[Can nine-month-old babies eat sesame oil?

】 _Baby and Toddler_Can I eat

[Can nine-month-old babies eat sesame oil?
】 _Baby and Toddler_Can I eat

In the summer, because the weather is very sultry, such sultry weather can easily make people’s appetite worse. In addition, factors such as incorrect diet can also cause people to lose their appetite. At this time, eat more foods that can increase appetite.Here we recommend sesame oil. The nutrition contained in the sesame oil is easily digested and absorbed, and it also has the effect of enhancing appetite. So, can a nine-month-old baby eat sesame oil?

Can a 9 month baby eat sesame oil?
Everyone knows that babies are best not to eat some flavoring agents, because there may be some chemicals in the flavoring agents that will affect the growth and development of food.

Sesame oil is also called sesame oil. It is a natural vegetable oil. It is extracted from sesame and has a particularly fragrant taste, so it is called sesame oil.

So can a 9 month old baby eat sesame oil?

Can a 9-month-old baby eat sesame oil?


The 9-month baby’s body can already secrete digestive enzymes that can fully digest protein. At this time, the mother can feed the baby more protein-rich supplements to allow the baby to absorb enough protein, so that the body’s growth needs.

9-month baby complementary food recommendation 1, tofu puree ingredients: boxed tender tofu 1/3 box (about 30 grams).

Method: Tender tofu is scalded with hot water. Take an appropriate amount of tender tofu and make it into a mud. You can feed it in a bowl.

Tofu is rich in nutrients, contains iron, calcium, phosphorus, magnesium and other trace elements necessary for the human body. It also contains sugars, vegetable oils and rich high-quality protein, known as the “plant meat”.

Tofu’s digestion and absorption rate is over 95%, which is very suitable for nine-month-old babies.

2. Yolk mud ingredients: 1 egg.

Method: Put the eggs in a sterilized steamer, peel the eggs, and remove the yolks.

Crush the egg yolk with a spoon and add some boiling water to the baby when replacing it.

Egg yolk is rich in protein, trace amounts and high-quality linoleic acid, which is an irreplaceable nutrition for the growth of baby brain cells.

That’s all for the 9-month-old baby.

In short, infant food supplement recipes are very eager to know for parents, because it is really good to make some food supplements for the baby at home as a parent. The nine-month food supplement food recipes need to be made according to the baby’s age and nutritional needs.Recipe.

[Contraceptive methods that do not hurt the body]_How to contracept

[Contraceptive methods that do not hurt the body]_How to contracept

As people pay more and more attention to their physical health, many women have begun to pay special attention to their own health, especially as their awareness of contraception is gradually increasing.

There are many methods of contraception, or certain methods of contraception will cause some harm to women’s bodies, but the degree of harm is different, so women can choose some methods of comparing physical harm when choosing contraceptive methods.

1. Topical contraceptive film contraceptive mechanism: self-confidence by reducing sperm vitality, victory is 96%.

Strengths: No damage to vaginal epithelium, no change in vaginal self-cleansing effect, long-term use is harmless to the body, and does not pollute clothing.

Key points for safe contraception: Usually put in a cool and dry place to prevent moisture from affecting the medicine.

Do not rub too tightly or too small during use, otherwise it will affect the dissolution of the drug.

Be sure to use your fingers to carry it deep into the vagina, and perform intercourse after 10 minutes. If the intercourse time is more than half an hour, you should add another.

2. Intrauterine contraceptive ring contraceptive mechanism: by preventing fertilized eggs from implanting in the uterus, the contraceptive victory reaches more than 95%.

Strengths: Vice response is small, can be placed very continuously, and even taken at menopause.

Key points for safe contraception: The ring is easy to leave the normal position within 3 months after the ring is taken, so X-rays should be performed frequently to prevent the ring from leaving the normal position and conceive with the ring.

Patients with gynecological mortality, menstruation or irregularities, and reproductive tract tumors should not wear rings.

3, male condom contraception principle: self-confidence by avoiding sperm and egg encounter, victory reversed 80% -90%.

Strengths: No nuisance to the physiology of the female body, but also to prevent sexually transmitted diseases.

Key points for safety and confidence: The model must be convenient for the user.

