Jiansheng Group (603558): Significant improvement in cotton socks business

Jiansheng Group (603558): Significant improvement in cotton socks business

19Q1-Q3 Company income / net profit attributable to mother increased by 14.

6% / 31%.

19Q1-Q3 company revenue 13.

100 million, an increase of 14 in ten years.

6%, net profit attributable to mother 2.

3 ‰, a year-on-year increase of 31%, deducting non-net profit2.

10,000 yuan, an increase of 39 in ten years.

9%, gross profit margin 29.

4%, rising by 1 every year.

1pct, net interest rate 17.

3%, up 2 every year.

One point, the net cash of operating activities is 300 million yuan, with a multi-year appreciation of 34.


Third quarter 19 revenue 4.

800 million, an increase of 25% in ten years, net profit attributed to mother 0.

800 million, an increase of 32 in ten years.

7%, deducting non-net profit of 0.

9 trillion, an increase of 51 in ten years.

6%, gross profit margin 30.

5%, rising by 0 every year.

6pct, net interest rate 17.

2%, rising by 0 every year.

95 points, net cash from operating activities1.

800 million, an increase of 9 in ten years.


19Q3 revenue growth significantly increased earlier than 19Q2.

We believe that the reason for the significant improvement in the company’s revenue growth in 19Q3 was that ① the relocation of Hangzhou Smart Factory in 19H1 had a certain impact on crops, and production capacity gradually recovered in the second half of the year.

On September 19th, the company’s Jiangshan Industrial Park was officially opened, and the factory annually produces mid-to-high-end cotton socks.

3 billion pairs, with more than 2,000 knitting equipment, accumulated excessive foundation; ② Judging from the zero data of downstream agencies, we believe that domestic demand has picked up from the first half of the year; ③ underwear business continues to maintain competitive advantages and maintain rapid growth.

The decline in the expense ratio during the period led to an increase in net interest rate.


We believe that the company’s cotton socks production capacity is picking up. After the sales are expanded, the cost rate brought about by the scale effect will decrease, and the production efficiency of the newly opened factories will be further improved after gradual running-in.

We expect the business in Vietnam to develop smoothly and continue to contribute to net profit.

19Q1-Q3 company sales expense ratio 2.

8%, a decline of 0 per year.

4pct, management expense ratio 9.

5%, a decline of 0 per year.

4pct, financial expense ratio -0.2%, 0 per year.

6 points.

The impact of exchange rate changes on the elasticity of net profit has weakened, and gross profit margin has maintained steady growth.

In 19Q3, the company’s gross profit margin increased by 0 in ten years.

6pct, keep stable, we think the increase is higher than Q2 (3.

3pct) The increase was mainly due to the positive impact of the depreciation of the renminbi (19Q3 average exchange rate of Renminbi against the US dollar: 7.

0, 18Q3: 6.

8), we judge that the proportion of high-margin underwear remains stable.

The rebound in sales promoted the improvement of inventory indicators.

2019Q1-Q3 company inventory 4.

1 trillion, 0 per year.

5%, inventory turnover days 121.

9 days, reduced by 0 every year.

In 8 days, the first year to date has shown a positive trend. We believe that with the recovery of cotton socks business and improved production efficiency, the company’s inventory indicators will be further optimized.

Turnover days of the company’s accounts receivable during the same period were 58.

5 days, increase by 1 every year.

Keep stable for 5 days.

Profit forecast and estimation.

At present, the company’s Vietnam Haiphong factory and Vietnam Xing’an factory have begun effective operations. The seamless underwear factory and Qinghua factory in Xing’an, Vietnam are also under construction, and strive to complete an annual output in 20191.

Crop target of 5 billion pairs of cotton socks.

We expect the company to achieve net profit in 2019 and 20202.

50, 3.

13 ppm, given the company’s 2019PE estimated range of 18-20X, corresponding to a reasonable value range of 10.


00 yuan, maintaining the “permanent market” rating.

risk warning.

