Chenguang Stationery (603899): Q3 sales revenue is beautiful and the two wings continue to grow rapidly

Chenguang Stationery (603899): Q3 sales revenue is beautiful and the two wings continue to grow rapidly

Event: The company released the third quarter report for 19 years, and achieved pre-tax income of 79 in the first three quarters.

50,000 yuan, an increase of 29 in ten years.

8%, net profit attributable to mother 8.

0 million yuan, an increase of 28 in ten years.

4%, realizing net profit deducted from non-mother 7.

60,000 yuan, an increase of 32 in ten years.

9%; revenue in the third quarter alone was 31.

1 ppm, an increase of 33 in ten years.

0%, net profit attributable to mother 3.

30,000 yuan, an annual increase of 32.


Traditional business is steadily advancing, new business continues to grow at a high rate: the company ‘s third-quarter revenue growth has accelerated, and we believe that the better growth of Q3 benefited from the financial consolidation of Anshuo in May.We expect that the profit margin of Klippu business will continue to improve; the life museum business (including Jiumu) plans to gradually open about 100 new Jiumu stores in 19 years, and the rapid growth of franchise stores is mainly due to the company’s opening of the franchise model in 2018.Related, we believe that the rapid expansion of the number of stores has proven the successful operation and reproducibility of the Jiumu model. It is expected that the increase in the number of stores and the expansion of the scale in the future will increase the growth momentum in the next 3-5 years.

Q3 gross profit margin increased significantly: the company’s gross profit margin in the first three quarters of 26.

8%, increase by 1 every year.

33pct, net interest rate 10.

2%, 0 per year.

07pct, Q3 gross margin 27.

7%, an increase of 2 per year.

49pct, net interest rate 10.

9%, gross profit increase in the third quarter We judge mainly benefit from expected tax cuts.

The expense ratio is generally stable, and the selling expense ratio is slightly reduced: the company’s selling expense ratio was 8 in the first three quarters.

8% (one year-0.

34pct), the management expense ratio is 5.

8% (decade +0.

72pct), financial expense ratio -0.

1% (basically flat), the increase in the company’s management expense rate was mainly due to increased investment in research and development and financial consolidation.

Profit forecast and rating: As a leading manufacturer in the stationery 杭州桑拿网 industry, the company has obvious channel advantages, high brand awareness, and new businesses such as Klip and boutique cultural and creative companies will drive the company’s rapid growth. We expect the company’s net profit attributable to mothers to be 10 to 20 years respectively.

3, 12.

9 trillion, a year-on-year growth rate of 27.

6%, 25.

3%, corresponding to PE is 44 times, 35 times, refer to comparable companies for 19 years 43?
45 times the PE variable, corresponding to a reasonable value interval of 48.


4 yuan (corresponding to PS 4).

0 times, 4.

2 times). As a leader in the stationery industry, the company has high barriers to traditional main businesses, good business model ROE and cash flow, and better growth of new businesses, so it must have a premium and give it a “big city” rating.

杭州桑拿 Risk reminder: New business growth is lower than expected, and traditional business growth is declining.

