First Capital (600008) Company In-depth Report: Spring Turnover Results

First Capital (600008) Company In-depth Report: Spring Turnover Results
Company profile: Water and solid waste dual-main business, a state-owned environmental protection listed company affiliated to Beijing Capital Group.The company is a state-controlled environmental protection enterprise affiliated to Beijing Capital Group. Beijing State-owned Assets Supervision and Administration Commission is the actual controller of the company. As of the end of September 2019, Capital Group held 46% of the shares.In the company’s revenue structure in 2018, wastewater treatment, tap water production and sales, environmental protection construction, garbage disposal revenue, highway tolls, and heating revenue accounted for 16%, 13%, 40%, 28%, 3%, and 0, respectively.1%.Corresponding gross profit margins are 31%, 24%, 28%, 32%, 62% and 6%. Industry analysis: The water industry has increased steadily, and the proportion of waste incineration has increased rapidly. Tap water supply industry: Urban water penetration rate was 98 in 18 years.36%, the increase in urbanization rate has promoted the industry’s steady increase.China’s highest total water consumption has remained stable overall, with a CAGR of -0 in the past five years.3%.The initial rural water penetration rate and urbanization rate continued to increase, and the urban and county water use rate reached 98 in 18 years.36% and 93.80%, there is still room for improvement in the township and village water supply rate. As the urbanization rate and water penetration rate continue to increase, domestic water consumption has also steadily increased, with a CAGR of 2 in the past 5 years.91%.It is expected that there will be 2 every year.The 8.6 billion urban population has room to rise and will increase urban water consumption by 51.4 billion cubic meters per year.The amount of urban water supply and the comprehensive production capacity of water supply have been increasing steadily, and the CAGR has reached 3 in the past 5 years.0% and 2.2%.Urban water prices are adjusted regularly, with the average water price of 36 urban residents reaching 2 in 19 years.28 yuan / ton, with a compound growth rate of 2 in the past 10 years.4%. Sewage treatment industry: CAGR 6 for urban sewage treatment in 12-17 years.06%, the processing rate still has room for improvement.The 13th Five-Year Plan requires that by the end of 2020, the urban sewage treatment rate will reach 95% and the county sewage treatment rate will reach 85%.In 2017, the sewage treatment rate in cities and counties reached 94.54%, 91.16%.The increase in sewage demand has led to the rapid development of the sewage treatment industry, and the CAGR of the sewage treatment volume and output reached 6 to 12 to 17 years.06% and 6.25%.The length of urban sewage pipelines and the number of sewage plants have increased rapidly, and CAGR reached 7 in 12 years.5% and 10%.The current 36 urban sewage treatment fees have been increasing steadily over the past 15 years, and the latest treatment fees in 19 reached zero.98 yuan / ton, a compound growth rate of 3 over the past 10 years.0%.Guided by policies such as sponge cities and underground pipe corridors, the sewage treatment industry will shift from separate sewage treatment to comprehensive water environment treatment. Solid waste treatment industry: The proportion of waste incineration has increased rapidly.At present, the solid waste disposal methods mainly include sanitary landfill, direct incineration, incineration power generation, and comprehensive treatment of multiple methods.The volume of domestic garbage 四川耍耍网 removal in China has steadily increased, with a CAGR of 5 in 12-18.75%; 18 years of harmless treatment rate reached 98.96%.In 17 years, sanitary landfills and incineration accounted for 57% and 40% of the total volume of harmless treatment of urban life nationwide.Waste incineration accounted for 24 from 5 years ago.7% rose to 40.2%.The “Thirteenth Five-Year Plan” National Urban Harmless Waste Urbanization Design Plan requires that the waste incineration capacity accounts for more than 50%, and the eastern region reaches more than 60%. Water business has developed rapidly, with revenue growth of 21 in the first half of the year.49%, sufficient orders in hand.The company’s water product line business mainly includes tap water supply, sewage treatment, and water construction. The water service business has a CAGR of 20% in 2014 and the gross profit margin is stable during the period.The company mainly expands its power supply business by establishing water supply companies with local enterprises and acquiring equity in local water supply enterprises.1) The revenue of water supply business maintained rapid growth: the company’s water supply business income in the first half of 199.20,000 yuan, an annual increase of 25.1%, the gross profit margin of the water supply business for 18 years was 24.1%.In the first half of 19, Chengdu Jinqiang, Tianjin Ninghe, Hebei Huaguan and other projects were put into production and the water price of some existing projects rose, so the company also provided a rapid increase in operating income.The company’s water business revenue has steadily increased since 14 years, and the CAGR of revenue from 14 to 18 has reached 20.0%.The company’s water business gross profit margin is relatively stable, with an average gross profit margin of 24 in the past five years.9%.2) The company’s 18-year tap water supply capacity reached 1402.On the 9th day / day, the production-sales margin is 15.1%, capacity utilization rate is 61.9%.The company’s tap water supply capacity has grown steadily in the past three years, with a compound growth rate of 14 in the past three years.1%.The gradual reduction of the production-sales gap will help the company improve efficiency.The company’s maximum production capacity has not been high, because the number of permanent residents in the cities where some factories are located has not yet reached the planned target, resulting in insufficient demand for elongation.In the future, with increasing population growth and increasing urbanization rate, the urban population will continue to increase, and the company’s tap water supply capacity will be promoted.3) Water prices are gradually raised, and bargaining power is supplemented.The company’s tap water price has different pricing in various regions. In 18 years, the average water price in North China, East China, Central South, and Southwest China was 2 respectively.17 yuan / cubic meter, 2.06 yuan / cubic meter, 2.08 yuan / cubic meter, 1.81 yuan cubic meters.The average water prices of