Category Archive : 新闻

Zhejiang Meida ‘s advertising and promotion costs exceeded 200 million last year, and Q1 ‘s net profit was broken down by 70%

On April 16, Zhejiang Meida, a leading integrated stove company, released its 2019 financial report, showing a total operating income of 16.8.4 billion, an annual increase of 20.24%; achieve profit budget 5.3.4 billion, an annual increase of 20.31%; Achieve net profit attributable to shareholders of listed companies.600 million, an annual increase of 21.85%.According to preliminary estimates, the net profit in the first quarter of this year is expected to reach 70% -75%.  As an emerging category in the kitchen appliance market, integrated stoves have developed rapidly in recent years. The retail scale of integrated stove products increased by 25%, 48% and 44% annually from 2016 to 2018, the growth rate significantly exceeded that of range hoods and gas stoves, etc.The growth rate of traditional kitchen appliances.  The kitchen appliance industry is still sluggish in 2019, but integrated stoves have maintained rapid development as an emerging category in the kitchen appliance industry.According to the total data released by Zhongyi Kang, the retail volume of the integrated stove industry will reach 209 in 2019.80,000 units, retail sales reached 161.50,000 yuan, retail scale increased by 25% in ten years.  Specifically, Zhejiang Meida’s revenue from integrated stove products in 2019 was 15.1.1 billion yuan, accounting for 89% of operating income.70%; cabinet product income is 56.04 million yuan, accounting for operating income3.33%; other product income 1.1.8 billion yuan, accounting for 6.97%.The gross profit margin of kitchen appliances has always belonged to a higher category.53%, an annual increase of 1.99 averages.  Sauna, Yewang noticed, nesting, kitchen appliances enterprises are keen on advertising and marketing, implant publicity.The financial report shows that the company’s sales expenses in 20192.5.7 billion yuan, an increase of 66 compared with the same period last year.16%.This was mainly due to the increase in advertising and promotion efforts during the reporting period.Among them, the amount of advertising and promotion fees for 2019 is 2.0.8 billion yuan, accounting for 80% of sales expenses.91%.  According to Zhejiang Meida, the company has further increased its advertising and promotion efforts to expand the influence of the Meida brand.The company continued to place positional advertisements in CCTV’s authoritative high-end media, local TV media and outdoor anti-aircraft guns in key cities; it continued to name more than 20 national high-speed rail columns and placed large-scale LED advertisements in high-speed rail stations.At the same time, the company increased its promotion on new media platforms, such as portals and other new media platforms.  The epidemic will also affect the performance of integrated stoves.On the same day, Zhejiang Meida issued its first-quarter 2020 performance forecast. The report pointed out that the net profit attributable to it was 1883.700 thousand yuan – 2260.440,000 yuan, 7534 in the same period last year.800,000 yuan, an average of 70% -75% in ten years.  Zhejiang Meida explained that due to the impact of the new coronavirus pneumonia epidemic, the company ‘s upstream and downstream enterprises resumed work delays. Because the terminal market sales and installation activities could not be carried out normally, the company ‘s product production and sales did not meet expectations.With the gradual stabilization of the domestic epidemic prevention and control policy, the company’s production and operations have gradually returned to normal.The company will gradually recover the losses caused by the short-term impact through measures such as enhanced marketing.Reporter Chen Weicheng editor Sun Yong proofreading He Yan

Pinduoduo active users exceeded 600 million net increase due to 10 billion supplement expansion

Pinduoduo active users exceeded 600 million net increase due to 10 billion supplement expansion
On the evening of May 22, Pinduoduo released its first quarter results this year, and the financial report showed that the company achieved revenue of 65 in the quarter.400 million US dollars, an annual growth of 44%, exceeding market expectations of 49.74ppm; but under US accounting standards, the company ‘s net expansion expanded to 41.19 trillion, higher than the market’s expected net purity of 29.8.5 billion US dollars, the company lost 18 in the same period last year.7.8 billion.The initial expansion of Pinduoduo’s net expansion was primarily due to a sharp increase in sales and marketing expenses of 49% to 72 in ten years.9.7 billion yuan.Pinduoduo said that this was because the company continued to carry out “10 billion supplements” and to provide alternative compensation for medical supplies and agricultural products during the epidemic.As of the end of the first quarter, Pinduoduo accounted for USD 42.6 billion (excluding cash) in cash and cash equivalents and short-term investments.It is expected that during the 12-month period ending March 31, 2020, the active buyers of Pinduoduo will have reached 6.2.8 billion, with an annual expenditure of 1842 per active buyer.4 yuan, an annual increase of 47%.In addition, Pinduoduo showed in the financial report that in the latest quarter, Pinduoduo’s average monthly active users reached 4.87 billion, an increase of 1 from the same period in 2019.98 billion.According to data released by Pinduoduo, the average daily number of logistics packages on the platform has exceeded 65 million pieces in the past five months, an increase of 30% from March this year.”Despite the unprecedented challenges in the first quarter, Pinduoduo has grown and now serves more than 600 million active buyers.We are encouraged by our ability to stand up and take responsibility for serving users.”Spell founder Huang Zheng said,” In this difficult period, we are still committed to our users, businessmen and ecosystem partners.In the first quarter, we took many measures to support them, including providing free transportation services for farmers and SMEs, and stabilizing the prices of high-demand medical and other necessities.”Sauna, Ye Wang Lu Yifu editor Li Weijia proofread Li Xiangling