Qisheng Technology (603610) IPO offline inquiry strategy

Qisheng Technology (603610) IPO offline inquiry strategy
On October 11, 2019, Qisheng Technology started offline inquiry. Qisheng Technology has no old stock transfer.According to the prospectus disclosed in the prospectus, the expected raised capital, issuance costs and the number of issuances, the issue price of Kirsun Technology is estimated to be 44.66 yuan, corresponding to a price-earnings ratio of 22.99 times, lower than the one-month average price-earnings ratio of 23 in the furniture manufacturing industry.89 times, 23 times below the 南京桑拿网 red line of price-earnings ratio.Based on the two trading days before the start of the initial inquiry of this issuance (ie October 9, 2019, T-6 days (inclusive)) as the base date, the securities established through public offerings that participated in the initial inquiry of this issueInvestment funds, basic endowment insurance funds, social security funds managed by social security fund investment managers managed by the Shanghai Stock Exchange non-restricted A shares and non-restricted depositary trusts held 20 trading days (including the reference date)The average daily market value of the voucher should be more than 10 million yuan (inclusive).Other offline investors and participants under their management who participated in the initial inquiry of the issuance of non-restricted A shares and non-restricted depositary trusts in the Shanghai Stock Exchange held 20 trading days (including the reference date) before the benchmark dateThe average daily market value of the voucher should be more than 60 million yuan (inclusive). Taking into account the initial number of offline issuances and the estimated situation of the issuer in this preliminary inquiry stage, the sponsor (the lead underwriter) sets the minimum number of shares to be placed by the offline investors designated by the investor as 500,000 shares, and the number of proposed purchasesThe minimum unit of change is set to 100,000 shares, that is, the portion of the proposed subscription object designated by offline investors that exceeds 500,000 shares must be an integer multiple of 100,000 shares. The number of subscriptions for each placement object must not exceed 1.3 million shares.

[Three Volt Post Response]_Action_Inevitable

[Three Volt Post Response]_Action_Inevitable

The use of three-volt patch has the effect of conditioning the body and has the effect of preventing diseases. After using three-volt patch, it has a good effect of preventing bronchitis. It also has a good effect in preventing respiratory infections. Of course, when using three-volt patchIt is also necessary to understand some precautions. For young children, when using the three-volt patch, because the baby’s skin is relatively delicate, it may cause itching symptoms, so the child should not stick the three-volt patch for too long.

Three Volt Therapy The treatment is suitable for three types of people: one is implanted with bronchial rupture, chronic bronchitis, and repeated upper respiratory tract infections; the other is chronic chronic rhinitis, and sinusitis; and three is chronic cough and repeated colds.

For patients with severe heart and lung disease, those who are allergic to the drug, who have blisters on their skin, who have rashes, and who have damaged skin, should not apply the treatment to patients with disease onset (such as fever, cough, etc.).

In addition, children under 2 years of age are not suitable for this treatment because the skin is delicate and the application is likely to cause infection.

Precautions for children to stick 2 each time?
At 4 hours, the local itch, heat, and slight pain felt normal reactions. A few patients had too sensitive skin, and blisters appeared on the local skin in contact with the tape. External anti-inflammatory ointment can be applied to prevent infection.
If the blisters are brittle, go to the hospital for treatment.

Obvious pigmentation on the skin after application is a normal reaction.

In some patients, the skin does not respond after application, which does not affect the curative effect, and the application time can be appropriately extended.

Patients with allergic skin or skin with wound marks should remove the ointment immediately if they feel burning and painful after application.

Try to keep the application area dry. You can blow the air conditioner, but the temperature must be moderate, and do not face the cold air of the air conditioner.

Avoid cold, greasy, and spicy food during application.

Don’t eat high protein, shrimp and crab seafood.

Can’t swim on the day of application, 4?
Do not take a cold shower for 6 hours.

Vanke A (000002) 2019 First Quarterly Report Review: Sustained High Performance Financing Highlights

Vanke A (000002) 2019 First Quarterly Report Review: Sustained High Performance Financing Highlights

Investment Highlights Event: Vanke released the first quarter report of 2019.

The company achieved operating income of 483 in the first quarter of 2019.

70,000 yuan, an increase of 56 in ten years.

9%, achieving net profit attributable to mother 11.

200 million, an annual increase of 25.


  Opinion: The performance has grown rapidly, the gross profit margin has continued to rise, and the expense ratio has fallen accordingly.

The company achieved operating income of 483 in the first quarter of 2019.

70,000 yuan, an increase of 56 in ten years.

9%, achieving net profit attributable to mother 11.

20,000 yuan, an annual increase of 25.

2%, the increase in operating income was mainly due to the increase in the company’s real estate carry-over in the first quarter.

