Sophisticated, good-natured, bad, bad, bad, bad, bad, bad, bad, bad, hard, hard, hard, hard, hard, hard, hard, hard, hard, hard, hard, hard, hard, hard, hard敤娌圭偢鍙渶瑕佺畝鍗曠殑娓呯倰灏辫兘鍋氬嚭涓€閬撶編鍛崇殑浣宠偞銆傚鏋滃湪閰嶄笂涓€閬撴堡锛岃繖椤 片 キ 钖 冭 鏉 郉 郉 ュ Aminoxun village 姄 勬 幁 湁 掆 銆?銆佸濂借泲绯曠敤鏂欍€傞粍娌?0搴︽按婧悇姘磋瀺鍖栥€?銆?Do you want to know what you are doing? What are you doing? What are you looking at?0 搴 ︽Looking down, pressing up, down, up, down, and up?銆佺户缁敤鐢靛姩鎵撹泲鍣ㄨ繘琛屾墦鍙戯紝鍏堜綆閫熷悗楂橀€熴€?銆 丸 杪 鹧 鍧 湬 湪 60 搴 ︽Portraits in inches 姦 姦 鹾 黾 繾 绾 繾 璾 璾 璾 環 環 織 社 礢 現 璑 宑 姢 Hhan?銆佹垚瑙掍笉浼氶┈涓婃淮钀斤紝杩欐椂灏辨墦鍙戝ソ浜嗐€?銆 佹 斏 鍏 ラ 絍 娌 勰 椴 椴 滃 ザ 屷 寢 劢 銆?銆佸湪鏀惧叆浣庣瓔闈㈢矇缈绘媽鍖€锛屼笉鑳藉垝鍦堥槻璧风瓔锛?銆 佺 邕 鎷 屽 ソ 浜 嗭 纴 鏀 鏆 鍏 鰴 氶 铔 嬬 塬 塶 妯 “叿 屾 Fresh 锷 ㄦ Benzene” “叆 鐑 ょ 銆 佺 倰 绠?65 Qian Wan ︿ Juan Ruzhongbenchu Wei 30 Rouxian Zhamoyaowei 10 Rouxianzhachen ﹀ Zhongyarucen Juanjuhuaisui Chou Wan Wen as $ Wangerenzi х painting Qie ゅ She TOWER?0 銆 佽 璮 鐑 劚 妯 ★ What is the version?1 銆 丳 咳 咖 嬝 笉 甲 甲 銆?2銆佸垏寮€鍚庣殑娴风坏铔嬬硶寰堟澗杞€傚伓灏斿幓澶栭潰鐨勯キ搴楁崲鎹㈠彛鍛虫槸涓嶉敊鐨勶紝浣嗘渶濂戒笉瑕佺粡甯稿幓锛屾硶寮忔捣缁佃泲绯曘€傜殑鍋氭硶绠€鍗曪紝鍘ㄨ壓涓嶅ソ涔熶笉瑕佺揣銆?
[Does pig feet nourish kidneys?]_ Effect_Efficacy
Many women are very fond of eating pig’s feet, because the collagen content in pig’s feet is very high, which is suitable for women’s beauty.
So, do pig feet kidney?
Maybe a lot of people don’t know, in fact, pig’s feet also have a good kidney effect.
If men often eat pig’s feet, at the same time, it can exert a strong effect.
Especially the pork feet stewed with soy beans have better kidney effect.
Eating pig feet can nourish the kidney, edible yam, black dates, black rice, black beans, black sesame, sea cucumber, pork loin, loach, Polygonum multiflorum, mutton, wolfberry, dodder and so on can all play a good kidney tonic effect.
Everyone knows that seafood has great benefits for men’s kidney function, because seafood is rich in protein, zinc and so on. In fact, trotters can also cause great kidney and aphrodisiac effects.
As the old saying goes, “Winter Food Pig Hoof Race Bear Paw”.
In winter, the sun is bleak and the wind is cold, so many people have lost touch with the sun.
As a result, calf cramps, patella softening, and other calcium deficiency problems followed.
In addition, winter is prone to liver and kidney deficiency, and many people will have heel pain, cracked heels, and sore waists and knees.
Therefore, it is best to eat trotters in winter.
Traditional Chinese medicine believes that trotters are flat and sweet and salty. It is a delicious alternative to bear’s paw and a “good medicine” for healing. It has functions of tonicing weakness, filling kidney essence, and strengthening waist and knees.
In addition, because the trotters contain a large amount of connective tissue, it also has the function of strengthening muscles and bones.
