Hongfa (600885) Company Comments: Mergers and Acquisitions of Haila Group Relay Business Leader Gradually Further Consolidated

Hongfa (600885) Company Comments: Mergers and Acquisitions of Haila Group Relay Business Leader Gradually Further Consolidated

Event: The company’s holding company Hongfa Automotive Electronics intends to purchase 100% equity of Hella Automotive Electronics from Hella Holdings, and purchase all assets related to the relay business (including SSR and other relays) from Hella Electric.The transaction price of the 100% equity of La Electronics is 55.15 million yuan, the transaction price of Haila Electric Assets is 37.25 million yuan, and the total transaction consideration is 92.4 million yuan.

The subject of the transaction is the world’s leading supplier of automotive relays.

Established in 2003, Hella Automotive Electronics is responsible for the development, production, and sales of automotive relays. It is a partner of Volkswagen, Audi, Daimler and other global top automotive manufacturers. It ranks among the top in the automotive relay field, with revenue of 2 in 2018.

380,000 yuan, net profit 0.

6.8 billion; Haila Electric was established in 2012. Some of its business involves the production and sales of automotive relays. Its main customers are OEMs such as Shanghai Volkswagen, FAW-Volkswagen and Tier 1 auto parts suppliers such as Delphi Automotive Wiring Harness. The revenue in 2018 was 0.

820,000 yuan, net profit 0.

1.6 billion.

Merger and acquisition of the entire relay business of the Hella Group, the automotive relay share has increased significantly.

In 2018, the scale of the global relay business of the Hella Group was 43 million euros, which was equivalent to about 3 yuan based on the euro exchange rate on November 12.

3 ppm; In 2018, the company’s automotive relays and high-voltage DC relays reached 9 relays respectively.

3/5.

700 million, the global share reached 8% / 20%.

Before the transaction, the average value of all relay business of Hella Group worldwide was shared by Hella Automotive Electronics and Hella Electric. After the completion of the transaction, the company’s automotive relay expansion is expected to further increase to more than 10%.

At the same time, the cooperative relationship established with the world’s top car companies such as Volkswagen and Audi will help the company’s development strategy. In the future, the company’s overseas investment in automotive relays is expected to increase rapidly.

In the third quarter, the decrease in automotive relays narrowed, and high-voltage DC relays maintained a high growth trend.

The impact of the decline in global automotive demand in the first quarter on the company, and the demand gradually stabilized in the second and third quarters. The automotive relay shipments in the first three quarters were interchanged by 20%, and the decline was narrowed.It has successively supplied small quantities to overseas benchmarking customers such as Mercedes-Benz, Volkswagen, and Tesla. In the next 5-10 years, it has locked the main supplier department of overseas benchmarking customers, referring to the global leader in new energy automobile relays.

The mass production of domestic Tesla is about to bring a new round of growth drivers.

The company’s high-end DC relay customers continue to develop in the field of high-end customers. The domestic expansion has rapidly increased to 40%, and the global scope has reached 20%. It is expected to become a major supplier of domestic Tesla high-voltage DC relays.

The domestic Tesla Model 3 aircraft is expected to be produced by the end of 2019. If the annual output is estimated to be 150,000 units, assuming that the value of a single high-voltage DC relay product is 600-900 yuan, it will bring zero demand for high-voltage DC relays.

9-1.

35 ppm, corresponding to the company’s 2018 high-voltage DC relay revenue elasticity of 15.

8% -23.

7%, corresponding to the company’s overall revenue elasticity in 2018 is 1.

3% -2.

0%.

In the medium and long term, if the calculation is based on 500,000 crops, the overall revenue elasticity of the company in 2018 is 4.

3% -6.

7%.

Investment suggestion: The company is a global relay leader. This merger and acquisition further enhances the global competitiveness of automotive relays. At present, mass production of domestic Tesla is imminent. Demand for electricity meters is maintained at a high level. Overseas benchmark customers for new energy vehicles have been locked in.Waiting for the reversal, it is expected that the company’s net profit attributable to mothers in 2019-2021 will reach 8 respectively.

02/9.

40/11.

1.4 billion, with EPS of 1.

08/1.

26/1.

50 yuan, corresponding to the closing price of PE on November 12, 2019 were 24.

8/21.

1/17.

8 times, maintaining the overweight level. 西安耍耍网 Risk warning: Macroeconomic growth is slower than expected, capacity expansion progress is lower than expected, and market competition is intensifying

Pien Tze Huang (600436): Interim report results are in line with expectations

Pien Tze Huang (600436): Interim report results are in line with expectations

Event: The company released the semi-annual report for 2019, and the company’s operating income in 2019H1 was 28.

94 ppm, an increase of 20 per year.

40%; realize net profit attributable to shareholders of listed companies.

47 ppm, an increase of 20 per year.

89%; Realize net profit attributable to 上海夜网论坛 shareholders of listed companies in place of non-recurring gains and losses7.

45 ppm, an increase of 23 per year.

10%.

Reported results are in line with expectations.

Opinion: The growth rate of Pien Tze Huang is relatively stable, and price increases are still expected in the future.

Operating income for the second quarter of 201914.

10 ppm, an increase of 19 in ten years.

33%; net profit after deducting non-attribution to mother 2.

810,000 yuan, an increase of 21 in ten years.

41%.

2019Q2 revenue and profit exceeded growth indicators.
The growth rate of 2019Q1 has improved, mainly related to the core product growth indicators.

Reported intermediate pharmaceutical industry revenue was 11.

92 ppm, an increase of 15 in ten years.

01%, accounting for 41 of operating income.

20%.

Since the first half of 2018, the revenue growth of the pharmaceutical industry segment has gradually decreased, mainly due to the decline in the revenue growth rate of the Pianzai series products.

During the same period of the previous year, driven by the accelerated development of experience halls and the increase in product prices, the base for revenue growth was higher.

The higher product prices reported are stable, and the company’s experience and expansion in the northern and western regions has expanded prudently and cautiously, thereby reducing the revenue growth rate.

However, based on the attributes of the core product National Treasure Famous Medicine, we believe that there will be price increases expected in the future, and the experience hall layout will also make a breakthrough.

The gross profit margin of the first-class Pien Tze Huang series products was 81.

21%, a decrease of 2.
.

46 units.

Due to the increase in natural musk resources, an important raw material for Pien Tze Huang, the supply of bezoar is also susceptible to the impact of supply and market demand. The price of musk has been reported to have risen slightly, and the price of bezoar has continued to increase, leading to a decline in product gross margin.

In the long run, the prices of musk and bezoar are still on the rise, which will put upward pressure on the cost of the Pian Tsai series products in the future.

In this regard, the company also controls future raw material costs through self-built breeding bases, cooperative breeding with farmers, and strategic resource reserve in advance.