According to the strategic goal of “convergence and focus, consolidate and improve the basic market”, the company’s expenses in the first quarter caused a decline in gross profit margin of 35% and an annual increase of 0.

9% sales and management expense ratios are 2.

8%, 5.

5%, each year decreased by 1.

3%, 1.


  Sales officials, take care carefully.

The company’s cumulative sales volume from January to March was 149.4 billion yuan, a year-on-year decrease of 3%.

1%, gradually realized sales area of 9.25 million square meters, a year of decline of 11.

8%, the average selling price of 16159 yuan / flat, an increase of 7.


The company insists on rational investment and timely replenishes project resources based on development needs under the premise of reasonable prices.

In the first quarter, 19 new development projects were added, with a total planned construction area of 598.

50,000 square meters, with a planned construction area of 437.

20,000 square meters.

From a regional perspective, the company’s land acquisition amount in the first, second, third, and fourth tier cities accounted for 36%, 61%, and 3%, respectively. Choosing to deploy core cities will help the first and second tier real estate markets to recover.

We think the company has plenty of cash, and land acquisition is expected to increase in the second half of the year.

  The sold and outstanding resources are sufficient to fully guarantee future performance growth.

In the first quarter of 19, the company realized settlement income of 455.

900 million, an annual increase of 64.

0%; as the sales scale was higher than the settlement scale, the outstanding amount sold amounted to 5,863.

500 million, an increase of 556 over the end of 18.

4 trillion, covering 18 years of settlement amount2.

06 times, fully guarantee the growth of future performance.

  Cash on hand is sufficient and leverage is significantly lower than the industry as a whole.
The company insists on cash as the king and has USD 143.2 billion in capital at the end of the first quarter of 2019.
Net interest rate and short cash debt ratio were 44.

74%, 2.

04, the leverage ratio is significantly lower than the entire industry below.

  The advantages of financing costs are obvious, and multiple financing channels have been opened.

The company recently successfully issued the first phase of 2019 housing lease special corporate bonds with an interest rate of 3.

65%; 5 successfully issued in 苏州桑拿网 March amounted to $ 600 million.

The 25-year medium-term note has a coupon rate of only 4.

2%, the company has outstanding financing advantages.

In addition the company had a minimum of 29 on April 4.

8 Hong Kong dollars successfully placed H shares 2.

600 million shares received 78.

USD 100 million, diversified financing channels.

  Investment advice: The company has sufficient unsold resources and high product quality. The vast majority of its soil reserves are located in core first- and second-tier cities. Benefiting from the rebound in sales in first- and second-tier cities, we predict that the company is expected to achieve a breakthrough of $ 660 billion.

In the context of “strategy by city” and the financing environment of housing enterprises has not improved significantly, the company, as a leading housing 四川耍耍网 enterprise, has further enhanced its operating and financing advantages.

  Risk Warning: 1.

Risk of rising mortgage interest rates: 2.

Risks of rising financing costs for housing enterprises; 3.

Sales growth was slower than expected.

[Abnormality of taking methylprednisolone tablets]_affect_harm

[Abnormality of taking methylprednisolone tablets]_affect_harm

Methylprednisolone tablets are drugs that we take when regulating endocrine disorders.

Of course, there will be no adverse reactions when taking methylprednisolone tablets.

However, some patients also have some adverse reactions due to physical and other factors.

There will even be many exceptions.

Today we will introduce the alternatives to methylprednisolone tablets. I hope that when you find them, you will stop using them immediately.

Methylprednisolone tablets, this medicine is an alternative medicine we usually use, but in some cases of internal secretion disorders.

It is mainly targeted at various diseases of endocrine disorders to help us improve the effect of improvement, which is a common stimulant.

Maybe many people don’t know much about this medicine, because it is rarely used in normal times. So what will happen during the use of this medicine?

This is a concern for many patients.

Let us understand.

