[Can steamed onion water reduce inflammation]_Anti-inflammatory_Steamed onion water_Can it work

銆 愯 捯 娲 嬭 凕 姘 堕 嵠 圠 圠 壡 劧 抆 咑 呑 倢 値 剤 _ 钂 縂 顂 钁 Discrimination Press_ 鑳 戒 笉 鑳 borrow
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[How to adjust the stuffing of beef ravioli-]_ How to adjust_How to do

銆 愮 坛 夐  棣 勯 エ 搴 旇 Axe 庝 箞 璋 冮 ?Are you ready to make a picket?
棣勯エ鏄棩甯哥敓娲讳腑鍗佸垎甯歌鐨勪竴閬撶編椋燂紝鑰岄楗ㄧ殑棣呮枡涓€鑸尓鑲夐鐨勬瘮杈冨父瑙侊紝鑰岄殢鐫€鐜板疄绀句細鐨勯ギ椋熸按骞充笉鏂殑鎻愰珮锛岄楗ㄧ殑棣呮枡涔熸槸灞傚嚭涓嶇┓锛屼笉鍚岀殑棣呮枡鍙互鍒朵綔鍑轰笉鍚岀殑椋庡懗锛屽彛鎰熺嫭鐗癸紝鑰屼笖鍏ュ彛婊戝锛岃€岀墰鑲夐鐨勯楗ㄤ篃鏄瘮杈冨父瑙佺殑缇庨锛岀墰鑲夐鐨勮皟鍒舵柟娉曚篃鏈夊緢澶氱銆傜墰鑲夐棣勯エ鐨勮皟鍒舵柟娉曢鏉愶細鐗涜倝銆侀潚鑿溿€侀浮铔嬨€佽挏鏈€佹穩绮夈€佺洂銆佹补銆佺传鑿溿€佽櫨浠佸仛娉曪細1銆佺墰鑲夋礂鍑€锛屽垏灏忓潡锛屽啀鐢ㄥ垁鍓佹垚鑲夋湯銆傛墜宸ュ墎鐨勭墰鑲夛紝浼氭瘮鏈哄櫒缁炵鐨勫ソ鍚冿紝浣嗘槸杩欎釜杩囩▼鎸虹疮鐨勶紝寤鸿涓ゆ妸鍒€鍙屾墜鍓併€?銆佺墰鑲夋湯涓斁鍏ヤ竴涓浮铔嬨€?鍕烘枡閰掋€?鍕洪叡娌广€?鍕洪娌广€侀€傞噺鐩愩€佺櫧绯栵紝鐢ㄧ瀛愰『鐫€涓€涓柟鍚戞悈鎵撲笂鍔层€傚鏋滆寰楀共鍙Mutually sorrowful paintings х paintings 呼 呮 劦 銆?銆佸湪灏嗛潚鑿滃墎鎴愬皬纰庯紝鎶婅彍纰庡拰钂滄湯鏀惧叆鐗涜倝涓媽鍖€銆?What are you talking about? How about it? Do you have a good time? Do you have a good idea?銆佹按寮€鍚庢妸棣勯エ鏀惧叆閿呬腑鐓紝鎶婄传鑿滄挄纰庢斁鍏ユ堡涓€佽櫨鐨斁鍏ユ堡涓紝绋嶅井鎼呮媽涓€涓嬶紝鐩涘嚭鍗冲彲銆傚仛娉曚簩鐗涜倝棣勯エ棣呯殑鍋氭硶鏉愭枡鐗涜倝400鍏嬶紝鑲ョ尓鑲?00 mammy?What’s going on?If you press the button, press 1 button, and you will get 200 or 200 A.Hagi?/ 2 Gong 診 pet: 屽 懗 琪?Gong gong pets admiring?Gong struck her pet.Kaoru?/ 2 澶 у pet: Adorable ℃  Qi?Gong澶у寵鍋氭硶1銆佸皢钁便€佸涓庢按涓€璧风敤鏋滄眮鏈烘墦绾?0绉掓垚钁卞姹佸鐢ㄣ€?銆 侀 煭 絫 堏 纰?鐗涜倝涓庤偉鐚倝涓€璧风粸纰庡鐢ㄣ€?銆佸彇涓€鎼呮媽鐩嗭紝灏嗕綔娉?鐨勭粸鑲夋斁鍏ョ泦涓憯鎵撴悈鎷岃嚦鏈夐粡鎬у悗锛屽姞鍏ヨ皟鍛虫枡A涓€璧蜂互鍚屼竴鏂瑰悜鎼呮媽瀹屽叏鍧囧寑澶囩敤銆?銆 彸 彇 叇 CangCangXuan 1 咮 濕 揮 Cang 眮 姽 皢 鷏 巺 垎 垎 3 璉 変 屽 垎 卒 鍒  姒 イ 嶔 嶉 嗉 嗉?鐨勭粸鑲夐涓紝涓旀敞鎰忔瘡鍔犱竴娆¢兘瑕佷笉鍋滄悈鎷岋紝璁╃粸鑲夊皢钁卞姹佸畬鍏ㄥ惛鍏ャ€?銆 ? 緟 菲 Cang 塮 4 懮 懕 揮 霷 璲 叆 咆 庖 庡 啷 锷 犲 咆 璋 冨 懗 揗 揗 橗 鍞 鍙 綔 娉?鐨勯煭榛勬湯锛屼竴璧锋悈鎷岃嚦鍖€鍗冲彲銆?