The risk of order loss, capacity expansion is not up to expectations, and exchange rate changes affect profit.

I Love My Family (000560) Annual Report Comment: Performance Scale and Quality Rise to Enjoy Core Market Improvement

I Love My Family (000560) Annual Report Comment: Performance Scale and Quality Rise to Enjoy Core Market Improvement

Core Views The company released its annual report and achieved revenue of 106 in 2018.

9 trillion, an increase of 710 in ten years.

9%; net profit attributable to mother 6.

3 ‰, an increase of 765 in ten years.

7%; expected average ROE is 6.

76%, an increase of 4 per year.

84 units; 0 cash will be distributed for every 10 shares.

7 yuan (including tax).

The company’s performance is in line with expectations, and the real estate service performance has risen qualitatively. It is expected to benefit from improvements in the core market in 2019.

We predict that the company’s EPS for 2019-2021 will be 0.

32, 0.

37, 0.

42 yuan, maintain “Buy” rating.

Brokerage, new housing, asset management revenues all increased, and real estate services volume increased. The company’s performance in 2018 was significantly affected by the consolidation.

In a comparable caliber, in 2018, Beijing I love my family realized 91.

400 million, +11 a year.

7%; net profit attributable to mother 6.

700 million, +26 a year.


The average income of all businesses in real estate services increased, of which brokerage revenue was 54.

9 trillion, ten years +6.

8%, gross margin 27.

8% (including second-hand trading revenue of nearly 40 trillion, +3 a year.

2%); new home business revenue 16.

4 trillion, +4 a year.

5%, gross margin 28.

9%; asset management business revenue 16.

600 million, +50 for ten years.

7%, gross margin 24.


Although the gross profit margin declined in the second half of the year due to the prosperity, but the brokerage and the gross profit margin of new homes have gradually increased under the influence of the discount rate control and the decline of e-commerce competition. The gross profit margin of asset management has declined slightly due to the expansion of the scale.Gross margin improved slightly.

The business expanded steadily, and the key cities in the second-hand housing market generally ushered in the recovery and continued until the end of 2018. The company’s brokerage business has covered 17 major first- and second-tier cities, with more than 3,200 stores (including 452 franchise stores), and the city’s market shareStable in the top three, and has obvious advantages in East China.

The company’s asset management business operating brand “Xuan Yu” has covered 14 large and medium-sized cities, with 30 houses under management.

30,000 sets, an increase of 19% in ten years; the average occupancy rate is 94.

9%, 9 out of the cycle.

7 days; the highest increase in house management, the efficiency of house release, and the single-room rent increase drive the rapid growth of asset management business revenue.

I love my family in North China in 2018, and East China’s revenue accounted for 54% and 44% respectively. We believe that the revival of the second-hand housing market in core cities such as Beijing, which changed the company’s layout in 2019, is expected to bring about flexibility in the company’s performance.

M & A integration + direct franchise dual-wheel drive. In the next three years, the store will target 10,000 companies to actively use the capital market to strengthen its business. Currently, it has made 2 acquisitions. Among them: Zhonghuan Internet is a second-hand housing brokerage company that fully adopts the franchise model.There are more than 2,400 stores in 17 cities across the country, perfecting the company’s regional layout and complementing the franchise model experience; Lanhaigou is a commercial real estate operation and desalination service trading platform to strengthen the company’s commercial real estate operation and desalination capabilities.The company plans to continue to implement mergers and acquisitions integration in the next three years. It will expand its business to 70 major large and medium-sized cities through direct sales and franchise two-wheel drive, with 10,000 stores, 100,000 brokers, and 100 housing asset management scales. Million sets.

The company has abundant internal cash flow, and plans to issue no more than 2 billion corporate bonds in 2019 with a term of no more than 5 years, which is expected to help the company’s scale expansion.

Enjoy the improvement of the core market and maintain the “Buy” rating. The company is a leader in domestic second-hand housing brokerage and housing leasing. The industry has ample room for growth and concentration. The rebound in the boom in first-tier and second-tier cities will help the company achieve dual performance and quality.increase.
We expect the company’s EPS to be zero in 2019-2021.

