Category: pypxxahm

Jiemei Technology (002859): The low point has been waiting for the downstream demand to recover

Jiemei Technology (002859): The low point has been waiting for the downstream demand to recover

Announcement: The company announced the 2019 annual performance forecast, and realized net profit attributable to mothers 1-1 in 2019.

4 ‰, 49 years ago.

15% -63.

68%; of which, the net profit attributable to the mother in the fourth quarter was 4 to 44 million yuan.

During the adjustment period of the industry, management was strengthened, and expansion was further enhanced.

Due to international trade disputes and destocking in the downstream of the industrial chain in 2019, the company’s order volume was affected and the operating rate was at a relatively high level.

At the same time, the company took advantage of the industry adjustment period to make appropriate adjustments in refined management, and in the fourth quarter, appropriately lowered the prices of some products, and significantly increased the number of customers 北京夜网 in Japan and South Korea. We predict the company’s global market shareThe rate has risen to about 60%.

Raw material costs and expenses affect profitability and are expected to improve in 20 years.

Wood pulp is the company’s main raw material. Due to the impact of the wood pulp procurement cycle, the company’s wood pulp cost has gradually fallen to a relatively low level until the fourth quarter. At the same time, the insufficient operating rate and the price adjustment in the fourth quarter have a certain impact on gross profit margin.

In addition, the company’s equity incentive expenses in 2019 were about 29 million, and there were some exchange losses in the fourth quarter.

As the cost of wood pulp has fallen to a low level and the operating rate has gradually recovered, we judge that the gross profit margin will 北京会所体验网 improve in 2020.

5G is expected to drive the recovery of downstream demand, and release films and plastic carrier tapes open up room for growth.

Since November 2019, the company’s orders and production and sales have returned to normal. With the acceleration of the application of 5G technology, the industry’s prosperity will continue to strengthen, the company’s operating rate will continue to maintain a high level, and the opening of new production lines is expected to drive rapid performance.increase.

In terms of new business, five release film lines have been opened, and two additional South Korean import production lines will also be opened this year. The downstream packaging and testing customers of plastic carrier tapes are also gradually taking risk tips: downstream demand is less than expected, and raw materials are sufficientPrice increases, slow progress in new business.

Fangbang shares (688020) new shares report: The world’s leading electromagnetic shielding film manufacturer enjoys an excessive premium on product profits

Fangbang shares (688020) new shares report: The world’s leading electromagnetic shielding film manufacturer enjoys an excessive premium on product profits

It is the first manufacturer of electromagnetic shielding film in China and the second in the world.

At present, Fangbang is the first manufacturer of electromagnetic shielding film in China and the second 淡水桑拿网 in the world, second only to Japan’s Tazda. The performance of electromagnetic shielding film has reached the international leading level.

The electromagnetic shielding film business is the company’s main business. This business revenue accounts for more than 98% of the company’s total revenue. The company’s self-developed products successfully broke the monopoly of Japanese companies in the field of high-end electromagnetic shielding films and improved the FPC industry chain.

The growth rate of net profit exceeded the growth rate of revenue, and the profitability was remarkable.

The company has been growing steadily since 2013, with operating income from 0 in 2013.

89 trillion growth was 2 in 2018.

7.5 billion, with a CAGR of 25.

31% of the company’s net profit attributable to its parent from 0 in 2013.

3.4 billion by 2018 1.

1.7 billion, CAGR 28.

04%, exceeding the company’s operating income growth level.

In the past three years, the company’s gross profit margin has remained above 70%, and its net profit margin has been above 40%.

The gross profit margins for 2016 to 2018 were 72% and 73, respectively.

04% and 72.

12%, the net profit margin is stable at about 44%, and the gross profit margin of up to 70% is mainly from the excess premium brought by the company’s leading in the field of electromagnetic shielding film, and the profitability is significant.

The fundraising and investment layout of the FCCL field has opened new business growth points.

The company’s FCCL (flexible copper clad laminate) production base construction project has a total investment of 6.

USD 1.1 billion, with a construction period of 2 years, and production will begin in the beginning of the third year.

After the project reaches capacity, it will produce 600,000 square meters of copper clad laminates per month.

The company will accelerate the layout of the FCCL field by raising funds, fully enrich the company’s product structure, and resolve the single risk of the company’s products; it will help improve the company’s customer resource conversion, generate overcoming synergies, and provide electromagnetic shielding films for existing customers;It provides a new business growth point for the company, and improves the company’s revenue scale, market competitiveness and profitability.