Reported revenue of the intermediate pharmaceutical business segment was 13.

870,000 yuan, an increase of 22 in ten years.

22%, accounting for 47 of operating income.

93%.

Pharmaceutical business gross margin is 8.

85%, compared with the same period last year 8.

88% is slightly lower.
The tightening of pharmaceutical business revenue and profit is related to the in-depth implementation of the control system of pharmaceutical circulation and the further compression of pharmaceutical circulation.

Innovate the promotion model of the experience hall, and build the time-honored brand power.
On the basis of regional distributors and pharmaceutical retail channels, the company further promoted the sales model of “Pianzaiyu Experience Hall”.

The layout of the experience hall transforms the passive layout of customers beyond the search, into an active layout of going out to accurately select customers.

The company actively opened Pianzai Experience Halls in key and blank markets across the country to screen high-quality customers, increase brand awareness and loyalty, 佛山桑拿网 and expand market growth.

At present, the Pianzaiyu Experience Hall has grown from more than 70 years at the end of 2016 to nearly 200, and its management has become increasingly mature, providing important support for performance growth.

Sales in East China are currently the main source of revenue for the company. In the future, the company will also increase the coverage of the experience hall in Beijing, Tianjin, Hebei, and the two lakes, promote product sales from east to west, and south to north, and expand the brand’s regional popularityLay the foundation for national popularity and performance improvement.

The daily chemical sector performed well and opened up space by brand promotion.

Cosmetics business in the daily chemical sector achieved operating income2.

410,000 yuan, net profit 0.

5.7 billion; toothpaste business achieved operating income of 0.

750,000 yuan, 0 net profit.

20,000 yuan, the total annual growth rate of daily chemical supplies income is 40.

24%, accounting for 10 of operating income.

47%.

The rapid growth of daily chemical product revenue was mainly related to the sales volume of the experience hall, the optimization of channel management and control, and the upgrade of product structure.

The reported statutory daily chemical products gross margin was 73.

42%, compared with the same period last year (58.

63%) increased by 14.

79%, indicating that the company’s terminal sales layout has achieved initial results and profitability has improved.

Due to the rapid growth of the performance of cosmetics subsidiaries, the company plans to build new warehouses and improve production workshops in order to meet the industry’s growing demand.

Thanks to the company’s continuous promotion of established brands and the gradual development of the experience hall layout, we believe that the rapid growth of cosmetics, toothpaste and other products can be expected.

Profit forecast and investment grade: Pien Tze Huang’s product is a national “double top secret” formula, with high social recognition and resource scarcity attributes, and has built a natural wide “moat” for the company.

We believe that the product has been a space for price increase for a long time, and through the nationwide coverage of experience stores, markets outside the East China region have opened, and the sales volume of Pianzai products has ample room for growth.

In addition, taking advantage of core products, the company actively expanded daily chemical business.

With the advancement of the company’s market expansion, the daily chemical sector will become another driving force for performance growth.

We expect the company to achieve revenue of 59 in 2019, 2020 and 2021.

86, 73.

82 and 90.

5.5 billion, net profit attributable to mothers is expected to reach 14.
.

81, 18.

88 and 23.

7.9 billion, with an EPS of 2.

45, 3.

13 and 3.

94 yuan, the current expected corresponding estimate is 41.

04, 32.

19, 25.

55 times, maintaining the “highly recommended” level.
Risk warning: raw material prices rise; product sales fall short of expectations.

Tasly (600535): The pursuit of healthy growth in operating quality is expected

Tasly (600535): The pursuit of healthy growth in operating quality is expected

The event company released the 2018 annual report and the 2019 first quarter report. In 2018, the company realized operating income.

9 billion, 15.

45 ppm and 13.

440,000 yuan, an annual increase of 11.

78%, 12.

25% and 2.

13%, realized profit 1.

02 yuan, on the one hand, operating cash flow 0.

99 yuan, slightly lower than our United Nations expectations.

The company’s distribution plan for 2018 is to pay a cash dividend of RMB 3 for every 10 shares.

00 yuan (including tax), a total of 4 cash dividends will be distributed.

5.2 billion (including tax).

In the first quarter of 2019, the company realized operating income. The net profit attributable to the parent and the net profit after deduction were 45.

7.1 billion, 4.

48 ppm and 3.

96 ‰, increasing by 15 each year.

66%, 20.

64% and 10.

28%, achieving a profit of 0.

30 yuan, on the one hand, operating cash flow is 0.

17 yuan, in line with our Air Force expectations.

Brief comment on responding to industry changes Q4 Appropriate control of goods, Q1 resumed normal growth 2018 Q4 The company achieved operating income49.

65 ppm, an increase of 0 in ten years.

66%, net profit attributable to mother 1.

76 trillion, -25 years ago.

99%, net of non-attributed net profit 0.

94 ‰, 53 years average.

11%.

Mainly due to the introduction of the auxiliary drug catalogue policy in Q4 countries, large quantities of Chinese medicines were adjusted in the terminal, and the company accordingly controlled the scheduling speed to ensure the quality of operations and maintain healthy and sustainable development.

The fastest growth rate of the company’s non-returned net profit in 2018 is limited to 2.

13%, mainly because: 1) the company invested in a US target company product did not enter the US health insurance as expected, and proceeded for about 1 due to the principle of prudence.

USD 2.5 billion in asset impairment; 2) Gain on disposal of non-current assets of the company1.

2.5 billion.

Contradictory factors have an impact on the growth rate of the company’s non-attributed net profit.

Assuming that assets are not impaired for disposal, the company’s non-returned net profit growth rate is about 11%.

In the first quarter of 2019, the company realized operating income, net profit attributable to mothers and net profit after deductions were 45.

7.1 billion, 4.

48 ppm and 3.96 ‰, increasing by 15 each year.

66%, 20.

64% and 10.

28%, the rapid growth of the beneficiary medicine sector led the company’s Q1 performance to recover to double-digit growth.

Diqing quickly seized the market through imitation evaluation to drive the company’s performance growth in the traditional Chinese medicine sector. The 18-year slight fluctuation Q1 gradually recovered.

The Chinese medicine sector achieved operating income of 53 in 2018.

580,000 yuan, a decrease of 0 every year.

2%.

By quarter, Q4 achieved revenue of 16 in the Chinese medicine sector.

14 trillion yuan, a temporary reduction of 17%, mainly due to the introduction of a supplementary drug catalogue policy in Q4 countries. Large-scale Chinese medicines have been adjusted in the terminal. The company has accordingly controlled the delivery speed to ensure business quality and maintain healthy and sustainable development.

The Chinese medicine sector in 2019Q1 achieved operating income11.

37 ppm, an increase of 3 per year.