In addition, it must be used in the intercourse, and it should be used at first. Broken and deteriorated condoms should never be used again.

After that, the upper mouth of the condom must be withdrawn with the penis, and the semen in the small sac of the condom should be checked, so that it can be confirmed that the condom is not damaged.

[Fresh Tremella and Dry Tremella Initially Good]_ Dry Tremella _ Change

[Fresh Tremella and Dry Tremella Initially Good]_ Dry Tremella _ Change

Dried Tremella is often seen in the northern regions and appears white-yellow.

When using it, it should be soaked in hot water and washed with water, but fresh tremella will be eaten in the south. The two types of tremella are not much different and each has its own advantages.

Fresh tremella is more fragrant, while dried tremella is more convenient and easier to preserve.

There are different functions and advantages from different aspects. Let me give you a detailed explanation.

First, fresh Tremella and dried Tremella themselves cannot be generalized, and the benefits are different from different perspectives.

Judging from the time when Tremella fuciformis is released, fresh Tremella fuciformis is easier to dispense than dry Tremella fuciformis, and the gum is thicker, its edible value is relatively high, and the edible value of fresh tremella is also relatively high.

However, the fresh Tremella referred to here is the processed Tremella on the surface of the market, and some fresh wild Tremella is not processed and contains porphyrin-type light-sensing substances, which will be distributed to human epidermal cells with blood circulation.When exposed to sunlight at this time, it is likely to cause solar dermatitis, and the skin will appear red, swollen, itchy, rash, and blistering.

From the point of view of food safety, dried Tremella is relatively high. Dry Tremella is mainly sun-treated, and the porphyrin-type light-sensitive substances contained in it are gradually reduced, and dried Tremella can also be prolonged.Keep it free from mildew.

Second, the storage time of fresh Tremella fuciformis is rich in water, which is extremely susceptible to mold pollution, causing mold, deterioration and other phenomena. After dehydration treatment, dried Tremella can be stored in a dry and ventilated place.

Price difference Fresh Tremella is relatively precious because of its short storage time, plus the cost of packaging and transportation, so the price on the market is much more expensive than dried Tremella.

The content of porphyrins in unprocessed fresh Tremella fuciformis contains relatively high content of porphyrins photosensitivity, while the porphyrins in dry Tremella fuciformis are relatively low in safety.

Three, one.

First look at the color of Tremella. Generally speaking, Tremella is yellow and white, fresh and shiny.


Good white fungus has large flesh, scent smell, saturation, good expansion, and no spots and other colors. In addition, white fungus is better without debris.

Fourth, the precautions for edible Tremella 1.

Exogenous wind chills, hemorrhage, and diabetic patients are not suitable to eat white fungus, so as not to aggravate the disease and affect the recovery of the body.


When foaming Tremella, it is best to soak the hair with water, and then change the water a few times to remove some harmful substances. After foaming, you need to remove the inedible part of the Tremella fungus root, leaving only the Tremella fungus.valve.


Tremella should not be consumed before bedtime, as it may cause an increase in blood viscosity and affect the health of the body.

Luyin Ecology (002887) Incident Comment: Signing of Xiong’an Project Orders Achieved Guaranteed Growth in Volume