the company’s domestic water, non-residential water and other customers are 1.89 yuan / cubic meter, 2.73 yuan / cubic meter and 1.63 yuan / cubic meter.The company’s bargaining power is expected to increase water prices for four water supply projects in 2018. The CAGR of wastewater treatment revenue in the past 4 years reached 23.8%, gross profit margin and unit processing price are above average.1) The company’s sewage treatment business income in the first half of 1912.0 million yuan, an increase of 34 in ten years.8%, gross profit margin of sewage treatment business in 2018 is 31.2%.In the first half of the year, the company’s Yuyao Wastewater Project, Hefei Shilili River Wastewater Project was put into operation, and the water price of some existing projects rose, which caused the company’s wastewater treatment business revenue to increase rapidly.The company’s water business revenue has steadily increased since 15 years, and its compound growth rate from 15 to 18 years has reached 23.8%.The gross profit margin of the company’s wastewater treatment business has been declining, with an average gross profit margin of 38 in the past five years.1% with a standard deviation of 5.4%.2) The company’s 18-year sewage treatment capacity reached 1226.The daily output of 0 days, the capacity utilization rate is 85%.The company’s wastewater treatment capacity has grown steadily in the past three years, with a compound growth rate of 16 in the past three years.1%.The maximum sewage treatment capacity has remained relatively stable, with an average capacity utilization rate of 83 in the past three years.3%.In the future, the population growth and urbanization rate will increase, the urban population will continue to increase, and the company’s sewage treatment capacity is expected to continue to increase.3) The price of the company’s sewage treatment varies in different regions, and the average national price is 1.07 yuan / cubic meter.The company’s sewage treatment pricing principle is based on the franchise agreement and the actual situation, and the price adjustment mechanism is implemented according to the agreed agreement, which is usually adjusted once every two years, and a guaranteed minimum water volume is also agreed on the treatment scale, so the business profitability can maintain a high level.4) The company’s traditional water business has sufficient reserves for its existing projects, and its subsequent performance growth can be expected.As of the end of 2018, the company’s tap water supply and wastewater treatment capacity reached 1,402 respectively.92, 1,226.00 a day / day; capacity under construction 413.65 day / day, expected in 2019?Production will start in 2021.As of the end of the third quarter of 2019, the company’s balance sheet had a construction surplus of 182.USD 600 million, which is 59% of the balance of fixed assets + intangible assets, and the reserve of projects under construction is redundant. Revenue from water construction business over the past five years has reached a CAGR of 77.9%, sewage pipe network construction and sponge cities are expected to become the future growth point of performance.The company has dozens of water plant engineering construction experience, and its subordinate engineering companies have multiple engineering professional qualifications, including first-level general contracting for municipal public works construction, first-level general contracting for construction engineering, and municipal public works (water supply and drainage for engineering consulting units).) Class A qualifications, etc.1) The company’s water construction business income in the first half of 19th.0 million yuan, an increase of 10 in ten years.2%, gross profit margin of sewage treatment business in 2018 was 27.6%.In the first half of 19, the company’s Changshu project operated stably. Fuzhou, Guyuan, Sanya, Shunyi, Lintong and other projects will gradually enter the operation phase (partial operation) in batches.In addition, the company’s sludge business has grown rapidly, and green resource projects such as urban green heating, water source heat pump system heating, and water reuse have continued to advance.These factors led the company’s water business construction revenue growth in the first half.The company’s water construction business revenue has grown rapidly since 14 years, and the compound growth rate of revenue from 14 to 18 years has reached 77.9%.The gross profit margin of the company’s water construction business has remained at 27% in the past two years, which is relatively stable, and it has remained at this level with a high probability in 19 years.2) The total investment of important projects under construction in the first half of 19 was 167.600 million, including 5 important projects under construction, with a total investment budget of 90.200000000.In the first three quarters of 19, there was a surplus of 182 under construction.600 million in the third quarter of a single quarter of construction in progress increased by 2.5 billion. In the first half of 19, revenue from solid waste business increased by 30%. Kitchen waste and incineration power generation promoted accelerated development. 1) The company’s solid waste business is mainly divided into two parts, domestic and overseas.As of the first half of 19, the company’s internal solid waste treatment projects have entered a total of 45 construction and operation periods.The company’s internal solid waste business subsidiary pioneered a total of 72 domestic projects in the environment. The types of projects cover waste incineration power generation, landfill, anaerobic treatment, garbage collection and storage, comprehensive treatment of hazardous waste, dismantling of waste electrical appliances and biomass power generationThe total investment is about 18.7 billion yuan, and the total design scale is about 1,599 millimeters of annual domestic waste disposal, and about 3.2 million pieces of electronics and electrical appliances are dismantled every year.The overseas solid waste business is mainly based on BCG NZ, a New Zealand company acquired by Hong Kong and Singapore’s ECO.2) The company’s waste treatment business income in the first half of 1920.20,000 yuan, an annual increase of 30.1%, gross profit margin of solid waste treatment business in 2018 was 32.4%.After the company’s solid waste business acquired the BCG NZ company in 2015, business revenue has grown rapidly and stabilized at more than 3 billion. At the same time, the gross profit margin has been relatively stable, and it has remained above 30% for 15 years.Benefiting from the waste classification policy, the company’s kitchen waste anaerobic