Many areas of FPC application blossom, consumer electronics & automotive electronics shine.

FPC has benefited from the continuous update and iteration of consumer electronics products, and has continued to shift toward small, thin, and multifunctional. The amount of FPC has increased significantly, and the industry threshold has continued to break.

In the context of the global smart phone volume reduction in 2018, the growth rate of FPC single machine consumption has been weak, and the overall value of FPC will usher in a further increase under the circumstances that it is less than its strength.

In addition, the advent of the 5G replacement wave will drive the allocation of smartphones, adding fuel to the use of FPCs. Trends in automotive electronics and intelligence have become a battleground for car companies in the future.

According to the statistics of China Industry Information Network, the proportion of auto electronics in total vehicle cost in 2010 reached 29.

6%, and is expected to reach 34 in 2020.

3%, by 2030 the cost of the whole vehicle may account for nearly 50%.

Existing automotive electronics account for more than 50% of the total vehicle 南京桑拿网 cost of new energy vehicles. In the future, FPC usage and value are expected to continue to increase. It is expected that FPCs for vehicles will reach more than 100 pieces.

In the future, the company’s development will fully benefit from the strong demand in the FPC terminal field, and consolidate the company’s leading position in the high-end FPC material industry.

Risk reminder: single risk of product structure; increased competition in the industry.

Hetai (002402): 20191225 Hetai Event Review-Successful bid of approximately 1.5 billion BSH effectively validates the steady growth of the company’s traditional business

Hetai (002402): 20191225 Hetai Event Review-Successful bid of approximately 1.5 billion BSH effectively validates the steady growth of the company’s traditional business

Event: On December 19, 2019, the company received a bid notification from BSH (Boxi Home Appliances Co., Ltd.) and determined 杭州桑拿网 that the company was BSH “PUMU Light 1.”

5 “winning unit, the total amount of this project is about 1.

9.3 billion euros, equivalent to about 1.5 billion US dollars, is expected to be completed in the fourth quarter since the mass production of the product.

  This time the proportion of winning bids was increased by 13.

8%, expected to bring in nearly 40 million net profits per year: Assuming that the order is delivered on average every four years, the average annual delivery is about 3.

7.5 billion, accounting for 14 of the company’s total revenue in 2018.

04%, accounting for 21% of the revenue of household appliances intelligent controllers in 2018.

55%, which is expected to bring in nearly 40 million net profit contributions.

The four-year cooperation between the ranking company and the BSH company for the same project in 2015, the amount of winning bids (in RMB) increased by 13.


Earlier company in-depth reports mentioned that we believe that the company’s core customer market is stable, and some of them still have room to be doubled, and the increased cooperation between the establishment of the company and BSH is strong evidence.

  The traditional business has grown steadily, and the improvement of the chip business is estimated: 1.

Leaders in the intelligent controller industry are concentrated, and it is expected to maintain a growth rate of nearly 30% in the next three years.

The sales price of home appliances intelligent controllers has gradually increased, and the share of smart controllers in home appliance costs has steadily increased.

As the leader of intelligent controllers, the company will expand to the industry scale growth in this field in the future, continue to expand the city share of core customers, continue to expand new customers in home appliances and automotive electronics and other new fields. The growth rate is expected to be much higher than the industry growth rate.We estimate that the company’s intelligent controller business will grow at a compound growth rate of nearly 30% in the next three years.


Chip business forecasting system.

The upgrade of military radar drives the rapid growth of phased array radar. As one of the three major domestic suppliers, Kunchang Technology is expected to follow the rapid growth of the military business. At the same time, Kunchang uses its existing experience to actively develop 5G millimeter wave chips and strive toEntering the main equipment supply chain, military and civilian use are expected to take turns.

The profit of the chip business accounts for about 1/3 of the company’s total profit, which is expected to restructure the company’s estimation system.

  Investment rating: According to our calculations, the company’s net profit for 2019-2021 is 3 respectively.



300 million, of which the profit of traditional business in 2020 is 3.

600 million, chip business profit is 1.

200 million, given a “strong recommendation” rating.

  Risk reminder: The company’s intelligent controller business share growth is less than expected, and upstream component prices have risen; automotive electronics controller R & D progress has fallen short of expectations; Kunchang Technology military business orders have fallen short of expectations, 5G chip R & D progress and 5G millimeter wave wavelength application progress have fallen short of expectations.