Luyin Ecology (002887) Incident Comment: Signing of Xiong’an Project Orders Achieved Guaranteed Growth in Volume
Event: On the evening of August 19, the company issued an announcement 杭州桑拿 saying: The company and the CCCC Tianjin Waterway Bureau, the CCCC Water Transport Planning and Design Institute and the Xiong’an Group’s ecological construction investment design the Xiong’an New District 2019 afforestation project (spring)A contract was signed for the project in the first tender section of the general construction contract, with the amount being 1.1.2 billion.We commented as follows: Key points of investment: Xiong’an project signed, order volume growth guaranteed, initial signed Xiong’an New District 2019 afforestation project (spring) design and construction general contracting first contract is located in Shaheying, Rongcheng CountyOn the east side of the village, a mixed forest of Miao and Jing will be built, covering an area of 5,874 acres and a contract amount of 1.1.2 billion, the construction period does not exceed 103 days.This project is another project acquired by the company in Xiong’an after winning the bid of Xiong’an Civic Center in 2018, showing the company’s ability to get orders in Xiong’an New District.Relying on its brand and technological advantages, the company has successively obtained projects such as Nanjing Jiufeng Mountain Rural Complex and Tianjin Dongli District Forestry Ecological Construction in the first half of 2019. The order value exceeds 2.5 billion yuan, which is the company’s 2018 revenue (5.1.1 billion) of 4.89 times, the excess orders in hand provide the necessary guarantee for the company’s performance growth. Monetary fund assets + asset-liability ratio is low, “small and beautiful” ecological leader is expected to develop rapidly. The company was established in 1998. Its main business involves four major sections: ecological restoration, municipal gardens, agricultural tourism industry, and environmental governance. It has national urban landscapingThe first level, the first-level qualification for landscape engineering design, is a state-level emerging enterprise.After many years of development, the “industrial planning—ecological restoration and landscaping technology research and development—engineering construction—operation and maintenance” has been formed as an integrated ecological industry chain, which can provide customers with integrated ecological landscape construction overall solutions, the company has been for five consecutive yearsShortlisted in the top 20 national gardening industry.The company’s finances are relatively stable. As of the semi-annual report of 2019, the company has not denied any interest, and has monetary funds in hand9.17 trillion, the asset-liability ratio is only 21.60%, there is a lot of room for future financing, which helps the company to implement orders in hand.Sufficient orders in hand + abundant capital + large financing space, leading companies in the “small and beautiful” ecological garden area have achieved rapid growth. Earnings forecast and investment rating: 四川耍耍网 For the first time, the company was given an “overweight” rating.As a leading company in the ecological garden area, the company’s finances are stable, and orders in hand are redundant.The company’s 2019-20201EPS is expected to be 1.01, 1.34, 1.61 yuan, corresponding to the current expected PE of 16, 12, 10 times, for the first time to give the company an “overweight” rating. Risk reminders: Project acquisition and promotion exceed expected risks, interest rate upside risks, and macroeconomic downside risks.

[Can pregnant women eat ribs stewed chestnuts]_Pregnancy_Can you eat

[Can pregnant women eat ribs stewed chestnuts]_Pregnancy_Can you eat

Stewed chestnuts with pork ribs is a well-known homemade dish. Its nutritional value is very high and its flavor is unique.

It can also be eaten appropriately for pregnant women. Pork ribs stewed chestnut has a good effect of regulating the body. It has a good effect in preventing pregnant women’s edema and promoting pregnant women’s appetite, especially for pregnant women.To promote the development of good welfare, let’s take a look at this.

Can chestnut stewed chestnuts be eaten by pregnant women? Chestnut is a food that is generally loved by the public, both because of its unique flavor and soft glutinous meat, and because it is rich in nutrients.

Pregnant women eating chestnuts are very obese to the growth and development of the fetus and their own health. They can strengthen the spleen and kidney, improve immunity, promote growth and development, and help pregnant women eliminate edema and ease their emotions. Pregnant women often eat chestnuts and even strengthen their bones.And it is conducive to the development and maturity of the pelvis, can also eliminate fatigue, and strengthen bones.

The content of vitamin C in chestnut is higher than that in tomatoes, even several times that of apples; it is rich in comprehensive trace elements such as potassium, iron, zinc, etc. Chestnut also contains essential proteins of the human body.

Chestnut is a nut food. It is not as nut oil as nuts such as walnuts, hazelnuts, almonds, etc., but its nutritional content cannot be ignored.

There are a variety of ways to eat chestnuts, which can be eaten raw or cooked, and you can also cook porridge or soup. The cooked chestnuts are sweet and delicious, which is a very good food.

Pregnant women can eat chestnuts, but remember not to eat too much, otherwise it will easily cause indigestion.

Due to high sugar content, diabetics should not eat more during pregnancy.

Chestnut has a nutritional value of 1. Folic acid Chestnut is rich in folic acid, which is especially suitable for pregnant mothers in early pregnancy.

Folic acid is involved in the production of blood cells and promotes the development of the hypertension nervous system.

If the lack of folic acid during pregnancy can lead to hypertension tuberculosis malformation, hidden spina bifida, spinal bulge and other adverse consequences after birth.

Therefore, pregnant mothers must supplement folic acid during pregnancy, and daily consumption of chestnut can effectively supplement.