Soybean stew with pork trotters is the best way to eat.
Soy beans are rich in calcium, and the plant proteins in them are better matched with the animal proteins in trotters.
Therefore, soy stewed pork trotters with calcium supplements, strong tendons, and bone strengthening are particularly excellent.
If you add Chinese wolfberry to stew, the effect of nourishing liver and kidney is stronger.
Finally, the elderly and children with weak digestive function should not eat too much pig trotters each time.
Patients with hepatitis, cholecystitis, arteriosclerosis, hypertension, etc. should also eat less or not.
Nowadays, many male friends will choose health supplements for kidney and impotence, but health supplements will make male friends more. In fact, there are many foods in daily diet that can make up the effect of kidney impotence.
銆 愭 咭 餤 嬤 彲 浠 ュ 漁 烁 蜯 姹 ゅ 悧 銆 慱 婀 Changnan_ 楗 璋 Power 懊 _ pick up 箝 璋 Power 悊
婀跨柟鏄父瑙佺殑鐨偆鐥咃紝瀵艰嚧鐨勭槞鐥掑線寰€璁╀汉蹇嶅彈涓嶄簡锛屾不鐤楁箍鐤瑰彲浠ラ€夋嫨鍋忔柟锛岀豢璞嗙矇鍔犻唻鏁堟灉灏卞緢濂斤紝婀跨柟鎮ｈ€呭钩鏃惰娉ㄦ剰楗锛屽緢澶氫笢瑗胯蹇屽彛锛岀壒鍒槸涓€浜涘埡婵€鎬х殑椋熺墿銆?1 銆 佹 不 鐤 楁 哤 鐤 Kui 沑 锅 忔 楠 What do you think of?The father-in-law, the father, the father, the mother, the mother, the mother, the mother, the father, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, the mother, and the mother.偑鏈夊叧銆傜豢璞嗘€у噳锛屽懗鐢橈紝鏈夎緝寮虹殑鑽姏锛屾湁娓呯儹銆佺鏆戙€佸埄姘淬€佽В姣掔殑浣滅敤銆傚彜浠ｅ尰瀹惰涓哄畠鍙互娌荤枟椋庣柟銆佺棙姣掔瓑鐨偆鐤炬偅锛屽潎鍊熷叾娓呯儹鍒╂按瑙ｆ瘨涔嬪姏銆傜豢璞嗙矇鍔犻唻锛屾鐥掓晥鏋滄洿濂姐€?2 銆 ? 豢 Pu 嗙 蒙 锷 画 咄 勬 閒閒?鐢ㄦ鏂规椂蹇岃姳妞掋€佽儭妞掞紝瑕佹敞鎰忎紤鎭€傛礂婢″悗涓嶈闅忔剰鐢ㄥ悇绉嶆姢鑲や钩娑茬瓑锛屽噺灏戝寲瀛﹀埡婵€銆傚鏋滆繛鐢?0澶╂病鏈夋晥鏋滐紝寤鸿鍙婃椂鍒板尰闄㈠氨鍖汇€傜棐鐨勪弗閲嶆椂锛屽彲浠ュ啺鏁凤紝鏂规硶鏄細灏嗙墰濂跺€掑叆涓€鏉啺鍧椾腑锛岄潤缃暟鍒嗛挓銆傚皢鍐扮墰濂跺€掑湪涓€鍧楃罕甯冨灚涓婃垨钖勬甯冧笂锛屾暦鍦ㄧ槞鐥掑锛?-3 鍒 嗛 挓 鍗 冲劲 銆? 敶 ╂ The stubble and the stubble are squeezed out. The hydrogen is squeezed and the slender stubble is stubborn. The stubble is stubborn. The stubble is stubborn. The stubble is sloppy.毊紝浠婂ぉ灏卞拰灏忕紪涓€璧蜂簡瑙ｄ竴涓嬪綋鐨偆鐦欑棐鍓х儓鑰屽紩璧锋箍鐤规椂锛屾垜浠簲璇ユ€庝What’s wrong with this: I’m going to hang it and shove it? 雴 戜 掜 掜 玲 簲 珲 閒 忎 翈 攔 搂 郆 銆?