Oupai Home (603833) Interim Review: Orderly Assembly Business Promotes Steady Growth in Revenue

Oupai Home (603833) Interim Review: Orderly Assembly Business Promotes Steady Growth in Revenue

In the first half of 2019, net profit attributable to mothers increased by 15 per year.

04% In the first half of 2019, Europa Homes achieved revenue of 55.

10 ppm, an increase of 13 in ten years.

72%; net profit attributable to mother 6.

33 ppm, an increase of 15 in ten years.

04%, in line with our democratic expectations;

95 ppm, an increase of 15 in ten years.


19Q2 single quarter revenue increased by 12 in ten years.

51% to 33.

7.0 billion, the net profit attributable to mothers increased in ten years.

48% to 5.

4.1 billion.

We expect the company’s EPS to be 4 in 2019-2021.

49, 5.

36, 6.

30 yuan, maintaining the “overweight” level.

Cabinet revenue increased slightly. Looking at the rapid growth of new categories of bathroom and wooden doors, the growth rate of cabinets was slightly inclined due to the decline in the real estate boom and the shift in traditional retail passenger flow. Cabinet revenue in 19H1 increased and increased by 3.

4% to 26.

At present, the company uses the 15800 package as a drainage tool and exerts its power in all channels. At the same time, it has piloted the distribution model in the first half of the year to further increase service coverage density and support the development of cabinet business.

In terms of wardrobes, along the main line of “receiving multiple orders and doing single value”, the company’s new product packages effectively boosted order growth, and the 19H1 wardrobe revenue growth increased by 21% to 20.

0 million.

In addition, in the first half of the year, bathroom / wooden doors achieved high growth rates at a low base, with 19H1 growing 43% / 41% to 2 each year.



The increase in the gross profit margin of the wardrobe led to the increase in the overall gross profit margin, and the increase in the expense ratio during the period increased slightly by 19H1. The overall gross profit margin increased by 0.

4 points to 37.

6%, mainly due to the increase in the gross profit margin of the wardrobe.

During the first half of the year, the company’s expense ratio increased by 0.

40pct to 23.

95%, of which the sales expense ratio decreases by 0 every year.

46pct to 11.

19%, which is the decrease of the company’s advertising and 都市夜网 exhibition expenses, business office expenses, lease decoration costs, etc .; the management + research and development expense rate increases by 0 every year.

68pct to 12.

63%, mainly due to the increase in employee compensation and depreciation booth costs; financial expenses increased by zero.

18pct to 0.

14% was due to the discount of the company’s bill business.

In addition, the company’s net operating cash flow in 19H1 increased by 86 year-on-year.57% to 10.

1.5 billion US dollars, mainly due to the company’s sales of goods and services provided by the increase in cash flow and pay fees and taxes decreased.

Following the trend and accelerating the progress of the channel, the assembly and engineering business quickly promoted the steady development of the retail channel until the end of the first half of 2019./ 深圳桑拿网 47 to 2330/2240/877/589/982, the retail channel revenue increases 9% to 43 each year.

500 million.

In fact, the company focuses on channel changes in the context of decentralized traffic. In terms of engineering business, it has established strategic partnerships with 47 domestic top 100 real estate developers to give full play to the advantages of the “group + service provider” model and improve the company’s position in the engineering channelIn 19H1, the revenue of the bulk business increased by 54% to 9 per year.

300 million; the assembly business developed smoothly in the first half of the year, ending the end of June, the number of large-scale home furnishing stores increased to 210, with 43 major customers.

The endogenous advantage is significant. Maintaining the “overweight” rating takes into account the downturn in the real estate industry and lowers its profit forecast. We expect 2019?
In 2021, the company’s net profit attributable to the parent is 18.

9, 22.

5, 26.

500 million (previous value was 19.

2, 22.

5, 26.

0 million), the corresponding EPS is 4.

49, 5.

36, 6.

30 yuan.

With reference to the comparable company’s PE of about 18 times in 2019, taking into account the company’s channel, category and other significant advantages, the assembly business is rapidly advancing.
28 times target price-earnings ratio, corresponding to a target price of 121.

twenty three?