[Do you eat green onions and aphrodisiacs]_Recommended diet

[Do you eat green onions and aphrodisiacs]_Recommended diet

Welsh onion contains a large number of vitamins and trace elements, and at the same time has rich nutritional value. At the same time, certain elements contained in it also have certain medicinal effects. It is an effective and effective alternative to the human body, which can prevent certain diseases and clear heatDetoxification can also stimulate the secretion of certain hormones in the human body.

The answer is to eat green onions and impotence.

Because the shallots are rich in vitamins and trace elements, some of them can effectively stimulate the secretion of certain hormones in the body, and the secreted hormones have a certain positive effect on aphrodisiac, and finally achieve a good effect of aphrodisiac.

In addition, it can effectively excrete toxic substances in the human body, inhibit the accumulation of toxins in the human body, promote blood circulation, prevent the occurrence of certain diseases, and it must also have a certain indirect effect on impotence.

Appropriate consumption of green onions, should also pay attention to some other dietary taboos, paired with foods that help aphrodisiac, can achieve dual effects, play an active and effective role in aphrodisiac, welcomed by the majority of men.

Moreover, in daily life, green onion as a common ingredient can play a flavoring effect with other foods. It often appears in various dishes and also helps increase appetite. Through daily consumption of green onion, it has a subtle effect on the human body.Enhance the role of aphrodisiac, which is good for human health.

Therefore, eating green onions can aphrodisiac.

In addition, the green onion also has rich nutritional value, which can effectively supplement the nutrients needed by the human body and play a positive role on the human body.

But also pay attention to proper consumption, because it has a certain stimulating effect, excessive consumption will stimulate the stomach, which is not conducive to digestion and absorption, otherwise it is counterproductive and harmful to human health.

Hudian Shares (002463) March 2019 Commentary: Performance Meets Expectations 5G Products Maintain High Growth

Hudian Shares (002463) March 2019 Commentary: Performance Meets Expectations 5G Products Maintain High Growth

High growth in the first three quarters of performance, located in the first three quarters of the forecast median revenue of 50.

100,000 yuan, an annual increase of 30%, net profit 8.

$ 5.1 billion, an increase of 122% annually.

Single quarter revenue 18.

USD 8.8 billion, an annual increase of 36%, a sequential increase of 7%, and net profit3.

USD 7.3 billion, an annual growth rate of 99%, and an increase of 18% from the previous quarter.

  Gross profit margin for the first three quarters was 29.

88%, an increase of 0 from the previous month.

68pct, net interest rate 7.

03%, a month-on-month increase of 1.

67 points, single gross margin 31.

01%, ten years +5.

95pct, net interest rate 19.

74%, an increase of 6 a year.

27 points.

Benefiting from the increased demand for 5G and communication servers, the company’s product structure continued to optimize, driving the company’s revenue and gross profit to increase simultaneously.

  The company’s communications board business contributed a rapid growth. The company’s communications PCB revenue in the first three quarters was estimated33.

88 billion yuan, single Q3 is expected to reach 12.

7.9 billion, with an annual growth rate of over 48%, and gross profit margin maintained at about 32%.

The revenue growth of 5G products is even better, and the proportion of revenue is expected to exceed 15%. At the same time, the demand 合肥夜网 for high-speed processors, data storage, and switches in data centers has increased, driving the company’s communications board revenue and gross margin growth better.