digestion project maximized its production capacity.In the first three quarters of 19, the company’s food and kitchen waste treatment projects in Hangzhou and Yangzhou have basically reached full capacity.With the full implementation of the garbage classification policy in 46 pilot cities in 2020, the amount of food and kitchen waste disposal is expected to increase rapidly in the future.3) The company’s overseas solid waste business is relatively mature and stable, with overseas revenue in 201826.1 ppm, a ten-year increase of 2.6%, gross margin reached 32.2%.As the New Zealand solid waste market matures, overseas business revenue has remained stable and alive.CAGR of operating income from 15 to 18 years is 8%, with an average gross margin of 33%.Since 16 years, the company has provided stable gross profit of more than 800 million yuan.4) The company’s solid waste business mainly deals with domestic waste (including kitchen waste). The income from domestic waste treatment in 2018 was 27.4 trillion, accounting for 21 of total revenue.97%, gross margin is 32.12%.The gross profit margins of the company’s three waste treatment types are roughly the same.The domestic and overseas domestic garbage disposal volume in 18 years was roughly 2: 1.5) In the first three quarters of 19, the company’s waste-to-energy business gradually completed an amount of 279.97 million kWh of on-grid electricity, which later increased by 33.89%.Among them, the growth rate of power generation in Guizhou Province accelerated to 362.11%.At the same time, it is beneficial to reduce taxes and cut taxes.14%.In the third quarter, the company’s waste power generation business had a total revenue of 47.24 million yuan, which will increase by 18.63%.The company actively develops waste power generation business. In 19 years, it signed a number of incineration power generation projects with a total design scale of 3550 tons / day.The waste incineration power generation business has huge market space and is expected to become a new growth point for the company’s performance in the future. Give full play to the advantages of financing, the nationwide layout, leading growth rate. The financing cost budget has significant capital advantages.1) The company’s financing cost in 2018 was 4.3%, while the average financing cost of comparable listed companies is 5.1%.Since 2018, due to the deleveraging policy, many environmental protection companies have experienced tight funding chains, and some debt default problems have occurred.Some private enterprises have dated state-owned strategic shareholders, Oriental Garden, and Huaneng Technology also transferred control.As a holding company of Beijing SASAC, the company’s financing capacity is supplemented by a financing cost of 4 in 2018.3%, while the average financing cost of comparable listed companies is 5.1%.Here the 2018 financing cost = (interest expense + interest capitalization amount) / annual average value of interest-bearing debt; annual average value of interest-bearing liabilities = short-term expenditure of each quarter in 2018, non-current liabilities due within one year, other current liabilities, Long-term borrowings, expectation of the sum of payable bonds.2) In 2019, the size of corporate bond issuance increased by 72% to US $ 11.7 billion, reducing the average interest rate from 4.5% dropped to 4.1%.2016?In 2019, the scale of corporate bond issuance was 40, 25, 68, and 117 trillion US dollars, and the average incremental interest rates were 3.2%, 4.8%, 4.5%, 4.1%. In May 2019, the company announced a rights issue plan, placing 3 shares for every 10 shares and raising no more than 5.3 billion yuan.Placement to all shareholders at the rate of 3 shares for every 10 shares.The price of the rights issue is based on the average price of the company’s stock trading 20 trading days before the announcement of the issue. The market price discount method is used to determine the rights issue price.The size of the funds raised from the rights issue will not exceed RMB 5.3 billion. After deducting the issuance expenses, the funds will be used to supplement the company’s working capital and repay bank loans. The company’s business has spread across the country, and the compound growth rate of water business revenue from 13 to 18 years has reached 23.5%, among the best in comparable companies.Compared with similar state-owned enterprises, the company has a strong ability to take projects, covers a large number of provinces and cities, and has a rapid compound growth in water revenue. The revenue growth rate is second only to Zhongyuan Environmental Protection, which completed the asset acquisition in 2016. Earnings forecast and estimation level: The first recommendation rating is given. Accelerated share capital expansion has accelerated since 2017, revenue growth has accelerated since 2018, and profit growth has accelerated since 2019.Water affairs and solid waste operating assets are mostly implemented in the BOT mode, and the initial investment of the project is breakthrough.The company’s capital expenditure has accelerated since 2017, and the net cash replacement of investment activities has increased from 38 in 2016.900 million to 70.200 million; In 2018, with the initial investment projects put into operation, revenue growth rose to 34.1%; In 2019, with the initial production projects gradually reaching production, the growth rate of net profit attributable to mothers accelerated to 31.8%. Judging from comparable companies’ estimates, the first capital stock 2019?PE and PB will be 17 in 2020.8, 14.9, 1.55 times.The performance of Capital Group has increased rapidly, and the net profit attributable to mothers in the first three quarters of 2019 has further increased by 31.8%, comparable company’s growth rate was -8.9%.The current valuation of Capital Group is higher than that of comparable companies, and the median PE of comparable companies in 2019 is 14.5 times. Investment suggestion: Maintain the recommended level for high-quality water and environmental protection targets.Expected company 2019?EPS will reach 0 in 2021.17 yuan, 0.20 yuan, 0.24 yuan, corresponding to 18 times, 15 times, 12 times the price-earnings ratio.The company’s current market net interest rate is 1.55 times.As the environmental protection projects invested in earlier stages have been put into production, the company’s performance growth has maintained rapid growth.The company has outstanding financing advantages, a nationwide business layout, and a preliminary growth in performance. Risk reminder: Project advancement fails to meet expectations; project operation efficiency fails to meet expectations; policy risks

