Hualu Hengsheng (600426): The second series of value analysis of chemical industry leaders

Hualu Hengsheng (600426): The second series of value analysis of chemical industry leaders

The company is a leading company in coal and coal chemical industry. In the past 10 years, the average profit rate of the industry is close to zero, and the compound growth rate of profit is still more than 20%. The reason lies in the cost-leading strategy rooted in technological and management advantages.

In the future, we judge that not only the company’s cost advantage supplement will continue to be strengthened, but the replacement of projects such as caprolactam and glucose will open up new growth space for the company, and it is expected to create another Hualu, as follows: Core point cost advantage measurement: Hualu is a leading company in carbon dioxide technologyIn addition to the cost advantage of traditional coal water slurry technology, the company’s latest three-atmosphericization platform exchange scale and efficiency advantages, and the ability to flexibly adjust the structure of the end product is more difficult to replicate.

At the same time, the company’s equipment investment intensity, number of workers and period expense rate are also at the lowest level in the industry, and the cost advantage of the integration of the park is also very significant.

Based on the above advantages, we estimate that the cost advantage of the company’s existing production capacity over its peers is about $ 1.8 billion.

Prospects for future growth: Hualu Development’s past development model is 南京夜网 to continuously realize the upstream and upstream gas production capacity by extending the downstream industrial chain.

In the future, the caprolactam project will be gradually put into production, and the company is expected to achieve capacity expansion without excessive consumption of synthesis gas.

According to our calculations, the cost advantage per ton is more than 2,000 yuan. Assuming that the forward million metric tons capacity is measured, the added profit scale is 2 billion yuan.

Price elasticity is huge: Judging from the price difference, most of Hualu’s products have approached or even exceeded the historical average. Not only will there be little room for future reduction, but it may also be improved through the replacement of the overall coal chemical production capacity.

Especially for the coaxial cable in the whole industry, the company’s cost 合肥夜网 is not only the lowest among coal heads, but the benchmark oil head cost advantage is above 1,000 yuan / ton, which makes the industry return to normal and has great potential upward flexibility.

Financial Forecast and Investment Suggestions We predict that the first EPS of Hualu Hengsheng will be 1 in 19-21.


58 and 1.

70 yuan, according to the company’s 12-year 19 times price-earnings ratio, the first time the target price of 17 is covered.

04 yuan and buy level.

Risks indicate fluctuations in prices of products and raw materials; progress of new projects is not up to expectations.

PetroChina (601857): Performance Upstream Focuses on H2 Capital Expenditure Completion

PetroChina (601857): Performance Upstream Focuses on H2 Capital Expenditure Completion

Event: The company released its semi-annual report for 2019 and achieved a total operating income of 11962 in 19H1.

5.9 billion (+6 year-on-year.

8%), achieving net profit attributable to mother 284.

2.3 billion (+3 year-on-year.

6%) and realized operating net cash flow of 1344.

250,000 yuan (YOY-9.

1%), in line with market expectations.

  Profits from exploration and production have greatly increased, and the performance of refining and chemicals has fallen sharply. From the perspective of plate operations in the first half of 2019, exploration and production have achieved both volume and price increases-domestic crude oil achieved 369.

8 million barrels, an increase of 1 in ten years.

6%, natural gas production 1825.

1bcf (billion cubic feet), surpassing the added value of 10.

7%, the total oil and gas production equivalent of 19H1 Group is 779.

4 million barrels, which will increase by 5.

9%; the average realized price of crude oil / natural gas is 3170 yuan / ton and 1391 yuan / thousand cubic meters, each time +5.

8 / -1.


The operating profit of the exploration and production segment in 19H1 was 536.

28 trillion, a big increase of 79 in ten years.

4%; Affected by the increase in crude oil prices and the general decline in the prices of refining and chemical products, the domestic refining gross margin has narrowed significantly, and the company’s refining and chemical business performance has also been severely challenged: the company’s operating profit in 19H1 was 49.

67 trillion, 18H1 (246.

91 percent of $ 79 billion.

88%; of which refining / chemical is 13 respectively.


900,000 yuan, a total of 92 in ten years.



  The estimated value added of the capital expenditure of the H2 exploration and production segment is USD 60 billion, and the exploration and development is USD 228.2 billion, which is the absolute largest proportion of capital expenditures. The capital expenditure of the Group’s exploration and production segment in the first half of 2019 was RMB693.