  Estimated revenue for the first three quarters of the automotive board business10.

6 billion yuan, single Q3 is expected to reach 4.

One billion yuan, annual growth has picked up.

Estimated revenue of the industrial control board for the first 3 quarters 3.

08 billion yuan, single Q3 is expected to reach 1.

12 billion.

Estimated revenue for the first three quarters of consumer electronics boards1.

1.6 billion yuan, single Q3 is expected to reach zero.

06.

Due to macro-environmental factors, except for the communications sector, the company’s revenue in other sections was basically flat month-on-month, and its gross profit margin remained stable.

  The company’s overall operating indicators remained better. The production / exceeding full company’s cash / revenue ratio for the first three quarters of sales of goods was 109, which was basically flat on a quarter-on-quarter basis. The inventory turnover days in Q3 were 98 days.Turnover days were 82 days, a decrease of 3% month-on-month, indicating that the company’s overall operating efficiency and revenue quality remained better, and Q3 actual employee budget expenditures3.

22 billion, an increase of 0 from the previous month.

At RMB 3.7 billion, employees’ salaries were further improved, highlighting the company’s full production status and improved production working hours.

  Accelerating the growth of high-quality track companies, maintaining the “buy” level 5G construction cycle is in an accelerated period, the company is in an excellent operating cycle.

We expected 19?
20 years in 12.

31/15.

59 ppm, a year-on-year growth rate of 116% / 27%, corresponding to 19/20 PE36 / 27X, maintaining the “Buy” rating.
  The risk reminds that the PCB industry is weaker than expected, and the risk of the company’s products falling.

[Face: 6 kinds of women and multiple gold male insulation]_female

[Face: 6 kinds of women and multiple gold male insulation]_female

Presumably every woman hopes that in this life, she will not worry about eating and drinking, and will be able to live in a higher-grade affluent life.

However, reality is cruel. At the same time as your numerology, your appearance can also reflect that you will have some kind of life.

Here are six types of women insulated from multiple gold men.

Don’t be discouraged by the friends who are seated on the number one, isn’t it a very fulfilling thing to be self-reliant?

1. A woman with bright white eyes is big and bright, but it is good looking, but with small eyes and white eyes, this woman’s personality will be more sinister and impersonal. The rich man definitely wants to get a generous and decent person., Do not ask those women who care about small things and aggressive.

So this woman with good looks is insulated from the golden man.

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[Can pumpkin and peanuts be eaten together]_ Peanut kernel _ Can you eat together

[Can pumpkin and peanuts be eaten together]_ Peanut kernel _ Can you eat together

Pumpkin is a common vegetable in life. It contains polysaccharides, carotenoids, pectin and other nutrients. It has the functions of detoxification, protection of gastric mucosa, elimination of carcinogens, etc. If eaten regularly, it is very good for our health.

However, there is a saying in China that when you eat pumpkin and peanuts at the same time, you are worried about adverse reactions.

So, can pumpkin and peanuts be eaten together?

Let’s take a look below.

The content of lecithin in peanuts is extremely high, and after entering the perfusion tract, lecithin is broken down into choline, which is quickly absorbed through the small intestinal mucosa into the blood vessels and then into the brain, which plays a role in strengthening the spleen and improving intelligence.

Lecithin supplementation significantly improved memory and intelligence.

Therefore, peanuts should be eaten with pumpkin.

What is the best pumpkin to eat with?

1, pork: pumpkin and pork match, stir-fry or soup stew, both are basically simple, with spleen and stomach, the effect of preventing diabetes, like pumpkin steamed ribs.

2, lotus seeds: Pumpkin and lotus seeds cooked porridge together, can clear heat and detoxify, have high dietary health effects on high blood pressure, hyperlipidemia, diabetes, diabetes and various cardiovascular diseases, as well as constipation.

3. Yam: Pumpkin and yam can be used together to stir-fry, porridge, or simmer. It has qi and soothe the nerves and strengthens the body’s immunity. It is the best choice for the summer health care of diabetes and cardiovascular patients.Physical fitness can also enhance the body’s ability to resist heat.

4. Mung beans: Pumpkin and mung beans are cooked together to make porridge. The effect of clearing heat and detoxifying is immediate. Drinking often can not only lower blood sugar, blood pressure, diuretic and detoxification, but also benefit liver and kidney. It is especially suitable for people with mild liver disease or other liver diseases.And obese people who are afraid of heat adjust their body food.