Mechanical Science and Technology Innovation Tour No. 7-Traffic Control Technology (688015): Urban Pioneer CBTC System Independent Pioneer

Mechanical Science and Technology Innovation Tour No. 7-Traffic Control Technology (688015): Urban Pioneer CBTC System Independent Pioneer

Traffic Control Technology is a leading company in the field of domestic urban rail transit signal systems.

The company has independent intellectual property rights of CBTC technology, professional military urban rail transit signal system research and development, key equipment development, system integration and signal system general contracting.

The company’s main products include the basic CBTC system, the CBTC interconnected train operation control system (I-CBTC system), and the automatic operation system (FAO system).

武汉夜生活网 The application areas of the products are mainly the new line market, the existing line upgrade market and the heavy-haul railway market.

  The market size of the CBTC signal system exceeds 100 billion yuan, and autonomy is the trend.

The signal system belongs to the electromechanical engineering behind the rail transit station and is in an important position in the industry chain.

The faster the train runs, the more alternating lines of traffic between vehicles require the signal system.

The current urban rail signal system is mainly the CBTC system. The market size is changing and the annual mileage of urban rail traffic is increasing year by year. The total market size is expected to exceed 100 billion yuan, with an annual average of 20-30 billion yuan.

In this field, 4-5 companies, including those within Traffic Control Technology, have a high market share.

In recent years, with the continuous improvement of domestic manufacturers’ technology, the profitability of urban rail signal systems has gradually become prominent. In 2010, Traffic Control Technology realized the application of independent CBTC technology for the first time in China. The national railway, Zhonghe Technology, etc. 6 Since 2015, various manufacturers have also realized the engineering application of independent technologies, and the localization rate of the urban rail signal market will continue to increase in the future.

  Traffic Control Technology is the first CBTC independent enterprise in China. The order volume has increased rapidly in the past three years. In 2018, the bidding volume jumped to the top of the market.

The company’s autonomous CBTC system was implemented in 2010, and is the first in China. The technology has reached the third-generation international level of urban rail transit. Based on this, it has successfully developed new-generation rail transit signals such as I-CBTC and FAO.System, of which, the I-CBTC system is the leader in the implementation of domestic projects, and FAO is the first domestic engineering application company.

Based on the company’s leading technology level and independent experience, the order volume has continued to increase in the past three years. The contract value growth rate in 2017-2018 has exceeded 60%, and the bid-winning market share in 2016-2018 has reached 5 respectively.

88%, 24.

13%, 30.


  Raised funds by issuing no more than 40 million shares5.

500 million to increase the company’s production capacity.

Raising funds for IPO plan 5.

500 million, of which 2.

500 million will be used for the high-tech industrial park construction project of the rail transit train control system, 0.

9 billion new-generation rail transit train control system research and development and application projects, 0.

6 billion new-generation rail transit train control system development and application projects, with the remaining one.

500 million plan is used to supplement working capital.

  Profit forecast and estimation: Based on the expansion of the city rail CBTC system industry and the company’s market share increase, we expect the company to achieve operating income in 2019-2021.

6.6 billion, 24.

00 billion, 35.

7.2 billion yuan, achieving net profit attributable to mother 0.

9.8 billion, 1.

4.9 billion, 2.

21 trillion, corresponding to 0 EPS.

61, 0.

93, 1.

38 yuan.

  Combining with the estimates of comparable companies, we believe that the reasonable value range of Traffic Control Technology is 21.

5.6 billion-26.

4.6 billion, corresponding to a price range of 13.

42 yuan-16.47 yuan, corresponding to 22-27 times PE in 2019.

  Risk reminders: the progress of urban rail 南宁桑拿construction is reduced; major safety issues are caused by the company’s products; R & D failures or technological substitution for industrialization risks.

Hexing Packaging (002228): Downward pressure on paper prices releases PSCP to lead packaging leader to set sail

Hexing Packaging (002228): Downward pressure on paper prices releases PSCP to lead packaging leader to set sail

Event: Hexing Packaging released the first quarter report of 2019, and the company achieved revenue of 28 in Q1 2019.

76 ppm, a ten-year increase of 8.

24%; net profit attributable to mother is 0.

68 ppm, an increase of 17 in ten years.

47%; net profit after deduction is 0.

63 ppm, an increase of 12 in ten years.


Benefiting from the decline in paper prices and the heavy volume of PSCP, the gross profit margin has been extended.

The company’s gross profit margin in Q1 2019 was 12.

30%, a year to raise 0.

55 points.

We believe that the company’s gross profit margin increase is mainly due to: 1) entering 2019, the price of paper has begun to show a downward trend, and the average price of Q1 corrugated cardboard / cardboard paper was 3363/4450 yuan / ton, which gradually decreased by 4;

43% / 7.

18%; 2) The volume of PSCP has gradually increased, and its proportion in revenue has gradually increased. The effect of scale has appeared. The gross profit margin of the supply chain service module has begun to rise, and the overall gross profit margin of boots has increased.

2019Q1 company’s sales expense ratio / management expense ratio (including research and development expenses) / financial expense ratio are 3.

69% / 4.

43% / 0.

71%, rising by 0 every year.

06pct / 0.

95pct / 0.

21 points.

In 2019Q1, the company’s net margin was 2.

38%, an increase of 0 every year.

19 points.

Cash flow improved significantly and ROE continued to rise.

The cash flow from the company’s operating activities in Q1 2019 is 1.

34 ‰, an increase of 187 per year.

23% (18Q1 is -1.

5.3 billion).

Cash received from selling goods and providing services increased by 87.

9%, the cash paid for purchasing goods and receiving labor services only increased by 51 each year.


After introducing the volume of the PSCP platform, based on the increase in the company’s scale effect, the ability to bargain with customers has gradually increased, and the company’s ability to return funds has increased.

2019Q1 company ROE is 2.

47%, an increase of 0 every year.

45 points, asset turnover fee 0.

42, (2018Q1 is 0.

35) The increase in asset turnover is the core reason for the upward ROE. Changing the traditional packaging-heavy asset operation model and reducing capital expenditure while expanding sales are the driving forces behind the increase in asset turnover. PSCP platform creates client competition barriers: In the PSCP platform’s operating model, Hexing Packaging provides capital and resource support to cooperative packaging companies, and reduces procurement costs through industrial effects in exchange for rapid increase in revenue and market share.And achieve cost reduction and platform traffic monetization.

By providing value-added services for the industry (increasing the scale of orders), middle (resource matching, cost management, inventory management, funding support, etc.) and downstream (improving service levels, order matching efficiency), the industrial value expansion is achieved, and the packaging industry chainRealize the redistribution of income and profit value.

Investment suggestion: We expect the company to realize revenue 153 in 19-21.

700 million, 194.

600 million, 238.

60,000 yuan, an increase of 26 in ten years.

34%, 26.

63%, 22.

61%; net profit attributable to mothers3.

600 million, 4.

100 million and 4.

90,000 yuan, an 北京桑拿体验网 increase of 55 in ten years.