There are many alternatives brought by this drug called hyperthyroidism nylon tablets. For example, some patients’ friends may have resonance disorders in normal times, which may cause some changes in skeletal muscles. Some patients may have bleeding and digestion.Some diseases of the Tao.

Methylprednisolone tablets also have many alternatives. Some patients may appear, wounds may not heal for a long time, and petechiae often appear on the skin.

Moreover, it may affect the normal metabolism of patients, and the negative nitrogen balance caused by protein breakdown may occur.

Methylprednisolone tablets. The alternatives to this drug include the appearance of neurological symptoms, increased intracranial pressure, and some patients will experience neurological disorders.

A small number of patients also develop endocrine disorders that cause allergic reactions.

Some patients may develop tachycardia.

Note: Improper use of methylprednisolone tablets may cause changes in the bleeding immune system. Patients with abnormal breathing may also have a great impact on the eyes, and increased intraocular pressure may cause prominent eyeballs.

[Does Vitamin C Have a Contraceptive Effect?]

[Does Vitamin C Have a Contraceptive Effect?]


It often happens when you start taking medicine.

When this reaction occurs, you can drink some strong tea, chew some sugar ginger, and pickles; you should insist that vitamin C is a nutrient element that must be needed in our body. She is very important to us because itIt has whitening effect and can help us prevent skin aging. Vitamin C is consumed very quickly in our body, so it needs to be replenished frequently, especially for women during pregnancy.Does Contraception Work?

Vitamin C is an essential nutrient element of the human body, as well as whitening, antioxidant and other effects.

It is said that after taking contraceptives, in order to reduce the substitution of contraceptives to the human body and the stimulation of alternative contraceptives to the human body, you can take vitamins to neutralize it.

So, can vitamin C reduce the substitution of contraceptives?

Take a look.

Can vitamin C reduce the replacement of contraceptives? Vitamin C is necessary to promote non-heme iron absorption. At the same time, vitamin C also has antioxidant, anti-free radical, and inhibits the formation of tyrosinase, thereby achieving whitening and pale spots.efficacy.

Vitamin C does not reduce the replacement of contraceptives. Women who take vitamin C after taking contraceptives cannot eliminate the contraceptives. It is recommended that women choose other appropriate contraceptive methods if they want to avoid the opposite of contraceptives.

Side effects of contraceptives 1, poor appetite, nausea, vomiting, dizziness, prescribed medication, implantation into the body to adapt to the drug, the response will gradually disappear.

Individual women have severe reactions, and can appropriately take the following drugs that inhibit the response: vitamin B6, 20 mg each time, 3 times a day; vitamin C, 100 mg per second, 3 times a day; anti-reaction tablets, 1 tablet each time,3 times a day; compound aluminum hydroxide tablets or yeast tablets, every 1 gram, once a day, with the contraceptive pill.

2. Leucorrhea increases and is thin.

It usually occurs after taking a long-acting contraceptive pill. Generally, no treatment is needed. If there is too much leucorrhea, you can put a piece of Chinese medicine in the vagina every night.

3. Intermittent vaginal bleeding.

It often occurs after taking the contraceptive pill. Generally, as long as you continue to take the pill on time, the bleeding will stop and the menstruation will be normal.

Of course, you can also ask your doctor to adjust the medicine, or you can take other contraceptives. If you take the second contraceptive bleeding, you can use the first contraceptive.

4, less menstruation, and even amenorrhea.

This condition does not have much impact on your health and is often temporary.

If you have amenorrhea for 3 consecutive months, you should suspend your medication and take other contraceptive measures. Continue your medication after your menstrual period recovers.

Menstruation does not come within 1 month after discontinuation of the drug. Doctors should be asked to use medroxyprogesterone, compound progesterone, or menstruation tablets to stimulate menstruation according to the examination situation. Thereafter, other contraceptives should be used.

5, weight gain too fast.