41%, business conditions have gradually improved.

In 2018, the sales volume of Fufang Danshen Diwan dropped 6.

10%, we believe that the company ‘s traditional Chinese medicine sector will be restored to its past steady growth trend driven by the compound Danshen dripping pills in the future: 1) The compound Danshen dripping pills has been approved by the Army ‘s special medicines to prevent and alleviate acute altitude sickness indications (Military Commission Logistics(Approved by the Ministry of Education), corresponding to about 1 billion market space; 2) Fudan Danshen Diwan Sugar Net’s indication trend was approved in 2019H2. In the future, a strong network of expert channels will be established to facilitate diversified marketing and enter the “China Type 2 Diabetes Guide” (2017Edition) “, the market scale is expected to break through, helping to open up growth space; 3) Fufang Danshen Diwan has established a professional sales team in addition to hospitals in the sales channels, and will continue to strengthen the development of primary medical institutions and retail pharmacies in the futureAnd coverage work to help the sustained growth of Fufang Danshen Dripping Pills; 4) Fufang Danshen Dripping Pills, Yangshengnao Granules, Bishen Yiqi Dropping Pills, and Salvia Polyphenolic Acid for Injection have entered a large number of clinical guidelines for the future growth of academic productsbasis.

In the biopharmaceutical sector, Puyouke continued to double in growth, with continued heavy volume expected.

In 2018, the company’s biopharmaceutical segment achieved revenue2.

28 ppm, up from 129 previously.

58%.

In terms of quarters, Q4 achieved revenue of 52 million yuan, which has improved the volume of chain traffic.

The biopharmaceutical sector in Q1 2019 achieved operating income of 62.02 million yuan, an annual increase of 23.

17%.

Due to the sharp increase in sales volume and diluted costs, the gross profit margin increased by 23.

83 averages. After the heavy volume continues, the future gross profit margin is expected to increase further.

Tasly Bio will soon go to Hong Kong for listing. Considering the compliance requirements for listing in Hong Kong, the company has adjusted its sales structure and will set up a full-time team in the biopharmaceutical sector. As of the end of 2018, the number of team members has reached nearly 300.

We estimate that Puyouke is expected to achieve a 50% -100% volume growth in 2019: 1) In terms of terminal coverage: The company adopts the “province-territory-county” model to establish a sales network for the promotion of Puyouke products.Within the scope, Puyouke’s product sales network has covered 1,700 hospitals, with 46 offices and nearly 300 sales staff, effectively expanding the coverage of the grassroots market, and promoting rapid volume of products; 2) Academic marketing: the company has cooperated withCardiovascular Health Alliance, China Chest Pain Center, Huayi Xincheng Cardiovascular and Cerebrovascular Doctor Group, China County Hospital Dean’s Union, Chinese Medical Association Cardiovascular Branch and Chinese Medical Association Cardiovascular Branch and other professional institutions have formed cooperative relationships to strengthen academic marketingIn the first half of the year, Puyouke entered the “Consultation of Chinese Experts on Pre-Hospital Thrombolytic Therapy for ST-Segment Elevation Acute Myocardial Infarction”, providing strong support for Puyouke’s academic promotion; 3) Puyouke negotiated to enter the national medical insurance in 2017It has also been recommended by many authoritative guidance documents, and has gained wider application through products.

In the chemical medicine sector, Tiqing seized the market quickly through imitation evaluation and drove the company’s performance growth.

In 2018, the company’s chemical formulation segment achieved revenue of 15%.

One million yuan, an annual increase of 14.

54%.

By quarter, Q4 achieved revenue of 4.

21 ppm, an 8% increase over ten years.

Due to the tax reduction in the second quarter of 2018, some dealers had to purchase low-tax products after selling high- and mid-tax products in stock, and Q4 was almost finished.

2019Q1 Chemicals segment achieved operating income4.

34 ppm, an increase of 30 in ten years.

78%.

Temozolomide capsules have entered the national medical insurance directory. Currently competing products listed in China include the original drug Taidao (Mercedon), the generic drug Jiaoning (Shuanglu Pharmaceutical), the injection of temozolomide (Hengrui Pharmaceutical), and Jiangsu Diyi.Companies evaluating the consistency of generic temozolomide capsules (March 2019).

According to the PDB database, the sales amount of temozolomide in the sample hospitals in 2018 was 7.

3 ppm, an increase of 11 years.

5%, of which Jiangsu Diyi has the highest market share, and the sales amount is 3.61 ppm, an increase of 14% in ten years, and a market share of 50%, ranking first, and the import substitution trend has been obvious since 2012.

In terms of dosage forms, injections were approved for listing at the end of 2018 and have not yet formed a market size.

Tiqing went on the market in China in 2004. After 15 years of intensive cultivation, the market share has reached 50%. It has become the first brand of glioma in China. Domestic patients have formed awareness of Tasly products.

Grass-roots medical institutions are the company’s focus on the market. At present, the National Health Commission is promoting policies such as “Gliomas Diagnosis and Treatment Standards”. Gliomas standardized treatment and treatment are gradually extended to prefecture-level cities and counties across the country.The medical institution market is in line with the policy guidance of the national high-quality medical resources sinking to primary care.

At the same time, Tiqing, as the first product of temozolomide capsules that passed the consistency evaluation, has the first-mover advantage.

We believe that through the improvement of the treatment rate of gliomas and the expansion of the grassroots market, the company will use its sales advantages and first-mover advantages to accelerate import substitution and continue to expand the domestic market. It is worth looking forward to healthy growth.

The pharmaceutical business sector has grown steadily. In the future, it will be able to effectively control the scale of receivables and improve the quality of operations.

In 2018, the pharmaceutical business segment achieved revenue of 107.

78 ppm, an increase of 17 in ten years.

07%.

1) Tianshi Marketing realized market-making transactions in April 2018, and entered the NEEQ’s innovative middle-tier direct financing capacity in May. At the same time, it plans to use the funds to issue no more than 1.7 billion in special accounts to support financing by issuing receivables.Efficiency, optimize asset structure, reduce financial risks; 2) the company hopes to cooperate with banks in the future to reduce the size of receivables and improve operating quality.

In terms of continuous R & D expenditure and accelerated R & D of innovative drug pipelines, the company always adheres to the “Four in One” R & D model, closely follows international cutting-edge technologies, and lays out the breadth and depth of product pipelines.

In 2018, the company invested 12 in research and development.

20,000 yuan, accounting for 16% of the pharmaceutical industry’s revenue.

87%, the proportion of R & D investment in industrial income increased by about 5 percentage points, mainly because Tasly Chuangshijie has been merged into the company, while the proportion of the caliber is basically stable. The company’s development position is in the forefront of the pharmaceutical industry companies, which greatly supports the company’s R & D pipeline.growing up.

