Ultrasonic Electronics (000823): 5G terminal volume improvement improves demand-side established technology makers regain growth momentum

Ultrasonic Electronics (000823): 5G terminal volume improvement improves demand-side established technology makers regain growth momentum
Investment points 5G drives the upgrade of consumer electronics motherboards, bringing both high-end HDI volume and price, and the company is expected to achieve overtaking of HDI tracks in the 5G era.As the main application of HDI, 5G mobile phones are expected to explode in 2020. Various brands of mobile phone product lines have increased technical requirements for HDI motherboards, and product structure upgrades have caused supply and demand mismatches. As a result, domestic HDI manufacturers have more opportunities to enter the new track competition.In addition to mobile phones, other terminals such as Internet of Things modules, 5G modules, miniLED backplanes, automotive central control motherboards, etc. have also seen a strong upward trend.In fact, the layout of domestic HDI manufacturers has increased + new entrants have high industry barriers, and the company has a first-mover advantage. By continuously expanding its downstream scope, it has increased its penetration rate.The company’s technology accumulation and expansion plans are expected to achieve rapid growth in the consumer electronics motherboard upgrade stage.  Take root in Apple’s supply chain and occupy a stable share in the high-end market.The company entered the supply chain of Apple SLP interposer in 2017 and has a stable market share.In the short term, high-end companies are not interested in this product market, while low-end companies are temporarily unable to get involved due to technical barriers (line width close to 60 microns, HDI level, resin plugging holes, and unique plating process), and the company can be stable.Considering the increase in the area of Apple’s SLP structure and the increase in unit price, the company’s intermediary board is expected to continue to benefit in 20 years, and the company’s overall profit rate is expected to increase.  The company’s operating income has fluctuated, with overseas revenue accounting for the majority.As a traditional manufacturing company, the company’s operating income has shown a volatile growth since 2010.After 2015, the net interest rate has been increasing, and is currently stable at about 6%.The company’s overseas territory revenue has been increasing year by year, and the average gross profit margin has also stabilized at about 20%.The company’s overseas business ratio is higher than that of the territory. Due to the relative sensitivity of overseas order prices, its profitability has changed.The 深圳桑拿网 company achieved operating income in the first half of 201922.400 million US dollars, net profit attributable to mother exceeds 33.12%.The company’s main business is stable, with various businesses in full bloom, upstream bargaining power has changed, and cost control remains stable.Among the listed companies, the company’s comprehensive index ranks high and has competitive potential.  As a top-notch manufacturer, a company with a good reputation and a product line with both depth and breadth will be able to prioritize favorable market advantages in the next 5G outbreak.The company is the most rare technology-oriented company among domestic PCB manufacturers, and it is also one of the companies with the most comprehensive industrial chain technology, the most extensive technical layout and the strongest technical solution 西安耍耍网 capabilities in the subdivided fields in the PCB industry.The deep accumulation of experience has made the company from a company that originally introduced HDI production technology to a competitor in the global high-end HDI field today. The company’s product quality has certain competitive advantages in some companies.supplier.In addition, the company is involved in multiple businesses, including printed circuit boards, liquid crystal display devices, ultrasonic detectors, copper clad laminates and other sub-sectors covering the world’s mainstream customers, and the future market space is broad.  Profit forecast and investment recommendations: We expect revenue of 50 billion / 6.1 billion / 6.9 billion in 19/20/21, and net profit attributable to mothers is expected to reach 2 in 19/20/21.800 million / 3.700 million / 4.6 billion.The current market value of PE = 33x / 25x / 20x is an alternative transformation of the entire PCB board.Comparable companies are estimated to be 50x, 32x and 25x in 19/20/21 respectively, with the first coverage giving a “Buy” rating.  Risk alert events: pressure and impact from market competition, exchange rate changes, new technology upgrades, and acceleration.