72 yuan to maintain the “overweight” level.

Risk warning: Real estate sales have fallen sharply, assembly business has not advanced as expected, and channel expansion has fallen short of expectations.

Vanke A (000002): February sales growth to increase land acquisition efforts below 18-year level

Vanke A (000002): February sales growth to increase land acquisition efforts below 18-year level

Event: On the evening of March 4, the company announced the sales data for February 19, and the company achieved a contracted sales area of 246 in February.

70,000 cubic meters, an increase of 2 in ten years.

71%, the contracted sales amount is 431.

90 ppm, an increase of 21 in ten years.

32%; The company gradually realized a sales area of 564 from January to February.

40,000 countries, a decline of 17 per year.

56%, the cumulative contracted sales amount was 920.

700 million, down 11 every year.


Sales growth increased by 49.

42%: In February 19, the company achieved a contracted sales area of 246.

70,000 countries, with an annual increase of 2.

71%, an increase of 31 in the previous month.

22pct; realized contract sales amount of 431.

90 ppm, an increase of 21 in ten years.

32%, an increase of 49 in January.

42%; February ‘s sales growth rate in January significantly rebounded mainly due to: 1) January 18 has a high base, which caused the sales in January 19 to exceed the monthly sales amount in February, but the growth rateFar less than February; 2) The average monthly sales price in February 19 increased by 2121 compared with January.

51 yuan / square meter with a range of 13.

79%, an increase of 2686 over the same period in 18 years.

11 yuan / square meter, the range is 18.


From January to February 19, the company gradually realized a sales area of 564.

40,000 countries, a decline of 17 per year.

56% (previous value -28.

51%), an increase of 10.

95pct; cumulative contract sales amount of 920.

700 million, down 11 every year.

11% (previous value -28.

10%), an increase of 16.

98pct; the average selling price is 16312.

9 yuan / square meter, an increase of 7 in ten years.

82% (previous value +0.

58pct), an increase of 7 in January.

24pct; the average selling price gradually increased by 18 years and the cumulative average selling price increased by about 1280.

95 yuan / square meter, which is 1194 narrower than the average sales price for the month.

2 yuan / square meter.
Equity land / budget 30.

96%, floor price / average sales price 42.
88%: The company added nine new land projects in February 19, of which three were logistics real estate projects and six were supplementary land projects; the total number of logistics real estate projects increased by 29.

430,000 countries, 24 buildings with equity.

550,000 countries (new logistics projects are in Ningbo.

Wuhan, Jinan).

Among the newly added land projects, the net land profit was 88.

600,000 countries, with a built-up area of 184.

300,000 countries, down 53 from the same period last year.

73%, a decrease of 59.

74%, equity construction area is 162.

In the country of 900,000, the ratio of equity building area / capacity building area reached 88.

39% (previous value: 74.

35%), equity acquisition amount / total price is 96.

64% (previous value: 58.

28%), which is higher than 78 of the progressive equity acquisition / cumulative total price.

47%; projects with 50% or more equity (including 50%): projects with 50% or less equity are 5: 1; projects with 100% equity: non-100% equity projects are 3: 3.

The total land price increased by 138 in February.

3.7 billion, an annual decline of 25.

21%; new equity land price 133.

72 ppm, an increase of 13 per year.

02%; of which, the equity acquisition / initial ratio in February was 30.

96% (previous value: 14).

85%), which is higher than the average land holding intensity of 22 months.


Looking at the average land price, the floor price of newly added land in February was 7507.

60 yuan / square meter (previously +85.

77%), the equity floor price is 8208.

72 yuan / square meter (previously +91.

55%); floor price / average sales price is 42.

88% (previous value was 29.

54%), cost controllable and high margin 上海夜网论坛 of safety.

Investment suggestion: We are optimistic about the prospect of the company’s diversified business development strategy called “track + property”, logistics real estate, long-term rental apartments and property services; optimistic about the company’s advantages under the background of continuous industry concentration.

We expect the 18-year performance to continue to grow steadily; the company’s EPS is expected to be 3 in 18-20.

13, 3.


03, maintain “Buy-A” rating, 6-month target price of 38.