Qiaqia Food (002557) Annual Report Comments: New Product Rapid Growth Internal Reform Begins to Achieve Results

Qiaqia Food (002557) Annual Report Comments: New Product Rapid Growth Internal Reform Begins to Achieve Results

Event: The company achieved operating income of 41 in 2018.

97 ppm, an increase of 16 in ten years.

5%, net profit 4.

33 ppm, an increase of 35 in ten years.

6%; net profit margin is 10.

31%, up 1 every year.

45 units.

Earnings per share are 0.

85 yuan.

The company proposed to send 0.

5 yuan (including tax).

Different from the market point of view: 1. Price increases, new product volume overlaps, and the Spring Festival is in the wrong period. The fourth quarter revenue has maintained rapid growth: the company has gradually released a performance report. From the specific indicators of the annual report, these indicators show that the company is operating well.
The company’s single quarter revenue growth rate was 28.

44%, 5.

86%, 13.

78% and 17.

81%, profit growth was 8 respectively.

82%, 23.

41%, 48.

87% and 56.

86%, the fourth quarter revenue maintained high growth, while profits accelerated more significantly.

Initially include 1) the company in the third quarter of the company’s exquisite melon seeds, original melon seeds, small and fragrant watermelon seeds and other cereal products such as ex-factory price adjustments, price increase range of 6% -14.

5%; 2) New blue bag melon seeds and yellow bag nuts have strong growth in the fourth quarter; 3) The Spring Festival of 19 years is earlier than 18 years ago, and some income during the Spring Festival period is included in the fourth quarter.

2. Category expansion enters the fast track: in terms of categories, traditional sunflower seed products continue to grow12.

22%, of which the sales of blue bag products exceeded 7.

100 million, accounting for about a quarter of the total seeds.

The daily sales of small yellow bags exceeded 5 trillion, which doubled continuously.

The yam crisp product yam girl was launched on June 7, 2018, that is, the sales revenue exceeded 60 million yuan.

In terms of regions, the growth rate in East China reached 34.

36%, South China followed by 14.

39%, North China is only 6.


E-commerce has developed rapidly, with revenue reaching 2 last year.

800 million, an annual increase of 42.


In addition, Taobao data show that online revenue in the first quarter of 1919 continued 武汉夜网论坛 to maintain a rapid growth of more than double.
It is estimated that the average income of blue bag melon seeds and yellow bag nuts is about 9 trillion.

3. The gross profit margin increased, the expense ratio remained stable, and the cash flow was strong: Due to the price increase effect, the company’s gross profit margin rose in the fourth quarter.
6 averages, up by 1.

3 units.

Among them, sunflower seed gross margin increased by 1.

The 72 averages reached 35.

2%, the gross profit margin of nuts increased by 2.

95 averages reached 19.


There were no significant changes in selling expenses and administrative expenses.

The financial expense ratio has been declining.

4 units, investment income increased 47.34 million yuan per year.

The company’s operating cash flow has increased by 155% annually, 西安桑拿论坛 first of all due to the acceleration in revenue, the increase in gross profit, and the enhancement of the right to speak, and the increase in accounts payable2.

3 billion.

4. Progressive internal, repurchase of shares to boost confidence: the company’s internal transformation has been obvious since 17 years, put forward a development plan of 10 billion revenue in the next five years, focus on the two major businesses of seeds and nuts, and put forward “focus on nut quality”Building 20 years” positioning.

The company announcement is intended to be no less than 0.

500 million not more than 100 million US dollars to buy back company shares, the repurchase price does not exceed 30 yuan / share, of which not more than 50% of the total repurchased shares are used for employee incentives, and the remaining part is used for convertible bonds.

According to the largest scale of the repurchase funds and the upper limit of the repurchase price, it is estimated that the stack of repurchased shares is 3.33 million shares, accounting for 0 of the current total share capital of the company.


4. Profit forecast and rating: We expect the company’s EPS for 2019-2021 to be 1.



36 yuan, corresponding to an estimate of 22/19/17, maintaining the “strongly recommended” level.

5. Risk reminders: 1) Food safety risks; 2) Risks of new product promotion falling short of expectations.

Whitening secrets of ancient princesses


Whitening secrets of ancient princesses

What methods did ancient beauties use for beauty?