US $ 8.3 billion, mainly for domestic exploration of key basins in Songliao, Ordos, Tarim, Sichuan, Bohai Bay, and the development of oil and gas fields 杭州桑拿 in Daqing and Changqing; the completion rate in the first half of the year was 30.

40% is expected to accelerate in the second half of the year.

It is expected that the company’s performance will be further concentrated in the future, and the overall performance and the correlation of oil prices will be broken down.

  Profit forecast: The net profit attributable to mothers is expected to be 578 in 2019-2021.



62 ppm, corresponding to 19/19/18 times the corresponding PE, maintaining the “overweight” level.

  Risk reminder: Macroeconomic downside risks, capital expenditures for exploration and production are less than expected.

Conch Cement (600585) Quarterly Report Comments: Q3 Off-season Sales Exceed Expected Growth

Conch Cement (600585) Quarterly Report Comments: Q3 Off-season Sales Exceed Expected Growth

The off-season performance was slightly better than expected. In the peak season of Q4, companies with good supply and demand gradually realized revenue of 1108 trillion from January to September, an increase of 42% year-on-year. Net profit attributable to mothers was 23.8 billion yuan, an increase of 15% year-on-year, slightly better than the market and our expectationsBillion); net profit of RMB 23.2 billion deducted from non-attributed mothers, a year-on-year increase of 14%.

The company ‘s Q3 revenue and return to net profit increased earlier than Q2 in the short-term, due to the slight decline in prices during the off-season, but the sales growth rate of Q3 was better than 南京夜网 expected. Land demand in Q4 is expected to remain unchanged. Infrastructure investment continues to recover moderately., Yunnan, Jiangxi and other provinces have recently resumed strong demand. They continue to be optimistic about the company’s gradual operating growth and asset quality optimization, and maintain the company’s EPS 6 in 19-21.



48 yuan forecast, maintain “Buy” rating.

In Q3, the off-season sales growth exceeded expectations. The average price dropped slightly in the previous quarter. In 19Q3, the company realized revenue of 39.1 billion yuan, a year-on-year increase of 22%. It realized a net profit attributable to its mother of 8.6 billion yuan, a year-on-year increase of + 10%.12% increased, but still maintained rapid double-digit growth.

We estimate that the company produced and sold cement clinker in the first three quarters2.

300 million tons, an increase of 8% year-on-year, of which 8,600 vehicles were sold in the third quarter, an increase of 12% year-on-year.

The average price from January to September without tax is about 325 yuan, which is 8 yuan lower than that of 19H1. The average price in the off-season in Q3 was 311 yuan, a decrease of 10 yuan.

The contribution of trade income continued to increase, and asset quality was re-optimized. We estimated the company’s cement clinker trade sales volume from January to September was 0.

8.4 billion tons, an increase of 261% before. Due to the increase in the proportion of low-margin trading business, the company’s comprehensive gross profit margin was 32.

4%, a decline of 9 per year.

0pct, a decrease of 11 from 19H1.

8pct narrows.

Expense rate during period 5.

0%, down by 1 every year.

7pct, the three expense ratios (including research and development) have achieved small declines for many years.

The company’s net operating cash inflow from January to September was US $ 26 billion. At the end of September, the company had 445 trillion cash in hand, continuing its net cash position, and a gearing ratio of 20.

5%, up slightly by the end of June 19, 1.

5pct, asset quality maintains industry-leading advantages.

The investment side showed a reasonable growth, Q4 outlook is optimistic According to the National Bureau of Statistics, real estate investment YoY + 10 from January to September this year.

5%, unchanged from the previous value; infrastructure investment YoY + 4.

5%, better than the previous value of 4.

2%, downstream investment showed a strong.

Since this year, the market has expressed a decrease in demand for real estate, but the national cement output from January to September16.

900 million tons, a year-on-year increase of +6.

9%, actual demand is better than expected.

Among them, Guizhou, Yunnan, and Jiangxi crops continued to grow at -2.

1%, 9.

2%, 3.

0%, which is better than the growth rate of -3 in the first six months.

5%, 8.

2%, 0.

7%, which is in line with the expectations of our Interim Report. In the second half of the year, the supply and demand in the mid-western region will usher in improvement.