32%, 14.

25%, 18.

60%; EPS are 0.

31 yuan, 0.

35 yuan and 0.

42 yuan, maintain “Buy” rating.

Risk warning: the risk of rising raw material prices, the risk of business expansion falling short of expectations, and the risk of increased competition in the industry

Big Dipper (002151): the leader of Beidou navigation industry chain

Big Dipper (0都市夜网 02151): the leader of Beidou navigation industry chain

Beidou chip board, 5G components and car networking trio.

BeiDouXingTong started from the development of BeiDou navigation chips, and now has four major business sectors: basic products, defense business, automotive electronics, industrial applications and operation services. The downstream includes navigation and positioning, scheduling, precision measurement, mechanical control, target monitoring, and Internet of Things.And so on, formed the Beidou industry chain leader of Beidou chip board, 5G components and car networking.

The Beidou industry chain is the only chip leader to receive a stake in a large fund.

BeiDouXingTong is the only listed company in the BeiDou industry chain that has been invested by the National Integrated Circuit Fund, with a stake of up to 12%.

Subsidiaries and Xingxing mainly develop Beidou chip boards. They have won the navigation-type, advanced, baseband RF integrated chip comparison champion for 10 years, and created large-scale applications of Beidou in the field of vehicle front-loading, helicopters, autonomous driving and robotics.

Its “advanced dual-frequency differential baseband chip” is a domestic leader, expanding millions of orders each year, and has obvious advantages in terms of energy consumption, miniaturization, and cost.

The company’s newly developed 22nm process RF baseband integrated navigation and positioning chip supporting the new signal of BeiDou-3 will be mass-produced.

Hexin Xingtong is also a major supplier of positioning chips and modules in the unmanned field, providing high-precision positioning modules for DJI and other manufacturers, and exploring high-precision applications in automotive electronics.

5G antennas and automotive electronics are important considerations.

The Big Dipper’s compound growth rate over the past three years reached 38.

65%, mainly from mergers and acquisitions.

Due to the multiple decentralized characteristics of the satellite navigation market segment, outbound mergers and acquisitions are an important way for some companies to grow.

In recent years, Big Dipper has successively acquired companies such as Huaxin Antenna, Jiali Electronics, RxNetworks, in-techGmbH, etc., to achieve the entire industry chain layout of “antenna-chip-board-module-terminal-operation-service”.

In 5G, the subsidiaries Huaxin Antenna and Jiali Electronics are highly competitive in high-end antennas, ceramic filters, and RF components, and are expected to provide large-scale products for 5G base stations.

Jiali Electronics has been included in the priority list of suppliers by ZTE, Datang and others. Huawei has been fast-paced since the second quarter of 1919, releasing a variety of product replacement plans to Jiali Electronics and starting to supply some products in batches.

In terms of automotive electronics, the company has accumulated customer resources from domestic first-tier auto manufacturers such as SAIC Volkswagen, Changan, Geely, Chery, FAW, SAIC-GM-Wuling, etc., and it is expected to become the top three Tier 1 suppliers in the country in the future, and become the “Beidou connected car”Important support.

Additional issuance and expansion of 5G components and high-end car navigation equipment.

The company plans to raise an additional US $ 1 billion this time for the expansion of Jiali Electronics’ 5G communication core RF components and the automotive electronics project of Chongqing Company (intelligent central control, digital instruments, networked equipment and systems, integrated cockpitWait).

Jiali Electronics and Datang Mobile have begun a full-scale cooperation, and more than 20 models of base station terminal component products have been released; ZTE has completed the review and product verification of Jiali Electronics.

From 2016 to 2018, the company’s automotive electronics business revenue averaged a compound annual average of 93.


The global sales of driverless cars will reach 230,000 in 2025, and the number of driverless cars will reach 54 million in 2035.

With the popularization of intelligent driving, advanced navigation and positioning are becoming increasingly important, and the “Beidou Car Networking” has surfaced.

Profit forecast: 2020 is the first year of localization of satellite navigation, and the Beidou domestic application is expected to erupt after the global networking is achieved by June.

As a Beidou upstream chip board card, the company will 天津夜网significantly benefit from 5G communication components and downstream vehicle networking suppliers.

Although the company is still in the state of R & D investment in the past two years, it is in an excellent track and has better card slots, especially to replace the first-mover advantage on the core chips of Beidou III.

It is expected that the company will realize revenue 28 in 2019-2021.

50,000 yuan, 40.

9 ppm and 63.

900 million; net profit of -5 respectively.

7.7 billion yuan, 1.

1.9 billion and 2.

23 ppm, corresponding to -3.

49 yuan, 0.

72 yuan and 1.

35 yuan, the corresponding PE is -8.

56X / 41X / 22X.

The first coverage was given a “strong recommendation” rating. Risk warning: the company’s additional issuance is less than expected; Beidou’s development is less than expected.

Common People’s (603883) Equity Incentive Program Review: Establishing Pratt & Whitney Incentives to Accelerate Performance