5. Flour: make pumpkin soup with old pumpkin and flour, which is especially delicious. It has the effects of strengthening the spleen, nourishing the stomach, slimming and beauty. When the appetite is not good in summer, make pumpkin soup to make people feel comfortable.
6, egg yolk: pumpkin and salted egg yolk can be paired with a very delicious salted egg yolk baked pumpkin, both nutritious, taste and taste are great.

7, chicken: pumpkin and chicken match, there are tonic deficiency and blood, qi and stomach effect, especially suitable for early recovery after illness, weak constitution and maternal supplements.

8, honey: fried pumpkin seeds with honey or betel nut together to eat, you can drive hookworms, roundworms, especially the effect of powdered pumpkin seeds is better.

[How to cook braised small radishes]_How to make_Making method

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Taoli Bread (603866) 2019 Semi-annual Results Express Review Comments: Q2 Growth Momentum Rapidly, Short-term Competition Pressure Controllable

Taoli Bread (603866) 2019 Semi-annual Results Express Comments

Matters: The company recently released the 2019 semi-annual performance report, and the company achieved revenue of 25 in 19H1.

5.8 billion yuan, an increase of 18.

06%, net profit attributable to mother 3.

4 billion, an increase of 15.

46%, net of non-attributed net profit2.

9.5 billion, an increase of 14.

03%.

Looking at Q2 alone, the company realized revenue of 14.

16 trillion, the same increase of 20.

20%, net profit attributable to mother 1.

83 trillion, with an increase of 18.

06%.

Generally speaking, the market has improved the development of competitive products recently, and we comment on this together.

  Q2 revenue accelerated and market improvement improved.

Company Q2 achieved revenue of 14.

16 trillion, the same increase of 20.

20%, with +16 of 18Q4.

40%, +15 in 19Q1.

The 52% standard growth rate has improved. The initial goals are: 1) the mature market continues to sink; 2) some markets have improved after adjustment; 3) actively explore new markets.

Air Force Dali launched the US Bakery to join the short-term insurance industry, facing market attention. The market continues to improve the company’s short-term insurance competitive advantage. Q2’s performance, especially 杭州夜网论坛 its revenue growth, has accelerated, and the market should improve.

We still believe that the company has long-term production capacity, product and channel cultivation advantages, and the market is expanding steadily. It is expected that the company can still achieve an income target of about 15%.

  The increase in short-term expenses has intensified, and the long-term scale effect can be expected.

The company Q2 is expected to achieve net profit attributable to mother1.

8.3 billion yuan, an increase of 18.

06%, net interest rate 12.

The main indicators are: 1) the scale effect is enhanced after the rapid increase in revenue; 2) the product structure is upgraded; 3) the return rate in some regions is reduced and the capacity is increased.

In the short term, the company is in the stage of national horse race enclosure and mature market channel sinking. Channel logistics, labor and other expenses have increased. At the same time, the company will moderately increase its cost and actively respond after competing products enter the market.The gradual release of production capacity, the maturity of the channel network and the continuous increase in scale effects, and the steady improvement of profitability.

  Benchmarking Japan’s total weight to improve the space, convertible bonds were allowed to increase the capacity layout.

Yamazaki Bread’s revenue in 2018 reached 655 million. Its bakery business in the Japanese market accounted for over 90%, with a market share of about 24%. China’s land area is about 25 times that of Japan, and its population is about 13 times that of Japan.The income of peach and plum bread is only 1/13 of Yamazaki, and its market share in China is only 3%. The benchmark Japan still insists on improving the space.

We believe that the short-term guarantee baking market in China has maintained good growth, and has not yet reached the stage of squeezing competition in the short term. Dali’s entry into the short-term guarantee is more beneficial to the industry to make bigger cakes.

In addition, according to recent regional grassroots research feedback, Dali follows the follow-up strategy in terms of price and has limited impact on the company in some KA channels.

Recently, the company’s convertible bond project has been approved by the issuance and review committee. In the future, it will increase the capacity construction in Jiangsu, Sichuan, Qingdao, and Zhejiang, and the nationalization process will be steadily advanced.

  Profit forecast, estimation and investment grade: The short-term guarantee baking industry has good growth. As a leader in the industry, the company will actively promote the nationwide capacity distribution and market expansion in the short term, and may increase the cost of entering the industry, but in the medium and long term, the company ‘s channelsThe advantages of control and supply chain management are obvious. In the future, the nationwide layout will be gradually improved, the effect of scale will gradually appear, and the profitability is expected to increase steadily.