In fact, the deployment of some Chinese herbal medicines can replace the whitening and whitening secrets of whitening and rejuvenation. Let’s take a look at the whitening secrets of ancient princesses.

  ① Healthy whitening: 90 grams of oysters (burned to powder), 30 grams of sweet potato root, and appropriate amount of white honey.

First grind the oysters and sweet potato roots, then blend with honey.

Can be applied every night and washed off with warm water in the morning.

This side can make skin fair.

  ② Remove oil and acne: Light powder, Scutellaria baicalensis, Paeonia lactiflora, Aconite, windproof 3 grams each.

Each is fine, and the honey is a pill.

Each time you wash your face, use it to wipe it several times, and when you go to sleep, repeat it.

Can treat acne.

  how about it?

It ‘s amazing, in fact, small recipes can bring wonders.

Winter sports tips to teach you how to improve injury prevention

Winter sports tips to teach you how to improve injury prevention

Have you started your winter training program?

If you exercise blindly, it will cause sports injury and physical discomfort, which will greatly reduce your exercise effect.

Due to the special nature of the season, the risk of injury in winter sports is much greater than in other seasons.

In fact, warming up before exercise is only part of the prevention of sports injuries. Only with a comprehensive understanding of winter sports can you be prepared.

  Sports injuries that are prone to occur in winter Muscle strains In winter sports, due to the cold weather, human muscles have poor contraction and stretching performance.

It is particularly easy to cause muscle and ligament strains and tears if sudden overload stimulation is performed when the body is not ready.

After a muscle strain occurs, local pain, tenderness, swelling, muscle tension, fractures, dysfunction and other symptoms will occur. Severe injuries will cause symptoms such as subcutaneous bleeding.

Therefore, the warm-up exercise should take a little longer than usual to adapt the softness and strength of the body to the needs of the exercise.

  Heart pressure Winter is the season of high blood pressure.

Data show that the incidence of hypertension in winter is 50% higher than in summer.

Performing a sudden and large amount of exercise during this period will cause additional stress on the heart, reduce blood supply, cause hypoxia in the body, and increase the risk of disease.

It is recommended to perform low-intensity aerobic exercises before exercise, gradually transition to strength training, and to perform slow walking and other exercises after vertical exercise to restore blood pressure stability.

  Colds In winter, whether you are working out in the gym or outdoors, pay attention to colds.

In this season, the temperature difference is relaxed, so it is easier to sweat.

During exercise, if you want to reduce your clothes, don’t take off too much at one time.

You should wait until your body is sufficiently hot before gradually reducing your clothes.

In addition, you should keep warm after sweating, and do not wear wet clothes for a long time.

  Principles of preventing sports injuries Fully warm-up warm-up exercise can correct the blood circulation of the human body, make the various organ systems of the human body go from a quiet state to a sports state, meet the needs of fitness exercises, and help oxygen to input energy substances to the muscles that workAt the same time, metabolites (such as lactic acid) are excreted in a timely manner.

In addition, warming up the temperature of muscles, ligaments, and joints increases the mobility of joints and ligaments, which not only improves exercise quality, but also prevents sports injuries.

Warm up is generally within 10 minutes.

But in winter, the warm-up time can be slightly extended to 15?
About 20 minutes.

Note: Do not warm up for too long or too short. Warming up for too long will consume too much physical energy, which will affect formal exercise. Warming up for too short a time will result in insufficient physical exercise.

  Finishing and relaxing After winter sports, you must carry out finishing and relaxing exercises.

This will cause the human body to move from a state of exercise to a state of quietness. During the exercise, the body’s energy metabolism and synthesis is a process of strengthening and improving muscles, and each organ system maintains a high level of operation.

Relaxation and relaxation after exercise can help reduce muscle contraction, maintain oxygen at a certain level, strengthen the discharge of waste after exercise and relieve exercise fatigue.

If you arm something else immediately after a winter workout, it can easily lead to discomfort such as muscle pain or joint damage.

You can choose to relax or exercise in the opposite direction.

  Reasonable diet A reasonable diet structure is one of the important factors to promote the body to accelerate recovery and eliminate muscle soreness.

After winter sports, the food mix should be more balanced, avoiding partial eclipse.

When sweating in autumn and winter, an appropriate amount of fresh water or sports drinks should be added, and the acid-base balance should be maintained in the staple food. If the protein is too high, the acidic substances in the body will increase, thereby reducing the alkali reserve in the blood, which is not good for the body after exercise.restore.