銆佹箍鐤逛笉鑳藉悆浠€涔?銆佸繉鑷存晱椋熺墿濡傛灉鍦ㄩギ椋熸柟闈㈠彂鐜版湁鑷存晱鐨勯鐗╋紝濡傞奔銆佽櫨銆佽煿銆佺墰鑲夈€佺緤鑲夈€侀浮銆侀腑銆侀箙銆佽姳绮夌瓑寮曡捣锛屽簲褰诲簳绂佸繉杩欎簺椋熺墿锛屼互鍏嶅紩璧峰彉鎬佸弽搴旓紝瀵艰嚧瀹濆疂婀跨柟澶嶅彂鎴栧姞閲嶇梾鎯呫€?銆佸繉杈涜荆鍒烘縺椋熺墿涓嶈鍚冭懕銆佸ぇ钂溿€佺敓濮溿€佽荆妞掋€佽姳妞掔瓑杈涜荆鍒烘縺鐨勯鐗╋紝鑰楅槾鍔╅槼锛屽婀跨柟鏄竴绉嶅埡婵€锛屽簲璇ラ伩鍏嶉鐢ㄣ€?銆佸繉鍙戞箍銆佸姩琛€銆佸姩姘旈鐗╀腑鍖昏涓哄鐨偆婀跨柟鐨勪汉鏉ヨ锛屽簲璇ヨ蹇屽悆鍙戞箍鐨勯鐗╋紝濡傜绗嬨€佽妺澶淬€佺墰鑲夈€佽懕銆佸銆佹ⅷ銆佽挏銆侀煭鑿滅瓑;鍔ㄨ鐨勯鐗╋紝濡傛厛鑿囥€佽儭妞掔瓑;鍔ㄦ皵鐨勯鐗╋紝濡傜緤鑲夈€佽幉瀛愩€佽姟瀹炵瓑銆傛箍鐤圭殑娌荤枟涓€鑸牴鎹梾鎯咃紝鍙ｆ湇鑽互鎶楄繃鏁忎负涓伙紝杈呬箣澶栫敤鑽€傛箍鐤逛笌杩囨晱鏈夊瘑鍒囧叧绯伙紝鍥犳鎵惧埌杩囨晱婧愭槸娌荤枟婀跨柟鐨勫叧閿€傛偅鑰呭彲浠ュ湪鍖婚櫌鍋氭晱婧愭娴嬶紝涔熷彲浠ュ湪鐢熸椿涓粩缁嗚瀵燂紝绉瀬瀵绘壘鍙兘寮曡捣鍙戠梾鎴栧姞閲嶇梾鎯呯殑鍘熷洜锛屽苟娉ㄦ剰閬垮紑杩欎簺鍥犵礌銆?
I ‘m not sure about it. I ‘m sorry, I ‘m sorry, I ‘m sorry, I do n’t know what to do, I do n’t know what to do, I do n’t know what to do, I do n’t know how to do it.Cre 嶆 瘮 217 冨 嬭 剑 堥 堥 咄 勭 粷 菷 規 織 織 織 織 珴 Key key㈣眴钖忕背绮夋€庝箞鍚冩瘮杈冨ソ鍛紵 鍋氭硶涓€锛?.绾㈣眴钖忕背绮ワ紝鍑嗗鍚岀瓑鍒嗛噺鐨勭孩璞嗗拰钖忕背锛屾礂骞插噣鍚庯紝绾㈣眴澶ф闇€瑕佹场涓や笁涓皬鏃讹紝钖忕背娉′竴涓皬鏃跺氨錡hat is 漲 浠 ヤ?.鐒跺悗瑕佸厛鐓孩璞嗭紝鍥犱负闇€瑕佺殑鏃堕棿闀夸竴鐐癸紝鐓紑鍚庯紝娣讳竴浜涘噳姘达紝鍐嶇叜寮€鍚Click here to click on the right button and click on the button to check the umbrella and the wind and the child will be able to follow the rules and regulations. Please follow the instructions below.绛夌孩璞嗙叜寮€鑺卞悗锛屾斁鍏ヨ枏绫筹紝澶х伀鐓紑鍚庯紝杞皬鐏叜鑷崇矘绋狅紝灏辨斁鍐扮硸璋冨懗灏卞彲浠ヤ簡銆?閭 氭 硶 浜 岋 细 1.绾㈠皬璞嗕簨鍏堟场浜屻€佷笁涓皬鏃躲€?.Hot pots and water tanks are available in the villages and villages and villages and villages, and the children ‘s dramas are in the air. They are not available, and they are available in the village.浆灏忕伀灏辩叜灏卞彲浠ヤ簡銆傝鏄浘鐪佷簨锛屽彲浠ユ妸鍘熸枡涓€鑲¤剳鏀捐繘鍘伙紝鎵€鏈夋潗鏂欓兘What are you doing?.Were you able to make a difference? Do you want to go to the next place? Do you want to borrow it? Do you want to borrow it?鎭 氭 塶 閶 尛 细 1 銆 住 滏 虫 乓 卓 侓 哉 哉 咉 翟 翏 夂 銆?What are you talking about? What are you going to do? What are you doing? What are you doing? Do you want to click on it?This means that the lawsuits and the lawsuits are inconsistent, and you can’t do it all the time. You can’t do it all the way: “Uncle”, “Uncle”鐨勬椂鍊欏彇涓€浜涳紝鍜岃枏绫冲悓鐓€傜叜绾㈣眴鏃跺姞鍑犳鍑夋按锛屽彲浠ョ缉鐭叜鐨勬椂闂淬€傜敤娌¤繃绾㈣眴鐨勬哺姘村皬鐏剸锛岀孩璞嗕篃瀹规槗鐔熴€?