2. Protein and amino acid Protein is the material basis of life. Chestnut is rich in protein and amino acid, which contains 1 times more protein than sweet potato, and the amino acid content is 1 higher than corn, flour, and rice.

5 times.

During pregnancy, the protein demand for protein is relatively high. If the pregnant mother makes up for the deficiency, it will affect the growth and development of the fetus and will affect its own health.

Pregnant women can usually eat some chestnuts to improve their immunity and provide enough needed nutrients for oxides.

3, aunt chestnut is rich in aunt, its content is 2 times higher than rice and flour.

Lipids are the main components of the brain and nervous system, so the recovery of moderate amounts of lipid food during pregnancy is essential for the development of obese brain and nervous system.

During the development of hypertension in the brain, if there is no proper amount of essential lipids, it will cause the division of brain cells and may affect the child’s intelligence.

4. Vitamin chestnut contains high starch, of which 40% is composed of starch; chestnut mainly provides essential fatty acids and fat-soluble vitamins for the human body, such as vitamin E, which can promote growth and development, can prevent miscarriage, premature birth, andEnhancing reproductive function can also help pregnant women prevent the appearance of stretch marks.

It contains more vitamin C than tomatoes known to be rich in vitamin C, and more than ten times as much as apples.

Tongwei (600438): Monocrystalline material proportion increased, high-efficiency cell capacity steadily expanded

Tongwei (600438): Monocrystalline material proportion increased, high-efficiency cell capacity steadily expanded
Event: The company released its semi-annual report for 2019 and achieved revenue of 161.200 million (previously +29.4%), comprehensive gross profit margin 22.0% (twice +2.4pcts), net profit attributable to mother 14.50,000 yuan (ten years +58.0%).  The company’s three expenses and R & D expenses accounted for a total of 11.3% (decade +0.8pcts), in which financial expenses increased significantly, exceeding + 164% to 3.400 million (of which interest rate expenditure is about 2.800 million, an annual increase of more than 100%), mainly due to the initial issuance of 5 billion convertible bonds, the company’s total management costs and research and development costs and the proportion of operating expenses declined, showing the company’s good management and cost control capabilities.   Leading companies with high-quality feed material release and quality advantages have now reached 8 tons of high-substitute conveying capacity. Leshan and Inner 杭州桑拿网 Mongolia Baotou total 6 will gradually focus on raw material production capacity and put it into production. It is expected to contribute a significant increase in 2019.The monocrystalline silicon wafer production capacity continues to expand in 2019, driving demand for high-quality monocrystalline materials.The company’s scale 2 project expects that the proportion of single crystal materials has exceeded 80%, and the subsequent new expansion of production to improve quality and efficiency, it is expected that the company’s overall single crystal materials will reach 80% -85% in 2019.   Strengthen the layout of high-efficiency battery module production capacity and arrange the scheduling of heterojunction battery. By the end of June 2019, the company has accumulated 9GW single-crystal high-efficiency cell capacity. In 2019, the company started an 8GW high-efficiency PERC cell expansion project.20GW battery capacity will be formed in the year, and increased production capacity will be released to support the growth of the business of battery cells.The efficiency reaches 23%; the second-phase project is expected to be completed by the end of 2019, which will further optimize the product’s cost performance and help the company maintain its leading position in high-efficiency battery access.   We are optimistic about the company’s long-term development and maintain a “Buy” rating: Consider the concentration of PERC battery chips to accelerate the decline in battery prices.We lower the EPS for 2019-2021 to 0.77/0.97/1.15 yuan (the original value is 0.87/1.09/1.27 yuan), we long-term optimistic about the company’s advantages in battery chips and supplementary materials, and maintain a “buy” rating.   Risks suggest that the supply of supplementary materials is less than expected, and the release of high-efficiency battery capacity is lower than expected; the prices of raw materials and high-efficiency cells caused by the production capacity of the industrial chain have dropped significantly.

Op Lighting (603515) Quarterly Commentary: Operating Situation at the Bottom Looks for Progressive Improvement

Op Lighting (603515) Quarterly Commentary: Operating Situation at the Bottom Looks for Progressive Improvement

Core point of view: Due to the company’s internal personnel adjustments and the impact of real estate, the third quarter of 2019 revenues decreased. The company achieved total operating income of 57 in the first three quarters of 2019.