In 2018, 77 pipeline varieties including modern Chinese medicine, biological medicine and chemical medicine have made many progresses, and more than half of them have entered the clinical stage.

In terms of traditional Chinese medicines, internationally, the compound danshen dripping pill FDA project T89 for the clinical validation test of chronic stable cardiac angina has been approved by the FDA-SPA program, and the company will expedite clinical research in accordance with FDA regulations;Acute Altitude Syndrome (AMS) is licensed by the FDAIND (IND # 136361) and is currently undergoing a phase II clinical study in the California Plateau area, which is progressing smoothly.

Domestically, the indications for sugar network are expected to be approved in the second half of 19th.

Biopharmaceutical varieties: 1) Puyouke scale stroke indications 0-4.

5 hours and 4.

The clinical trials with a time window of 5-6 hours have all entered phase III, and they have been carried out in more than 40 GCP hospitals across the country. At present, the trials are going smoothly, and the test monitoring shows that the safety is good.

In 200 completed phase II clinical trials, both time windows showed significant curative effects, and good results can be achieved in neurological repair, especially 4.

5-6 hours thrombolysis time window, no similar products have been launched on the market; the phase II clinical phase of acute pulmonary embolism is progressing smoothly, and the patient’s clinical manifestation is obvious and safe. 2) Ametizumab (regenerating fully human anti-EGFR recombinant antibody))Complete Phase Ia clinical trials and start Phase Ib clinical trials in July 2018; 3) T101 (hepatitis B adenovirus injection for treatment) completes clinical recruitment and Phase I clinical progress is smooth; 4) T601 (recombinant oncolytic)Vaccinia virus injection) Obtained clinical approval; 5) Two stem cell products MPC-150-IM (FDA clinical phase III) and MPC-25- introduced into the world-renowned stem cell company Mesoblast for the treatment of advanced congestive heart failure and acute myocardial infarctionIC (FDA Clinical Phase II).

In terms of chemical drugs: 1) the company’s three products, gefitinib tablets, tadalafil tablets, and minophosphoric acid tablets, are transformed into production evaluation stages; 2) new class 1 innovative drugs, PARP inhibitors, 2.

Class 2 chemical paclitaxel injection was approved for clinical use; 3) PXT3003 introduced by the company obtained FDA rapid review qualification in February 2019, and was approved to implement clinical trials in China as a priority approval in China; 4) introduced to the United StatesEli Lilly’s GPR40 selective agonist, an innovative drug for the treatment of type 2 diabetes, which has completed Phase I FDA clinical trials and is in the process of developing domestic clinical applications; 5) Introduced the allosteric modification of the calcium-sensing receptor of Japan’s EA Pharmaceuticals innovation research drugModulator AJT240, a global multicenter clinical phase I / II (a) clinical trial has been completed.

The effect of fee control is obvious. The management expense ratio has increased, and cash flow has continued to improve. The remaining financial indicators are basically normal. The company’s comprehensive gross profit margin was 36 in 2018.

20%, a decline of 0 every year.

09 averages, 33 in 2019Q1.

98%, a decline of 0 every year.

34 averages, basically stable.

Selling expense ratio was 15 in 2018.

51%, a decrease of 0 every year.

24 averages, 2019Q1 is 12.

98%, an increase of 0 every year.

09 hundred basically stable.

The management expense ratio was 3 in 2018.

19%, a decline of 3 per year.

10 averages, 2019Q1 is 3.

08%, a decrease of 3 per year.

With 21 units, the cost control effect is remarkable.The financial expense ratio is basically stable.

Accounts receivable increased by about 1.5 billion annually in 2018, of which about 1 billion came from commerce and 5 billion came from industry. The increase was relatively controllable, and it increased by 13 in Q1 2019.

61%, mainly due to the 都市夜网 increase in the company’s commercial sector; net cash flow from operating activities increased by 287 in 2018.

75%, mainly due to bill maturity collection and bill discounting over the same period last year, increased 70 in the first quarter of 2019.

58%, the continuous improvement effect is obvious.

Other financial indicators are basically normal.

Earnings forecast and investment rating We believe: 1) Tasly Bio spin-off and listing, and gradually realize the reorganization and increase the overall value of the company, thereby transforming the company into an internationally leading biopharmaceutical platform; 2) The company’s investment in Gege Medicine and Tianjing BiodiversityOpportunities for mergers of non-governmental companies will impact the science and technology innovation board and indirectly increase the 成都桑拿网 value of the company; 3) The scale of the innovation research and development pipeline has been reached, and the coordinated development of traditional Chinese medicine chemical drugs and biological drugs has benefited from the gradual improvement of the domestic innovation policy environment, which is expected to accelerate the speed of new drug listing; 4)Yoke is a specific thrombolytic nova, with obvious competitive advantages, and its medical insurance + guidelines promote its continuous and continuous volume; 5) Dandi ‘s progress in sugar network indications and FDA filings is expected to continue to promote steady growth.
We expect the company to achieve operating income of 207 in 2019-2021.

400,000 yuan, 238.

3.5 billion and 272.

9.5 billion, net profit attributable to mothers was 17 respectively.

3.8 billion, 19.

5 billion and 21.

97 ppm, an increase of 12 each year.

5%, 12.

2% and 12.

7%, equivalent to 1, respectively.

15 yuan / share, 1.

29 yuan / share and 1.

45 yuan / share, the corresponding PE is 19 respectively.

7X, 17.

6X and 15.

6x, maintain BUY rating.

Risk analysis Risk of failure in research and development of new drugs; risk of product price reduction, risk of rising prices of raw materials and power costs, risk of investment and merger failure.

BYD (002594) 2019 Third Quarterly Report Review: Industry Shocks Results Bottom, Waiting for Demand to Rise

BYD (002594) 2019 Third Quarterly Report Review: Industry Shocks Results Bottom, Waiting for Demand to Rise

Matters: The company released an interim report. In the first three quarters of 2019, revenue was 93.8 billion U.S. dollars, a fraction of a second + 5%, and net profit attributable to mothers was 1.6 billion U.S. dollars, each time + 3%.Among which, the single quarter revenue in the third quarter was 31.6 billion yuan, -9% in ten years, and the net profit was attributed to the mother1.

2 ‰, -89% a year ago, deducting non-return to mother -1.

500 million, from positive to negative.

Comment: Revenue has fallen slightly over the past few years, which is basically flat month-on-month, and performs better than the company’s car sales.

The company’s 3Q19 revenue was 31.6 billion, exceeding -9%, which was basically unchanged from the previous month’s -1%.

On the sales side, the passenger car BEV 19Q3 was 2.

30,000 vehicles, -22% a year, -50% MoM, PHEV 1.