32, 0.

37, 0.

42 yuan.

Refer to comparable companies on 20th of 2019.

9 武汉夜生活网 times PE estimate, we believe that the company, as the only listed target among real estate brokers, is expected to cause the conversion catalyst brought by the recovery of the real estate boom in core cities, and should enjoy a valuation premium. The reasonable PE estimate for 2019 is 29-30 times.The price is 9.


60 yuan (previous value was 8.


28), maintain “Buy” rating.

Risk warning: lifting the ban on restricted stocks may cause some pressure on the company’s size; the risk of goodwill impairment; the sales scale of second-hand and new houses is less than expected; the expansion of stores and brokers is less than expected.

FILA Fila brand introduction

FILA Fila brand introduction

FILA is the top three sports brands in the world, mainly engaged in the development of elegant sports related products such as tennis, snow skiing, golf, yoga, and racing.

The bright and bold design style, outstanding elegance and unique product effects make FILA unique in the world’s top sports brands and have a global reputation.

  The brand was founded by the FILA brothers in BIELLA, Italy in 1911, and has a history of nearly 100 years.

In the 1970s, FILA expanded its sportswear business with a diversified strategy.

In the following years, he successively developed golf, tennis, fitness, yoga, running and skiing series, and finally broke through the backbone of the world famous sports brand.

  Related Products: Sportswear, Sneakers

Four children having cold and fever diet

Four children having cold and fever diet

(1) Sucrose porridge: Wash the blue fresh sugarcane and squeeze 100 ml of juice, 100 grams of rice, cook with water to make porridge, eat 2-3 times a day.

  The last thing to highlight is that for children who have a loss of appetite when they have a fever, do not force them to eat. They should be allowed to eat naturally. When they feel obese, they should not eat water during the period, and they should pay attention to water supply.

  (2) Watermelon Juice: Fresh watermelon, deseed to pick the coriander, squeeze the juice, and frequently serve tea.

If the fever is not accompanied by other symptoms, you can eat a small amount of cold drink such as ice watermelon juice to help cool down and diuretic.

  (3) Oatmeal porridge: 30 grams of Ophiopogon, decoction and juice.

Use 100 grams of previous rice, add the right amount of winter wheat juice and rock sugar when cooking half-cooked.

  In this cloudy and sunny season, children are most likely to have a fever and a cold. Here are some special dietary methods that will help your child have a fever. You can choose according to the specific situation.

  (4) a lotus leaf porridge: a fresh lotus leaf, wash about 500 ml of soup, use the filtered lotus leaf water to add the previous 100 grams, the amount of white sugar to cook porridge, eat morning and evening.

Eating shiitake mushrooms can prevent colds

Eating shiitake mushrooms can prevent colds

Shiitake contains mushroom ribonucleic acid, which has a protective effect against cold viruses.

  Colds can occur all year round, especially the elderly, infants, and frail people who are more vulnerable to the cold.

There are many ways to prevent colds. Among them, drinking mushroom soup to prevent colds is a very convenient and acceptable method.

  Eating shiitake mushrooms regularly can promote metabolism, make people full of energy, and make them less prone to colds.

It is said that Bohemians living in the Czech Republic have natural immunity to colds, which is related to their frequent consumption of shiitake mushrooms in the mountains.

The reason why shiitake mushrooms can prevent colds is inseparable.

Through research, scientists have found that mushroom mushrooms contain mushroom ribonucleic acid, which can stimulate human reticular tissue cells and leukocytes to release interferon, and interferon can destroy the virus in the human body and strengthen the body’s resistance to influenza virus.

Lentinula purine in Lentinula edodes also has a substituted antiviral function.

In addition, scientists have also discovered that betel nut-shaped particles on the spores of shiitake mushrooms can stimulate the cold virus to form a thick wall. After this thick wall is formed, the cold virus is lost and makes peopleAbility to develop cold symptoms with other animals.