5 yuan.

Risk reminder: the real estate market is less than expected, policy factors, the company’s operation is not up to expectations

Wash your hair and wash your ears with cotton balls

Wash your hair and wash your ears with cotton balls

Rubbing your ears, health care all over the small ears, there are 120 acupuncture points, you must be very surprised.

What is even more incredible is that these acupoints are connected to the meridians of the whole body, so they have a considerable relationship with the health of the internal organs.

When a local abnormality occurs in the body, the corresponding acupuncture points of the ear acupuncture may cause pain or lumps.

  If the magnetic field is disposed in a timely manner, the abnormal phenomenon can be eliminated, and the condition of the body can naturally be improved.

The ear acupuncture therapy in ancient medicine is to apply this principle.

In the life of today’s starting point, many people ignore this important place.

It takes only a small amount of time to go to the sputum every day, so that all the acupuncture points on the ear can be alive and well, which is of great help to health.

  Ear protection tips 1.

Avoid places that are too noisy, such as karaoke bars and discos.


To work in a noisy environment, wear appropriate ear protectors and earplugs.


Inflammation of the ear or tinnitus, see a doctor immediately.


Do not adjust the volume too loudly when listening to CD, MD or MP3 with headphones.


Earwax is a natural secretion that protects the external auditory canal. It does not require special cleaning. Just clean the auricle every day.

Don’t think that cotton swabs are a better ear cleaning tool. In fact, this will only push most of the ear scales deeper into the ear holes, forming a caulking, and the cotton balls may remain in the ear canal.


When washing your hair or bathing, you can use cotton balls to stop the ear and prevent sewage from flowing into the ear canal.

TCM teaches you to sleep well

TCM teaches you to sleep well

Nowadays, people’s night life is getting richer and rich, staying up late seems to be just a “fashion”, but this unhealthy lifestyle brings great hidden dangers to health.

Often stay up late, symptoms such as Yin deficiency, fire, and prosperity can easily become entangled in you.

Coupled with the dry weather in winter, people like to eat some hot foods that resist the cold, which is more likely to aggravate the symptoms of “getting angry”.

At this point, you may wish to try traditional Chinese medicine, which is very helpful for relieving symptoms.

  Failure to sleep properly was caused by the “virtual fire” TCM believes that staying up late will cause Yin Huo Wang, so Chinese medicine says that Yin Huo Wang is prone to “night owls” and the elderly who often stay up late.

Patients with insomnia due to yin deficiency and fire type, in addition to having difficulty falling asleep after going to bed, waking up early or intermittently, or having many dreams and miserable dreams, like sleeping instead of sleeping, or having trouble sleeping overnight, often have both upset and palpitations, Fever in hands, feet, heart, night sweats, thirst, dry throat, tongue erosion, red tongue, less moss, pulse count and other commonly known symptoms of anger.

The “fire” that causes trouble is not the “real fire” that can be solved by simply drinking herbal tea to clear the heat, but the “virtual fire” that Chinese medicine calls.

  The viscera affected by insomnia of yin deficiency and fire type is mainly heart and kidney.

The theory of five elements of Chinese medicine believes that the heart belongs to fire and the kidneys belong to water. Water can make fire. Under physiological conditions, the kidneys relieve the heart fire, so that the heart fire will not be too strong and disturb the mind.

Often stay up late, intercourse too much, aging kidney aging gradually, and so on, the kidney water is not enough to suppress the fire, the heart fire will be hyperactive, disturbing the mind, kidney yin deficiency and heart fire, yin and yang disharmony, and insomnia.

It can be seen that the overall pathological mechanism of this type of insomnia is insufficient yin and more than yang.

  Traditional Chinese medicine treats insomnia safely and effectively. Insomnia is a chronic disease. Traditional Chinese medicine and acupuncture have characteristics that are not found in sleeping pills, neither addictive nor complication.

Patients with insomnia that meet the type of yin deficiency and fire, can try traditional Chinese medical treatment.

  The first treatment: do not stay up late to eat light Yin Yin Huo-wang type insomnia is closely related to staying up late, diet and so on.