60,000-53% a year, -16% MoM, the decrease mainly is e5, Qin BEV, Tang PHEV, but the Song series has increased, which has support for revenue and profit.

Fuel 6.

50,000, the previous + 10%, + 52% from the previous month formed a better supplement to the total sales of passenger cars.

The total number of final passenger cars is 10.

40,000, -15% a year, -3% MoM.

Commercial vehicle breakdown average, 3Q18 totals 0.

20,000 vehicles, at least -60%, -38% MoM.

Gross profit contraction resulted in a decrease in net profit from the previous quarter.

The company’s net profit attributable to its mother was 1 in 3Q19.

20,000 yuan, at least -9.

300 million, -5.

900 million / -83%; deducting non-returning mother-1.

5 ‰, at least -6.

600 million, -4.

800 million.

The decrease in net profit after deducting non-returning mothers mainly came from the gross profit end, corresponding to a decrease of 1.6 billion, 5 billion, and a gross margin of 14%, -3 each time.

3PP, MoM-1.

5PP.

The supplementary decline has significantly eroded the company’s profitability and sales volume.

Expenses decreased by 700 million a year and increased slightly by 200 million.

Cash flow and debt are relatively stable.

In the third quarter of 19, the company’s operating cash flow was +5.9 billion, stronger than 1-2Q19, and its investment cash flow was -4.5 billion, maintaining a relatively high intensity but the amount was less than 1-2Q19, and its financing cash flow was -1.6 billion, resulting in a net profit ofThe inflow was mainly due to a dividend distribution of 1.7 billion.

The overall debt rate remained flat, short-term borrowings fell by 2.7 billion compared with the end of 2Q, long-term borrowings + value-added bonds increased by 1.8 billion, and interest expenses for the period were 900 million, each time -2.

400 million, +0.

9 billion.

Waiting for the industry to repair, waiting for new cars to drive demand in 2020.

According to the quarterly report, the company expects that the demand for 北京夜网 4Q electric vehicles is still weak, but Song Pro continues to drive the recovery of the fuel vehicle business; the electronics business improves as downstream demand improves; the improvement of photovoltaics resumes.

The initial guidance for net profit attributable to mothers is 16-18 trillion, corresponding to 0-2 trillion net profit attributable to mothers in 4Q19.

Since the decline of electric vehicle subsidies in July this year, the industry’s demand has weakened, mainly due to the loss of attractive price-performance ratio of models, and the increase in the number of oil vehicle licenses in Guangshen also has a certain impact.

The key to follow-up is to see if the new iterative new model will increase the cost of electric vehicles, especially BYD and foreign and joint venture car companies in 2020, thereby driving 青岛夜网 demand.

Investment suggestion: Considering the impact of supplementary tax rebate on the industry and the performance of the industry and the company in 3Q19, we set the company’s net profit for 2019-2020 to 28.4 billion, 34.

5 billion, 47.

4 million adjusted to 17.

200 million, 24.

3 billion, 44.

200 million, corresponding to a growth rate of -38%, + 42%, + 82%.

The company’s performance in the past two years is affected by the subsidy policy, so we use PB assessment, and the company’s PB hub in the past three years is 2.

7 times, but the company ‘s leading increase in electric vehicles is increasing, and the impact of supplementary errors will gradually come to an end. The company ‘s new technologies and models in 2020 will help boost demand and performance.Based on the above factors, the company will be given a target of PB 2 in 2020.

7 times, corresponding to the target price of 55.

1 yuan, corresponding to 2019-2020 PB 2.

8 times, 2.

7 times, PE is 87 times, 62 times.

Maintain the “Recommended” level.

Risk warning: demand for electric vehicles exceeds expectations, battery cost reduction rate exceeds expectations, changes in electric vehicle policies, etc.

Yangnong Chemical (600486): Acquired Sinochem Pesticide Core Assets Supplementary Compulsory Agent Business

Yangnong Chemical (600486): Acquired Sinochem Pesticide Core Assets Supplementary Compulsory Agent Business

This report reads: Acquiring Sinochem International’s pesticide business core assets will improve research, integration of production and sales, industrial chain, safety, environmental protection and high pressure caused by pyrethrin to maintain high profits. Nantong Phase III is expected to start in 2019 to ensure long-term growth of the company.

Investment Highlights: Maintain overweight.

As the supply of pyrethroid is affected, it is expected to continue the boom and maintain the profit forecast. The EPS is expected to be 3 in 2019-2021.

41/4.

09/5.

04 yuan, because the third phase of Nantong is expected to start construction this year, maintaining a target price of 71.

61 yuan, corresponding to PE 21 in 2019.

00 times, maintaining the overweight level.

It is planned to synthesize the core assets of Sinochem International’s internal pesticide business over 900 million yuan, and to improve the integrated industrial chain of research, production and sales: Yangnong Chemical intends to use 91,281.

09 million yuan to buy Sinochem crops from Sinochem International, 100% equity of Agro-Research Corporation.

Sinochem crops return to net profit in 20181.

16 trillion, an increase of 35 in ten years.

6%, the subsidiary Shenyang Kechuang is mainly engaged in the production and sales of Mistone, imazapyr, and pyrrolidone, and the parent company and other subsidiaries have established diversified pesticide trade networks at home and abroad.

The agricultural research company’s 2018 net profit was 0.

27 ppm,杭州桑拿网 a decrease of 60 per year.

3%. It specializes in pesticide professional research. It has the National Engineering Center for Pesticides and the only national key laboratory for new pesticide research and development. It has well-known products such as flumorph, tetracloprid, and acetazol nitrile.

The key areas of the initial public offering will help the company to strengthen its research and development capabilities, expand sales channels, enrich pesticide varieties, and develop into an integrated platform for Sinochem International’s internal pesticide business and management.

It is safe, environmentally friendly, and maintains a high business climate under high pressure. The amount of pyraclostrobin is high.

After the Xiangshui explosion, the supply of bifenthrin in the surrounding factories will decrease, and high 北京桑拿洗浴保健 pressure will continue to suppress the supply of the pesticide industry. Under the safety / environmental protection pressure, the pyrethrin will maintain its prosperity in the future; pyrazoxystrobin has been put into production at the end of 2018, and the current priceStable at 19.

At a high level of 5 million / ton, heavy volume in 2019 will boost performance.

The third phase of Nantong is expected to start in the middle of 19 years.

The third phase of Nantong is located in the public announcement of environmental impact assessment, and construction is expected to start in mid-2019.

The project invested 2 billion yuan to build 11,475 tons of pyrethroids, 1,000 tons of herbicides and 3,000 tons of fungicides, which will contribute annual profits after reaching production.

600 million.

Monsanto expects that wheat straw will fear Brazil’s promotion in 2020, and the company’s sales as a global leader will benefit from growth.

