[Can the maternal eat garlic?]_ Postpartum_ Can I eat it?

[Can the maternal eat garlic?]_ Postpartum_ Can I eat it?

Garlic moss is a vegetable we are very familiar with in life. Garlic moss has a strong garlic flavor and is rich in nutrients. Garlic moss often has a good effect on killing parasites in the human body. It is good to eat garlic mossRelieving cold, strengthening the spleen and stomach, and alleviating the symptoms of swelling and pain, so often eating garlic moss has many benefits for good health.

However, for special populations such as women, it is sufficient to eat garlic moss, and you should not eat more.

Can pregnant women eat garlic? Cautiously eating allicin contained in garlic moss can enhance the body’s immunity, so women can eat garlic moss.

However, garlic moss is not easy to digest, so you should eat it in moderation.

Eat garlic moss during breastfeeding?

The nutritional content in garlic moss will not cause the phenomenon of back to milk, nor will it affect the quality of milk. Mothers during breastfeeding can eat it with ease.

Maternal consumption of garlic floss in moderation is good for health, but it should not be eaten in excess.

Garlic moss contains allicin, which has a good killing effect on pathogens and parasites. It can prevent influenza, prevent wound infections, and treat infectious diseases and deworming effects.

Garlic moss has obvious functions of lowering blood fat and preventing coronary heart disease and arteriosclerosis, thereby preventing the formation of blood clots.

Garlic moss also has functions such as removing cold, swelling and pain, killing poison gas, and strengthening the spleen and stomach.

It is good for the mother to eat in moderation.

Women with weak digestive function and those with liver disease should not overeat garlic moss to avoid causing indigestion and liver dysfunction.

In addition, most people do not recommend eating garlic too much, so as not to affect vision.

What are the benefits for pregnant women to eat garlic moss, its bactericidal ability can reach one tenth of penicillin, it has a good killing effect on pathogens and parasites, can prevent influenza, prevent wound infection and deworming effect.
For lactating mothers, the qi is very good for preventive effects; garlic peel outer skin is rich in cellulose, which can stimulate bowel defecation and regulate constipation. It is also a good food for lactating mothers.

Pay attention to eating garlic moss during breastfeeding: Because garlic moss should not be cooked, lactating mothers should pay attention to it, and should not cook it too rotten, so as not to destroy the spice and reduce the bactericidal effect.

For mothers with poor digestive ability, it is best to eat less garlic moss; excessive consumption of garlic moss may affect vision; garlic moss has a protective effect on the liver, but excessive consumption will damage the liver and cause liver dysfunction.

Therefore, it is best for lactating mothers to consume a small amount.

If an adverse reaction occurs after taking it, you need to stop eating and seek medical attention immediately.

[Can pregnant women eat rice with yellow pheasant chicken]_Pregnancy_Can I eat

[Can pregnant women eat rice with yellow pheasant chicken]_Pregnancy_Can I eat

The dish of yellow glutinous chicken rice requires a variety of spices to make it successfully. The main ingredient is chicken. Chicken contains a lot of phospholipids. This phospholipid is essential for our body. Eating more chicken can relieve nutrition.Illness, fatigue, and irregular menstruation, etc., also have a good effect on anemia and physical weakness, so can pregnant women eat rice with yellow pheasant chicken?

First, can pregnant women eat rice with scallion chicken?

Pregnant women must take a balanced supplement during pregnancy, so that it is conducive to the healthy growth and development of the fetus, and you can also eat some rice with yellow pheasant chicken appropriately.

However, you must choose a big brand from those distances. Only once you have a health problem can you guarantee it. Big brands, authentic flavors, and health are good choices for pregnant women.

Secondly, the yellow scallion chicken rice is also called fragrant pot chicken. It is mainly made from chicken and other vegetables such as shiitake mushrooms. It tastes tender and delicious, and many people like it. It has even been on fire in foreign countries.After the pancakes, meatballs and tofu brain, there is a snack outside the country.

Third, many people are carnivorous animals, and they also have a unique love for chicken.

