increase of 10 for many years.

51%.

(2) Net profit margin of sales reached 9.

44%, a year up 2.

52PCT.

Initially, the gross profit margin of sales reached 17.

53%, up 3 per year.

55PCT; period fee 5.

77%, 0 in ten years.

45PCT, the main reason for the decrease in financial expense ratio.

In 2018, the company intends to use the capital reserve to transfer 4 shares for every 10 shares to all shareholders.

Second, the company’s highlights: perfect product structure, obvious location advantages, optimized capital structure, consolidating performance and stability. Valin Steel’s product structure is comprehensive, and the downstream industry is extensive, which can effectively resist the risk of empire breaking through the market cycle.The gap, the external gas clearance of the table optimizes the regional competition ecology; the company continues to optimize the capital structure. In 2018, the asset-liability ratio and interest-bearing debt ratio have improved significantly, and the cost control ability has continued to be optimized. There will be no large capital expenditures in the future.Leading cash flow stability continued to solidify.

III. Investment suggestion: Valin Steel’s product structure is complete, its geographical advantages are obvious, and its capital structure is optimized to consolidate performance stability.

Without considering the conversion of capital reserve into share capital, the company’s EPS is expected to be 1 in 2019-2021.

72/1.

87/2.

01 yuan, corresponding to the closing price of A shares on March 29, 2019 7.

58 RMB, PE for 2019-2021 is 4.

41/4.

06/3.

77 times, 2019 PB is 1.

08 times.

The company’s evaluation system agrees on the PB-ROE framework. Through the enhancement of performance stability, the PB-ROE relationship will gradually return.

At the same time, until March 29, 2019, the PB_LF of Shenwan Steel Industry was 1.

19 times, and the company’s ROE is higher than the constituent stocks of Shenwan Iron and Steel Industry. In summary, we judge the company’s reasonable PB hub in 2019 to be 1.
.

About 3 times, according to the company’s forecast for 2019, the predicted net assets6.

Calculated at 99 yuan, the company’s reasonable value is 9.
09 yuan / share, maintain “Buy” rating.
4. Risk warnings: Macroeconomics exceeds expected downlink; raw material prices exceed expected growth and erosion rates; uncertainty of environmental protection policies; supply-side structural reforms exceed expectations.