Common People’s (603883) Equity Incentive Program Review: Establishing Pratt & Whitney Incentives to Accelerate Performance
Event: The company released a 19-year budget stock incentive plan (supplementary), and plans to implement a stock incentive plan by issuing shares to 208 people, including company executives and other core technical (business) personnel. Opinion: The incentive bill is inclusive, and it has obvious incentives for middle-level employees.The total number of stocks awarded in this plan is 181.80,000 shares, accounting for about 0 of the company’s total share capital.64%.From the scope of incentives, the 杭州夜网 shares awarded to senior executives account for less than 10% of the total number of plans, and at least 201 middle managers are planned to be awarded.We believe that although the total incentives of this scheme are not large, the general benefits are obvious, and the middle-level employees granted by the plan are 0 per capita.740,000 shares. Based on the current sustainable conversion, the per capita market value reaches 450,000 yuan. In the cumulative pharmacy industry (average annual income of middle class is about 200,000), this incentive maximizes competitiveness.If we consider that the company is in the expansion phase, the potential appreciation of the stock will change the incentive attractiveness. Increase the incentives for the middle level to promote the improvement of refined management.The “shareholding strategy for employees with wide-area coverage and deep constraints” proposed by our senior management is an important mechanism guarantee for the refined management of Yifeng Pharmacy, especially the binding of the interests of the middle-level team is an important means to maintain employee execution and consistency.Considering that ordinary people’s non-labor related management expense rate is as high as 2.16% (17-year data), while Yifeng Pharmacy is only 0.72%.Excluding the impact of incentive costs, ordinary people’s management expense ratio can also improve room. The assessment conditions correspond to 19?The company’s net profit will grow no less than 20% / 21% / 17% every year in 21 years. Higher growth rate shows development confidence.The company’s performance evaluation target for each year is set to 19?21-year net profit growth is not less than 20% / 45% / 70% compared to 18 years, and the annual income is converted to not less than 20% / 21% / 17%, which is an increase from the 17% annual increase in 2018.Higher assessment goals also demonstrate the company’s confidence in future development. Promote inclusive incentives, speed up performance can be expected to consider the uncertainty of the incentive plan, maintaining 18?The 20-year forecast EPS is 1.53/1.87/2.22 yuan, the current price corresponding to 19 years of PE is 32 times.The company promotes inclusive incentives to accelerate accelerated performance growth, improve refined management, and maintain a “buy” rating. Risk warning: the risk of goodwill impairment caused by the irregular integration of mergers and acquisitions; the speed of new mergers and acquisitions does not meet the expected risk.

Starnet Ruijie (002396) 2018 Annual Report Comment: Eye-catching Network Terminal Business Performance

Starnet Ruijie (002396) 2018 Annual Report Comment: Eye-catching Network Terminal Business Performance

The performance maintained rapid growth, and the company that met our market and our expectations realized revenue in advance91.

32 ppm, an increase of 18 years.

51%, net profit attributable to mother 5.

810,000 yuan, an increase of 23 in ten years.

08%, net of non-attributed net profit4.

56 ppm, an increase of 14 in ten years.

36%, performance maintained rapid growth, in line with the company’s performance indicators (10% -50% growth) and market expectations.

The growth of the company’s performance is expected to be rapid growth in network terminals, enterprise-level network equipment and other businesses. The 四川耍耍网 integration of the acquisition target and the passive gains from the revaluation of Kemi’s remaining equity.

The performance of the network terminal business was eye-catching, and Shengteng Information exceeded the bet in 2018, and the company’s network terminal business achieved revenue12.

78 ppm, a significant increase of 66 per year.


The company has a thin quantitative quantity of 67.

90,000 units, the domestic city share reached 48.

6%, ranking first; the desktop cloud independently developed by the company was shortlisted by the central government procurement catalog; the smart business hall solution has served nearly 260 financial institution customers.

Subsidiary Shengteng Information achieved net profit attributable to its mother.

48 trillion, over a total of 26.75 million yuan on gambling, has now completed 67 to gradually commit to net profit from 2017 to 2019.


Ruijie’s network revenue has maintained steady growth, and data center products have been commercialized at scales such as Ali.

69 ppm, a 12% increase over ten years, and a net profit of 3.

500,000 yuan, basically the same as last year.

The company’s 25G / 100G data center product solutions have achieved large-scale commercial use in Ali and Tencent; wireless products have won the bid for the EMU WiFi equipment project with the largest share, and more than 200 wireless city projects have been established in 27 provinces and cities nationwide; in domestic enterprise WLAN The market ranks third, and its competitiveness is further enhanced.

Communication products maintained rapid growth, and the overseas market expanded further. The company’s communication products achieved revenue18.

51 ppm, a sharp increase of 78 previously.


Deming Communication has extended its product space on the basis of deeply cultivating the US market, and has continued to steadily develop its business in Eastern Europe, Northern Europe, Southeast Asia, and Africa. At present, it has achieved good results.

We are optimistic about the company’s various business developments, maintain a “buy” rating and benefit from it, and incorporate it into the vigorous development of enterprise informatization, data centers, smart POS and other fields.

We are optimistic about the company’s various business developments. It is estimated that the company’s operating income for 2019-2021 will be 109.12 / 128 / 14.9 billion US dollars, and the net profit attributable to the mothers will be 7.



52 ppm, the current sustainable corresponding dynamic PE is 20/16/14 times, maintaining the “Buy” rating.

Risk warning: competition in the enterprise WLAN market 杭州桑拿网 is intensified; the growth of the video information application industry is less than expected.

Stay away from the seven factors that lead to enlarged pores


Stay away from the seven factors that lead to enlarged pores

Core tip: The pores are so large that they can be seen clearly without the use of a magnifying glass. This is a very chilling thing.

Every girl wants to be a zero-distance beauty, and they want a perfect pore-free face, so they use a lot of skin care products for pore problems.

  The large and small pores on the face are really annoying, so the skin on the face is no longer smooth and delicate.

What should I do if my pores are large?

  In fact, all the real causes of large pores are actually caused by some bad habits in life.

If the bad habit is not corrected, the effect of long-lasting skin care products is actually just an act of repairing the dead, and fundamentally solving the problem of enlarged pores is the cure for the symptoms and the root cause.

Today, I will analyze the 7 major causes of enlarged pores, and let you fundamentally solve the troubles of enlarged pores.

  First, thick horny: stay up late, irregular life, seasonal changes and the influence of male hormones, resulting in abnormal keratin metabolism rate, thick keratin accumulation around the pores will make the pores rough, but also easily shortened, leading toForm blackheads, whiteheads, and gradually enlarge the inside of the pores.

This phenomenon is most likely to occur on the forehead, nose, and both cheeks.