Many people know that eating chicken can supplement the nutrition and improve the body’s immunity, but they still fall into some misunderstandings of the chicken diet. Some people cannot eat chicken, and some foods cannot be paired with chicken. These misunderstandings can beLet’s eat chicken, we originally wanted to supplement, but instead we ate the wrong food and harmed our health.

People who should not eat chicken: people who have a cold, fever, internal fires, heavy phlegm, obesity, people with fever and bloating, high blood pressure, high blood lipids, cholecystitis, and cholelithiasis do not eat chicken;Chickens are warm, help fire, hyperactivity of liver yang and oral erosion, skin bloated, and constipation should not eat chicken; people with cold, headache, fatigue, fever should not eat chicken or chicken soup.

[Homemade practice of smoked fish]_Smoked fish_How to do_How to do

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Global titanium dioxide giant officials announced the concept of price increases has just started (with shares)

Global titanium dioxide giant officials announced the concept of price increases has just started (with shares)

Come to Sina University of Finance and listen to Wu Dan (Jin Qilin analyst) talk about “Industrial Investment Excellent Course”, 150 excellent courses in 20 mainstream industries, quickly establish your investment system. The latest price of rutile titanium dioxide is 15600 yuan / ton.Rank 7 rose 2 days ago.

18%, followed by the possibility of price increases.

  Affected by the recent news that titanium dioxide is about to rise in price, the titanium dioxide sector has risen strongly and closed up 6 on Friday.

29%, the largest increase among all sectors.

Individual stocks in 天津夜网 the sector rose more than 2%. Pangang’s vanadium and titanium, Jinpu titanium industry daily limit, China Nuclear Titanium White closed up 7.

71%, Long Mang Baili closed up 5.


  Titanium dioxide prices have risen one after another Recently, Venator, the world’s titan titanium dioxide, announced that all titanium dioxide products used in coatings, plastics, inks and paper applications have raised prices globally.

Asia Pacific and the Americas will raise their prices by $ 120 / tonne after March 1.

In Europe, the Middle East and Africa, prices will increase by  100 / ton or $ 120 / ton after April 1.

  Domestic companies have also adjusted their prices simultaneously. The latest offer of Long Mang Baili Lian Group’s rutile-type rutile series titanium dioxide has been raised by 500 to 16,200 yuan / ton, and some other manufacturers also have price adjustment 无锡桑拿网 plans.

According to the data of the business agency, the latest price of rutile titanium dioxide is 15,600 yuan / ton, which increased by 2 days 5 days ago.


  As early as the holiday, titanium dioxide has ushered in several price increases.

In the first half of January, domestic titanium dioxide companies started a new round of price increases. A total of 27 titanium dioxide companies issued price increases. Most of the price adjustments were at 500 yuan / ton. Yibin Tianyuan’s single price adjustment reached 1,000-2000 yuan / ton.
  At the cost of raw materials, due to the continuous contraction of global titanium ore supply, the price of titanium concentrate has gradually increased, which strongly supports the price of titanium dioxide.

In the downstream industry, the production cost of titanium dioxide is extremely low, and the price change has a small impact on the downstream, shifting to downstream and downstream capabilities.

Therefore, the competitiveness of titanium dioxide price increases is not great, and relevant analysts believe that there is a possibility of price increases in the future.

  Titanium dioxide industry is gradually recovering. Titanium dioxide is recognized as the world’s most excellent white pigment at present, accounting for about 80% of the total use of white pigments. It is widely used in the coatings field and has a positive correlation with real estate.

CICC expects that the actual physical completion area of houses nationwide will increase by 9% in 2020, which will increase domestic demand for titanium dioxide.

  After the holiday, various localities began to intensively introduce relevant policies to deal with the impact of the epidemic in the real estate market, including delaying payment of land prices, extension of taxes and fees, and moderate relaxation of pre-sale conditions. The actual impact is expected to gradually weaken.

CICC analyzes that the follow-up judgment policy will gradually be more directed to “trust demand”, especially the rational and orderly recovery of the protection of land market demand, which may be reflected in the moderate adjustment of developer financing policies.