700 million (+3 year-on-year.

3%), gross profit of 21.

0 million yuan (YoY + 1.

7%), gross profit margin 36.

4% (YoY-0.

5pct), net profit attributable to mother 6.

0 billion (+ 5% year-on-year.

6%) and a net interest rate of 10.

4% (+0 year-on-year.

2 pct), net profit after deduction is 4

200 million (+4 year-on-year.


Q3 single quarter total operating income 19.

90,000 yuan (YoY-3.

3%), gross profit 7.

400 million (-0 year-on-year.

8%), gross profit margin 37.

0% (+0 year-on-year.

9 pct), net profit attributable to mother 2.

0 million yuan (YoY-7.

0%), net interest rate 9.

9% (YoY-0.

4pct), deducting non-returning mother’s net profit 1.

600 million (+7 year-on-year.


Q3’s single-quarter revenue decreased. We believe that it was mainly caused by the change in the growth rate of household business income. Specifically: 1) Land demand tended to be weak and the industry growth rate changed; 2) The company’s internal management staff was adjusted, resulting in a short-term domestic businessAre adversely affected.

The profitability of Q3 increased, so the net profit of returning mothers after deductions is growing faster than the income growth, but the net profit returning to mothers is gradually replaced, mainly affected by the pace of government subsidy release. Specifically, in 2018, 35.4 million government subsidies were received.The government subsidy for 2019Q3 is 2.39 million yuan.

The operating situation is at the bottom. It is expected to gradually improve in the short term. The improvement, the real estate business is affected by the breakthrough, which has led to the acceleration of the overall revenue growth. However, the company has taken corresponding measures: to cultivate offline dealers from “dealers” to “dealers”.The company ‘s ability to change, continue to improve the standardization of store operations, promote the improvement 杭州桑拿 of store operation efficiency, and accelerate the recovery of future revenue growth. Gradually, the company’s gradual adjustment has been completed. At present, the home furnishing business is in the recovery stage and gradually improves.

In the long run, the rapid growth of the industry is conducive to the reshuffle of the industry and the promotion of the concentration of the lighting industry. As the B2C leader in the lighting industry, the company’s scale has continued to increase; at the same time, the company has actively expanded the business field and overseas markets to promoteThe company brings new growth.

Profit forecast We believe that the future consumption upgrade trend will continue and the market concentration of the lighting industry will continue to increase. As a leading domestic lighting company, the company is actively expanding household and commercial channels. The future market growth is expected to continue to increase and its performance will promote good growth.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 8.

5, 9.

6, 10.

8 ppm, an increase of -5 in ten years.

7%, 12.

5%, 13.

3%.The latest closing price corresponds to PE 20 in 2020.

3 times, referring to home furnishings. Kitchen appliances companies have 15 times PE estimates in 2020. However, as a leader in the lighting industry, the company has a solid level and a competitive distribution pattern.Annual PE 21x, corresponding to a reasonable value of 26.

46 yuan / share, maintaining the “overweight” rating.

Risk reminders: original substantial price increase; substantial growth in the real estate market; deteriorating competition environment in the industry leading to price wars; weak overall consumer demand; the company’s channel expansion has fallen short of expectations.

Leading Puzzle (002600): Historical issues are resolved one by one. The turning point of performance is clear.