[Home-made sauerkraut practice]_ Home-made sauerkraut practice _ Home-made sauerkraut practice Daquan _ How to make home-made sauerkraut

[Home-made sauerkraut practice]_ Home-made sauerkraut practice _ Home-made sauerkraut practice Daquan _ How to make home-made sauerkraut

The development of modern society, the invention of many household appliances, it is actually easier to cook at home, but it is found that many people do not cook, maybe because of the pressure of life and work, and the rapid development of takeaway catering, many people will notEntered the kitchen, today I will introduce to you how to make home-made sauerkraut.


The materials are ready.


Cut the vegetables with a knife from top to bottom.


Let the cut vegetables dry in the sun for 5 to 7 days.


Until the vegetables are covered.


Put sun-covered greens in a basin and wash them with water.


Drain the washed vegetables in a drain basin.

Put the dried vegetables in the pot, add an appropriate amount of salt (500 grams of vegetables requires 20 grams of salt), and stir the salt and the vegetables by hand.


Marinate the stir-fried vegetables for 3 to 8 hours and add to the kimchi jar.


Add the right amount of rock sugar (500 grams of greens requires 5 grams of rock sugar), the right amount of white wine, the right amount of peppercorns.

That’s it.


The pickle jar with green vegetables can be placed for one month to become sauerkraut. The home-made sauerkraut method introduced today, you should learn it!

Once you understand the method, it is more important to practice it, so that you can make your cooking more exquisite, and you can achieve more delicious food. Act fast!

[Home stewed grass carp Daquan]_How to stew_How to stew

[Home stewed grass carp Daquan]_How to stew_How to stew

There are many types of fish, especially in coastal areas, and the classification of fish is also very rich. There are carp, catfish, carp, grass carp, etc. Among them, the size of grass carp is relatively large and the meat is particularly tender.

Home-cooked grass carp is a very common home-cooked dish, and the method is relatively alternative, but you must cut the grass carp into pieces and marinate with condiments for 30 minutes. The stewed grass carp is delicious and delicious.

Grass carp stew is a gourmet dish inlaid with grass carp as the main ingredient and belongs to home cooking.

Grass carp is tender but not greasy, which can be appetizing and nourishing.

Grass carp is rich in unsaturated fatty acids, which is good for blood circulation and is a good food for cardiovascular patients.

Ingredients: Grass carp.

Ingredients: spring onion, ginger, garlic, soy sauce, cooking wine, vinegar, salt, monosodium glutamate, cooking oil, pepper, aniseed.

Method one: 1. Wash the fish to remove the internal organs, cut the fish head and pat the back of the fish to take out the fishing line, draw a flower knife and cut into sections; 2. Cut the onion into sections and slice ginger;Ginger, garlic and soy sauce, cooking wine, vinegar, salt, monosodium glutamate, peppercorns, add water to a bowl of juice; 4. Add oil to the wok and heat up the pan, add the fragrant ingredients, and fry the fish in the pan.Pour into the prepared bowl of juice; 5. After the pan is opened, simmer for 25-30 minutes on low heat, and thicken the soup.

Efficacy 1. Grass carp is rich in unsaturated fatty acids, which is good for blood circulation and is a good food for cardiovascular patients.

2, grass carp is rich in selenium, often eaten has anti-aging, beauty effects, but also has a certain complement to the tumor.

3. For those who are thin and have an appetite, grass carp meat is tender but not greasy, which can be appetizing and nourishing.