Chinese medicine believes that the child hour (between 23 o’clock and 1 o’clock on the next day) is the time of the yin and yang transfer of the human body. If the child does not sleep after the child hour, it is easy to damage Yin and consume it.

In addition, the southern climate is hot and humid, eating spicy food, smoking, drinking and other bad living habits, which can easily lead to leakage of body fluids and endogenous fire. Therefore, the most effective way to avoid insomnia due to yin deficiency and fire, is to regularly live and develop regularly.Habits of falling asleep and getting up regularly.

Also change bad eating habits, eat as light a diet as possible, and less alcohol and tobacco.

  Insomnia patients with yin deficiency and fire type should take Shengjin Yangyin, foods to reduce fire, such as Tremella, Ganoderma, Lily, Lily, Lily, Lotus Seed, Jujube Kernel, Yellow Fish, etc.

Here are some dietary prescriptions: jujube rehmannia porridge: 20 grams of jujube kernel, 15 grams of raw rehmannia, 100 grams of rice.

Cooking porridge has the function of nourishing Yin and soothe the nerves.

  Longan and red date porridge: 15g of longan meat and 5?
10 pieces, 100 grams of rice.

Cooking porridge has the function of nourishing blood and soothe the nerves.

  Baiziren porridge: Baiziren 10?
15 grams, the right amount of honey, the previous rice 50?
100 g.

Congee and edible, have the function of nourishing the heart and soothe the nerves, suitable for palpitations, insomnia and forgetful people.

  Salt lotus seed heart tea: Fry 30 capsules of lotus seed heart with water, add salt, and take it every night before going to bed.

Have clear heart to heat, improve the effect of sleep.

  Therapy 2: Stimulate auricular points, acupoints of acupoints and acupuncture pills: Shenmen.

Material: hard round particles with smooth surface (multi-purpose Wang Buliuzi, available in drug stores), adhesive tape (cut to 0.

6 cm x 0.

6 cm in size, spare).

  Method: First put Wang Buliuzi in the center of the cut tape, disinfect or scrub the auricle with 75% ethanol cotton swab, and then align the tape with the acupoints, and apply a little pressure when pressing the ears.

Each press can be placed on the ear point for 3?
5 days, during the sticking period, you need to stay for 2 days a day by yourself?
3 times.

  Foot massage therapy Half an hour before bedtime every day, walking barefoot on a cobbled pavement (also available as an alternative plastic health road) for about 5?10 minutes.

  Treatment III: If insomnia symptoms occur with both acupuncture and medicine, if the symptoms are not relieved after the above treatment for more than two weeks, and there are symptoms such as dizziness, pain, palpitation, upset, etc. that affect daytime work, study and social activities, then take medicineTreated.

The measures taken by Chinese medicine are: nourishing yin and lowering fire, and calming down.

The traditional Chinese medicine recipe uses Huanglian Ejiao Decoction, which mainly consists of Coptis chinensis, Cotinus coggygria, Paeonia lactiflora, Ejiao, and Jizihuang.

Fang Zhong Huanglian, Huang Zhi lowers the fire, Bai Zhi, Ejiao, chicken Huang Ziyin, together promote the effect of Qingxin Anshen.

The acupuncture points are mainly selected from the heart meridian and kidney meridian points, such as Shenmen, Neiguan, Zhaohai, and Daling.
The insomnia treatment described earlier can still be used in combination as an adjuvant treatment.

  250 grams of supplemental prescription jujube kernels suitable for those with yin deficiency and fire, and exposed to the sun for 1 hour at noon. After a little frying, grind it into powder with a pulverizer (or household soybean milk grinder) and store it in a bottle.

Take one tablespoon every night before going to bed, add an appropriate amount of honey, rinse with hot water, and take it after stirring to improve sleep.

  50 grams of lotus seeds, add two bowls of water, cook for about half an hour, then take an egg, remove the egg whites, place the yolks in the bowl, pour the hot lotus seed soup, stir well, add the sugar, and eat once a night.

This soup refreshes your mind and improves sleep.

Refreshing and spotless. These daily tricks you mastered? _1

Refreshing and spotless. Have you mastered these daily tricks?