If there is edema, you should adapt to diuretics and low-salt foods; if the weight continues to increase significantly, discontinue the drug and use other contraceptive methods.

6, yellow brown spots on the face.

It usually disappears gradually after stopping the medicine. If you take vitamin B and vitamin C, the effect is better.

7, breast tenderness.

Generally reduce the amount, if serious, you should consider discontinuing the drug and replacing other contraceptive measures.

[Big Secret: Men Care About Women’s Past]_Men

[Big Secret: Men Care About Women’s Past]_Men

Times have changed to the present. How much do today’s men care about women’s virginity?

There is no doubt that many men now care about women for the first time.

Too many men will have a virgin complex. When they know that their girlfriend is not a virgin, they will always feel that the other is not clean.

Men always think that when they get a woman for the first time, they should cherish her and treat her for a lifetime, but for non-virgins, even if they love each other before, they will be greatly discounted.

It can be seen that no matter how the times change, men’s virginity is still very important to women.


The virgin complex of men is even more open than before, but the more so, the “virgin complex” of men is still deeply rooted in their bones.

Men are always only allowed to set fire to the state, and they are not allowed to light the people. They allow themselves to make mistakes, but they have many demands on women. This is true of men and society as a whole.

It is precisely because virgins are almost extinct that men are pursuing virgins more and care more about women for the first time.

Too many men find that their wives are not virgins after marriage, and they will have emotions, and this emotion will become an excuse for him to derail in the future.

Unlike women, women want men to be more emotional, so they know how to take care of themselves, while men, they want their women to be a blank piece of paper. In their view, women ‘s love history is too rich, and they will certainly have physical health.The hard work, the masculinity intervention in the women they hope will always be silly, so as to give them a desire to conquer and achieve.


[What mushrooms are with?]_ Diet Conditioning _ Diet Taboos

[What mushrooms are with?]_ Diet Conditioning _ Diet Taboos

Shiitake mushrooms are a type of mushroom in vegetables, but the proportion of shiitake mushrooms to other mushrooms is more sophisticated and the nutritional value is very high.

However, the flavor of shiitake mushrooms is more pungent. It contains humus and other vegetables. It cannot be eaten with tomatoes, carrots, quail eggs, etc., it will destroy the vitamins of shiitake mushrooms. It can also improve the body’s immune system, but it mustUse the right method.


Mushrooms + tomatoes: Tomatoes, also known as tomatoes, contain a large amount of carotene and lycopene. They are nutrient-rich and easy to absorb, but eating with shiitake mushrooms will destroy the carotenoids in the human body.


Shiitake + Carrot: There is a large amount of biochemical substances in shiitake mushrooms. Combining with the rich carotene in carrots will reduce the mutual nutritional value and should not be eaten together.


Mushroom + Crab: Crab is rich in nutritional value and is a cold food. It is of high value when consumed alone, but it can cause stones when consumed with shiitake mushrooms.


Mushrooms + donkey meat: Donkey meat is delicious, nutritious, and has the effect of nourishing the body and energizing the qi, but eating with the mushrooms will cause diarrhea and qi deficiency.


Shiitake + Quail: Quail is rich in nutrition and delicious in taste, but the effect of eating it with shiitake mushrooms will be greatly diminished, and serious black spots will occur when meeting.

Effectiveness of Lentinula Mushroom 1. Improve autoimmunity. Lentinula Mushroom contains a large amount of sugar, which can promote the production of lymphocytes and thus enhance the killing activity of lymphocytes, while slender autoimmunity.

2. Anti-aging shitake mushrooms are juicy, and their extracts can effectively remove substances such as hydrogen peroxide, thereby effectively delaying aging.

3. Anti-cancer and anti-cancer shiitake contains a substance called shiitake purine, which is unique to shiitake mushrooms and can effectively reduce the cholesterol content; shiitake mushrooms can have antioxidants that can effectively lower blood pressure and prevent cancer and anti-cancer.