Risk reminder: The target company’s promised performance cannot be achieved, and the price of pyrethroid drops.

Trilogy of Healthy Eating for Toddlers in Spring

Trilogy of Healthy Eating for Toddlers in Spring

Spring is here, and the human body germinates with all things.

However, the weather is changeable in spring, and a variety of bacteria and viruses begin to multiply. When the constitution is not good, germs and viruses will multiply.

Therefore, people should adapt to the changes of the day and time, and nourish the yang through diet to maintain their health.

  Moms should make reasonable arrangements for their baby’s diet according to the different stages of spring.

The following will be introduced from the three stages of early spring, middle spring and late spring.

  In early spring at this time, eat cold foods such as cucumbers, winter melon, eggplant, and green bean sprouts, and eat more warm foods such as onions, ginger, garlic, and chives to dispel cold.

Because the active ingredients contained in these foods have bactericidal and disease-preventing effects.

Spring is the hair growth season, so you can eat more chicken, animal liver, fish, lean meat, egg yolk, milk, soy milk and other nutrients in your diet in early spring, so that the human body’s functional metabolism is becoming increasingly active.

  Zhongchun In the middle spring season, the liver qi tends to flourish as everything grows.

Chinese medicine believes that liver hyperactivity can damage the spleen and affect the spleen and stomach.

Therefore, the Tang Dynasty medicine king Sun Simiao once said: “In the spring, the province should increase the acid and increase the sweetness in order to nourish the temper.

“At this time, you can properly eat foods that nourish the spleen and stomach, such as jujube and honey, eat less acidic or greasy foods that are not easily digested, and eat more foods that are sweet and consume protein, sugars, vitamins and minerals.

At this time, a variety of wild vegetables that have both nutrition and healing effects are flourishing, such as amaranth, purslane, houttuynia, fern, bamboo shoots, toon, etc., should eat without losing time.

  In late spring, the temperature is gradually increasing.

“Dining is about to go,” said: “Spring temperature, you should eat wheat to cool it.

“At this time, you should take a light diet as the main ingredient. In addition to eating high-quality protein foods and fruits and vegetables, you can add mung bean soup, red bean soup, sour plum soup, and green tea to prevent heat buildup in the body.

It is not advisable to eat lamb, dog meat, spicy hot pot, hot peppers, peppercorns, peppers and other hot products, to prevent evil heat from turning into fire and becoming sore and swollen.

Folk treatment of baby thrush

Folk treatment of baby thrush

“When the baby was 4 months old, she always cried when she was feeding her, and was unwilling to breastfeed.

The mother noticed that there were some white spots on the baby’s oral jaw and tongue mucous membranes. The mother thought that the milk was condensed in the mouth, so she used a cotton swab to scrape it. After the white spots were scraped off, the scraped area became red, and the baby criedEven worse, her mother quickly took her to the hospital for examination.

“Mom was frustrated with the doctor.

The doctor told the mother that the baby had thrush.

  There are many treatment methods for thrush, and here we recommend the Chinese-Italian medicated diet for everyone.

But before treatment, let us know about thrush!

  1. Identification of Thrush Thrush is also called snow mouth disease, and candidiasis is caused by Candida albicans infection.

Thrush often occurs in infants and young children. Thrush can occur anywhere in the oral cavity. Neonatal infections are mostly caused by the birth canal. It may also be caused by dirty nipples or finger infection of the replacement.Source of infection.

Mainly manifested in the gums, vaginal mucosa or lips and other places appear as milky white milk-like membrane-like material, showing a spot-like or patch-like distribution.

  If you have thrush, your mouth is covered with white dandruff, and there are usually no accompanying symptoms. In severe cases, a white patch on the surface of the oral mucosa is formed with a burning and dry feeling. Some children have symptoms of low fever, or evenMay cause swallowing and breathing difficulties.

Children with this disease often cry uneasily, and have a tingling sensation when eating or drinking water, so children are often reluctant to breastfeed.

  2. Treatment method When plaques similar to milk flaps are found in the baby’s mouth, do not wash it casually, so as to avoid mucosal damage and bacterial infection.

After the child is diagnosed with thrush, the parents can use 2% baking soda water to soak the mouth with disinfectant cotton. The movement should be light, and then apply 1% gentian purple to the affected area 1 to 2 times a day.

You can also take one piece of nystatin and grind it into a powder. Add 5ml of glycerin and mix thoroughly. Apply to the affected area.

  Usually the drug will disappear after a few days, but thrush is particularly easy to relapse, so parents should continue to use the drug for a few days after gradually disappearing, in order to consolidate the effect, avoid relapse, and try a cure.

You should give your child medicine after taking it to avoid vomiting.

  3, folk remedies (1) apply brown sugar to treat thrush: 30 grams of brown sugar ground powder, apply an appropriate amount to the affected area, 4-6 times a day.

  (2) Treating thrush with Coptis chinensis: Take an appropriate amount of Coptis chinensis and fill it on the navel eyes and change it once a day.

  (3) Skin nitrate for thrush: take 30 grams of skin nitrate, tamp it, fill an appropriate amount on the navel eye, seal with adhesive tape outside, change once a day.

  (4) Lettuce leaves for thrush: 6 grams of lettuce leaves, 3 jujubes, decoction with water, 1-2 times a day.

  (5) Ginger honey juice for thrush: take 30ml of honey and 10ml of ginger juice, mix and apply to the affected area, 2-3 times a day.

  (6) Old eggplant radical thrush: take 10g of old eggplant root, 3g of peel, 6g of rock sugar, decoction with water, 1-2 times a day.

  (7) Tomato leaves for thrush: take 10g of tomato leaves and 6g of melon skin, and decoction with water, 1-2 times a day.

  (8) Roses for thrush: 6g roses, 2 slices of ginger, 6g white lentils, decoction with water, 1-2 times a day.

Physiotherapy yoga moves to promote blood circulation in the head

Physiotherapy yoga moves to promote blood circulation in the head

Female friends want to have dark and beautiful hair, but boring hair becomes a package for many people. What should I do if my hair is dry and frizzy?

What about dandruff?

Today we are going to learn physiotherapy yoga with you. By practicing these physiotherapy yoga moves, we can help us to promote blood circulation in the head, nourish the scalp, provide sufficient nutrition for the hair, and make our hair thicker.

  The nature of dry and frizzy hair or dandruff is because our scalp is undernourished. If the blood in the head is not circulating, it will not be able to provide the necessary nutrients for our hair in a timely manner. As a result, our hair will change.If you get dry and frizzy, you will get dandruff.

  Head Inversion-Promotes blood circulation, nourishes the scalp, rejects dandruff step1. Your hands and fingers are interlocked, aim your forearms in front of your body, open your elbows and shoulders, and lock your hands as the tips.