We expect the counter-cyclical adjustment is expected to increase in the context of continued downward economic pressure, and the outlook for Q4 cement downstream demand is optimistic.

Cement value leader, maintain “Buy” rating company Q3 income and net profit return to double-digit rapid growth, we expect Q4 downstream land demand will remain strong, infrastructure investment continues a moderate recovery, and Northeast and Jiangsu due to overloadAccidents and highways have exceeded expectations. The progress of clinker transportation across regions is expected to decline, and regional prices are expected to be strong.

We maintain the company’s net profit forecast of US $ 322/332/344 million attributable to the parent for the period of 19-21, taking into account the company’s leading position and a more stable dividend yield of 5% -5%, maintaining the company’s target price of 42.
59 yuan (corresponding to 7-8xPE in 19 years), maintain “Buy” rating.

Risk reminder: The real estate new construction starts to speed up the shift significantly, and the implementation of staggered 厦门夜网 peak production is not up to expectations.

Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic High-Performance Computer Leaders High Input and Power Upstream Core Technology

Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic 杭州桑拿 High-Performance Computer Leaders High Input and Power Upstream Core Technology

Event: The company released its semi-annual report for 2019. In the first half of 2019, the company achieved operating income of 46.

07 million yuan, an increase of 35 in ten years.

28%; realize net profit attributable to shareholders of listed companies.

30,000 yuan, an increase of 39 in ten years.


Key points of investment: Leading domestic high-performance computer, high-input and high-efficiency upstream core technology. The main business of the company continued to grow steadily, with good cost control during the period.

In the first half of 2019, the company’s operating income increased by 35 compared with the same period last year.

28%, net profit attributable to shareholders of listed companies increased by 39.

14%, the company’s main business as a whole maintained sustained and steady growth.

The main subject company whose revenue growth was improved in the earlier quarter was replaced by the US Commerce Department with a “Entity List” in June 2019, which resulted from the company’s reduction in the sales scale of general products.

We believe that through the company’s search for alternative parts, adjusting production plans, concentrating resources, sorting out its main business, further expanding R & D investment and complementing technical shortcomings.

In the first half of 2019, the company accrued selling expenses1.

89 ppm, an increase of 15 in ten years.

17%; administrative expenses 1.

10,000 yuan, an increase of 30 in ten years.

40%; financial expenses 0.

8.4 billion, an increase of 40 in ten years.

73% was mainly due to the increase in financial expenses accrued from convertible corporate bonds.

On the whole, the company’s expenses exceeded the increase in revenue on average, and the expenses were well controlled.

R & D has grown significantly, creating conditions for the industrialization of core technologies.

In the first half of 2019, the company’s R & D expenses were 2.

68 ppm, an increase of 62 over the same period last year.

29%, the company newly obtained 37 patents, including 25 invention patents.

1) High-end computer.

Mass production of high-density and energy-efficient new silicon cube series high-performance computers using immersion liquid phase-change cooling technology was completed, and research and development of 200Gbps high-speed interconnect modules was completed.The budget has won the world’s first six categories of performance testing; the company launched edge computing servers for edge computer rooms and operator applications that meet the OTII standard in the field of edge computing.

2) Storage.

The company released the distributed block storage software XStor, which has good market prospects in the government, education, and enterprise fields; the NAS storage products developed by itself have successfully won the “Agricultural Bank of China 2019-2020 Storage Equipment Procurement Project”, and the storage products are used in financeThe industry made a breakthrough.

3) Cloud computing.

The company actively promotes the construction and promotion of the Encore cloud platform to form a secure and reliable cloud platform architecture system; actively participates in the trusted cloud, ITSS cloud service capability assessment, and other guarantees2.

Formulation and evaluation of related standards such as 0; build urban cloud brains based on urban cloud computing big data centers, and build a smart city application ecology centered on big data of government affairs.

4) Network security.

In the field of network traffic analysis and processing and visualization, we have completed a high-performance traffic analysis and processing system based on DPI technology that supports 4-7 layers of full traffic analysis, and released DPI products based on domestic processors.

Backed by the scientific research strength of the Chinese Academy of Sciences, the future growth space is broad.

The company belongs to the important listed company platform in the Chinese Academy of Sciences system and will play an important role in the industrialization of scientific research results of the Chinese Academy of Sciences.