Therefore, in the cold-prone season and the flu epidemic, the intake of shiitake mushrooms should be appropriately increased, and those who are susceptible to colds should pay more attention.

  There are many ways to eat shiitake mushrooms. They can be eaten alone or with pork, chicken, duck, etc .; they can be cooked and roasted to make delicious alternatives, and they can also be cooked and cooked to make them delicious.soup.

The latest research from the United States points out that drinking chicken soup often can improve the body’s immune system, make cold viruses recover from the body as soon as possible, and help people drive away the flu.

  The specific method is: chop 1/2 chicken (about 500 grams) into pieces, scald and remove blood water, lift up and wash for later use;
15 shiitake mushrooms are softened, washed, drained and cut into half; put the washed chicken pieces in a saucepan, add an appropriate amount of water and seasoning such as onion, ginger, cooking wine, etc. Cover the pot and simmer for 40 minutesAfter a few minutes, add shiitake mushrooms and a moderate amount of salt, continue to simmer for 20 minutes, add MSG, and serve.

For patients with qi deficiency who suffers from repeated colds and sweating disorders, 10 jujubes will be added for soup.

  Shiitake contains potassium, and patients with hyperkalemia and those who are taking digitalis should eat less or not.

6 steps of maintenance Eat foot nutrition_1

6-step maintenance

Ordinary cleansing alone can’t get good skin condition.
Adjusting the skin balance and supplementing the skin’s lack of nutrition is the key.
.hzh {display: none; }  Step1 保湿化妆水  根据肌肤的状态选择基本洁面方案  洁面方法取决于肌肤的状态。Because of the strong secretion of oil in the T zone, it is important to require that the cleansing products are rich in foam and thoroughly washed when flushing; when the skin is red and swollen with acne, you should use a mild and irritating cleansing lotion; after being burned by sunlight,Attention is paid to the balance and restoration of skin protection.
  Step2 Wipe Wipe away the roughness and reproduce the smoothness. Wipe is a method used to level the surface skin and adjust the state of the stratum corneum.
Dip an appropriate amount of cleansing cotton in a cleansing cotton pad, and gently wipe every small part of the face to remove the secretions, so that the skin will return to its original luster.
It is very important to choose a lotion with good moisturizing effect, which not only moisturizes the horny skin, but also restores the normal operation of the protective layer function.
  Step3 Moisturizing supplements vitamin C, which can effectively fight against skin acidification and sebum a large supply of vitamin C, can also play a moisturizing role.
Vitamin C can effectively prevent the skin from aging due to the harsh environment, has high anti-acidification effect, also has ingredients close to oily skin, and has a whitening effect. It is an essential skin care product.
  Step4 Special pore care.
hzh {display: none; }  清理死皮后进行护理,效果倍增   当鼻子周围的毛孔变明显的时候,就一定要进行大扫除。Massage immediately after cleansing.
During the circular massage, dead skin cells are completely cleared from the pores.
In addition, use an appropriate amount of medicated lotion to cleanse the face with a cleansing cotton pad, then gently squeeze the pores and sebum on the nose.
This will get a good effect of pore convergence and firming.
It is easy to have a good and firm skincare effect after pores are soaked with vitamin C.
  Step5 Eye Care Double care to awaken the skin around the eyes 也许 You may have this feeling: I have been using an eye care product, but the annoying corner lines have become worse. What should I do?
You can try a double treatment for the eyes.
The basic method is to use the essence to moisturize the eyes, and then use eye cream products to care.
After persisting in this way, the eye wrinkles will be significantly improved.
  Step6 Sun care Time to absorb sunscreen to my skin Why did I apply sunscreen and also add sunscreen to my skin in time, but I still cannot escape the fate of being tanned?
That is because the sunscreen ingredients in sunscreen products must fully penetrate into the cuticle of the skin before they can exert long-term absorption and isolation effects, and it is relatively easy to lose the function of sunscreen, so 15-30 minutes before you go out or travelYou should apply your sunscreen products in advance. If you are worried about dry skin, you can also wait for the sunscreen to be absorbed by the skin and then add a layer of moisturizer to avoid the problem of dry skin.

