Kouzijiao (603589) Interim Review: Channels Do Deep Q2 Revenue Acceleration Structure Steadily Moves Up

Kouzijiao (603589) Interim Review: Channels Do Deep Q2 Revenue Acceleration Structure Steadily Moves Up

The company announced its 2019 Interim Report, with revenue of 24 in 2019H1.

1.9 billion / + 12.

04%; net profit attributable to mother 8.

9.5 billion / + 22.

02%; of which revenue in Q2 2019 was 10.

5.7 billion / + 16.

3%; net profit attributable to mother 3.

50 ppm / + 23.


What do we expect the company 2019?
Realize net profit attributable to mothers in 2021.



22 ppm, an increase of 19 years.

9% / 17.

6% / 16.

7%, corresponding to an EPS of 3.



20 yuan.

Currently sustainable corresponding to 2019?
The PE in 2020 is 20.



0 都市夜网 times.

The company operates steadily, has an excellent product structure, and continues to benefit from the upgrade and concentration trend. As the channel sinks and speeds up, it gradually squeezes out the market share of 100 yuan in the county and township market.

Maintain the “Highly Recommended” rating.

Channels in the province are sinking and accelerating, and the contribution of sales outside the province has significantly increased. In 2019H1, the number of dealers in the province increased by 34 to 384, with sales revenue19.

2.7 billion / + 9.

28%, accounting for 80%. The province actively exerts the initiative of manufacturers to enter the enhanced hotel channel control and public relations of key enterprises. At the same time, it accelerates the improvement of the township market distribution agency network, the channel sinks and speeds up, and the future township market sales contribution contributes to improvement.Based on large businesses outside the province, it actively screened and optimized 20 dealers outside the province and reported a series of revenue4.

7 billion / + 26.

90%, accounting for 20%, the contribution of sales outside the province has increased significantly.

The structure has been moved up, and the new products will help to upgrade the mainstream price dividend. The company’s products have always been excellent, and the sales revenue of high-end liquor in H1 201922.

8.2 billion / + 11.

7%, accounting for 95%, middle and low-grade liquor sales revenue1.

1.4 billion / + 26.

77%, accounting for about 5%.

It is expected that the products in the key markets of Kouzi Warehouse for 10 years and above will still maintain a growth rate of more than 20%.
The price of 200 yuan in the province has been steadily expanding and becoming more mature. New products in the early summer (priced at 268 yuan / bottle) and Zhongqiu (398 yuan / bottle) are expected to accept the mainstream upgrade price (200-300 yuan) bonus. It is expected to increase Q3 performance in the short term.

The price increase pushed up the gross profit margin, and the expenses remained stable. The overall gross profit margin of the company in 2019H1 was 75.
94%, with a rise of 1.

55 points, mainly due to the upward shift in product structure and the 2018 price increase contribution.

In terms of expense ratio, 2019H1 sales expense ratio and management expense ratio are 9 respectively.

47% and 4.

4%, respectively decreased by 0.

29 points and 0.

36pct; the gross profit margin increased during the supplementary period and the fees fell, the net profit of the company in 2019H1 was 36.

99%, with the same rise of 3.


Risk warning: intensified competition in the province, impeded sub-high-end prices, hindered expansion outside the province, and food safety risks.

I miss you (002582): Spring Festival advances 4Q19 revenue growth in advance of annual performance targets

I miss you (002582): Spring Festival advances 4Q19 revenue growth in advance of annual performance targets

Predicting profit growth of 24% in 2019According to our organization’s exclusive research and online third-party data tracking, we expect the company’s 4Q19 revenue is expected to benefit from the Spring Festival and achieve rapid growth in advance, and profits can also benefit from revenue growth, and product structure optimization in peak seasonAnd scale effects to achieve rapid growth.

We expect the company’s 2019 performance targets to be achieved, with revenue increasing by approximately 15% and net profit attributable to mothers increasing by approximately 24%.

Key points of attention: Baicao flavor stimulates rapid growth in 4Q19 revenue, and the annual revenue target is exceeded.

According to the online Taobao data tracking and our company’s company survey, we expect that Baicaowei’s 4Q19 revenue will achieve a rapid increase of about 30%, corresponding to a similar increase in revenue of 20-25% in 2019, mainly benefiting from the 4Q19 peak season ahead of Spring FestivalSales, Double Eleven’s outstanding performance and gift boxes, Baiwei China’s series of products have made significant contributions.

We expect the business trend of your headquarters to develop well, and it is expected to improve quarter by quarter.