The company is a key support object of the “First Action Plan” of the Chinese Academy of Sciences, and has the right to prioritize cooperation in high-quality scientific research resources in the field of advanced computing technology of the Chinese Academy of Sciences.

The company has made comprehensive deployments 南京桑拿网 in the area of “Four Big Data”, investing in Zhongke Xingtu in the field of aerospace big data, and investing in innovative enterprises such as Sanke Sanqing in the field of environmental protection big data, which has a large potential for value-added future equity.

Based on the profit forecast and investment rating, we are optimistic about the future development of the company. Considering the interference of Sino-US trade friction on the company’s high-end computer product sales, the company’s EPS for 2019-2021 is expected to be 0.

82, 1.03 and 1.

33 yuan / share, maintain “overweight” rating.

Risks suggest that competition in the server market is intensifying and gross margins are decreasing; new business expansion is not as expected.

Yonghui Supermarket (601933): Fresh Supermarket Leaders Go Light-Loaded

Yonghui Supermarket (601933): Fresh Supermarket Leaders Go Light-Loaded

We are optimistic about the current situation of the company. At this stage, Yonghui refocuses on the development strategy of Yunchao’s main business and a series of internal efficiency improvements.

We expect that in 2019, Yonghui is expected to benefit from the profit improvement brought about by the innovation business, reducing losses, accelerating store openings and improving operating efficiency.

Comment 1. The organizational structure is gradually completed, and light equipment is back to Yunchao’s main business.

Major changes in Yonghui’s recent organizational structure include: Yunchao’s merger and acquisition, Yunchuang, and cloud business. The core behind it is to replace outstanding innovative businesses and focus on the development of Yunchao’s main business.

In order to support this strategy, the company completed the merger of Cloud Super One and Two in a very short period of time, established two major business units of “big supply chain” and “big technology”, integrating the four major centers of finance, human resources, logistics, and engineering.National integration. A total of 24 provinces and regions are divided into 10 regions, which reflects Yonghui’s strong internal management capabilities and paves the way for the next stage of development.

2. Accelerate the development of home business on the basis of ensuring profitability.

Regarding the choice of business model, even if Yonghui replaced the innovation business segment Yunchuang segment with the table, it did not mean the end of the innovation business exploration.

In the future, Yonghui will still actively explore the integrated development of “home” and “home” to strengthen the relatively weak “home” business capability 成都桑拿网 at this stage.

3. The establishment of core operating barriers for fresh produce operation is expected to benefit from the improvement of industry concentration.

Yonghui’s core competitive advantage lies in its long-term focus on fresh and direct sales, and the establishment of a complete supply chain system. The scale of fresh and direct harvesting has reached 60%.

Yonghui has been verified many times in history. Even in the weak macro environment, Yonghui can always get out of its own pace of development. We believe that the core behind it is that Yonghui has established the strength and remoteness of fresh product operationAbility to expand.
In the medium and long term, Yonghui is expected to further increase its market share during the industry consolidation period.

It is estimated to maintain 2018e EPS 0.

14 yuan. Based on Yunchuang, the investment income and loss reduction brought about by the cloud business sector, raised the 2019e profit forecast by 36% to 0.

27 yuan, while 2020e profit forecast is 0.

33 yuan.

Currently, it can continue to support 19e 32xP / E, maintain recommendation, and raise target price by 13% to 10.

8 yuan, corresponding to 19e 40xP / E, there is 22% upside.

The risk consumer market continues to be sluggish; industry competition has intensified.

[Can pregnant women eat ginger soup]_Pregnancy_Impact

[Can pregnant women eat ginger soup]_Pregnancy_Impact

When older people have a cold, they often use ginger soup to treat colds. This method is very effective in treating colds. Pregnant women are a special group of people. After a cold, they usually ca n’t take medicine in a random wayOtherwise, it will affect the baby’s physical health. There is no drug in ginger soup, but I don’t know if pregnant women can eat it. Here is whether pregnant women can eat ginger soup.

Can pregnant women eat ginger soup?

The main character of ginger soup is ginger.

Ginger can be used as a seasoning or as a medicine.

Although it is not a cure for all diseases, it is indeed a good medicine, which has preventive and therapeutic effects on many diseases.