Guide: exposure to the sun, staying up late, irregular diet, work pressure, improper use of cosmetics . these are all likely to cause all kinds of annoying spots to appear!

The weather is hot, and the wicked spots are more easily incorporated into this hot sunshine, which is annoying for those who want to show sexy curves and perfect skin in summer.

If you want to be fresh and spotless, follow the skincare experts to learn about the daily methods and latest technologies to eliminate spots.

  Sunburn Exposure After exposure to the sun, the skin may develop erythema, pimples, swelling and other symptoms, especially the exposed parts of the outside of the forearm, the back of the hand, the front of the calf and the face.

  Elimination strategy: sunlight is naturally the number one driver of spots, so if you want to have white skin, you must always pay attention to sun protection. Do not think that you only need sun protection in summer. Sun protection is a compulsory course for spot removal all year round.

Choosing the right sunscreen may create the first line of defense for your baby’s skin structure, which can effectively inhibit the precipitation of pigments and the formation of stains.

  Every 3?
Apply sunscreen once every 4 hours; you can also apply sunscreen foundation or dry powder; if you are often in the storm, you need to use SPF30, PA +++ sunscreen, and every 3?
Make up every 4 hours.

In addition, sun protection tools such as sun hats, sunglasses, umbrellas, etc. will also help you to effectively prevent sun spots.

  Chloasma, commonly known as butterfly spot.

There are many reasons for its formation, most of which are related to endocrine, especially estrogen levels, irregular menstruation, pregnancy, taking contraceptives or poor liver function, and chronic kidney disease can easily lead to melasma, sun exposure and stressWill greatly aggravate the appearance of melasma.

  Elimination strategy: internal regulation and external nutrition is the most effective method to combat melasma. Internally, it can be adjusted by traditional Chinese medicine and traditional Chinese medicine, and the circulation can be improved by removing stasis and clearing collaterals, thereby adjusting endocrine, eliminating internal siltation, and restoring the human body to a good physiological state; And external breeding can use some whitening products; if the chloasma is severe, you can go to a reputable laser beauty center to seek medical whitening treatment.

  In fact, preventing the occurrence of melasma is a daily care problem. We must develop good living habits, maintain an optimistic mood, stay up late, reduce stress, eat scientifically, and eat more fresh fruits and vegetables; we should also pay attention to weather changesProperly protect your body, drink plenty of water, and take physical sun protection, so that your skin can return to white and moist.

  Freckles The formation of freckles is mainly caused by the excessive production of melanin by the melanocytes in the basal layer of the skin. Its formation is related to heredity, physique, hormone secretion and diet.

If there are too many freckles and the color is getting darker, it may seriously damage the beauty of the appearance.

  Elimination strategy: Freckles are usually located on the epidermis, so some tips for external use are very effective in improving the appearance of freckles.

Eat a slice of vitamin C and vitamin E every day. After a period of time, the small spots are not so obvious; tomatoes are rich in glutathione, which can inhibit melanin and help reduce pigmentation orDisappear; lemon juice also has a magical effect on freckles. Stir the lemon juice and add the right amount of sugar water to exchange it. It can not only whiten the skin, but also precipitate melanin to achieve the effect of removing freckles.

In addition, the use of some more effective whitening essence products, such as light spot serum and mask, can also effectively eliminate freckles.

At the same time, sun protection needs to be strengthened so as to maintain the results of freckle removal.

  Experts remind vigilance of fast-acting whitening freckle area. At present, there are many beauty salons under the banner of fast-acting freckle, claiming to make the skin whitening instantly, and the spots disappear.

In fact, it is very likely that the product claimed to be able to instantly whiten and freckle contains bleaching powder, which can bleach the skin in a short period of time, making the complexion look much whiter, but temporarily suppressing the appearance of dark spots on the surface.

  Forcible and quick freckle removal is usually the removal of the outer protective film of the epidermis, that is, the skin’s natural protective coat is peeled off, and the red blood cells of the skin cells have also been damaged by bleaching, resulting in reduced metabolism, melanin deposition, thinning of the stratum corneum, and skin conditionIt gets worse. If you encounter ultraviolet radiation again, you will also have allergic, redness and other cosmetic problems, resulting in fragile and sensitive skin.