4 new tips for sports men’s hair care

4 new tips for sports men’s hair care

The new microcapsule technology allows dandruff to be swept away. The new microcapsule technology allows dandruff to be swept away. There is such a name: one of every two men has dandruff destruction.

Once you stay up all night and don’t sleep well or are stressed, you will have dandruff and itchy scalp problems, especially when changing seasons, the situation of dandruff will become more serious.

And LAROCHE-POSAY launched “KERIUMDS Deep Purification Anti-shattering Shampoo” for people with dandruff smashing. The innovative scalp microcapsule technology root cleansing system can not only perform surface antidandruff, antibacterial, but also penetrate into the hair follicleDeeply, the cause of dandruff is eradicated; for severe dandruff, use twice a week to achieve the best anti-dandruff effect within four weeks.

At the same time, when using anti-fall shampoo, the shampoo should be left on the scalp for two to three minutes to fully allow the anti-debris contained in the shampoo to fully exert its effect. Rinse too quickly and cannot achieve the responseSome improvement purposes.

  Deep purification to help the scalp healthier Auxiliary tools Use a scalp massage brush to help massage the scalp. Use it with shampoo. Massage the scalp while washing and replace the blood circulation of the active scalp.
Especially for people who are prone to dandruff, using this massage shampoo brush to wash your hair can enhance the deep cleansing effect of shampoo, thereby helping to improve the problem of dandruff.

  Deep purification to help the scalp healthier Auxiliary tools Use a scalp massage brush to help massage the scalp. Use it with shampoo. Massage the scalp while washing and replace the blood circulation of the active scalp.
Especially for people who are prone to dandruff, using this massage shampoo brush to wash your hair can enhance the deep cleansing effect of shampoo, thereby helping to improve the problem of dandruff.
  BIOTHERMHOMME Biotherm Men’s Anti-Hair Loss Essence Reference Price: RMB 690 Specifications: 150ML BIOTHERMHOMME Biotherm Men’s New Anti-Hair Loss Essence, added a proprietary star ingredient PTP mineral soothing factor, strengthens the natural defense of the scalp, adjusts financial management,Balance the scalp environment, reduce the amount of cells that are beneficial to the scalp to the standard, provide a healthy hair growth environment, so that the scalp is no longer red and swollen, and itchy ulcers.

Is it healthy to comb your hair?


Master these 3 time points, you can keep health without spending money

Is it healthy to comb your hair?
Master these 3 time points, you can keep health without spending money

The correct hair comb has the function of evacuating the meridians, and can relieve the fatigue of the brain, can promote the speed of local blood circulation, has the function of nourishing the hair and the scalp, and at the same time has the effect of strengthening the brain and soothe the nerves, and can delay the speed of the human body aging.Improve the functioning of the brain, avoid the occurrence of Alzheimer’s disease, what are the benefits of correct hair combing?

These are actually the benefits of combing hair. The comb has the function of nourishing the hair, soothes the peripheral nerves of the scalp, improves the speed of local blood circulation, combs the hair, has the function of brain and soothe the nerves, stimulates the acupuncture points of the head, and can prevent brain damage.Efficacy, can reduce the incidence of Alzheimer’s disease, and also has the effect of calming the nerves, combing hair can return to sleep at night.

2, correct hair comb can relieve headache problems, can relieve mental stress, and is conducive to the health of the hair, can make the role of diastolic blood vessels, and relieve the tight nerves, there are many kinds of benefits for the human body, the correct hair comb has healthIt also has the effect of preventing disease.

3, correct hair combing is conducive to access to yang, has the effect of ventilating blood, and can delay the speed of human aging, has an auxiliary therapeutic effect on the disease, can reduce the incidence of hypertension and arteriosclerosis, can improve the problem of neurasthenia, adhere toCombs can stimulate the acupuncture points on the head, which is good for the body and can alleviate the faintness of the mind.