  In addition, due to the limited growth of overseas titanium dioxide supply and the obvious price advantage of domestic titanium dioxide exports, driven by the needs of emerging overseas markets, the domestic titanium dioxide output tends to continue to grow this year.

  Guoxin Securities believes that under the trend of rising prices, the overall profitability of the industry will continue to improve.

At present, the overall operating rate of the titanium dioxide industry is at a high level and the inventory level is high. The titanium dioxide industry will usher in a phased recovery this year.

  The production of titanium dioxide is accompanied by environmental damage. Under the continuous compression of environmental protection policies, the domestic titanium dioxide process has been continuously optimized from sulfuric acid to chlorination.

Large enterprises have strong strength, excellent technology, and have the funds to purchase advanced production equipment. The safety standards are also higher than those of small enterprises. After the conversion of some of the equipment in the sulfuric acid process capacity gradually and without conversion and transformation conditions, the market share will gradually be concentrated.To the leading enterprises.

The increase in market concentration will also improve the overall profitability of the industry, which is conducive to long-term development.

  Listed companies actively deploy Longman Baili is a leading company in the titanium dioxide industry, the company is the fourth largest global production capacity, the first domestic company (when the new 20-chlorination method unit is put into operation, the production capacity will leap to the third in the world), and it will continue to grow along the industry.The upstream and downstream layout of the chain has obvious cost advantages. It is the only domestic company that can achieve mass production of chlorinated and sulfated titanium dioxide.

  Panzhihua Vanadium Titanium is one of the few domestic titanium dioxide producers with “sulfuric acid method + chlorination method”, and its output ranks among the top three in the country. The company’s titanium dioxide is a well-known domestic brand.1.

5-digit / year production capacity.

  Jinpu Titanium Industry is one of the domestic manufacturers of sulfate-resistant titanium dioxide. Its main products include rutile titanium dioxide and anatase titanium dioxide; the current annual production capacity of titanium dioxide is 16 pieces.

  China Nuclear Titanium Dioxide ranks second in the domestic titanium dioxide industry. It is an enterprise that originally introduced a full set of rutile titanium dioxide production technology from abroad. The current annual production capacity of rutile titanium dioxide is 25.

A total of 10 titanium dioxide production lines under construction in a certain oriental titanium industry have been installed, commissioned, and started production. The approval has been completed, and the project will enter the trial production stage.

  Anada is the largest titanium dioxide manufacturer in Anhui Province. It mainly produces rutile titanium dioxide (accounting for more than 80% of revenue) and anatase titanium dioxide. It is one of the earliest titanium dioxide manufacturers in China.”Titanium Dioxide” is “Anhui Famous Brand Product”.

  Tianyuan Group’s annual output of chlorinated titanium dioxide has been completed. In addition, the company has invested in 5 chlorinated titanium dioxide with a total investment of 10 chlorinated titanium dioxide.

  Kaisheng Technology takes its own Anhui Titanium Valley Nano Materials Co., Ltd. as the main body. The 20-nanometer titanium dioxide project with an annual output starts in Bengbu, Anhui. The project has a total investment of 5 billion yuan, an area of 1,200 acres, and a 20-year titanium dioxide project.
In addition, the company also bought out ilmenite from Australia to help ensure the supply of titanium white.
  Bao Titanium is the highest and largest professional production of rare metal materials with titanium as the joint product. The research base has a domestic market share of more than 40%, of which the market share of high-end titanium and military titanium is over 80%.

  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Yonghui Supermarket (601933) Incident Review: Offer to Acquire 10% of Zhongbai’s Shares, Strategic Expansion Starts Again

Yonghui Supermarket (601933) Incident Review: Offer to Acquire 10% of Zhongbai’s Shares, Strategic Expansion Starts Again

Introduction to this report: Yonghui plans to purchase a 10% stake in Zhongbai Group at a premium of 23%. If successful, it will become the largest shareholder of Zhongbai Group.Continuous improvement.

  Event: Yonghui Supermarket intends to tender for Zhongbai Group10.

14% shares at a price of 8.

1 yuan (earlier current price premium of 23%). If completed, Yonghui will hold nearly 40% of the shares of Zhongbai Group and become the largest shareholder of Zhongbai (the state-owned asset currently holds 34%).