We expect the company’s overall revenue to increase by more than 20% in 4Q19 and about 15% in 2019, which is expected to exceed the initial revenue target (a similar increase of 14%).

It is expected that the peak season will be conducive to product structure optimization and cost amortization, and is expected to achieve the annual profit target.

We judge that the rapid growth of gift box-type high-margin products in the peak season is conducive to optimizing the product structure, and at the same time, the overall rapid growth of revenue is conducive to diluted unit costs and expense ratios.

Really think that your headquarters will make channel adjustments in 2019 and gradually realize stores4.

0 upgrade, we expect the Division is expected to achieve breakeven.

At the same time, the company announced that the storage and logistics subsidiary dating ProLogis as a new shareholder will also contribute 50-50 million yuan in revenue in 2019. We believe that the company is actively revitalizing its assets.

We judge that the net profit attributable to mothers in 2019 is expected to achieve an increase of about 24%, and the annual profit target is expected to be achieved.

The long-term focus lies in the optimization of the organization and the deep integration of Hundreds.

The company stated that it is actively adjusting the business sector and organizational structure, and strive to improve resources.

At present, the company has completed the repurchase, which is planned to be used for equity incentives or employee stock ownership plans.

We look forward to the accelerated integration of hundreds of parties in the following areas in storage logistics, supply chain coordination, staffing, and information management, which will help the company to improve its long-term profitability.

Estimates and recommendations maintain 0/2019 EPS forecast.


38 yuan, EPS forecast for date 2021 is 0.

46 yuan.

The current price 深圳SPA会所 corresponds to 24/20 times P / E in 2020/2021, and the target price is maintained at 12.

35 yuan, corresponding to 32/27 times P / E in 2020/2021. We judge that the company’s revenue has accelerated and its performance has improved to be sustainable. The current price has 34% upside, and we maintain an outperform industry rating.

Risks Raw materials fluctuate, industry demand changes, industry competition intensifies, and food safety risks.

Watch out for mercury traps in life

Watch out for mercury traps in life

Mercury is commonly known as mercury. It is a silver-white liquid at room temperature. It can dissolve many metals such as gold and silver. Mercury and most of its compounds are toxic. No matter the thermos pot, the thermometer, or the battery have mercury, even air can spread.

  The European Commission recently made a decision to remove mercury thermometers from the European market within four years from 2005.

After this newspaper carried out a report a few days ago, it received calls from many readers.

  They asked, in addition to mercury thermometers, what other supplies in life contain mercury, how to avoid their health hazards?

We asked the experts for a detailed explanation.

  Mercury is commonly called mercury. It is a silver-white liquid at room temperature and can dissolve many metals such as gold and silver. Mercury and most of its compounds are toxic.

Hao Fengtong, director of the Institute of Occupational Diseases and Poisoning, Beijing Chaoyang Hospital, Capital Medical University, told reporters that in addition to mercury thermometers in life, many supplies contain different amounts of mercury, and we should understand and avoid the possible harm.

  Hao Fengtong pointed out that mercury is the only liquid metal at room temperature. Once the articles containing it are broken, the mercury will evaporate.

Moreover, its adsorption is particularly good.

Mercury vapor is easily adsorbed by buildings and clothing, becoming a source of continuous air pollution.

  Although a small amount of inhalation does not cause too much harm to the body, a large amount of inhalation over a long period of time causes mercury poisoning.

He said that mercury poisoning is divided into acute and chronic: acute poisoning has abdominal pain, diarrhea, hematuria and other symptoms; chronic poisoning mainly manifests as oral inflammation, muscle tremor and mental disorders.

  In our daily life, there are too many supplies related to mercury.

For example, various types of fluorescent lamps contain mercury; some thermos bottles are used to reduce heat radiation, and the outer wall is coated with mercury; the back of early mirrors was coated with mercury; electronic products such as computer monitors also contain a certain amount of mercury; anodes, if not used for a long timeCorrosive substances such as acids and alkalis contained in the battery will damage the outer wall and cause mercury leakage . Hao Fengtong reminds everyone that if you accidentally break the above items, you must be careful when handling them, and do not dump them with other garbage.

Otherwise, mercury will enter water bodies, soils, and through the food chain, and endanger human health.

  Hao Fengtong said that once the articles containing mercury are broken, the mercury will form a sphere and roll off.

At this time, first turn off all heating devices in the room and open the windows to ventilate; then wear gloves, use a small shovel to collect the mercury and bury it deeply, or sprinkle some sulfur powder on it. The reaction between sulfur and mercury can generate water that is not easily soluble in water.Mercury sulfide, the harm will be greatly reduced.