鑻规灉鏄竴绉嶈惀鍏讳环鍊奸潪甯搁珮鐨勪紶缁熸按鏋滐紝鍦ㄤ笘鐣岃寖鍥村唴閮藉ぇ鍙楁杩庛€傚洜涓鸿嫻鏋滃懗閬撻矞鐢滐紝棣欐皵鎵戦蓟锛岃€屼笖瀵屽惈缁寸敓绱犵瓑钀ュ吇銆備汉浠鐢ㄨ嫻鏋滈兘涔犳儻鍓婃帀鐨紝璁や负鑻规灉鐨槸娌℃湁钀ュ吇浠峰€肩殑涓滆タ锛岃€屼笖鑻规灉鐨彲鑳介檮鐫€涓€浜涚伆灏樺拰Do you have any problems? What do you mean by this? What do you mean?鐮旂┒琛ㄦ槑锛岃嫻鏋滅毊涓惈鏈変赴瀵岀殑鎶楁哀鍖栨垚鍒嗗強鐢熺墿娲绘€х墿璐紝鍚冭嫻鏋滅毊瀵瑰仴搴锋湁鐩娿€傝嫻鏋滅毊涓惈鏈夊緢澶氱敓鐗╂椿鎬х墿璐紝渚嬪锛氶厷绫荤墿璐紝榛勯叜绫荤墿璐紝浠ュ強浜屽崄鍏兎閱囩瓑锛岃繖浜涙椿鎬х墿璐ㄥ彲浠ユ姂鍒跺紩璧疯鍘嬪崌楂樼殑琛€绠＄揣寮犵礌杞寲閰讹紝鏈夊姪浜庨闃叉參鎬х柧鐥咃紝濡傚績琛€绠＄柧鐥呫€佸啝蹇冪梾锛岄檷浣庡叾鍙戠梾鐜囥€?姝ゅ锛岃嫻鏋滅毊鐨勬憚鍏ュ彲浠ラ檷浣庤偤鐧岀殑鍙戠梾鐜囥€傚浗澶栫爺绌惰〃鏄庯紝鑻规灉鐨緝鏋滆倝鍏锋湁鏇村己鐨勬姉姘у寲鎬э紝鑻规灉鐨殑鎶楁哀鍖栦綔鐢ㄨ緝鍏跺畠姘存灉钄彍閮介珮銆傛櫘閫氬ぇ灏忚嫻鏋滅殑鏋滅毊鎶楁哀鍖栬兘鍔涚浉褰撲簬800姣厠缁寸敓绱燙鐨勬姉姘у寲鑳藉姏銆?Introduce the most important things, and you will be able to find out how to connect with each other, and how to connect with each other, and what to do with each other, with each other, with each other, with each other, with each other, with each other, with each other, with each other.灑鐨勯叾娲绘€у強鍙ｈ厰鍐呯粏鑿岀殑鐢熼暱锛屽叿鏈夋姉铓€浣滅敤锛屽彲浠ヤ繚鎶ょ墮榻裤€傝繕鍙互浣跨毊鑲ょ櫧瀚╋紝闃叉榛戣壊绱犵殑鐢熸垚锛屾湁缇庡鍔熸晥銆傜洰鍓嶅凡缁忔湁寰堝鍘傚閫氳繃浠庤嫻鏋滅毊涓彁鍙栫敓鐗╂椿鎬х墿璐ㄦ潵寮€鍙戝姛鑳介鍝併€傝嫻鏋滅毊绮変綔涓轰竴绉嶅緢鏈変环鍊肩殑椋熷搧娣诲姞鍓傦紝鍙互鐢ㄥ叾鐢熶骇寮哄寲椋熷搧锛屽皯閲忓湴娣诲姞鑻规灉鐨矇灏辫兘澶熷鍔犻鍝佷腑鐨勫閰氱被鐗╄川銆侀粍閰被鐗╄川鐨勫惈閲忋€?