  Comment: Investment advice: There is still uncertainty about the success of the acquisition, but it indicates that Yonghui Supermarket experienced its own strategic rationalization in 2018. After the efficiency of China and Taiwan improved, it actively expanded again. The integration of the supermarket industry accelerated, Yonghui and Red FlagCollaboration and integration such as chains are also expected to accelerate.

The organizational structure of the merged company has improved, the CPI has entered an upward trend, and the company’s operating conditions have continued to improve. The 2018-2020 EPS of Yonghui Supermarket has been maintained at 0.



33 yuan with a target price of 9.

6 yuan, increase the level.

  Background of the acquisition: Yonghui has successively increased its holdings in Zhongbai since 2013, increased to 20% in December 2014, and increased to 29 in September 2017.

9%, (total overweight price range is 7.


2 yuan).

Wuhan SASAC increased its holding in Yonghui to 29.

After 9%, the corresponding 武汉夜网论坛 holding will be increased by 2%, and the total holding of Zhongbai shares will reach 34%, indicating that the company is determined to hold the shares. Since then, Yonghui will not continue to increase its holdings.

Prior to the tender offer, Wuhan Zhongshang, a subsidiary of Wuhan SASAC, and Hanshang Group, a subsidiary of Hanyang SASAC, were successively borrowed from the home and acquired by Zall Group.

Against this background, Yonghui’s tentative tender offer has followed the general direction of mixed reform.

  Significance of Zhongbai to Yonghui: Central China bridgehead, westward strategy is of great significance.

Zhongbai is the leader of Hubei Supermarket, with revenue of 15.2 billion in 2018, 1255 stores (Warehouse Supermarket 179, Convenience Supermarket 748, Rosen Convenience Store 302, 9 department stores, and 杭州桑拿网 17 electrical appliances), although the net profit rate is still low, But the value of outlets, rich asset value (PB is only 1.

3 times the supermarket business).

At the same time, Zhongbai’s supply chain in Hubei is extremely rich in logistics and warehousing resources, and Hubei, as a thoroughfare of the nine provinces, is extremely important to the supermarket industry that favors the supply chain.

Judging from the recent layout of supermarkets in Chongqing, Hunan and other places, if Yonghui can obtain Hubei resources, it will have a very strong strategic advantage.

  Supermarket industry integration is accelerating: The entire supermarket industry is experiencing the retreat of hypermarket foreign giants, led by Yonghui, and the rise of community supermarkets. Yonghui has undergone strategic adjustments in 2018. It has also strengthened China and Taiwan in cooperation with Tencent.Capacity, 2019 is just the year of enabling output. The tender offer Zhongbai is a signal to start the rapid expansion again. In addition to opening its own stores in the future, integration with Hongqi Chain and other sectors has accelerated.

  Risk warning: there is uncertainty in the tender offer, and the short-term profitability of newly entered regions is under pressure.

Inspur Information (000977) Company Comments: Tencent’s 19Q3 Capital Expenditure Reveals Server Industry Turning Point Signals Easier to Realize

Inspur Information (000977) Company Comments: Tencent’s 19Q3 Capital Expenditure Reveals Server Industry Turning Point Signals Easier to Realize

Event: Tencent’s 2019Q3 financial report: The cloud business achieved revenue of 47 million U.S. dollars in the third quarter, an annual growth of 80%.

The single quarter capital expenditure was 66.

32 ppm, an increase of 11 in ten years.

01%, an increase of 52.


Tencent cloud services continued to grow at a high rate, and Q3 capital expenditures rebounded sharply.

1) In the third quarter, the cloud business realized revenue of US $ 47 million, an annual growth of 80%, mainly due to the increased use of existing customers and the expansion of the customer base in education, finance, people’s livelihood and retail.

For example: Tencent Cloud won the Shenzhen Luohu Smart Education Cloud Platform operation contract; the company released the SaaS ecological “Qianfan Plan”, and integrated external SaaS companies by integrating cloud services and enterprise WeChat to cultivate more SaaS solutions in vertical fieldsThis drives revenue from cloud services.