Two, one grass carp, because we eat a small amount, so we only made half.

The grass carp scrapes off the black film in the stomach and cuts it into a suitable length.

2 The skin of grass carp is dried or dried with kitchen paper so that it will not fall off when fried.

3 Pot is heated to smoke, pour the oil, put the fish on both sides and fry thoroughly.

Be sure to fry thoroughly so that the stewed fish is fragrant.

4 When frying the fish, place ginger and star anise in the way, and fry them together. After the fish is cooked, pour in a little soy sauce and add a large pot of water.

Add half a pepper, a few peppercorns, a fragrant leaf, and some green onions.

The fire boiled and simmered over medium heat.

5 Stew over medium heat for more than 40 minutes. Add half the salt when you simmer half. Add more salt when you stew the fish.

After 640 minutes, slightly increase the heat, collect the remaining soup, and pay attention to shaking the pot from time to time to avoid fish sticking to the pot.

7 soup is ready, add some coriander

[How hot is a microwave oven? How hot is a microwave oven]

[How hot is a microwave oven? How hot is a microwave oven]

Burger is a popular western-style burger and a food that many people like to eat.

Of course, some people do n’t finish the burger in time after they buy it, so they store it until they eat it.

Of course, before eating a cold burger, you generally need to warm it up.

So how do you use a microwave oven to heat a burger?

The following will introduce!

First, how does a microwave oven heat a burger? If you heat a burger, don’t put the burger directly in the oven. This way, the middle of the burger will be dried out.

The burger must be processed and added to the oven for heating. The general heating time is one minute on medium heat so that the burger will not dry out.

Of course, because the moisture cannot be released, the hot burger will collapse a little.

The processing method is as follows: 1. Put the burger in pure white unpatterned paper or plastic wrap or wet mop and put it in the oven. The colored paper may cause the color to stick to the burger during the heating process.

2. Put the burger in a bowl, drip a little water, cover it and put it in the oven.

Second, the heating method of cold burger 1, microwave heating method.

Put the burger in a bowl, drip a little water, cover it, put it in the oven and heat over medium heat for one minute.

2. Steamer heating method.

Wrap the burger with cling film and place it on the steaming drawer.

But such heating definitely absolutely softens the burger.

3. Oven heating method.

Put the burger in the oven and bake at 200 degrees for 3 or 4 minutes.

Third, the microwave hot dishes precautions 1, to choose a lunch box suitable for microwave heating, such lunch boxes will be marked “applicable microwave oven”.

2. Do not heat overtime.

If the hot dish is not taken out for more than 2 hours in the microwave oven, it is best not to consume it again to prevent poisoning.

3. Cover when heating to prevent water from evaporating and retain the taste.

4. Do not use closed containers, and remember to leave vent holes in the cover. Otherwise, heat cannot be dissipated, resulting in excessive pressure in the container, and steam injected into the oven.

In the same way, if the shelled eggs are not hot, and the skinned food such as potatoes and sausages must be heated, you must first pierce a few holes with a fork or a knife.

5. When using fresh-keeping film, it is best not to let it directly contact food during the heating process; before taking out the food, you can puncture the fresh-keeping film to make it stick to the food.

6. When the soup is heated, take out the soup every one minute and stir it to make the heat even and avoid the soup splashing.

[How to keep bamboo shoots fresh]_Bamboo shoots_Fresh keeping methods_How to keep fresh

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[Effects and effects of dogwood]_ dogwood _ benefits _ possibility

[Effects and effects of dogwood]_ dogwood _ benefits _ possibility

Dogwood is a very precious Chinese medicine. This Chinese medicine contains too many 16 kinds of amino acids. In addition, there are many trace elements needed by the human body. It is also rich in vitamins a and c., Treatment of anemia, low back pain, and treatment of tinnitus and vertigo, in addition to many benefits.

First, the effective flavor of dogwood is attributed to the classics: sour, astringent, lukewarm.

Return to the liver and kidney.

Function Indications: Tonifying Liver and Kidney, Astringent Essence.

Used for dizziness, tinnitus, sore waist and knees, impotence, nocturnal emission, frequent enuresis, urination, bleeding, prolapse.

Internal heat and thirst.

Applications: 1. For liver and kidney deficiency, dizziness, tinnitus, and backache.

Compatible with ripe land, wolfberry, dodder, eucommia and other.

2, used for nocturnal emission, enuresis, frequency of urination, and sweating.