Xingwang Ruijie (002396) Interim Review: Business structure optimization continues to be bullish on corporate network development
The company released the first half of 2019 report a few days ago and realized revenue of 33.
27 ppm (previously 5 down.
43%), net profit attributable to mother 1.
5.7 billion (10 years growth 34.
22%), net of non-attributed net profit1.
1.9 billion (a decade increase of 133.
The company’s communications products are mainly overseas markets. Due to the uncertainty of Sino-US trade relations, the revenue of communications products has declined, resulting in an overall increase in revenue growth; while the company’s product structure has been optimized and business gross margin growth has increased, resulting in a net profit growth.
Key points of investment: The rapid growth of enterprise-level network equipment and the smooth promotion of data center switches: In the first half of 2019, the revenue of enterprise-level network equipment products15.
7.6 billion (10 years growth 19.
6%), gross margin 44.
07% (up 0 every year.
Data center switches have been widely used in Internet companies such as Alibaba, Tencent, Toutiao, and Meituan. At the same time, the company actively expanded its overseas business and completed the establishment of a wholly-owned Japanese subsidiary.
The strength of the network terminal business and the growth rate of revenue gross profit: In the first half of 2019, the company’s network terminal business achieved revenue5.
7.6 billion (six months increase of 46.
97%), with a gross profit margin of 27.
57% (an increase of 3 a year.
45%). The increase in performance in the current period was mainly due to the increase in the amount of network terminal products sold to customers in the financial industry (banking, insurance) compared to the same period last year.
Merging this report, the company’s smart terminal products and smart business hall solutions were shortlisted by the six major state-controlled banks and many joint-stock banks, and initial results were achieved in the construction of cloud desktop product channels.
The expense ratio still has room to fall, and R & D expansion continues to increase: during the reporting period, the company’s expense ratio increased, and the sales expense ratio was 16.
5% (an increase of 3% per year) and a management fee rate of 3.
3% (increased by 0 every year.
6%), the financial rate is 0.
05% (annual increase of 0.
The increase in financial expenses is mainly due to exchange losses caused by the growth of the exchange rate of RMB against the US dollar in the first half of the year. It is expected that there will be room for future rates to decrease.
R & D costs increase by 14 per year.
66%, R & D intensity reaches 14.
43% (10-year growth of 2.
The company reported a total of 64 patents (52 invention patents) at the first report level and a total of 55 patents. At the end of the continuous reporting period, 1799 patents (1157 invention patents) were gradually obtained.
ICT business is still the company’s main focus in the future, and optical communication will bring steady increase: As a few comprehensively deployed enterprises in the field of internal enterprise-level network equipment, in the context of cloud computing and data centers entering a period of rapid growth,The business of each department of the company will grow steadily with the development of the industry.
Under the pressure of traffic, the quality and quantity of data centers are rising. Traditional data centers urgently need to be upgraded to optical communication mode, and the demand for 25G / 100G 武汉夜网论坛 and 100G / 400G data center switches has increased.
The company has gradually succeeded in achieving large-scale commercial use by the Internet vendors on the right. Through 5G construction, the company has gradually benefited from the steady increase brought by optical communications.
Profit forecast and investment suggestions: It is expected that the company will achieve net profit from 2019 to 2021 respectively7.
26 billion, 9.
44 billion, 12.2.7 billion, the corresponding EPS is 1.
24 yuan, 1.
62 yuan, 2.
10 yuan; corresponding current expected PE is 20 times, 15 times, 12 times; considering the company’s industry level and the estimated level of other companies in the industry, we maintain the “overweight” level of the company.
Risk factors: 5G construction fails to meet expectations, and Sino-US 北京夜网 trade frictions intensify.
Lanqi Technology: Independent research and development of memory interface chip leader re-industry segmentation
Lanqi Technology is a leading company in memory interface chips. Lanqi Technology is a main business that provides chip-based solutions for the cloud computing and artificial intelligence fields. At present, its main products include memory interface chips, Jincatch server CPUs, and hybrid security memory modules.group.
After years of R & D accumulation, the company’s products have been highly recognized in the industry and are widely used in data centers, cloud computing and artificial intelligence, etc., to meet the needs of next-generation servers for performance, reliability and high security.