In addition, in recent years, the company’s foreign shareholding has continued to increase, and it is estimated that the stability has been strengthened.

We expect the company’s diluted EPS to be 1 in 2019-2021.

14/1.

36/1.

60 yuan (previously expected to be 1 before ex-rights.61/1.

98/2.

36 yuan), corresponding to a PE of 36/31/26 times, considering the clear logic of medium and long-term growth, given a 20-year 35-time conversion, a target price of 47 yuan, maintaining a “recommended” rating.

  Risk reminders: The national layout is worse than expected, industry competition is intensified, and food safety risks.

China Railway Construction (601186): It is estimated that only 4 will be affected or less affected by the infection.

9 times hit a 5-year low

China Railway 北京桑拿洗浴保健 Construction (601186): It is estimated that only 4 will be affected or less affected by the infection.

9 times hit a 5-year low

The percentage of infrastructure construction in Q1 is low in the off-season, and it will be affected by the epidemic or lighter in the long term; considering factors such as special debt acceleration / easing policies or overweight, it is optimistic that the company’s order performance will continue to grow at a high rate. Currently it is estimated to be only 4.

9 times hit a new low of nearly five years.

Event: The company’s new year is about 2 in 2019.

01 trillion growth rate 26.

7%.

Comment: Maintain overweight.

The severe impact of the epidemic on the construction industry is not high. Considering the speed of issuance of supplementary special bonds and the advancement of railway rail tenders exceeding 2 trillion, the company’s orders in hand are abundant / new signings continue to increase rapidly, and the company’s forecast for 2019-21 is maintained.Benefit 1.

52/1.

72/1.

93 yuan growth rate of 15/13/12%, maintaining a target price of 14.

74 yuan, corresponding to 20/21 8 years.

6/7.

6 times PE, maintaining overweight.

The proportion of low season is low in Q1. Considering the rush season and easing policies or overweight rankings, the impact may be mild.

1) Infrastructure industry H2, especially Q4, is the peak of receipts and revenue recognition, Q1 is the off-season, and the company ‘s Q1 revenue in the past 5 years accounted for 19/18% of the average population; 2) According to current statistics, the main provinces resumed work on February 9 (The 16th day of the first month) is basically the same as the traditional resumption date of infrastructure construction. The epidemic situation will affect individual projects or continue to the end of February. If the epidemic situation is controlled in February, the actual impact will be up to 2 weeks later than in previous years, and there will be factors such as the peak season for the construction period.The annual impact is limited; 3) There will be a bottom line for the overall well-off economic growth in 2020, and the service industry / social zero will be more affected by the epidemic situation; then counter-cyclical adjustments will be strengthened, and more proactive monetary and fiscal policies may be expected.Make efforts to stabilize the economy and employment.

New signings increased by 26 in 2019.

7%, 2020 will continue the high growth trend.

1) The company’s new long-term order in 2019 is about 2.

01 trillion growth rate 26.

7% (+21 per night.

6pct); engineering contract is about 1.

73 trillion growth rate27.

97% (+23 per night.

4pct), among which the railway has an increase rate of about 2613 ppm23.

2% / highway approximately 324.8 billion growth rate11.

4%; approximately 2692 ppm overseas growth rate of 107%; 2) Continue the logic of high growth in 2020: ① Increase the issuance of special bonds in advance and increase (over 700 billion in January / only 666 billion in 2019Q1), and increase the proportion of investment in infrastructure (over 60%) Will repair infrastructure funds ② According to Big Data statistics of infrastructure construction, about 2 in 2019.

A major project of 3 trillion rails was approved (4584/8878/970 billion respectively), and 2020 will be a big year for constructionOver 2 trillion bids were paid ④ The domestic medium and long-term infrastructure space is still high.

In 2020, PE is predicted to be only 4.

A record low of 9x will continue the good trend of performance / cash flow.

1) 2020 is predicted to be only 4.

The new low of 9 times in recent five years is clearly inconsistent with the fundamentals; and considering the company’s first announcement 佛山桑拿网 of the spin-off plan of the subsidiary of China Railway Construction Corporation for the central SOE, it is expected to receive a boost; 2) The company has ample orders in hand (the order protection multiple is close)4 times) / Order structure optimization (non-railway / non-engineering ratio increase) helps improve profitability / accelerates new breakthrough orders, and 2020 results are expected to maintain high growth; 3) We judge the company’s operating cash flow in 2020 is better than the previous year, 2021 It will also maintain a high level in 2016; 4) The company plans to introduce 8 war investment companies including Taiping Life Insurance, and debt-to-equity swaps will reduce the debt ratio.