  Second, dryness and lack of water: Once the horny is full of water, it will swell like a sponge that absorbs water, and the cells around the pores will swell when it is full of water, and the pores will naturally become inconspicuous; otherwise, the surface of the skinIn the absence of water, the stratum corneum appears dry and rough, and pores become more pronounced.

Too many young people rely on their own youthful skin and often ignore this. Poor skin moisture retention, in addition to making the skin surface look rough and having large pores, will make the skin dull and dull.

  Third, squeeze the facial blister, excessive acne irritation caused by sebum sac accumulation of excessive sebum, and the capillary pores and dirt interval, easy to produce pyogenic bacteria, hair follicles are prone to inflammation, resulting in acne, facial vesicles grow longer.

If the facial blister and acne are excessively squeezed again, the epidermis will be ruptured. Once the dermis is injured, and the skin lacks the regeneration function, it will be difficult to generate new cells, leaving bumps and scars, making the pores coarse.

Applying irritating cosmetics and creams. Long-term use of strong or astringent lotion, strong creams, anti-inflammatory water will lead to more serious pore complications, and fat can not be excreted. Such as sterilization and proper care, it will becomeSeriously, the pores will become larger.

  Fourth, the skin gradually intensifies, causing enlarged pores. As the age increases, the blood circulation gradually becomes smooth, and the subcutaneous tissue of the skin is also easy to reduce. The lack of elasticity. If there is no sufficient maintenance and care, the benefits will accelerate.Capillaries are naturally enlarged.

  Fifth, the accumulation of capillary pores causes the pores to enlarge the skin, and the basal layer of the epidermis continuously creates cells and transports them to the upper layer. After the cells age, they generally replace them naturally.

However, those with fissures in their pores will not have smooth skin metabolism and will not be able to shift as scheduled, resulting in enlarged pores.

  6. Smoking is also one of the causes of large pores. When you enjoy the floating feeling of swallowing clouds and mist, cigarettes make your blood vessels constrict, blood circulation slows down, and nutrients cannot reach skin cells smoothly.When you report early, your face lines will sag naturally and your pores will be enlarged.

   Seven, infected with moles.

After the parasite is infected, it is parasitized in a place with rich skin and fat glands in human skin. In the dark light at night, the worms creep to the hair follicle mouth to mate and lay eggs. As the parasite enters and exits the hair follicle mouth every day, the pores are stimulated over time.This is also a cause of large pores.

After the parasite is infected, it is parasitized in a place with rich skin and fat glands in human skin. In the dark light at night, the worms creep to the hair follicle mouth to mate and lay eggs. As the parasite enters and exits the hair follicle mouth every day, the pores are stimulated over time.This is also a cause of large pores.

10 places with the most bacteria

10 places with the most bacteria

When you think of the toilet seat in the toilet and the seat in the bus, everyone thinks that they are dirty and need to be cleaned at all times.

However, there are some seemingly clean items around you, and the bacteria content in them is very amazing, so you should always be careful.

Recently, a US magazine summarized 10 items that seemed clean but were actually “bacterial nests.”

  The clothes washed in the place with the most bacteria around you all feel that the underwear you wear is very dirty, and you can rest assured that you have washed them.

But Charles, a professor of microbiology at the University of Arizona?

Kibola found that the washing machine contained about 100 million E. coli, and even after the clothes were cleaned, these bacteria remained on it.

However, the solution to this problem is also very simple, raise the water temperature in the washing machine to 60?
66 ℃ can kill bacteria.

  Lemon slices in beverages Although lemons have antibacterial properties, lemon slices in drinking glasses are covered with bacteria.

A survey published in the Journal of Environmental Health showed that 70% of lemon slices in restaurants carry pathogenic microorganisms.

According to a survey by New York University, 50% of lemon slices are positive in human stool tests.

This may be due to improper handling of fruits by restaurant staff or contamination from raw meat in the kitchen.

Therefore, in order to avoid being infected by germs, it is recommended that when dining in the restaurant, do not ask for extra fresh lemon slices when ordering drinks.

  The dashboard of the car, Professor Kibola, tested bacteria in 100 cars and found that the dashboard is one of the largest bacterial accumulation areas in the cabin, and the amount of bacteria can “distinguish” the door handles of public places.

This is because on-board air conditioners and heaters can blow bacteria into the car at any time, they stay on the dashboard that the driver rarely touches, and multiply there, easily causing inhaled respiratory diseases to the driver.

Professor Kibola reminded to wipe the dashboard with disinfectant at least once a week.

  New clothes Philip, director of the Department of Microbiology and Immunology of New York University?

Dr. Ternor tested clothes purchased from the store and found that the new clothes contained some skin flora, feces and respiratory secretions.

Dr. Ternor advises everyone to soak in hot water before buying new clothes.

  Researchers in the contact lens case retina found that 34% of contact lens cases were contaminated with Serratia and Staphylococcus aureus, which can cause keratitis and even blindness in severe cases.

It is recommended that you do not keep the used cleaning solution in the contact lens case. Be sure to pour it out immediately after use. Use the boiling water to blanch the lens case every day, and replace it with a new one every 3 months.

In addition, since the cleaning solution for contact lenses will lose its ability to kill bacteria after eight weeks, it is recommended that you replace the bottle with a new cleaning solution every two months.

  Towels are used every day, and they are often in a moist state. Many people are used to putting towels in the bathroom, so there are a lot of bacteria in the towels. Long-term use of towels full of bacteria can cause skin diseases.

  Refrigerators Vegetables, fruits, and raw meat placed in the refrigerator will have a lot of bacteria, which will contaminate other foods in the refrigerator.

Therefore, you should never eat food taken out of the refrigerator directly. You should eat it after heating it completely, otherwise you may have a stomachache.

  Every time the washing machine does laundry, bacteria remain. The longer the washing machine is used, the more bacteria it will have.