Overall, a reasonable ratio of fluorescence to protein is 7: 3.

  Ensure that the body and sports organ systems and physiological functions are always at the lowest state after a large amount of exercise during the rest winter.

At this time, the physical strength is easily overdrawn, and a large amount of muscle cells are damaged. Proper rest is helpful to accelerate the physical recovery.

If the rest time is not enough, it will lead to insufficient sleep, affect the results of the next training and leave hidden dangers in exercise.

In winter, it is reasonable to arrange 1-2 days of rest per week.

Sports experts teach you 10 tips to find the most suitable sneakers

Sports experts teach you 10 tips to find the most suitable sneakers

When you buy sports shoes, do you know how to choose the right sports shoes for you?

Here are 10 shoe buying tips from sports experts.

Understand foot shape.

Everyone has their own unique foot shape. Some people have normal foot shapes, while some people often bend their feet inward, and some people have one foot. Others have extremely high arches.

When choosing shoes, you must pay special attention to whether the design of the sports shoes matches your foot shape and whether it can provide proper foot support.

Learn about the sports you want in the army.

Different sneakers are suitable for different sports.

The best time to buy shoes is in the afternoon or after dusk, because then your feet will grow the most.

Try on shoes that are usually worn with the right thickness of sports socks.

Socks that are too thick or too thin can affect the fit of shoes.

Try it on with your feet, depending on the size of the retractable foot.

Try on two pairs of shoes with different shoe sizes, because the size standards of different manufacturers are not exactly the same.

The distance between the toe and the toe should not be too close, and there should be a finger-width gap between the end of the toe and your largest toe to allow the toes to be free.

Push your toes up toward the toe, and use your fingers to toe the front of the toe to see if the toe is too tight.

The heel should be close to the heel of the shoe, do not slide at will.

Put on socks, fasten your shoelaces, walk around or jog a few steps in the store to see if it’s comfortable.

Price is not the number one factor in choosing shoes.

Woman, is your vanity normal?

Woman, is your “vanity” normal?

Faced with the vanity of women in general, most men have the spirit of “beating their teeth and swallowing blood”: “Can this stump me a man?
“Men who quarrel or even divorce with women because of their vanity characteristics should be rare. Most men just treat it as a woman who is ignorant or idle, but this does not mean that women’s vanity can be inflated without reason.Go on.
  Most women’s vanity is caused by “deprivation”. For example, they once wanted but could not obtain it, and there is a deeper psychological state behind it that needs to be interpreted, that is, self-confidence, which leads to a sense of insecurity and must be grasped.Live some real things, or try to please and attract others’ attention.
  Showing off is the self-defense instinct of women. It was originally understandable. However, if you can’t strengthen your confidence from the bottom, for example, by continuously learning to enrich yourself, you can communicate with friends of the outside world. Every day is just a vulgar and frivolous life, then,If a man encounters a confidant in pink, he will soon be attracted to it. This is the real fatal sequelae.
  Therefore, a confident woman, first of all, will not be able to get through with her own purse and be a prodigal daughter; nor will she be too busy with the “wife to be rich with your husband” or “wife to be rich with your child”; not to be like a flowerThe “mass lover” illusion is created like a fool, waiting for others to star on the moon.
  On the contrary, it should be “Wang Lianggong” who is afraid of being bragging, and “thrifty” which is based on discretion, this temperament and vanity are completely different.
  Regardless of work, career, or community performance, compared to women, modern men are already in a disadvantage, and besides getting along with women, if they still feel the vanity of women’s teeth and claws, they will definitely have an impact on emotions and marriageYes, I ca n’t keep the man himself, but I believe that this is by no means what a woman who wants to grow old with a man expects.
  The vanity of women in men’s eyes is as follows: A: Never dare to refuse others, even if it is the most reluctant thing, it will be agreed because of face.
I usually regret it in the end, but I still dare not say no next time.
  B: Never ask for help, for fear of being incompetent by others.
In case of suffering, you would rather knock down your teeth and swallow it. Usually you offer to help her and you will still be cold.
  C: Never allow others to oppose herself, especially in public, her authority is greater than that of Empress Dowager Cixi.
If you refute her in front of an outsider, you are offending her, whether you are right or not.
  D: I always say that I am young, and when we are in our thirties, we will say “our girl”