Racing Wheel Tire (601058) 2019 Third Quarterly Report Review: Volume and Price Rise, Overlapping Raw Materials Fall, Third-Quarter Growth Exceeds Expectations

Racing Wheel Tire (601058) 2019 Third Quarterly Report Review: Volume and Price Rise, Overlapping Raw Materials Fall, Third-Quarter Growth Exceeds Expectations
Benefiting from the rising volume and price of products and falling raw material prices, the company achieved net profit attributable to its mother in the third quarter of 2019.44 megabytes, + 123% a year, far exceeding expectations.The company’s new production capacity is expected to be put into production in 2019-20, which is optimistic about the short-term performance growth; the domestic tire industry is accelerating the 佛山桑拿网 reshuffle. The company uses products, channels, and brand advantages to become a leader in the industry.We raise our target price to RMB 6 and maintain our “Buy” rating.   Both the volume and price of tire products rose, and the third-quarter performance grew faster than expected.The company achieved operating income of 113 in the first three quarters of 2019.27 trillion, ten years +10.14%; realized net profit attributable to mother 9.51 ppm, +83 for ten years.84%, exceeding expectations.Corresponding to the single quarter of the third quarter realized operating income42.35 trillion, ten years +13.87%; net profit attributable to mothers4.44 trillion, +123 a year.01%.The company’s third-quarter performance increased significantly, mainly due to the company’s tire product volume and price rose, the third quarter single-quarter tire sales of 1033.520,000 articles, +13 per year.31%; the average selling price of tires is 354 yuan / piece, +5 for ten years.64%.   The price of raw materials has dropped, and profitability has increased significantly.The overall price of major raw materials such as natural rubber, synthetic rubber, carbon black, and steel cords dropped by 6%.90%, the company’s gross profit margin in the first three quarters of +3 per second.71% to 22.18%; single quarter gross margin in the third quarter of ten years +5.76% to 26.0%.Net cash margin for the first three quarters +2.17% to 7.13%; single quarter net profit increased by +5 in the third quarter.04% to 10.44%.   The capacity under construction is expected to be released in a concentrated manner in 2019-20, optimistic about the room for performance growth.The company has a production capacity of 5.6 million all-steel tires, 40 million semi-steel tires, and off-road tires.4 nominal.The Dongying plant is currently under construction with a capacity of 7 million semi-steel tires and the company is expected to start production this year; the Vietnam joint venture plant is under construction with a total steel tire capacity of 2.4 million and the company is expected to start production in 2020; the Vietnam plant and the Qingdao plant are totaling non-road tiresCapacity 4.6 It is expected that the company is expected to start production in 2020.With the gradual release of capacity under construction, the company’s performance is expected to maintain high growth.   It is proposed to implement the stock incentive plan to cover the important participation of the company.The company announced the implementation of the financial stock incentive plan, which was awarded to 44 company directors, senior executives, middle managers and core employees.3.5 billion shares, the assessment target for 2019-21 is a net profit index of no less than 30%, 60% and 90% respectively in 2018.  The stock incentive plan synergistically binds shareholders and shareholders and is optimistic about the company’s long-term stable development.   Risk factors: sharp fluctuations in raw material prices; intensified international trade frictions; less-than-expected capacity release.   Investment suggestion: The company’s new production capacity is expected to be put into production in 2019-20, optimistic about short-term performance growth; the domestic tire industry is accelerating the reshuffle, and the company uses products, channels, and brand advantages to gradually improve the leading figure industry.Due to the higher-than-expected tire volume and price in the third quarter, the company raised its net profit forecast for motherhood in 2019-21 to 13.47/17.32/20.28 trillion 杭州桑拿网 (previous forecast was 8.35/11.56/14.19 ‰), the corresponding EPS predictions are 0.50/0.64/0.75 yuan.Based on 12 times PE in 2019 given by comparable companies, raise target price to 6 yuan (origin target price is 5.3 yuan), maintain “Buy” rating.

Huaibei Mining (600985): Coal and Coke Business Steadily Improves Balance Sheet

Huaibei Mining (600985): Coal and Coke Business Steadily Improves Balance Sheet

This report reads: Shrinking the size of the coal trading business has led to an increase in overall gross profit margins. As a leader in East China, coking coal prices have risen, and high-quality cash flows continue to be reflected in the repair of balance sheets.