When is the best time for combing hair, 10 minutes after getting up, combing hair for 10 minutes after getting up in the morning has the effect of stimulating the scalp, can improve the effect of nourishing the scalp and hair, can effectively relieve hair loss and other problems, can relax the skin and make the headThe skin becomes very comfortable, and everyone should try to choose the right wooden comb to make the whole head smooth.

2, 10 minutes before going to bed, combing hair before going to bed has the effect of calming the nerves, combing hair before going to bed can alleviate the tension and depression, and can effectively improve the problem of insomnia and dreams, combing hair before going to bed can improve the quality of sleep, can make our body healthierIt can reduce the risk of people suffering from diseases and eliminate waste and toxins in the body.

3, ten minutes before eating, everyone should choose the best time to comb the hair, comb the hair to the body more benefits, comb before the meal can promote blood circulation, can make people in a balanced state, can avoid the blood circulation after eating faster, can reduce the headStimulation of blood vessels, correct hair combing has the effect of health care.

What are the benefits of correct hair combing?
Combs can prevent diseases and help treat diseases. It has the effect of ventilating blood, and has the function of nourishing hair and scalp. It can make hair healthier and relieve hair loss. It is calming hair for ten minutes before going to bed.Function can improve sleep quality.

Which kind of yoga is the most effective weight loss five moves to create a perfect body


Which kind of yoga is the most effective weight loss five moves to create a perfect body

Yoga is a common exercise method in life, and different yoga can help us shape, so how do these yoga shapes work well?

Here are some recommended yoga poses for you to create a perfect body for everyone to understand.

銆€銆€The crescent shape starts from the posture of the tree, the left foot takes a big step backwards, the heel is lifted, the legs are straightened, the right leg is bent, the front and rear legs are straight, the arms are lifted up, the hands are closed, and the wrists are pressed down.And the back, keep 5 breath times.

銆€銆€The tree poses with your feet together, starting in a mountain position, with your toes fully extended and using your front thigh muscles to drive the muscles near the knee joint.

Straighten your spine and lift your chest and back.

Put your hands together and make a prayer posture. The thumb is close to the body and the elbow bends close to the body.

Then lift your left foot and stick it tightly on your right leg (use your hand to help if necessary). Keep your balance. Keep your right leg in an upright position and stick to 5 breaths.

If your weight and softness are poor, you can put your left foot on the calf or foot joints. You seem to be like a tree, rooted on the earth, breathing deeply.

銆€銆€The shape of the T begins with a samurai-like posture, with the hand on the upper side, the upper body straight forward, the left foot raised, looking for balance, then the upper body is fully forward, lifting the left leg until the body and the left leg are parallel.

Fully bend your left leg from hip to toe.

Keep your chest straight and face facing the floor.

The body is stretched out on both sides of the body, with the palms facing inward, for 5 breaths.

If this action is too difficult for you, you can put your legs on a chair at the beginning.

銆€銆€The triangle starts from the posture of the mountain, the right foot is backwards 2 feet, the right foot is turned 90 degrees to the outside of the leg, the left foot is forward, the leg is centered, forward and forward, the right heel and the left instep are in a straight line.

The arm is raised and the palm is down.

Straighten the legs (if you can’t do it, the implant can bend 90 degrees), the torso and arms are stretched and inhaled.

Place your other hand on the bone, foot joint or floor and stick the left and right arms in a straight line.

Look up and keep 5 breaths.

Return to the original position and start the other side.

銆€銆€The samurai shape begins with the crescent moon, flattens the left foot, turns the toes 30 degrees, the legs are still straight, and the ends turn 90 degrees.

Keep a line between the right heel and the left instep, keep it at 90 degrees, step on it, relax on the body and step on it, center it, stretch flat, shoulder height, palm down.

Stretch your fingertips as if you are going to touch the wall.

Focus on the middle finger of the right hand and keep 5 breaths.