  Since mercury can evaporate into a gaseous state at normal temperature, it can be easily inhaled into the respiratory tract and cause poisoning. Therefore, it is best to wear a mask when handling mercury scattered on the ground.

  Kong Xiangqin, deputy chief physician of the Department of Poisoning of the Ninth People’s Hospital of Shenyang City, said in an interview with the media that after the supplies containing mercury are broken, children may swallow them by mistake if they are not properly supervised.

Once this happens, don’t panic.

  Basically, daily necessities are mainly metal mercury, and the content is very small, and it will not be absorbed by the digestive tract even if it enters the body. It can be excreted from feces for several hours or as many as tens of hours.

  If the amount of mercury swallowed by mistake is dissolved, you can take milk or egg white orally to combine the protein and mercury in it to protect the gastric mucosa.

If the wound encounters mercury, it should be checked at the hospital’s poison prevention department, and then treated if there is poisoning.

Why do men like to watch erotic pictures?

Why do men like to watch erotic pictures?

Men ‘s love for erotic pictures has plunged women, even for a married man, and normal sexual activity with a partner. Men are still loyal fans of the sex channel, which is known to pass health knowledge on the Internet but can stimulate eyeballs.Must go.

  In particular, seeing exposed photos or hot topics is even more loved. This seems to be significantly different from the textual situational descriptions of crushes who prefer to read.

To put it bluntly, men’s needs for sex are more direct. The visual stimulation method can make men impulsive the most. The heroines in sexy photos always look directly at the camera and give a signal of “demand” to male readers.And the men who are keen on this way of course are imagining (because the following text is indecent, it will inevitably poison the flowers and plants of the motherland, and delete 18,000 words on their own. Please forgive brothers who are preparing to be heated!

) Now it is easy to collect free nude photos on the Internet. A few keywords are keyed into the search engine, which can let your fingers press the mouse to press the cramps, the eyes see the acid, and the other hand that is vacated is naturally not idle.

So many crushes are weird and even threatened because her other half reads a lot of these erotic pictures, especially when the married crush finds her husband and likes to look at these pictures to solve sexual needs, they may feelSurprising anger and shame, the volcanic smoke on his head was about to erupt.


In fact, sometimes the problem is not as serious as you think.

Men are not necessarily excited just because they see naked pictures of women. Ads with sexual cues are also easy to stimulate men’s sexual desire, so that men are willing to spend a few more seconds to stay on the product, smartAdvertisers are also good at this, so domestic auto show activities are the most typical. There are existing cars that spin on the gorgeous and dazzling stage, and of course, DEMOGIRL with cool clothes and even blood-spraying, haha!

Maybe while the man was looking at the luxury RV in his heart, he was thinking of using that car as a “lathe family”!

  Men get comfort through these images, thinking that their younger brother can go to battle at any time, and men also like to use the active degree of sexual behavior to turn into affirmation of self.

Eroticism also makes men and men’s world have something in common. The popularity of Huang Duanzi is the best proof.

High-conscious minded cuties will think that the description of the small universe may be a bit inferior, isn’t there anything else for men to talk about?

Why always love to talk about a woman’s figure when they meet together, or their own sexual experience of ecstasy.

In fact, from some perspectives, men use these erotic topics to affirm that they are also a child of the male group, and their sexual needs and fantasies are healthy.

  What triggers men from erotic CDs, pictures or books is usually “DIY yourself” rather than “sexual intercourse.”

Even if there are a few couples or couples, they will use a series of media to enhance sexuality, but men use these materials to achieve a self-satisfying state of pleasure, sometimes higher than women can provide, because from the beginning to the end of the process,Men can put aside the need to take care of women’s orgasm. If a brother is married, maybe you can masturbate caused by reading erotic content, and finally reach the holiday that orgasm is recognized as a fixed sex activity. At this time, men canIndulge in relaxation and indulgence, which is much safer than a fatal affair or a dangerous sex transaction, isn’t it?

Braised Dill Onion White Tofu Fish Head Soup

Braised Dill Onion White Tofu Fish Head Soup

Ingredients: 15g of light bean drum, 10g of scallion, 3 pieces of tofu, 15g of light onion, 1 fish head.

  Wash the scallions, wash them onion, and chop them; wash the bean drum and bonito heads.

Lift the oil pan, fry the bonito head and tofu in the oil pan, add the light bean drum, add the right amount of water, cook for 30 minutes in a low heat, and then simmer, boil for a while and season.

Eat soup with fish head, 1 serving per day.

  Efficacy Application of sweating and relieving table, appetizing digestion.

It is used to feel the evil of wind and cold in the summer, body pain, nasal congestion and runny nose, itchy throat and cough.