Investment points: Maintain profit forecast and maintain “overweight” rating.

Maintaining the company 2019?
The EPS in 2021 is 1.

71, 1.

80, 1.

88 yuan, maintaining 13.

Target price of 20 yuan, maintain “overweight” rating.

The first quarter report was in line with expectations, shrinking the scale of trade and benefiting from the rise in coking coal prices.

The company achieved operating income of 117 in the first quarter of 2019.

51 ppm, a decrease of 30 per year.

94%; net profit attributable to shareholders of the parent company9.

09 million yuan, an increase of ten years.


After the reorganized Huai Mining shares were backdoored in the third quarter of 2018, the company actively optimized its business structure. In the first quarter, it appropriately contracted the coal trading business. Operating income declined, and the overall gross profit margin in the first quarter.

31%, compared with 15 of the same period last year.

34% up 4.

97 averages.

In terms of coal production, the company achieved output in the first quarter with sales of 536.

67, 465.

In April, the production and sales rate was 86.

7% decreased by 6 compared with the same period last year.

Nine single, we think it may be that some of the coal led the unrecognized sales revenue at the end of the quarter.

Benefiting from the upward price of coking coal, the company’s average coal sales price in the first quarter was 727.

1 yuan / ton, a temporary increase of 5.


The coking business maintained stability, and the concentration of benefits from high-quality capacity increased.

Coke production and sales were 88.

90, 86.

32 digits with an annual increase of -1.

55%, 3.

55%, with an average sales price of 1922.

43 yuan / ton, down by 0 in the past.

69%, business is basically stable.

The company is close to Shandong. The coking business will further benefit from the advancement of Jiyulu Coking’s de-capacity, and the cost control advantage of new capacity will be more obvious.

Cash flow improved significantly, and the resistance rate continued to fall.

Net cash inflow from operating activities23.

3.7 billion, compared with 11 in the same period last year.
63 billion percent increased by 101%; net cash for financing activities was 8.
54 million, an increase of 46% per year.

The company’s gearing ratio is 65.

6% dropped to 64.

5%, it is expected that the continued improvement of operating activities and the denial of return and interest will gradually increase the company’s loss rate.

Risk warning: coal prices fell more than expected; the Xinhu (Huagoou) coal mine commissioning progress was less than expected.

What kind of career is easy to marry into the wealthy?

What kind of career is easy to marry into the wealthy?

A survey of first-class flight attendants on the No. 1 professional international flight shows that more and more rich Chinese are keen to travel abroad.

The scene of Chivas’ “Alaska Ice Fishing” is a high-quality life that the rich seek.

What could make them long for some gentle and gentle care than boring and cramped continuous flight.

  In 2003, Japan ‘s ANA flight recruited flight attendants in Shanghai. As soon as the news came out, 4,000 or 5,000 girls signed up.

What they need to undergo is a medical examination and interview.

The single test will eliminate most candidates: “irregular teeth”, “yellow teeth”, “allergic rhinitis” will be recorded; those with abnormal vocal cords will be eliminated; premature beats or tachycardia will be eliminated;Elimination of splayed feet; elimination of flexion of the spine; elimination of open wounds and frostbite in the body; elimination of the 720-degree “swivel chair balance test” . after a series of physical tests and examinations, it is a foreign language proficiency test and communicationTest . If you can pass, and perform well in training and work, look beautiful, congratulations, you can go to the first class waiting for your rich.

  At present, the rich in Beijing like the United States, and the rich in Shanghai are willing to go to France and other European countries.

Among domestic routes, Sanya and Yunnan are the two most popular tourist destinations in China.

  No. 2 professional financial journalist or TV host financial media practitioner is considered to be one of the easiest to marry into the wealthy profession.

Reaching rich people is their job requirement, and prying rich people’s mouths seems to be the most direct way to pry open their hearts.

And a decent professional background and sufficient wisdom and connections are the chips that match the rich.

  It is not difficult to become a reporter, and it is not difficult to become a host.

However, if you want the rich to accept your interview, you must first become a “celebrity” and “celebrity host”.