Leading Puzzle (002600): Historical issues are resolved one by one. The turning point of performance is clear.
Event: The company released the third quarter report of 2019, and the first three quarters of 2019 achieved revenue of 162.63 ppm, an increase of ten years.07%, net profit attributable to mother 20.99 ppm, compared with the same period last year3.5.2 billion. The internal integration has achieved results. The types and shares of 杭州夜网论坛 product supply have continued to increase. The company’s main business sectors include precision functions and structural parts, display and touch modules, materials business, trade and logistics business, etc.Dispose of non-manufacturing business.In terms of overseas markets, the company’s main growth points are: the increase in the existing business share and the number of materials; the continued deepening of downstream modules and upstream raw materials; and the expansion of new overseas customers.In terms of domestic business, the company aims to cover more than 50% of the eight product lines, expand the total market capacity in line with the promotion of 5G, and enter new applications such as VC, OLED, motors, and wireless charging. Acquired Salcomp Plc, completed the deployment of charger products, and completed the industrial coordination. In August 2019, the company has completed the registration and change registration procedures for Salcomp Plc, which is 100% controlled.Salcomp Plc is a global leader in the development and manufacture of chargers and adapters. The customer system includes Apple, Samsung, Huawei, OPPO, vivo, Xiaomi and other domestic and foreign first-tier terminal manufacturers. The completion of the acquisition is conducive to the company’s internal industry collaboration, and is accompanied by 5G mobile phonesCharging power is planned with reference to mobile PCs and tablets. The charger market will be multi-product universal, and the company’s scale advantage will quickly appear. Investment suggestions We estimate that the company’s net profit attributable to mothers in 2019-2021 will be 23 respectively.500 million, 27.0 million yuan, 30.0 million, corresponding to 0 EPS.34 yuan, 0.39 yuan, 0.44 yuan, giving the company 32 times PE in 2020, with a target price of 12.48 yuan, the first coverage, given a “buy” rating. Risks indicate that the returns of large customers exceed expectations; the progress of internal integration exceeds expectations; exchange rate changes.

Sinoma Science & Technology (002080) Company Review: Lithium Membrane Wings Flying Together at the Bottom of Glass Fiber Business

Sinoma Science & Technology (002080) Company Review: Lithium Membrane Wings Flying Together at the Bottom of Glass Fiber Business

Highlights of the report We believe that the company’s glass fiber business is expected to benefit from the bottom of the glass fiber industry, and product prices are expected to rebound in 2020; meanwhile, the company’s wind power blade business is expected to maintain a high degree of prosperity in 2020, and the lithium power business is expected to be in 2020Contribute incremental performance.

The glass fiber industry may bottom out and rebound. The advantage of Thai Glass benefits from the overall pressure of the glass fiber industry in 2019. Taishan Glass Fiber continues to optimize the capacity scale and product structure, and actively adjusts the product structure based on market demand and new material development trends, and maintains operating conditions.It is stable. We expect that the supply increase of the glass fiber industry due to the increase in production capacity in 2018 is mainly reflected in 2019. Under the situation of absolute increase in production capacity replacement in 2019, the industry supply shock in 2020 will be significantly improved, and the demand side of the industry will remain stable.At the same time, some 都市夜网 glass fiber companies have started to raise prices at the end of 2019. The price of glass fiber will gradually bottom out in 2020. The company’s leader, Taishan Glass Fiber, will benefit.

Leading blades to maintain the prosperity of the company The company is a leading company in the wind power blade industry. The installed capacity and market share of wind power blades continue to rise. In the first half of 2019, the company added 3 blades.

2GW, a substantial increase of 139 per year.

At 24%, the company, as a leading blade company, has shown better business development capabilities as the industry boom.

Judging from the market share of a single year, the market share of Sinoma leaves has increased from 3 in 2008.

4% to 27 in 2018.

1%, the top of the faucet becomes more stable.

We believe that Sinoma Technology’s Sinoma blade will still benefit from the 南京桑拿论坛 dividends brought by the growth of the industry in the long run.

Lithium-ion operators are expected to force the company’s lithium battery to adopt the wet synchronous + synchronous technology route. After the acquisition of Hunan Zhongli, the company simultaneously carried out wet synchronous + asynchronous power generation and adopted an integrated two-wing model to develop equipment technology to product technology to manufacturing.The closed loop of sales has significantly improved overall competitiveness.

According to the company’s announcement, Hunan Zhongli began consolidation in September 2019, and the overall operating situation is good. The company’s expansion of the industrial scale has increased significantly compared to last year and has achieved profitability.

In the first half of 2019, Hunan Zhongli was still a substitute, and since the second half of the year, it has fully turned around.

We estimate that the operation, efficiency, and customer development of Hunan Zhongli and its own Sinoma fractured production line will gradually improve after the conversion of the company’s M & A. The company’s lithium battery business is expected to contribute incremental profits in 2020.

Earnings forecast Due to the better expectations of the fiberglass business, we attribute the company’s net profit to 13 from 19-21.