  The correct freckle attitude should be carefully maintained in order to obtain whitening effects, but there must be a gradual process, because skin cells are metabolized layer by layer and need to be consumed.

  Whitening and freckle I recommend: old Chinese medicine almond barley whitening paste honey gold whitening and freckle skin care beauty link: http: // www.


com / products / detail / 51

8 points of newborn health care

8 points of newborn health care

The fetus is medically referred to as the neonatal period from the day of its birth to 28 days after birth.

This is the first stage of a child’s independent life. The body changes a lot, so health care is very important.

  Newborn care points: 1. The umbilical cord of the baby is usually replaced after 1-7 days.

Before the umbilical cord is not replaced, pay attention to check whether the gauze covering the umbilical cord has bleeding.

After bleeding from the umbilical cord, if there is blood or human pus in the umbilical foramen, exudate can be coated with 75% alcohol, keep it dry, and then go to the hospital for treatment.

  2. Insulation Because the baby’s function of regulating body temperature is poor, and it is susceptible to cold-induced pneumonia, colds and other diseases, it is necessary to maintain an ideal room.

Generally 20-24 months is appropriate.

The lower the weight of premature babies, the more you need to keep warm.

You can use a hot water bottle, if available, you can use air conditioning equipment for heating.

  3, oral hygiene Baby’s oral mucosa is soft, rich in blood vessels and relatively dry.

Yellow and white dots are often seen on both sides of the midline of the epicondyle and on the gingival incision edge, which is caused by the accumulation of epithelial cells or retention and swelling of the mucous glands.

This little point is called epithelial beads, also called horse teeth. Don’t pick it. The lighter one can cause local ulcers and the severer one can cause sepsis.

  4, respiratory care baby’s breathing characteristics are shallow and pleasant, different rhythms, so you must keep your baby’s airway open.

If there is mucus in the nasal cavity, wipe it off with sterile cotton.

When you have a cold, it often causes severe nasal congestion, which affects breastfeeding. Use 0 before breastfeeding.

5% ephedrine solution, one drop at a time, re-use adult nasal drops to avoid poisoning.

  5, skin care fetal fat has the effect of protecting the skin, can be gradually absorbed within a few hours after birth, do not wash.

Baby’s skin is soft and easy to abrasion and cause infections, especially under the neck, under the arms, thigh roots and tibia, should be washed every day to prevent infection.

  6, bathing baby’s metabolism is strong, often bathing to clean the skin and improve blood circulation.

Wash your face and face with plasma, then wash your whole body.

Pay attention to the cleanliness of the wrinkles behind the ears, neck, armpits, elbows, and groin.

The baby’s vulva is rinsed from front to back to prevent feces around the anus from contaminating the vagina and urethra.

After taking a bath, dry your body with a dry towel and puff baby powder on the skin wrinkles.

  7. During the sleeping baby period, except for feeding and washing, almost all of them are sleeping. Avoid direct light irritation during sleep.

Sleep posture has a great relationship with the baby’s health and body development.

Studies have shown that babies who have been in a supine position for a long time, when they grow up, are mostly in shape and shape, and their faces are beautiful.

  8. Use medicinal drugs with caution.

To treat the disease under the guidance of a doctor, do not give your baby random medicine.

Eat more eggs and other foods after strength training

Eat more eggs and other foods after strength training

While exercising muscles through strength training, bodybuilders should eat high-protein foods such as eggs and fish to promote muscle growth.

This is Wei Bin, a senior coach at a Beijing fitness club, admonishing strength-training bodybuilders.

  Protein is an important “building material” of the human body and the main component of muscles, and its synthesis speed determines the speed of muscle growth.

  Muscle growth requires a positive nitrogen balance, and to achieve a positive nitrogen balance, the body needs sufficient protein.

The more muscle you grow, the more protein you need.

Therefore, strength trainers should add 2-3 grams of protein per kilogram of muscle.

  Coach Wei said that general food or meals can provide enough protein, but strength trainers should add complete protein.

The best protein source is egg white.