Ginger has a mild taste, and is mildly warm. It enters the lungs, stomach, and spleen. It can sweat outside the lungs, and can reduce sputum. It can also stop vomiting by warming the stomach. Therefore, ginger has a sweating solution, cold in the middle,Stomach antiemetic, expectorant cough, detoxification and other effects are very effective in treating colds.

Precautions for pregnant women to drink ginger soup The cold cold is caused by the evil external attack of wind cold and lung loss.

Symptoms are: severe cold, mild fever, no sweat, headache, body pain, nasal congestion, runny nose, cough and thin sputum, thirst or thirst like hot drink, thin white fur.

Traditional Chinese medicine treats colds and colds mainly by the method of Xinwenjie table. Drinking hot soup or hot porridge while taking medicine will make the body sweat, which will help dispel the cold and help relieving the evil.

Fengreganmao is caused by wind and heat, and the lungs are lost.

Symptoms are: severe fever, sore head, sweating, sore throat, cough, yellow or sputum, yellow nose, stuffy nose, yellow nose, thirst, red tongue, thin white or yellowish fur.

Traditional Chinese medicine treats colds and colds mainly by treating coldness and cooling the table, and sometimes using cold drinks such as mint tea for adjuvant treatment.

Ginger, as a warm substance, has the effect of eliminating cold and anti-evil. Instead, you can also use the warm body. In the early stages of the cold and cold, it is beneficial to drink hot ginger. Similarly, eating spicy hot pot can gradually be similar.The role of sweat detox.

With regard to the wind and cold, the human body has already felt the heat evil. If you take ginger warm medicine at this time, it is just pouring oil on the fire, which is counterproductive.

Therefore, the treatment of colds must be based on dialectical treatment, and we must not adopt the method of “Gang Tang covering sweat”.

The benefits of drinking ginger soup for pregnant women to cure colds and colds In summer, in order to avoid the heat, people are accustomed to blowing fans, turning on air conditioning, and even sleeping outdoors, which can easily cause colds.

If you can drink 1 bowl of brown sugar ginger soup in time, it will help to dispel cold and relieve heat, or you can get the same effect by soaking your feet with ginger soup.

Xia Xie Jie TCM believes that ginger can be refreshing.

When fainted due to heat stroke in summer, irrigating with 1 cup of ginger juice can make the patient wake up quickly.

For patients with general heat, dizziness, palpitations, and nausea in the chest, eating ginger properly every day is also a great substitute.

Treating pain in waist and shoulders. It is difficult to endure the heat in summer. Some people like to take a shower or sleep outdoors. Stepping on the waist and back will cause diseases such as wind, cold and dampness. In this case, you can burn some hot ginger soup.Add a small amount of salt and vinegar to the ginger soup, then soak it in a towel and wring it dry, apply heat to the affected area, and repeat it several times.

[Difference between yellow sauce and dried yellow sauce]_Features_Features

[Difference between yellow sauce and dried yellow sauce]_Features_Features

Nowadays, the society often relies on sauces to improve the taste of cooking. People who have not really come in contact with various sauces actually have a hard time distinguishing between similar sauces.

There is only one word difference between yellow sauce and dried yellow sauce, but there are certain differences in both appearance and eating. In fact, the degree of moisturization that can be cut from the name alone is also different, that is, air-driedThe humidity of the yellowpox varies during the process.

1. The difference between the appearance of dried soybean paste and soybean paste The difference between dried soybean paste and soybean paste is mainly in their appearance. Dry soybean paste is mostly a dry solid, and its volume is relatively pure, and no other impurities can be seen at all, while soybean paste isIt is a thick paste, which can grind a lot of watercress in appearance, which is the obvious difference between them.

2. The difference between how to eat dried soybean paste and soybean paste. There is also a significant difference between meals of dried soybean paste and soybean paste. When you want to eat dried soybean paste, you must add water to make it later, and soybean paste can be eaten directly.In addition, dry yellow sauce is mostly used for the marinating of certain meat ingredients. It is used more as a seasoning, and soy sauce can be used to mash the fried sauce in addition to being directly eaten. It is the main ingredient for people to eat fried noodles.

3, the difference between the color of dried soybean paste and soybean paste There is also a significant difference in the color of dried soybean paste and soybean paste. Good quality soybean paste is mostly tan, bright and shiny, moderate viscosity, salty and sweet.