Core risks: epidemic spread, infrastructure investment falls short of expectations, tight funding, etc.

Sanqi Mutual Entertainment (002555): Single-quarter revenue and record high cash flow performance are particularly strong

Sanqi Mutual Entertainment (002555): Single-quarter revenue and record high cash flow performance are particularly strong

Event 1, the company released 3Q19 financial report: 1) The first three quarters of 2019 achieved 95 operating income.

60 ppm, a 72-year increase of 72.

7%; attributable net profit of 15.

560,000 yuan, an increase of 27 in ten years.

7%; attributable 杭州桑拿网 non-net profit 14.

17 ppm, an increase of 21 in ten years.

3%.

2) Operating income of 34 in the third quarter of 2019.

890,000 yuan, an increase of 56 in ten years.

2%; attributable net profit 5.

23 ppm, an increase of 25 in ten years.

4%; attributable non-net profit 4.

68 ppm, an increase of 14 per year.

9%.

2. The company expects attributable net profit in 2019 to 20.

5?
twenty one.

50,000 yuan, an increase of 103 in ten years.

3%?
113.

2%.

Brief comment 1. In the third quarter, revenue reached a record high, and operating cash flow performance exceeded expectations.

Relying on the continued solid performance of the two old games, “One Blade” and “Douro Continent”, which were launched late last year and the beginning of this year, and the outstanding performance of the “Elf Festival” 杭州夜生活网 launched in late June this year in Q3, the company’s single-quarter operating revenue in/ QoQ increased by 56.

3% / 23.

5% reached 34.

8.9 billion, a record high.

Under the issuance strategy of more advanced third-party purchase volume channels, the company’s gross profit margin continued to rise, and its gross profit margin reached 86 in the first three quarters.

4%, an increase of 9 per year.

9 points.

In terms of period expenses, Q3’s sales expenses increased 101% from the same period last month.

8% / 43.

7%, selling expenses 61.

4%, the main reason is that the promotion of the “elf festival” in the third quarter extended; management costs, financial costs are well controlled; research and development expenses increased by 29 in the first three quarters.

3%, R & D promotion speed continues to increase.

In particular, in terms of cash flow performance, the company’s first three quarters of the company’s operating net cash flow gradually.

970,000 yuan, of which 12 in the third quarter.

The performance was exceptionally strong at US $ 8.1 billion. In addition to the increase in revenue recorded by the law, the company’s bills, accounts payable, and advance funds also increased during the quarter, indicating that while the company’s business scale has grown rapidly, it has negotiated upstream and downstream pricesPower capacity has also been enhanced.

2. The product R & D and traffic operation capabilities were verified in the product year. The Fairy Ceremony returned to the top 10 best-selling list of iOS games.
The company has ushered in a big year of products in 2019, and it has been more than three months since the launch of “One Pass” and “Doulo Continent”. It has consistently ranked at the top of the best-selling list.”Angel Sword” “Eternal Age” still contributes stable performance.

Under the joint development of new and old games, the company ranked third in the revenue ranking of China ‘s App Store publishers in the July, August, and September global mobile game index reports released by AppAnnie, behind Tencent and Netease.
Recently, the market performance of “The Fairy Ceremony” has undergone a deviation after adjusting through version adjustments and buying strategies. At present, the top ranking of iOS games has returned to Top 10. The ranking of free games has stabilized but has not been repaired. From the current product performance,Look at the impact on the performance side or relatively limited.

3. We believe that the company has accumulated high product research and development and traffic operation barriers in its core ARPG field. In the future, it is expected to make more breakthroughs in the development and distribution of multi-category products such as SLG, leisure sports, simulation management and overseas market expansion.
We forecast the company’s attributable net profit of 21 / 2019E.

100 million / 24.

5 trillion, the current market value corresponds to the 2019 / 20E PE ratio of 17.
.

3x / 14.

9x, continue to recommend.

[Risk reminder]The growth of traffic expenses is higher than expected, the existing product flow of head products is less than expected, the performance of new products on the market is lower than expected, and policy supervision is becoming severe.