Revenue and net profit continue to grow, maintaining high gross profit margin 2016?
The company’s operating income in 2018 was 8.
5.8 billion, an increase of 45% and 43% respectively in 2017 and 2018.
The company’s comprehensive gross profit margins were 51.
49% and 70.
2016?In 2018, the company’s net profit attributable to its mother was 0.
3.7 billion, an increase of 273% and 112% in 2017 and 2018, respectively.
The self-developed leader in resetting memory interface chips has been deeply engaged in the company’s memory interface chip field for more than ten years, becoming one of the world’s major suppliers that can provide complete buffered / semi-buffered solutions from DDR2 to DDR4 memory.Processor suppliers, server manufacturers, memory module manufacturers and software system providers have established long-term and stable cooperative relationships.
The DDR4 fully buffered “1 + 9” architecture invented by Lanqi Technology was adopted as an international standard by JEDEC (the leading standard organization of the global microelectronics industry), and its related products have successfully entered the international mainstream memory, server and cloud computing fields, and occupied the global market.Major share.
At present, the company actively deploys DDR5 memory interface chips according to the research and development progress of memory module manufacturers. The new generation of products can effectively support the high-speed and low-power requirements of DDR5.
Server products enter the promotion stage and expand new profit growth points. Since 2016, Lanqi Technology has cooperated with the core and Tsinghua University to develop a series of server CPUs.
The Jincatch server platform is built based on the Jincatch CPU and Lanqi technology’s hybrid secure memory module.
Jincatch server platform is a high-performance secure and controllable trusted server platform, especially suitable for data centers that have high requirements for data security. This server platform is mainly composed of Lancatch ‘s server and CPUIt is composed of a hybrid secure memory module with independent intellectual property rights.
The series of products were successfully developed at the end of 2018 and entered the stage of market promotion.
The company that raises funds for product and technology upgrades plans to raise additional funds of US $ 2.3 billion for the research and development and industrialization projects of new-generation memory interface chips, Jincun server CPU technology platform technology upgrade projects, and artificial intelligence chip research and development projects.
Among them, the replacement of memory interface chips will help consolidate the company’s leading field in subdivisions; the technology upgrade of Jincatch 杭州夜生活网 server CPU and platform will help the company to better provide high-performance, high-security server CPUs for the cloud computing era.Platform products; artificial intelligence chip research and development projects will focus on customer needs, aim at the direction of industrial development, and reserve new business growth points for the company.
Comparable companies assess that the company is the highest number of integrated circuit design companies with independent research and development and reorganization of leading advantages in segmented areas.
The company is optimistic that relying on the Chinese market, capital and policies, relying on its own technology research and development strength, it will achieve further growth by developing high-performance products and expanding product lines.
Five comparable companies in the same industry were selected. The average PE (TTM), PE (19E), and PE (20E) were 61, 51, and 40, respectively.
Risk Tips 1. The risk that the IPO is not going well; 2. The risk that the order is less than expected; 3. The risk that the development progress is less than expected; 4. The risk that the downstream industry will reduce demand.
Sunlord Electronics (002138) Quarterly 杭州桑拿网 Review: Single-quarter revenue hits record high, expands, and plans for 5G
Single-quarter revenue hit a record high, and product price cuts and higher expense ratios dragged down performance. Maintaining an overweight rating company 9M19 achieved revenue 19.31 ppm, an increase of 10 in ten years.38%, net profit attributable to mother 2.97 ppm, a ten-year average of 17.87%, corresponding to 19Q3 revenue7.14 ppm, an increase of 15 in ten years.14%, single quarter revenue hit a record high, but in 19Q3 attributed to mother net profit1.10,000 yuan, 24 years average.7%, net profit after deduction is 0.93 ppm, a ten-year average of 28.18%, lower than market expectations, mainly due to the decline in the price of inductor products and the increase in the proportion of three charges.76/0.93/1.16 yuan down to 0.58/0.76/0.95 yuan, with a 杭州桑拿 target price of 26.45-28.71 yuan down to 21.28-22.80 yuan to maintain the overweight level. Gross profit margin temporarily decreased in the third quarter of 19% 4.62 points, 9M19 three fees accounted for an increase of 3.73pct lowered. Due to the passive component industry in the same period last year, driven by the MLCC price hike, it was at a high point. The chip price was stable and the customer’s stocking potential was serious. This