  Step 2 We need to feel our own body changes after practicing the above movements. Pay attention to adjusting our breathing rhythm.

  Through such yoga exercises, we can promote blood circulation in our heads, so that our scalp is well nourished, so that nutrition is transmitted to each hair tip in a timely manner.

  Then place the top of your head next to the top of your hand.

The top of the ice dragon touches the ground rather than the part near the forehead, keeping the spine straight and easily bearing the importance of the entire body.

  If the top of the head is positioned forward, it will cause deeper curvature of the cervical spine and cause extra tension.

  Note that the practitioner keeps his knees on his knees, then supports his body, trying to make the torso perpendicular to the ground.

Increase body weight and travel between elbows and interlocking hands.

  Beginners should pay attention to grasping the range of our movements when performing this type of exercise, pay attention to maintaining our body balance, and remember not to skew our body.

  Step3 When your feet slowly move towards the face, you feel that your body is about to fall backwards, your toes can be easily lifted off the ground, but there is no danger of collapse.

  Step 4 can easily and elegantly perform the first stage of exercises, and then it is even simpler.

  In the second phase of the exercise, you just need to straighten your thighs upwards so that the thighs are perpendicular to the torso, and keep it stable here.

  Step 5 Then, the lower legs are opened upward, and the whole body is perpendicular to the ground as expected. This is the third stage, which is the last stage.

  Hold the appropriate time and then return to the original position by following the reverse steps.

  If you want to make the hair look dark and beautiful, then you must pay special attention in your daily life, so that you can make your hair more beautiful.

  Note 1: Keep your toes, heels, and ankles together.

  2, lean your palms towards the scapula.

  3. The force of the elbows falls evenly on the mat, keeping the elbows close to the body.

  4. Focus on the top, step on the pulley, and break your legs from the groin to the toe.

  Now let ‘s learn how to practice yoga pear style, and understand it!

  Action essentials 1, after completing the handstand, the chin is locked.

  2. Loosen your chin, lower your torso, stretch your arms and thighs over your head, and place your toes on the ground.

  3. Stretch the muscles at the back of the thighs, stretch tight, and lift the main shaft.

  4, put your hands in the center, support the main shaft with both hands so that the main shaft is perpendicular to the ground.

  5. Straighten your arms in the opposite direction of your legs, with your arms and palms against the ground.

  If female friends want to have thick black hair, practicing the yoga moves above is a good choice.

Of course, reasonable precipitation and a regular lifestyle are also essential.

Drinking black tea and lemon in the winter can have antibacterial effect

Drinking black tea and lemon in the winter can have antibacterial effect

Drinking black tea in the winter can warm up the stomach and fight against the flu. This has been recognized by everyone, and the addition of a slice of lemon basically improves the taste. The acidity of lemon and the bitterness of black tea are lightened. The rich vitamin C in lemonIt can also improve the body’s immunity. The combination of the two can increase the effectiveness of resistance.

  Black tea itself is warm in nature, and has the effects of nourishing the stomach, refreshing, and antibacterial.

In addition, black tea has a better anti-acidification effect on specific free radicals than garlic and broccoli.

Lemon is rich in vitamin C. When added to black tea, lemon can improve the body’s absorption of vitamin C, and it can help improve blood pressure and relieve nerves.

In addition, lemon black tea can also moisturize the skin, promote blood circulation and activate cells.

When it is on fire, lemon black tea can be used to quench thirst and relieve fire.

  In the West, adding lemon to black tea is a long-established habit. In addition to adding fresh lemon slices directly, you can squeeze fresh lemon juice.

May wish to drink a few cups of lemon black tea this winter to warm up and increase resistance.

Grains and cereals-eternal supplements!

Grains and cereals-eternal supplements!

Grains and cereals-eternal supplements!
  Chinese traditional Chinese medicine theory is extensive and profound.