2) Capital expenditure in the third quarter increased by 52.

04%, compared with -3 in the previous 北京夜网 quarter.

20%, to achieve significant recovery.

Amazon and Intel’s third-quarter 2019 financial reports have improved significantly, and global cloud computing is now recovering.

According to the financial report, in the third quarter of 2019, Amazon’s single quarter capital expenditure increased by 34% year-on-year and 28% month-on-month, which was a significant improvement from the previous quarter (-10% and -3%, respectively).

In the third quarter of 2019, Intel’s DCG division revenue increased by 4% and 28% month-on-month. Compared with the previous quarter (-10% and 2%, respectively), it also showed a significant improvement.

Amazon as AWS is the global leader in cloud computing, and Intel is a mainstream x86 server chip architecture architecture vendor, including leading companies. Significantly improved financial reports herald a recovery in global cloud computing.

The industry is under pressure this year, and may meet the turning point of demand in 2020.

During the first half of 2019, the global and domestic server industries were under pressure.

By analyzing the needs of customers in the server industry according to the three categories of Internet vendors, operators and enterprises / governments: 1) The scale of Internet vendors accounts for more than 50%, benefiting from global cloud computing trends, 5G large-scale applications, AI computing power requirements, and serversWith the update cycle of Intel CPU chips, there is a high probability that demand will erupt in 2020, of which only the increased demand for AI servers will reach 20 billion US dollars.

2) Operators account for more than 50% of the IDC market. Benefiting from the cloud trend and 5G driving network traffic surge, the construction of large data centers has increased (especially China Mobile), and there is a high probability that demand will erupt in 2020.

3) Enterprise cloud and government affairs cloud generate long-term demand for more than ten years. Driven by policies, demand growth is relatively stable.

Therefore, it is expected that the industry demand will meet the demand inflection point in 2020.

In 2019Q3, the company reversed the industry cycle to accelerate faster-than-expected growth, the gross profit margin increased, the cash flow and account period improved significantly, and the operating inflection point appeared.

1) The company’s operating income in the first three quarters increased by 13.

79%, the growth rate in the third quarter alone reached 15.

57%. Under the environment of the overall growth rate of the industry, the company’s quarterly growth rate has accelerated, which fully reflects the scale effect of the JDM model and years of research and development, and the leading pattern of brand accumulation.

2) The company’s gross profit margin was 10 in the third quarter.

28%, an increase of 0 over the same period last year.

35 averages with a company net margin of 1.

46%, an increase of 0 over the same period last year.

24 units.

That is, the scale effect has begun to be reflected in the improvement of gross profit margin and net profit margin.

3) The net cash flow from operating activities in the first three quarters was -37.

7.7 billion, an increase of 54 over the same period last year.

13%, mainly due to the company’s improvement of the upstream and downstream accounting period, control of the procurement rhythm, and strengthen the recovery of payment.

And, the interest expense in the third quarter was 6,785.

230,000 yuan, a year-on-year decrease of 25%, supporting the company’s ability to negotiate upstream and downstream prices, and narrowing the mismatch in accounting period.

Maintain “Buy” rating.

Based on key assumptions and financial reports, operating income is expected to be 539 in 2019-2021.70 billion, 701.

01 billion and 875.

7.1 billion, the net profit attributable to mothers is expected to be 8 in 2019-2021.

05 billion, 11.

9.5 billion and 15.

5.9 billion.

Maintain “Buy” rating.
Risk Warning: Increased demand in downstream industries; increased competition in the server industry; escalating trade frictions; risk of bad debts

Su Shao Co., Ltd. (430418): Needle bearing professional manufacturer brand, marketing advantages help steady growth