  This article is reproduced from the expert group of the old Chinese medicine health network. Please indicate the source: The old Chinese medicine health network.

Watch out: getting up a habit early can cause liver poisoning

Watch out: getting up a habit early can cause liver poisoning

The liver is an important organ in the body responsible for digestion and metabolism.

Even small liver damage can be life threatening.

“The Times of India” published an article on November 4th, publishing “the nine killers of liver damage” summarized by experts in the United States, Britain, Canada, India and Israel.

  1, lack of sleep.

Nowadays, many people have the habit of working or playing at night, but staying up late is the most likely to get liver disease.

The reason is that during sleep, the human body will enter a self-repair mode, and often staying up late will not only cause insufficient sleep, reduce body resistance, but also affect the liver’s self-repair at night.

People who have been infected with the hepatitis virus staying up late will make the illness worse.

The American Sleep Association expert Professor Neil Collin said that “late sleepers” should work hard to adjust the schedule, it is best to fall asleep before 11 o’clock every night, to ensure that you sleep enough 7 nights?
In 8 hours, killing allows the liver to effectively detoxify and guarantees overall health.

  2. Do not urinate in time after getting up in the morning.

Dr. Daniel Paraty, an expert from the European Liver Research Association, said that detoxification in the body can be done through urination, sweating, and defecation.

Urinate as soon as possible after getting up in the morning, and the toxin accumulated overnight can be excreted in time to prevent the toxin from staying in the body and cause liver “poisoning”.

  3. Overeating.

Many people know that eating too much can increase the burden on the body and cause obese liver.

Dr. Paradi pointed out that overeating not only harms upstream health, but also easily causes a significant increase in free radicals in the body.

The key role of the liver is to help the body deal with free radicals, eliminate toxins, and purify the blood.

The more free radicals in your body, the more severe your liver damage.

  4. Don’t eat breakfast.

Nutrition experts say that eating breakfast helps neutralize stomach acid and protect the liver, reducing the risk of diabetes, diabetes, gallstones, constipation and many other diseases.

Dr. Hermit Surrey, a holistic nutritionist in Ontario, Canada, said a healthy breakfast can extend satiety and avoid liver damage.

  5. Take too much medicine.

The British Journal of Clinical Pharmacology published a study title that long-term use of drugs such as painkillers can exacerbate the burden of liver detoxification and lead to high blood pressure damage.

The head of the new study, Dr. Kenneth Simpson, an expert at the Royal Hospital of Edinburgh, UK, said that there are many drugs and their metabolites that can easily cause liver damage and lead to drug-induced hepatitis (referred to as drug liver).

These drugs include antibiotics, antipyretic and analgesics, antipsychotics, antidepressants, antiepileptics, sedatives, antihyperthyroid drugs, antitumor drugs, hypoglycemic agents and cardiovascular drugs.

Therefore, taking the medicine must strictly follow the doctor’s order and take it under the guidance of a doctor.

  6. Excessive intake of processed foods.

Dr. Hida Kiran Zara Hussein, a registered nutritional therapist in India, said that many processed foods have added a variety of food additives such as preservatives, colorants, artificial sweeteners.

These additions contain a large number of difficult-to-decompose chemicals in the human body, which will increase the burden of liver detoxification and cause liver damage.

  7, preference for fried food.

A study reported by CBS found that eating fried foods for a month can cause significant changes in the liver, triggering changes in hepatitis-like enzymes.

Dr. Drew Oden, a famous American medical expert, pointed out that the accumulation of fats and saturated fatty acids can cause unfortunate liver.

Unhealthy cooking oils increase the risk of heart disease and liver disease.

Relatively speaking, olive oil and sesame oil are healthier.

  8, eat half-ripe or burnt food.

Dr. Hussein said that food that is half-baked or overcooked (especially meat) can also cause high blood pressure.

Studies have found that drunk shrimp, oysters, and half-baked shellfish often carry bacteria and parasites. Once acute pancreatitis and ulcer disease occur, it can easily lead to worsening liver disease and even induce liver coma.

  9, excessive drinking.

Dr. Nemo Ashe, an expert on hepatology at Zef Medical Research Center in Israel, said that excessive drinking will reduce the liver’s ability to purify the blood, leading to increased toxins in the body, causing liver damage and a variety of diseases.
In addition, competing wines can easily lead to liver poisoning and induce hepatitis.
Long-term excessive drinking can easily lead to cirrhosis.

Dr. Ashe said that drinking more than two glasses (25 ml) of high-strength alcohol a day can hurt the liver.