For the residual sperm caused by insufficient kidney yang, urinary frequency amino acid is often used in combination with Shudi, Cuscuta chinensis, Tribulus terrestris, and Psoraleae; for sweating more than deficiency, this product also has astringent sweat effect, which can be equivalent to keel and oyster.

In addition, this product can fix menstruation and stop bleeding, can be used to treat women’s physical weakness, menstruation, etc., and can be compatible with Shudi, Angelica, Bai Zhi and other applications.

Second, the pharmacological effects of dogwood 1 on the cardiovascular system. Dogwood has a cardiotonic effect. Dogwood injection 2-8mg / kg intravenously can improve cardiac function, increase myocardial contractility and cardiac output, and improve cardiac work efficiency.

After injection in dogs, arterial systolic blood pressure, diastolic blood pressure, mean blood pressure, and left ventricular pressure all increased.

Dogwood injection can combat rabbits and rats with late hemorrhagic shock, increase blood pressure, increase renal blood flow, and prolong animal survival time in shocked animals.

2. Impact on the immune system Different components of dogwood have different effects on the immune system. The decoction can reduce the phagocytic function of the reticulated mixture system and inhibit the delayed-type ultrasonography caused by SRBC or DNCB (2,4-dinitrochlorobenzene).Allergic reaction, inhibit the activation of T lymphocytes.

Dogwood glycosides and ursolic acid can significantly inhibit the proliferation and transformation of T lymphocytes, inhibit the production of LAK cells (lymphokine-activated killer cells) and the production of interleukin-2, and have a significant counteracting effect on the resistance response to organ transplantation.Intraperitoneal injection of total dogwood glycosides 500mg / kg daily for 6 consecutive days can significantly prolong the survival time of mice after heart transplantation.

The decoction can promote the humoral immunity and accelerate the formation of serum antibodies IgG and IgM.

3, anti-inflammatory, antibacterial dogwood decoction p-xylene, egg white, acetic acid and other inflammatory substances caused by inflammatory leakage and tissue edema and granulation tissue proliferation significantly inhibited, has no significant effect on the swelling tissue PGE content, can reduceThe content of vitamin C in rat adrenal gland reduces the damage of adrenal cells.

It is suggested that its anti-inflammatory mechanism is related to the enhancement of pituitary-adrenal cortex function, and it has no obvious inhibitory effect on PGE synthesis release.

Dogwood has an inhibitory effect on the absorption of Staphylococcus epidermidis; it also has an inhibitory effect on Enterococcus, Staphylococcus aureus, and Shigella.

4, anti-stress, anti-oxidation, hypolipidemic dogwood can enhance the body’s anti-stress ability, improve the ability of mice to resist hypoxia, anti-fatigue, and enhance memory.

Dogwood can increase SOD activity in red blood cells and fight free radical peroxidation.

Its alcohol extract also has a blood lipid lowering effect, which can reduce the content of serum triglycerides and cholesterol, and resist arteriosclerosis.

Third, simple dogwood prescription 1, spontaneous sweating, night sweat dogwood, windproof, 9 grams of Scutellaria, decoction.

2, sweat more than dogwood, atractylodes each 15 grams, keel, oysters 30 grams each, decoction.

3, enuresis dogwood, raspberry, Poria 9 grams each, 3 grams of aconite, 12 grams of cooked land, decoction.

4, elderly elderly with frequent urinary incontinence dogwood 9 grams, Schisandra 6 grams, nootropic kernel 6 grams, decoction.

Huaxia Happiness (600340): Excellent financing ability and look forward to in-depth cooperation with Ping An

Huaxia Happiness (600340): Excellent financing ability and look forward to in-depth cooperation with Ping An

Event: The 2018 annual report released by the company achieved revenue of approximately US $ 83.8 billion, an increase of 41%; net profit attributable to mothers was approximately US $ 11.7 billion, an increase of 33%.

The results are initially settled, and rich results will be released in the future.

In 2018, the company’s operating income continued to grow at a high speed, of which the residential business contributed revenue of 51.5 billion US dollars, a year-on-year increase of 78%, and its proportion rose from 49% to 62%. Benefiting from the hot markets around Beijing in 2016 and 17, the gross profit margin of the residential businessRising to about 30%, with an annual increase of 7.

46pct; The gross profit margin of the industrial new city is 65%, which contributes 55% of the overall gross profit. The unique business model can bring its sustainable high profits.

The company has 137.5 billion prepayments in hand and 34.1 billion receivables in hand, accounting for 65% of its aging within one year. The future performance is highly certain.