Su Shao Co., Ltd. (430418): Needle bearing professional manufacturer brand, marketing advantages help steady growth
Event: The company issued an announcement. On January 19, 2020, the company obtained the Notice of Jiangsu Securities Regulatory Commission on Confirming the Date of Consultation and Recording of the Securities Regulatory Commission of Jiangsu (Jiangsu Securities Letter[2020]No. 43).On December 31, 2019, he is currently receiving counselling from Soochow Securities Co., Ltd. Professional manufacturer of needle roller bearings, with annual output of needle roller bearings.800 million sets, 5 billion needles production capacity: The company is a professional design and manufacturing enterprise 深圳桑拿网 of needle roller bearings, cylindrical roller bearings and needle rollers, with an annual output of needle roller bearings1.The production capacity of 800 million sets and 5 billion needles.”Zhonghua brand” needle roller, needle bearing and cylindrical roller bearing products are widely used in automotive powertrains, chassis and air conditioning systems, as well as household appliances, power tools and construction machinery.Products are exported to Europe, North America, South America and Japan, South Korea, India, Malaysia and other Southeast Asian countries or regions.(Company official website, company announcement) Has a professional product research and development system, participated in the preparation of national standards, the industry is prominent: The company is “Jiangsu Advanced Precision Rolling Bearing Engineering Technology Research Center”, “Jiangsu Enterprise Technology Center”, “Key Jiangsu ProvinceEnterprise R & D institutions “,” Sci-tech small and medium-sized enterprises in Jiangsu Province “.By the end of 2018, it had a total of 24 patents, including 7 invention patents and 17 utility model patents.Presided over the preparation of 11 national and local industry standards, and participated in the preparation of 15 national and local industry standards.Among them, the research and development expenditure of 2019H1 is 1422.20,000 yuan, 83 research and development team. The marketing network system is developed, and it has entered the list of suppliers of the world-renowned automotive, machinery, and home appliance industries: The company’s main target customers are positioned in the world-renowned automotive, industrial automation, construction machinery, defense industry, power tools, home appliances and other host components and high-end customersGroup has established supporting business relationships with many well-known domestic and foreign enterprises, and has entered the global mid-to-high-end bearing supporting market with high-quality products and services.In the fields of automobile steering, transmission, braking and air conditioning systems, it has established its own competitive advantages and become a global strategic supplier for multinational companies. In 2018, the company set up a subsidiary in Germany, and the company’s marketing network advantage further emerged. In 2018, the company was awarded the “Excellent Supplier in the Asia-Pacific Region of Bosch” by the Bosch Group, and was named “Excellent Supplier of Automotive Special Bearings 2014-2018” by the China Automotive Industry Association and the China Bearing Industry Association. The “Zhonghua” brand has gained market recognition and has continued to consolidate the existing market: The company’s “Zhonghua” brand has been identified as Suzhou famous brand products, Jiangsu famous brand products, “SZZH” and “SBFCN” trademarks have been registered internationally in Madrid.Awarded “2017 Top 30 China Bearing Marketing” by China Bearing Industry Association.Thanks to the company’s continuous consolidation of the stock market, full mining of incremental markets, and steady adjustment of the market layout, the company’s operating income in 2019H1 was 21,977.340,000 yuan (+6.44%). The performance maintained a steady growth. The net profit attributable to mothers in the first three quarters of 2019 was 4912.890,000 yuan: The company is good at using technological advantages, brand advantages, quality advantages, marketing network advantages, and management advantages. In the fierce market competition, it has steadily achieved sales growth.The annual compound annual growth rate of revenue from 2013 to 2018 reached 15.92%, the annualized growth rate of net profit attributable to mothers is 25.91%.In addition, the company’s profitability remains stable, with gross profit levels ranging from 36% to 39%, and net profit margins ranging from 12% to 17%. Investment suggestion: The latest is the latest, the company’s market value is 12.23 ppm, corresponding to PE (ttm) of 19.3 times. At present, the company is in the selection layer counseling 南京桑拿网 stage, and it is recommended to pay attention. Risk warning: market competition risk, bad debt risk of accounts receivable

Inspur Information (000977): High-speed growth in performance AI server develops well

Inspur Information (000977): High-speed growth in performance AI server develops well

Key points of investment: The company announced the 2018 annual report and realized operating income of 469 in 2018.

41 trillion, an increase of 84 in ten years.

17%, realizing net profit attributable to mother 6.

5.9 billion, an increase of 54 in ten years.

05%, EPS is 0.

5108 yuan.