8 billion, 15.

6.2 billion, 16.

99 ppm is adjusted to 13.

8 billion, 16.

5.3 billion, 17.

9.6 billion yuan, corresponding to 0 EPS.

82 yuan, 0.

99 yuan, 1.

07 yuan, corresponding to 15 for PE.

43X, 12.

88X, 11.

86X, maintain “Buy” rating.

Risk warning: glass fiber demand has dropped sharply, and prices have continued to fall; wind power installations have fallen short of expectations, and lithium film has failed to earn profits.

Chenguang Stationery (603899): Leading domestic stationery industry Klip

Chenguang Stationery (603899): Leading domestic stationery industry Klip

Investment Highlights Leading domestic stationery industry, with rapid and steady growth in performance.

The company is a leader in the domestic stationery industry. Its main products are writing instruments, student stationery, office stationery and office direct sales. Its total revenue accounts for 97%.

The company’s products use different sales models for C-end individuals and B-end enterprises.

For C-end customers, they mainly focus on regional distribution, and in-depth layout in various scenarios such as schools, communities, and supermarkets, and actively explore new models of large retail stores.

For B-side customers, Chenguang Klip, a subsidiary of the company, uses office direct sales methods to provide government and enterprise customers with various office supplies procurement and distribution services.

The company achieved operating income of 85 in 2018.

35 ppm, an increase of 34 in ten years.

26%; realized net profit attributable to mother 8.

07 billion, an annual increase of 27.


2019 H1 company achieved revenue of 48.

39 trillion US dollars, an annual increase of 27.

78%; net profit attributable to mothers4.

71 ppm, an increase of 25 in ten years.

78%, performance maintained stable and high growth.

The 南京夜网 large office market has broad space and high industry concentration.

Driven by the sunny procurement policy, the centralized procurement needs of downstream governments, central enterprises, large banks, insurance institutions, large and medium-sized enterprises and small and medium-sized enterprises have gradually been released.

At present, the size of the large office stationery market is about one.

90 trillion, expected reach in 20202.

26 trillion, the industry market space is vast.

Domestic big B office direct sales market participants mainly include Chenguang Klip, Qixin Group, Deli Stationery and other vertical companies, as well as platform companies such as JD.com, Alibaba.com, and Suning.

The current scale, professionalism and market concentration of the office direct sales market are relatively low. The combined market share of Chenguang Stationery, Qixin Group and Guangbo is only 0.

36%. Compared with expectations, the industry concentration of conventional office stationery has room for improvement.

Driven by the sunshine procurement policy, Chenguang Klip grew rapidly.

Benefiting from the national sunny procurement policy, the procurement of B2B office supplies ushered in a historical opportunity for rapid development.

In 2015, the company began to develop the Klippu business. Relying on its own advantages in product research and development, supply chain management and other aspects, Klippu continued to exert its strength and its performance maintained a high growth.Three years to maintain more than 100% compression.

Klip’s business in 2019H1 achieved operating income of 15.

00 ppm, an increase of 55 in ten years.

94%; revenue accounted for 31.

01%, and maintained a rapid upward trend; 2019H1 achieved a net profit of 2,875.

490,000 yuan, an increase of 176 in ten years.


In 2019, Klip has won the bidding for a number of large-scale government and enterprise customers such as the Shanxi Provincial Government, Jilin Provincial Government, and China Post Group.

With the continuous release of office supplies for downstream government and enterprise customers, Colip strives for rapid and stable development and has become one of the main engines for the company’s future performance growth.

Investment suggestion: Benefit from the purchase policy driven by the sun, central government, government and other big B customers’ office supplies demand is gradually released. The company’s office direct sales business has obvious advantages in serving customers and product SKU management, and has high customer recognition.Big B customer orders have driven the company’s performance growth. We forecast the company’s operating income from 2019 to 2021 to be 109.

22, 138.


3.6 billion; net profit is 10 respectively.33, 12.

61, 15.

13 trillion, corresponding to the current market value, the PE is 38 times, 31 times, 26 times, for the first time coverage, given the increase-A proposal.

Risk warning: Colibri ‘s business growth is slower than expected risks; retail terminal layout is lower than expected risks; dealers manage vulnerability risks.