[Can pregnant women eat bitter wheat]_Pregnancy_Impact

[Can pregnant women eat bitter wheat]_Pregnancy_Impact

Vegetables are very important foods in life. They provide specific nutrients for the human body to help the body achieve healthier purposes. There are many types of vegetables. Among them, bitter wheat is a well-known one, because bitter wheatThe taste is bitter, but the health effect is very prominent. It is one of the standing choices of people’s home cooking. Because bitter barley has a bitter taste, can it be eaten during pregnancy?

It is best not to eat, bitter food is cold, and easy to cause contractions and abortion.

Bitter wheat is cold. Pregnant women should eat less, but now it’s summer, you can eat it in moderation. You can’t eat it in cold weather.

The fetus is mild, and similar foods can be used, but not cold, cold, hot, and spicy in large quantities. Otherwise, there will be a lot of adverse voltage effects.

Usually eat more chicken, meat, fish, milk, eggs, fruits, vegetables, etc. to ensure that pregnant women need nutrition every day.

The diet of pregnant women generally has no special contraindications, but it is recommended to eat less cold and spicy foods in order to avoid diarrhea caused by improper diet and lead to premature birth.

Bitter wheat is not recommended for consumption because of its bitter bitter taste.

It is recommended to eat foods containing protein and vitamins, a balanced diet, and appropriate activities are also conducive to fetal development.

Regular prenatal check-ups.

Usually eat a light diet and eat more vegetables and fruits, drink soup appropriately, something that is easy to get angry or cold can not be eaten.

Pay attention to the recovery of folic acid in early pregnancy, because folic acid is related to the development of the fetal nervous system.

If you are deficient in folic acid during pregnancy, it can easily cause hypertension neural tube defects, such as anencephaly or spina bifida, and the chances of rabbit lips and jaw fissures also increasing.

Many natural foods are rich in folic acid, various green vegetables (such as spinach, lettuce, asparagus, pakchoi, cauliflower, etc.), as well as animal liver and kidney, beans, fruits (bananas, strawberries, oranges, etc.), dairy products, etc.Acidic folic acid.

Pregnant women can’t eat some kind of food crabs: it is delicious, but its cold nature, has the function of promoting blood circulation and removing blood stasis, so it is not good for pregnant women, especially crab claws, it has a significant abortion effect.

Turtle: Although it has the effect of nourishing yin and nourishing kidney, the turtle has a salty and cold taste, and it has the function of blood circulation and scattered spots, so it has certain disadvantages of abortion, especially the force of abortion of turbinates is stronger than that of turban meat.

Barley: It is a homolog of medicine and food. Traditional Chinese medicine considers it to be smooth.

Pharmacological experiments have shown that Coix Seed has an excitatory effect on uterine smooth muscle and can induce uterine contraction, so it may induce abortion.

[Four major effort-saving sex positions]

[Four major effort-saving sex positions]

What kind of sexual posture is the most labor-saving?

The forward sitting position is another option that can be used when men are tired.

Men and women face to face, men sit down to symbolize their legs, and women sit with their thighs stretched over men, hugging each other.

This is because the skin of both sides makes comprehensive contact, so the stimulus is very strong, the two can chat face to face, and the sexual activity is done by the woman, as long as the man keeps the same posture.

In this type, men put their hands behind their backs and are completely exercised by women. When the penis is inserted into the vagina, women also put their hands behind the men. The way to stimulate each other is to raise the hips.

Males put their hands behind their backs. No matter how the females place them, they always have a surprising feeling of inadequacy. At this time, women also put their hands behind their males and tilt their feet forward or bend backwards to combine the sex organs., Is conducive to enhanced stimulation and can recover quickly.

And in the weight position, because the penis intersects with the center line of the Yin Road, the woman moves back slightly, just like the falling of the flagpole. It can give men an oppressive stimulus, so that fatigue disappears and a strong pleasure is obtained.