The profit distribution plan for 2018 is: It is planned to allocate 0 for every 10 shares.

6 yuan (including tax), do not use 杭州桑拿 the provident fund to increase the share capital.

  Ping An’s view: The domestic server industry leaders are firmly integrated, and the company’s performance in 2018 has grown rapidly: According to IDC data, the company’s x86 server layout in 2018 ranks among the top three in the world.Level is solid.

Benefiting from the good growth of the global server market, especially the cloud server market, the company’s server business continued to flourish, and the company’s 2018 performance was bright.

According to the company’s announcement, the company’s 2018 operating income and net profit attributable to the parent were 469.

4.1 billion, 6.

5.9 billion, an increase of 84 in ten years.

17%, 54.

05%, the company’s revenue and net profit attributable to mothers have achieved rapid growth.

  The company’s gross profit margin and period expense ratio both increased slightly, and the net operating cash flow reached a record high: the company’s gross profit margin in 2018 was 11.

02%, a small increase of 0 a year.

44 units; period expenses8.

47%, a slight increase of 0 a year.

3 averages, of which the management expense ratio is increased by 0.

74 single, mainly due to the increase in the number of human resources and direct costs related to personnel and budget costs, management system information construction costs increased.

In terms of operating cash flow, the company’s net operating cash flow in 2018 was 13.

3 billion US dollars, a record high since listing, mainly due to reports and server sales growth, sales repayments increased.

  The company’s AI server has a good development momentum: artificial intelligence is one of the three pillar businesses of the company’s smart computing strategy. As a global professional AI computing power manufacturer, the company focuses on four levels: computing platform, management suite, framework optimization, and application accelerationBuild an agile, efficient, and optimized AI infrastructure.

At present, the company has become the main AI server supplier for Baidu, Alibaba, Tencent and other customers, and maintains intensive and close cooperation in system and application with leading AI companies such as HKUST, Xunfei, Toutiao, DidiAI customers have achieved order-of-magnitude application performance improvements in voice, image, video, search, and networking.

According to IDC data, in the first half of 2018, the company’s AI server setup market share reached 51.

4%, ranked No. 1 in the domestic market.

How to increase the proportion of AI server business revenue in the future, the company’s gross profit level is expected to continue to increase.

  Profit forecast and investment recommendations: According to the company’s 2018 annual report, we expect the company’s EPS for 2019-2021 to be 0.

68 yuan (the original predictor variable is 0.

65 yuan), 0.

91 yuan (the original predictor variable is 0.

89 yuan), 1.

21 yuan, corresponding to the PE on March 28, 2019 closing price of about 34.

8, 26.

1, 19.

6 times.

The company is a leading company in the server industry in developing countries. In April 2018, the company proposed to achieve the world’s first server by 2022, demonstrating the company’s future development ambitions.The company has actively deployed in the field of cloud servers and AI servers to grasp the future growth points of the industry.

We are optimistic about the company’s future development and maintain a “recommended” rating on the company.

  Risk reminders: 1) Risk of Sino-US trade war upgrade affecting the company ‘s purchase of Intel CPU: The company ‘s x86 servers are basically the purchase of Intel ‘s CPU. If the Sino-US trade war continues to upgrade, it may affect the company ‘s Intel CPU. Risk, which will affect the development of the company ‘s server business; 2) the risk of the company ‘s market share in the domestic CSP industry falling: Currently, the company ‘s high market share in the domestic CSP industry is driving the company ‘s revenue growth.

However, large domestic Internet companies have high requirements for server vendors’ products and technical capabilities. If the company cannot continue to maintain the advanced nature of server products and technologies in the future, or cannot maintain close collaboration with Internet customers, the company will be in the domestic CPS industry.There is a risk of decline in market share; 3) The company’s overseas business development is not up to expectations: At present, the company has established a research and development center in the United States and a local factory with an annual production capacity of more than 300,000 四川耍耍网 servers. It will be able to achieve theLocalized marketing, localized operations and localized delivery.

However, considering that the operating environment and business environment in the United States are different from those in the country, there is a risk that the company’s overseas business will not develop as expected.