year, the company’s chip price has a slight downward pressure.The proportion of revenues of electronics and other products has been reduced under the influence of the peak season of 3C products, so the 3Q company ‘s gross margin shift.62 points.In fact, the company increased R & D investment in order to promote the 5G era of technology, product reserves, and effective development of the military industry market. In order to improve ROE and increase loan financing, financial costs increased, so the three rates for 9M19 increased by 3.73pct reached 15.85%.We believe that with continued R & D and capacity expansion, new products such as miniaturized inductors, LTCC microwave devices, and military industries are expected to drive the company’s profitability up. When the category expansion is underway, around 5G terminals and base stations, the automotive electronics revenue continues to grow. In the gradual approach of the 5G era, the company ‘s microwave devices developed for 5G base stations have gradually been recognized and sold by major international manufacturers; according to survey feedback,5G mobile phones supporting the Sub 6GHz frequency band use an average of about 30% more than the old 4G mobile phones. Among them, the higher price of the 01005 model has increased the inductor usage from 0-40 to 80-100.Manufacturers of shaped chip inductors will benefit directly.In addition, continuing the trend of the first half of the year, 9M19’s auto electronics sales revenue continued to increase, and orders were still heavy, and gradually became well-known automotive electronics company suppliers such as BOSCH, VALEO, Denso, Tesla, CATL, Koboda and so on. The domestic demand for domestic substitution is urgent, and the rise of downstream brand terminals drives the growth of upstream demand. This year, under the macro background of repeated trade frictions between China and the United States, domestic integrated high-tech companies have been included in the physical list, the domestic substitution of upstream raw materials has accelerated.According to Huawei’s official website news, the 5G base station currently being built by Huawei has been nationally produced, and US parts have been used continuously.According to research feedback, the current supply of Sunlord’s chip inductors, LTCC microwave products in Huami’s OV mobile phone terminals and leading companies in internal communications has continued to increase. The chip inductors head into the development phase in the 5G era. Maintaining the overweight level is based on the operating conditions and expense ratio of 9M19. We expect the company’s return to net profit for the company from 19-21 to 609/7.52/9.3.8 billion down to 4.73/6.17/7.6.8 billion yuan, compared with an average of 20 in 2020 for comparable companies.23 times PE estimate. Considering the company’s leading level in the automotive electronics market certification progress and the global front-line division of the chip sensing technology, we give the company a 28-30 times PE estimate for 2020 and a target price of 26.45-28.71 yuan down 21.28-22.80 yuan to maintain the overweight level. Risk reminder: The progress of domestic substitution of inductor products gradually exceeds expectations, and the domestic 5G commercial progress exceeds expectations.
Hongfa Co. (600885) Annual Report Comment: Steady revenue growth and high-performance DC relays
Investment highlights: 2018 revenue growth in ten years14.
28%, net profit attributable to mothers increased by 2 in ten years.
In 2018, the company achieved revenue of 68.
800 million, an increase of 14 in ten years.
28%; net profit attributable to mother 6.
9.9 billion, with a previous appreciation of 2.
02%; basic income is 0.
94 yuan / share; comprehensive gross profit margin 36.
84%, a decline of 3 per year.
01pct, we believe that the decline in gross profit margin is due to fluctuations in the exchange rate of the US dollar, rising costs, and falling product prices.
2 for every 10 shares.
9 yuan (including tax).
During the period, the rates dropped slightly.
Expense rate during the year 20.
31%, down one year.
26 points; of which the management fee rate is 10.
70%, an increase of one year.
16pct, due to employee compensation, increased depreciation expenses.
Selling rate 4.
51%, 0 in ten years.
R & D expense rate 4.
81%, 0 in ten years.
Finance rate 0.
29%, 0 in ten years.
72pct, derived from exchange gain 3145.
Relays: high-voltage DC relays for electric vehicles.
In 2018, the company’s relay revenue was 60.
5.8 billion, an increase of 13 in ten years.
36%; gross margin 38.
00% downgraded by 3 per week.
In terms of subdivisions, based on the conditions of the downstream industry, we judge that the company’s high-voltage DC relays for electric vehicles maintain a high growth trend. We expect that the supply of overseas auto companies will gradually increase from 2019; the power relays, the second half of 2018Demand has clearly recovered, and the business is expected to resume seasonally; power relays are affected to some extent by the downturn in the real estate boom.
In the global market, the company’s relay market share exceeds 14%, and smart meter relays and home appliance relays are in a leading position in the global market.