In other words, you must be Xu Gehui to have enough celebrities face to face with you.

Before that, you could at best only marry the secretaries of the rich-because at best you can only call them.

  It must be pointed out that although this profession is theoretically feasible, the sharpness and sensitivity of media practitioners tend to reduce competition in the marriage market, so the “women’s reporters marry into wealth” is not common.

  No. 3 professional dancing / horse riding / diving / golf . coaching is the exclusive fashion of the rich.

In this way, they nourish their body and mood, and at the same time develop it into a new and fashionable way of communication.

  When a rich man becomes your student, you defeat his psychological superiority.

Accompanying this breakdown is his dependence and worship on you.

And the sports produced by Li Biduo are the most primitive weapons that stimulate emotions. Sweat and wine are the liquids that most easily breed emotions. The sports field is bound to be the best choice.

  It is not difficult to enter these industries, you just need to have enough interest and talent.

Choosing a company for employment is the most important factor to consider, and the relevant senior club is the most secure choice.

  No. 4 Occupational Private Nutritionist / Doctor This occupation uses the old method of “taking advantage of everything”.

Any profession in this world can be money, only doctors are indispensable, because it is related to life and death.

  However, the reason why a personal nutritionist is easier to achieve than a private doctor is that someone only seeks a doctor when they are ill, and they should always consult a nutritionist-and the patient’s mood may not be suitable for romance.

  Even if not considered from the perspective of “marrying the rich,” nutritionist is a very promising profession.

At present, the cost of advanced nutrition training for certain companies is measured in minutes, up to $ 8 per minute, and Hong Zhaoguang, a well-known Chinese dietitian, costs up to 200,000 yuan.

Similarly, “Famousness” has become the fastest way to “Private XX”.

In this industry, the fastest way to become famous is to write columns, publish books, and host TV shows.

Qu Limin’s popularity with the “Inner Canon of the Emperor” is one of the best examples.

  No. 5 professional artist rich people often appear in all types of art scenes-whether he is really an art lover or not.

Artists talk about making money together, and rich people talk about art together.

  Money and art are the most perfect interaction. The former needs to be upgraded, and the former needs to prove value.

Entrepreneurs produce photography collections, politicians study calligraphy, and even upstarts have to draw two Chinese paintings.

Rich people appeared in various artistic occasions excessively during the acute time, and the road of art encountered the fork of love and became logical.

  No. 6 professional antique appraiser antique must be a game for rich people.

And the professional quality of antique appraisers is also to support you in the face of the rich.This industry had a fault in the 1990s, and now some universities have reopened the discipline.

However, in order to become an antique appraisal talent, the biology is not low, and even requires knowledge of traditional Chinese culture, only painting, calligraphy, history of arts and crafts, etc. At the same time, ceramics, four treasures of the study, and bamboo and wood carvings are also required.The ability to identify the variety classification.

  It is undoubtedly a professional antique auctioneer. People are pleased that if they do conversion, although they have always been married to rich people, they will only have the confidence that they do n’t have to marry rich people.

What should parents do if they have too many eyes?

What should parents do if they have too many eyes?

Too many parents find that when a newborn baby sleeps, there is eye shit around the eyes, and sometimes even the eyes can’t open.

What should I do if my baby has too much poop?

See what the experts say!

  What to do if my baby has a lot of eye feces?

  Experts say that if the secretion amount is normal, you only need to scrub your eyes every day. It is recommended to wipe one eye and reverse it, or try another eye with a clean towel.

If the amount of eye secretions is relatively large, you can use eye drops suitable for newborns, including eye drops, or eye ointments for local care. Eye drops can be dropped 3-4 times a day, and eye drops 2-3 times.

  Tips for cleaning your baby ‘s eyelids 1. Wash your hands with flowing water.

  2. Soak the sterilized cotton ball in warm boiling water or salt water, and squeeze out the excess water (it is better not to drip water).

  3, wet compresses If secretions are secreted on the eyelashes, use a sterile cotton ball to apply a wet compress for a while.