The dried yellow sauce mostly exists in a solid shape. Its appearance is red-yellow and sweet flavor, and how to preserve it will not turn black. After it is cut off, you can see the white stubble, the inner red and strong texture.Alluring sauce aroma.

4. Different processing methods of dried soybean paste and soybean paste Although the main materials of dried soybean paste and soybean paste are soybeans, they are processed in different ways. During processing of dried soybean paste, the soybeans need to be fried to a fine shape after processingIt is made by fermentation. He has almost no other ingredients except edible salt. Soy bean paste is different. Although he is also a sauce made by fermenting soybeans, it will add a lot of spices during processing.Therefore, the soy bean paste has a strong spice odor.

[Wife cake filling method]_Inner filling making_How to make

[Wife cake filling method]_Inner filling making_How to make

In life, many people prefer to eat wife cakes. The practice of wife cakes is very particular. Generally, some older winter melon is selected. The wife cakes that come out are only authentic, and the wife cakes need to be added in the ingredients.Some glutinous rice, the wife cake after adding glutinous rice, tastes more sticky and very attractive, so what is the wife’s filling method?

The first method is to make the winter velvet stuffing.

Put the ashed winter melon, peel and remove the seeds, steam it in the cage, take it out and beat it with a blender, wrap it with gauze to squeeze out the moisture, put it in a hot pot with lard, and turn it with sugar.Stir-fry, then hook a certain amount of ravioli according to the degree of dryness, and become thicker. Finally, add cooked seeds, sesame seeds, etc. and mix well.

Of course, you can also use winter melon sugar to replace the winter melon stuffing, and even add some: make the winter melon sugar, then rub it with lard, Chaozhou flour (fried glutinous rice flour), and finally add cooked sunflower seedsKernel, cooked sesame, etc. can be mixed well.

The second step is leather.

The crust of the wife’s cake is a pastry crust, consisting of oil core and water oil crust.

Its water and oil skin is made of 450 grams of low gluten flour, 100 grams of high gluten flour, 7 grams of baking powder, 1 egg, 10 grams of lard, and an appropriate amount of water. The oil core is made of 450 grams of low gluten flour, 350 grams of cream, 550 grams of lard.

The third step is stuffing and baking.

The pie crust is made by the method of small crackers. Take a small piece of water and oil skin, cover a small piece of oil core, roll it into a bull tongue shape after pressing it flat, then roll it into thin slices from the outside to the inside.Roll into round pieces and you can make the stuffing.

The wrapped cake blank must be pressed into a flat circle, and two small cuts are made on the top with a knife (mainly to prevent the skin from being swollen due to the expansion of the filling core), then brushed with egg liquid, sprinkled with sesame, and put in the ovenBake for about 10 minutes and the fragrant wife cake is made.

Method two uses the material: flour, glutinous rice flour, paste, sugar, wolfberry, raisins, egg liquid (yolk liquid), water amount.

System of law: 1.

Add 500 grams of flour, 80 grams of raw oil, and 200 grams of water to the dough and neutralize the dough.

Take it, put it on the cardboard, knead it, cover it with a damp cloth and let it stand for 10 minutes.


500 grams of flour and 250 grams of raw oil, knead repeatedly in the case to form dough.


Wrap 1 into 2 rolls 3 times, then roll into long strips and spread the ingredients (arrange small portions).


Use glutinous rice flour, sugar, flour, wolfberry, and raisins to make fillings.


Roll the medicine (small portion divided into 3) into skins, cover with fillings, make a circle, press into a flat round green dough with your hands, place on a plate, pierce small holes with a toothpick, and brush with egg liquid.

Add the green body to a 180 degree oven and bake.

Method 3: Ingredients for sugar-free wife cake: 500 grams of flour, 200 grams of lard, 125 grams of water, 50 grams of cooked noodles, 40 grams of fatty meat, 80 grams of peanuts, 60 grams of sesame kernels, 60 grams of forks, and 50 preservesGrams, 30 grams of wolfberry, the right amount of flavor.

System of law: 1.

Mix 50 grams of cooked flour, sugar, fatty meat, peanut kernels, sesame kernels, chopsticks, wolfberry, preserved fruit, lard, and flavor together.