High-voltage DC relays for electric vehicles have maintained high growth in recent years, and fuel vehicle relays have been in the stage of expanding overseas auto companies in recent years. We expect to return to rapid growth 武汉夜网论坛 after entering the supply chain of overseas auto companies. Electrical products: Expected rapid growth after reduction in production capacity.
In 2018, the company’s electrical products (low-voltage electrical appliances) revenue5.
3.2 billion, an increase of 8 in ten years.
22%; gross margin 28.
15%, downgraded by 2 every year.
We expect that the company’s low-voltage electrical appliances production capacity and product supporting capabilities are still in the process of improvement, which will affect 2018 to some extent, the scale of conversion, the company’s production capacity will gradually change, and we expect the business to promote rapid growth.
The continuous layout of automated production lines expands the company’s long-term competitiveness.
In 2018, the company participated in technological 杭州桑拿 transformation4.
800 million US dollars, including 27 highly efficient automated production lines, the company’s independent development of four-axis, five-axis, six-axis industrial robots in the winding machine to promote the application.
The 12-axis full servo coaxial heading prototype made a breakthrough.
The company’s advanced capabilities in automation equipment have reached a new level, and the automation level of relay assembly production lines and some front-line equipment has reached more than 80%.
In order to ensure the company’s mid- and long-term cost advantages, and lay a foundation for product performance.
Earnings forecasts and investment advice.
We estimate that the company’s net profit attributable to the parent in 2019-2021 will be 8 respectively.
2.9 billion, 9.
7.8 billion, 11.
48 ppm; budget benefit is 1.
11 yuan, 1.
31 yuan, 1.
The company’s relay has a leading global market share, is excellent, and has achieved global competitiveness. With reference to comparable companies, it will give the company 25-30 times PE in 2019, corresponding to 27.
30 yuan / share, preliminary market rating.
The progress of overseas car companies did not meet expectations, the dollar exchange rate risk, and market competition risk.
Shanxi Coking (600740): Cost rises and erosion Coking profit excels in coal and coal
Event: The company released its 2019 Interim Report, reporting that a series of companies achieved operating income34.
0 billion, a decrease of 3 a year.
0%; net profit attributable to mother 7.
700 million, down 6 every year.
8%; corresponding EPS is 0.
51 yuan / share, down 31 before.
The increase in coke production, raw material prices have eroded profits.
As a result of the increasingly severe environmental protection policy, the coke production and sales of H company in 2019 reached 140 inches, every 9%.
Coke prices have started significantly since the end of last year, but still rise compared to 2018H levels.
The average value of the report indicates that the comprehensive purity 深圳桑拿网 of coke has reached 1662 yuan / ton, an increase of 2 per year.
On the raw material side, due to the tight supply of refined coking coal, the company’s purchase price rose by about 150 yuan / ton from the same period of the previous year, which greatly eroded the coking business’s profitability.
We calculated about 3 replacements for coking business in 2019H.
700 million yuan, of which Q1 / Q2 decreased by 2.
7 trillion; ton coke is expected to be about 260 yuan. In addition to the increase in cost due to the price of raw materials, the rise in expenses is also an important reason.
China Coal Huajin performed well and contributed to continuous improvement in investment income.
2019H China Coal Huajin contributed about 11 investment income.
0 billion, an increase of 3 every year.
300 million yuan (completed in March last year and contributed to investment income6.
100 million and restructuring gains 1.
The initial annualization can estimate that China Coal Huajin’s annual net profit attributable to its mother is about 44.
0 billion yuan, compared with 29 in 2018.
1 billion dollar improvement.
In the current situation that the coking business is squeezed by the price of raw materials, the expected investment income should be the main source of profit for the company.
Coking capacity reduction in Shanxi Coking is expected to catalyze upward coking prices.
Recently, Shanxi Province introduced a plan to reduce the capacity of the coking industry, which will reduce the production capacity by 4,000 tons within two years, or it will catalyze the rise of coke prices.
Although the company has been comparable to coking coal company since it acquired 49% equity of China Coal Huajin, the impact of coking price on the company’s performance has been greatly reduced, but it is still the target of scarce coking business in A shares and deserves special attention.
4 Profit forecast and investment rating.
It is expected that the company’s net profit attributable to its mother will be 13-2018.
6/18.0ppm, corresponding to the current equity EPS is 0.
19 yuan / share, 10-year change -12% / 12% / 16%.
The company’s existing analogy is based on the standard of coking coal, and there is room for improvement in the subsequent coking business, maintaining the “strong recommendation-A” level.
Risk reminder: the prosperity of the steel industry is reduced; environmental protection and production restriction affect the company’s production and operation;