  4. Wipe and then change the wet cotton ball to gently wipe from the eye area to the outside of the eye.

  Tips: When parents clean up the baby’s eye feces, use one cotton ball at a time, and you can’t use it again until you wipe it clean.

In addition, repeated wiping around the eyes should be avoided, so as not to increase the chance of bacterial infection of the baby’s eyes.

Babies with poor appetite are most afraid of blind zinc supplementation

Babies with poor appetite are most afraid of blind zinc supplementation

Nowadays, zinc supplementation has become another focus of people’s attention after calcium supplementation.

Some parents donate zinc to their children as soon as they see their child is anorexia.

However, the attitudes of nutrition experts are contrary to the enthusiasm of parents to supplement their children with zinc.

  Experts said: “Few people are truly zinc deficient, as long as the diet is balanced, no additional supplements are needed.

“If you are not picky, you will not have zinc deficiency or even zinc is a trace element necessary for the human body. If it is lacking, it will cause infants and young children anorexia, slow growth, reduced adult body resistance, and slow skin wound healing. But zinc is a trace amountElement, the human body’s daily demand is not great.

A 6-month baby only needs 1 per day.

5 mg zinc, 7?
The 12-month infant is 8 milligrams, and the demand for zinc slowly increases with age.

Many foods contain zinc, and as long as you eat normally, zinc deficiency will not occur.

Only long-term severe partial eclipse, vegetarian, and malnourished people may be short of zinc.

  Zinc has been overdone. Harmful zinc is an essential nutrient during the growth and development of infants and young children. Zinc deficiency can cause loss of appetite, pica, and decreased immune function. Severe zinc deficiency can lead to changes in cognitive behavior and affect intellectual development.Lead to issues such as delays in maturity.

However, it does not mean that more zinc is better. The human body has a limited need for zinc. Taking too much zinc is not only useless, it is harmful, and it can even cause poisoning.

  For those who are not zinc deficient, additional supplementation may cause excessive zinc in the body, which may cause metabolic disorders and even cause brain damage.

  Taking zinc overdose can cause symptoms such as vomiting, headache, diarrhea, convulsions, and may damage brain neurons, resulting in decreased memory.

In addition, excessive zinc content in the body may inhibit the body’s absorption of iron and copper, and cause iron deficiency anemia.

In particular, it is important to note that excess zinc is difficult to excrete.

  If you need zinc supplement, it is best to have a check. So how can you confirm if your baby is zinc deficient?

  Experts reminded that some children in the society have yellow hair and severe ADHD, which is a lack of zinc. They are actually one-sided.

To determine whether zinc deficiency is the most sensible approach, go to the hospital for a test. If the blood zinc test is lower than normal, combined with clinical symptoms and replacement status, etc., you should consider proper zinc supplementation.

In addition, when zinc deficiency is not serious, medicinal supplements are not as good as food supplements.

Many of the foods we eat daily are rich in zinc, and it is perfectly possible to supplement zinc from food.

  Generally speaking, shellfish products are the most abundant in zinc, and mothers can stew some seafood soups for older babies, such as scallops, conch, and mussels.

In addition, animal livers also have a higher zinc content. Minced duck liver and chicken liver, plus a mud-like complementary food made from egg yolk, are more suitable for older babies.

  For babies who do not like to eat amaranth, vegetables and fruits also contain zinc, peanuts, walnuts, chestnuts and other nuts are also a good choice for babies to supplement zinc.

  After passing the supplement, the effect is still not obvious, so the baby can take some zinc supplements, but it must be carried out under the guidance of a doctor, and a blood zinc test should be performed after taking 3 to 6 months.

Summarize 13 hidden differences between men and women

Summarize 13 hidden differences between men and women

What are the differences between men and women?

The British “Daily Mail” December article invited British and American experts to summarize the “13 hidden differences between men and women.”

1.Women have better ability to distinguish colors Andrew Rotary, professor of ophthalmology at the University of Southampton in the United Kingdom, said that women have more “color vision” genes in their eyes than men, which makes them more capable of identifying different colors.

Men’s bones are stronger. Paul Allen, an orthopaedic specialist in Kent, UK, says that the outer layers of men’s bones are thicker than women’s, causing fractures.