Use 125 grams of lard to rub 250 grams of flour into dry pastry; add 25 grams of lard to water and knead the remaining flour into an oily dough.


Wrap the dry puff pastry into the water and oil dough and roll it flat to form a thin slice of attachment.

Roll it up, roll the dough into two pieces at a rate of 50 grams each, and flatten the agent into sugar-free filling. Tighten the mouth of the dough into a bun, and roll it into a round cake with a diameter of about 5 cm. Brush the surface with eggs.Liquid, pierce a small hole with a toothpick.


Put the cake blank into a baking pan, put it in the oven and bake it on a slow fire until the cake swells, and the surface is golden yellow.

Features: The product is golden yellow, sweet and crisp, and has high nutritional value.

Note: The action should be light when pressing into a round cake, so as not to puff the filling.

The product has moderate sweetness, bulky texture and better elasticity.

[What can coffee do delicious]_ making method _ practice Daquan

[What can coffee do delicious]_ making method _ practice Daquan

In fact, coffee uses many kinds of drinks, and coffee can also be used to make many different delicious foods.

Most people drink coffee because the coffee itself has a strong aroma. When coffee is added to other foods, it can also be brought to other foods, which will give other foods a coffee aroma.

So what delicious things can coffee do?

Cappuccino coffee material: 1 bag of coffee powder, 1 box of milk, cocoa powder, small bottle method 1. Pour the ground coffee into a coffee cup; (use hot water) 2. Sprinkle cocoa powder while hot.
Note that the action must be quick. If the coffee is cold, it will solidify and clump, and even sink into the bottom of the cup; 3, pour the milk into a small bottle, shake it up and down to shake out even milk foam; 4, turn the coffee cup againstOrientation, tilt the cup slightly forward, and then gently pour a small amount of milk foam into the deepest part of the coffee; 5. Finally, pull the flower with a toothpick.

You must draw with your heart to pull out the most beautiful flowers.

Iced latte coffee material 3 in 1 4 cups of instant coffee, 4 spoons of milk powder, 250 ml of water, 6 pieces of ice cubes Method 1, brew 4 cups of instant coffee with 250 ml of hot water and stir well.

2. Add 4 tablespoons of milk powder and mix well with a strainer.

3. Pour into the cup and add 6 ice cubes and stir well.

Tips: The same ingredients as summer can be made into smoothies. The steps are as follows: 1. Three-in-one instant coffee 4 packets are stirred and melted with less hot water.

2. Mix 4 spoons of milk powder with warm water.

3. Pour steps (1) and (2) into the stirring cup, add 6 ice cubes, and add an appropriate amount of water to the 250ml mark of the stirring cup.

4. Turn on the power of the blender and beat step (3) into a smoothie.

Mocha coffee material 8 grams of coffee powder, 10 grams of cocoa powder, 200 ml of milk, 4 tablespoons of whipped cream, an appropriate amount of chocolate sauce, method 1.

All materials are ready 2.

Boil the water directly into the coffee powder and filter out the coffee grounds.

Heat the milk in a microwave oven for 2 minutes on high heat, add cocoa powder and stir well.

Pour cocoa milk into coffee and stir well 5.

Beat whipped cream to 5 and assign 6.

Squeeze the whipped cream into the cup, and then squeeze out 2 concentric circles 7 with chocolate sauce.

Use a bamboo stick to draw 5 and 8 from the center of the circle.

In the middle of the two pointed points drawn for the first time, use a bamboo stick to draw 5 times from the outside of the concentric circle to the center of the circle.

[Before 40 years old, men let this thing grow at will]

[Before 40 years old, men let this thing grow at will]

Many of the men’s injuries in bed are not naked, real injuries, but the intangible pains that have been hit on their personality.

In fact, in general terms, a short penis hurts and becomes a man increasingly unconfident, so that he gradually loses his instinct to be a man.

Is there no way to save your sexuality?

Is it that his penis is destined not to grow again?

No, as long as you are not over 40 years old, and you have not tried the following methods, you cannot give up your sexual blessing so easily!

Ancient India has given men hope in bed, and this “X penis growth method” will surprise you.

Want to grow your penis, start practicing now!

Grasp the penis head and pull longer.

Then turn your penis in the direction of the black man.

After a few minutes, make sure you are ready for hot packaging, and then use the hot packaging method to preheat.