Most washing machines are placed in shady surroundings, and the reproduction rate of bacteria is also reversed.

  When we are cutting the lettuce, the bacteria will stay on the chopping board. When we cut the cooked food again, cross-contamination will occur. If it is severe, poisoning will occur!

  Pillows Our pillows take a long time to clean. During this time, the dust on our hair, secretions from our bodies, and sweat stains will remain on the pillow.

When we sleep, the bacteria are close to us.

Pregnant women eat mango supplements in summer

Pregnant women eat mango supplements in summer

Can pregnant women eat mango?

Experts answered that, for pregnant women, mango is a fruit to eat in moderation.

  Can pregnant women eat mango?
Juicy mango pulp can relieve thirst and promote vomiting. It can alleviate the symptoms of vomiting in seasickness and sea sickness. It can also improve the symptoms of early morning sickness.

Mango is also rich in precipitated fibers, which can promote peristalsis and help defecation, so mango has certain effects on constipation during pregnancy.

In summer, proper eating of mango can also supplement the nutrition. Mango has good therapeutic effects, such as eyesight, expectorant and cough, antibacterial and anti-inflammatory, and anti-cancer and anti-cancer effects.

  Therefore, pregnant women can eat mangoes, but mangoes contain some that are prone to cause human allergies. People with allergies can get “mango dermatitis” after contacting mangoes, and itching, rashes, and other symptoms appear on the skin.Eat mango.

Mango allergy is a late-type allergic reaction, and the rash usually appears 6 days after eating mango. Repeated contact may also appear within a few hours, so if you are not sure whether you are allergic, the best way is not to eat too much at a time, and observeTime, if not really allergic, then rest assured to eat.

If pregnant women develop allergic dermatitis, it is best to seek treatment from a professional dermatologist.

  So for pregnant women, mango is an appropriate amount of fruit.

It is best not to eat too much at a time, observe it, if you are not allergic, then rest assured.

If you have allergic dermatitis, seek a professional dermatologist for treatment.

The experiment proves that mango is rich in nutrition and has good therapeutic effect.

Therefore, if you are not allergic, eat mango is good, but eat it in moderation, especially pregnant women.

Of course, mango is rich in nutrition. If it is not allergic, eating mango is still very beneficial, just in moderation!

Because mango is a hot fruit, eating more will still get angry!

Four-style lazy favorite yoga

Four-style lazy favorite yoga

In fact, there is a simpler method: turn on the TV, watch a favorite show, and practice the “lazy yoga” that everyone loves.

  Many people want to practice yoga, but they do n’t really do much.

Humans are inherently inert, which can lead to many things being abandoned halfway through.

Now I will introduce four types of lazy yoga to lazy sheep-shaped MM. Lazy people have their own methods of lazy yoga.

In fact, there is a simpler method: turn on the TV, watch a favorite show, and practice the “lazy yoga” that everyone loves.
  First, the inverted type 1 makes fresh blood flow on the face, makes the head awake, improves attention, has the effect of beauty and eliminating fine lines.

  2. Promote Qi and blood circulation, make the lower legs and waist thinner, and relieve venous tumors.

  3, strong irritant, relieve constipation and menstrual pain, etc., toxins from the body.

  4, stimulate the thyroid and promote metabolism in the body.

  Psychological effect —- Relieve the tension of shoulders and fractures, relieve tension. Inverted and disease-free. Since the beginning of human upright life, the influence of gravity is often hindered, and low back pain, indigestion, circulation disorders and other damage.

Therefore, handstand is considered a method of extending life both in East and West.

Yoga classics also believe that 3 hours of handstands or handstands per day can suffer from diseases, especially handstands, which have significant effects on women’s health. This posture is called the Queen’s posture in yoga, just likeThis kind of naming is very good for health.

  Have you learned the yoga handstand pose?

Let us see the world upside down when we are free.

  Second, the mountain stands 1, sitting on the floor, with her back straight and taking a deep breath.

  2. Pull up the left foot and insert it into the right thigh. Pull the right foot into the left thigh and form a lotus position. (If you ca n’t cross your legs, you can put one foot on the other thigh and try to pull the other foot.To the perineum) 3. Inhale, straighten your hands upwards, try to open your palms and your fingers, but press your thumbs against each other and stay for a deep breath.

  4. Restore. Sit on the side of the foot and do it again.

  Three, heron-style 1, sitting on the floor and taking a deep breath.

  2. The left foot is turned out, the foot plate is pulled close to the shin, the right foot is bent, and the right foot plate is grasped with both hands.

  3. Inhale, lift your right foot, exhale slowly, pull your right foot close to your body, keep your back straight, stay for a few seconds and take a deep breath.

  4, restore, do a foot change.

  Fourth, the knee stands side-curved, King Kong kneels, takes deep breaths, and his back is straight.

  2. Inhale, straighten your left foot upwards, exhale, straighten your hands upwards and hold each other.

  3. Inhale, slowly bend your upper body to the left, exhale, and stop breathing.

  4. Restore, take a deep breath, and do it on the other side.

  The mountain stand can increase perseverance, endurance and attention, strengthen the knee joint, and promote peripheral blood circulation; prevent endocrine disorders, beautify the lines of the arms, and prevent paralysis of hands and feet and coldness.

  Heron type helps blood circulation in the lower body, enhances physical strength, eliminates leg swelling, adjusts the pelvis while beautifying leg lines, and prevents physiological disorders.

  The knee flexion type can eliminate excess meat in the vice and waist and strengthen the shoulder joints; it can also facilitate mystery, lower abdominal pain and diabetes.

  In this way, after practicing the four postures, several important parts of the whole body that need to be active have been strengthened.

Generally speaking, according to my experience, after starting physical activity, I will start to practice yoga, eager to practice more difficult movements.

Of course, if you have n’t finished your favorite show, and you ca n’t find any other action you can do in front of the TV, it ‘s also a good idea to repeat it in order.