In other words, any tonic, eat too much will hurt the body.
  Here, I introduce you to some more advanced green health concepts.
  In recent years, a slogan abroad called “turning a pharmacy into a kitchen” emphasizes the importance of diet and health care.
The concept of dietary health in Chinese medicine is worth developing.
The Yellow Emperor’s Canon?
The “Dirty Qi Methodology” states that “poisons attack evil, grains are used to support, five fruits are used to help, five animals are used to benefit, and five dishes are used to fill.”
What does that mean?
This means that medicine is a cure for disease and evil, and its sexuality is partial. Grains and cereals are indispensable for ensuring human nutrition. Fruits, meats, and vegetables are necessary supplements.
Modern people’s living standards have improved, their diets have become more refined, and the proportion of fish, fruits, and vegetables in the diet has increased, leading to eating disorders and diseases.
Many “wealth diseases” are caused by people over-eating too much.
The main reason why people do not like to eat coarse grains is that the mouth feels bad.
It can be seen that sometimes it’s not all right.
Although the dietary fiber in coarse grains cannot be digested and used by the human body, it can pass through the intestines to gasify, clean up waste, and promote the elimination of food residues from the body as soon as possible.
Therefore, rebuilding a reasonable diet is of great significance to a healthy life.
  In ancient times, there was no difference between coarse and coarse grains. Starting from the 1950s, China started from the management of the ration system, and artificially divided grains into main and coarse grains, or fine grains and coarse grains.
Rice and wheat are called fine grains, others are coarse grains or miscellaneous grains.
Traditionally, people refer to rice and flour that urban residents eat daily as fine grains, and corn (noodles), millet, sorghum, buckwheat, and potatoes as coarse grains.
Coarse grains are especially rich in trace elements and vitamins. Coarse grains such as corn and potatoes contain more dietary fiber.
Nutritionists believe that eating coarse grains at least three times a week is good for human health.
However, it should be noted that eating coarse grains is not “the more the better.”
Some people are afraid of over-refined food, excessive pursuit of coarse grains, or even only coarse grains, refusal to eat fine grains, these practices are not desirable.
In particular, elderly people with poor digestive function, children with inadequate gastrointestinal function, and young adults with gastrointestinal disease should not take too much grains and coarse grains.
“Grain is supported”. Both coarse and fine grains are rich in nutrition.
  So what are the benefits of eating whole grains?
We are all white noodles, rice, mountain treasures, seafood, big meat, big fish every day, and it’s time to clean up our stomachs!
Eating whole grains can make your stomach healthier and your appetite stronger.
The nutritional value of whole grains is not the same, let me give you a general introduction first.
For example: millet is rich in tryptophan and carotene, which is healthy and nourishing; rice bran peel is the cheapest anti-cancer food; oat is rich in protein and the best blood lipid-lowering food; sorghum is rich in fatty acids and iron; potatoes are carrotsAnd Vitamin C.
Black rice is a good supplement for the four seasons; Guya is a good food for appetizers and digestion; Wheat is the best health anti-cancer food; Barley is a healthy food for regulating gastrointestinal function; Wheat germ is the essence of nutrition; Buckwheat is a strong heart to lower blood pressureHealthy food; Sorghum is a healthy food for spleen and diarrhea; Corn is a well-known anti-cancer and anti-aging food; Peanut is a long-lasting fruit that prolongs life; Black sesame is a health food for promoting blood circulation; Sesame is an anti-aging food; Black beans areThe best food to nourish the kidney and yin; red bean is a good food for swelling and blood circulation; mung bean is the best summer food for summer, mung bean tastes cold and cold, diuretic swelling, neutralizes and detoxifies and cools thirst; broad beans is a cholesterol-lowering healthFood; cowpeas can treat spleen and stomach weakness; peas have antibacterial, anti-inflammatory, and metabolism-enhancing effects; sweet potatoes are the best food for suppressing cancer cells; potato is the best special food for indigestion; taro is the best health food for weak stomachs;Yam is widely recognized as a tonic; pumpkin is the best food for preventing colon cancer; barley is a tonic for health care against cancer; lotus seed is a consumer除Palpitations, insomnia treatment best food; chestnuts is longevity anti-aging supplements; jujube anti-cancer physical health food; water chestnut is to heat detoxification anti-cancer food.
Having said so much, I will choose some representative ones from them to introduce in detail.
  Let me talk about the millet that everyone eats.
Compared with rice, millet contains higher levels of protein, fat, and vitamins than rice, as well as rich nicotinic acid and carotene, which are suitable for pregnant women and children. Therefore, in the northern part of China, women are born every day and pauseDrink millet porridge.
In traditional Chinese medicine, millet has a sweet and salty flavor, has tonic deficiency, strengthens the spleen and kidney, clears heat, dehumidifies and diuretics, can benefit the spleen and stomach, and can cure spleen and stomach qi, indigestion, nausea and vomiting.; It has the effect of nourishing yin and nourishing kidney qi, can cure thirst, dry mouth, waist and knees, etc., and can remove dampness and heat, relieve diarrhea, urinate, cure body irritability, uncomfortable urination or diarrhea, external useIt can also cure Chidan, burns, and fire burns.
  Everyone is familiar with glutinous rice.
Glutinous rice contains protein, fat, carbohydrate, calcium, phosphorus, iron; vitamins B1, B2, and niacin.
Traditional Chinese medicine talks about the sweetness and warmth of glutinous rice, which can warm the spleen and stomach, and nourish the lungs and nourish qi.It has the functions of replenishing qi and nourishing qi, treating symptoms such as sweating, night sweats, diarrhea, etc., it can nourish the lungs, warm the stomach, warm the spleen, treat irritability, polyuria, etc. It can detoxify sores and cure sores and pimples.
This product is sticky and difficult to digest. People with weak spleen and stomach should not eat more. Patients should cook porridge or paste.

  Speaking of sweet potatoes, people living in big cities may be eating roasted sweet potatoes.

It is estimated that not much is cooked or steamed.

In addition to starch and soluble sugar, sweet potatoes also contain protein, fat, multivitamins, amino acids, and inorganic salts such as calcium, phosphorus, and iron.

In addition to its insufficient nutritional content, the others are higher than rice and white flour, and they also emit more than many food crops. You did not expect this.

In addition, sweet potatoes are also a kind of physiological alkaline food. After the human body is implanted, it can neutralize the acidic substances produced by meat, eggs, rice, and noodles, so it can adjust the body’s acid-base balance, which you did not expect.

In traditional Chinese medicine, sweet potato is sweet, flat, non-toxic, nourishing the spleen and stomach, nourishing the mind, replenishing energy, passing milk, and removing viscera and viscera.

Japanese scientists have found that it has anti-cancer health care and is known as the “king of anti-cancer”.

Sweet potatoes are rich in mucin. This substance can not only maintain the lubricating effect inside the joint cavity, but also maintain the elasticity of the cardiovascular wall of the human body, prevent atherosclerosis, reduce subcutaneous aunts, prevent atrophy of connective tissue in the liver and kidneys, and improveImmune ability of the body, you have not even thought of it.

Haha, don’t hurry up and buy sweet potatoes to cook!

  After talking about sweet potatoes, let’s talk about corn.

Corn contains starch, trace amounts, vitamins B1, B12, nicotinic acid, pantothenic acid, and biotin; although it is rich in protein, it has more essential amino acids, so it is not suitable for long-term consumption alone; corn also contains a large amount of unsaturated fatty acids and lecithinIt is good for lowering cholesterol; it is a kind of corn-flavored Ganping in traditional Chinese medicine, which can adjust appetizers and lower turbidity and diuresis; it can be used for hypertension, hyperlipidemia, urinary stones, gallbladder stones, etc.

Corn is recognized as the “golden crop” in the world. Its cellulose is 4-10 times higher than that of polished rice and refined flour.

And cellulose can accelerate intestinal peristalsis, can exclude factors of colorectal cancer, reduce plasma absorption, and prevent coronary heart disease.

  Everyone only eats white noodles on weekdays. It is estimated that not much wheat will be eaten directly.

The content of starch and adults in wheat is similar to that of rice. The content of protein and calcium is much higher than that of rice. It also contains B vitamins and vitamin E, especially the content of vitamin E, which contains choline, lecithin, and arginine.It can enhance memory; it also contains calcium, phosphorus, iron and enzymes to help digestion; in traditional Chinese medicine, wheat is sweet, salty, and cold, which can make up for deficiencies, strengthen the spleen and stomach, clear heat, and diuretic and nourish kidneys.

It can be taken if the spleen and stomach are drained and the elderly are astringent.

It has the effect of nourishing the heart and reducing fever, so that the body fluid is not disturbed by fire. It can be used to treat upsets, insomnia, and dryness.

  Buckwheat is now sold in major supermarkets.

Buckwheat contains carbohydrates, protein, trace amounts, calcium, phosphorus, iron, vitamin B1, nicotinic acid, etc .; it has a sweet and cold taste, has an appetizing broad intestine, and has the effect of deflation.

Can be used for constipation, hot and humid diarrhea, etc.

Topical application can also treat burns.

Because it is rich in minerals, especially phosphorus, iron, and magnesium, it is of great significance to maintain the normal physiological function of the human hematopoietic system.

Buckwheat contains “chlorophyll” and “rutin” that are not found in other grains.

Buckwheat has more vitamins B1 and B2 than wheat, and niacin is 3-4 times.

Nicotinic acid and rutin contained in buckwheat are medicines for treating hypertension.

Regular consumption of buckwheat also has a certain effect on diabetes.