Male bones are large and female pelvic cavity is small, but the size of the bone opening at the lower end of the pelvic cavity is convenient for having children.

3.Men’s nose diameter Men’s noses are on average 10% larger than women’s because men have more muscle groups and need to inhale more oxygen.

4.Men’s liver cancer David Royd, an expert in liver surgery at the General Hospital of Leset, UK, said that women’s livers are smaller than men’s, so they are used to replace alcohol dehydrogenase and drunken alternatives.

5.Women’s hearts are small, and their heart rate is slow Dr. Green Thomas, an expert from the Bristol Heart Institute, said that women’s hearts are about two-thirds of men’s; men and women have an average heartbeat of 80 and 72 beats per minute; women with AF have a risk of strokeThan male sex.

6.Women are relatively relative Although women are smaller than men, they are both the same length.

Therefore, with the same amount of food, women are more likely to feel full.

7.Dr. Rocht Lal, a London lung cancer expert on women’s lung load, said women’s lung capacity is 30% smaller than men’s, and the airways are narrowed, which reduces lung load.

8.Women are more flexible. Professor Alan Hillman, an expert at the British Arthritis Institute, said that women’s ligaments are looser and easier to stretch, and it is less difficult to complete the splits.

9.Women’s urinary tract is shorter Christopher Eden, a urologist at the Royal Surrey Hospital in the United Kingdom, said that women’s urethra is only 3 cm on average and men’s 20 cm.

Therefore, women are more likely to develop urinary tract infections.

10.Men’s beer belly, women’s buttocks, thick legs, men’s fat are often lightly accumulated on the waist, while women easily accumulate on the chest and thighs.

11.After menopause, women’s voices become thicker. After women’s menopause, estrogen decreases and the vocal cords swell, so the voice becomes a bit heavy.

12.Women’s skin is thinner Dr. Sagad Rajippa, an expert in dermatology at Birmingham, UK, says women’s skin is thinner and therefore more prone to wrinkles.

Men have a higher ratio of dermal protein to skin, which makes them look younger.

13.Women’s immune system is more active. Women’s immune system is more active, and their ability to cope with infection is stronger. After infection, the body is injured less than men.

Women’s immune system ages more slowly, which results in longer life.


Remember not to eat for two hours before practicing yoga

Remember not to eat for two hours before practicing yoga

At present, in some large and medium-sized cities, practicing yoga is becoming the “new favorite” for some people to exercise and cultivate themselves.

Yoga experts warn that there are four issues to pay attention to when practicing yoga.

  Indian yoga master, executive director of the Asian Yoga Association, training director of the Chinese Yoga Tutor Training Academy, Vicham said that yoga can improve the health of the brain, spine, glands and living organisms.

  The current popular yoga practice types can be roughly divided into women’s yoga, men’s yoga, children’s yoga and middle-aged and elderly yoga, which can be described as suitable for young and old.

However, Wickham reminded that when practicing yoga, pay attention to the following issues: First, yoga is suitable for fasting. It is best not to eat for two hours before practicing.

If you feel particularly obese, you can eat liquid food (such as milk) or snacks half an hour before practicing yoga.

Take a break for half an hour before practicing before eating. It is best to eat some fresh vegetables, fruits and soy products, eat a small amount of meat, and do not overeating.

At the same time, should not eat fried, grilled, irritating food, drink less cola and other drinks.

  Basically, the dress should be light and comfortable, with the armor on the body part, lifting and bending.

Take off your belt, jewelry, glasses and other items, practice barefoot, sit, lie down, kneel on a mat or rug to complete the movement. Do not practice on smooth ground to avoid spraining your body.

  Again, do what you can, and don’t compare yourself to others, just make your own limit.

The focus of yoga practice is on the process and not the outcome.

At the same time, do not take a bath within half an hour after the exercise to avoid cold invasion and affect the exercise effect and physical health.

  In the end, Wickham reminded that it is best not to practice yoga for children before the age of six, otherwise the reorganized children’s bone development will have a certain impact.