The new industrial city is deployed in the core urban circle of the country, and the expansion in different places continues to accelerate.

In 2018, the company’s industry signed a new investment of 1,660 trillion, added 18 new industrial cities, and gradually developed a total of 77. It has achieved a comprehensive layout of the 15 core metropolitan areas in the country; a total of 20 new industrial cities have gradually realized a positive net cash flow.That is, it has entered a mature operating period. Nine of them are in non-Beijing areas, 北京夜网 which is a breakthrough from the two in 2017.

Benefiting from the national layout of the new industrial city, the residential business outside the Beijing area has also grown rapidly, completing approximately $ 56.5 billion in 2018, an increase of 93%, accounting for 24.

36% rose to 43.


With the gradual landing, development and maturity of the company’s many new industrial cities, the foreign port area will become an important performance growth point of the company in the future.

Working together with Ping An, debt structure optimization, new positioning and new trends are worth looking forward to.

After two rounds of share increase, Ping An of China has become the company’s second largest shareholder, holding 25 shares.


Ping An’s franchise has improved the company’s debt structure and improved cash flow. The total financing amount was 139 billion US dollars, of which the debt ratio fell from 31% to 19% within one year, and the long-term and short-term debt ratio decreased from 2.

3 times to 4.

2 times; quarterly operating cash flow is positive for three quarters, and net cash flow from financing activities also achieved a single quarter net inflow in Q4.

In the future, the company is expected to further combine its respective advantages with Ping An of China to achieve new breakthroughs in the development and operation of commercial real estate, new real estate and real estate financialization.

Maintain the company’s BUY rating. It is estimated that the EPS for 2019, 20 and 21 will be 5 respectively.

09, 6.

31, 8.

24 yuan, corresponding PE is 6.

3 times, 5.

1x, 3.

9 times.

Risk warning: slow progress in new industrial areas in outlying areas

AVIC Hi-Tech (600862) semi-annual report: The rapid growth of semi-annual net profit continues to be optimistic about the future high growth

AVIC Hi-Tech (600862) semi-annual report: The rapid growth of semi-annual net profit continues to be optimistic about the future high growth

Event: The company released its semi-annual report for 2019 on August 17, 2019, which achieved operating income of 14.

USD 4.7 billion, an annual increase of 3.

94%, net profit attributable to mothers2.

50 ppm, an increase of 97 in ten years.


Looking at the overall income statement, a significant increase in gross profit margin has driven rapid profit growth.

In terms of revenue gross profit, the company realized revenue in 201914.

47 billion (3% compared to the same period last year).

95%), but gross margin was 34.

62%, an increase of 6 a year.

18pct, thus achieving a gross profit of 5.

01 billion (YOY26.


In terms of expenses, the growth of the expense ratio was lower than the growth of the gross profit margin, and the overall three expense ratio only increased by 1.

74pct (mainly the 南京夜网 management expense rate increases by 1 each year.


Therefore, the profit maximization rate / attribution net profit rate is increased by 8 respectively.

90pct / 8.

23pct, corresponding to a total profit of 3.

4.5 billion (65 compared to the same period last year).

87%), net profit attributable to mother 2.

50 billion (97.


In terms of business composition, the aviation new materials business (including civil product conversion business) is the main driving force for performance.

From the perspective of business classification, the company’s aviation new materials business (including civilian product conversion business) is the main driving force for performance.

The specific analysis shows: (1) In terms of aviation new materials business (including civil product conversion business), the company’s aviation new materials business realized sales revenue.

5.7 billion (YOY48.

04%), to achieve a net profit of 1.

90,000 yuan (YOY122.


Among them, the aviation industry composite material realized sales income11.

250 thousand yuan (49.

43%), achieving a net profit of 1.

9.7 billion (YOY98.


(2) In terms of machine tool equipment business, the company’s machine tool business realized sales revenue of 49.19 million yuan (YOY-44.

62%), realized a total profit of -23.71 million yuan, a year of loss of 940 thousand yuan.

(3) In terms of real estate business, the company realized sales income2.3.9 billion (YOY-54.

24%), net profit 1.

1.8 billion yuan (YOY-5.


The exit of real estate is in progress.

According to the company’s 2019 semi-annual report, the actual business withdrawal has been steadily progressed. The equity transfer has been approved by the company’s board of directors and the shareholders’ meeting. The audit and evaluation work has been completed with April 30, 2019 as the base date.日 日已在北京产权交易所预披露。
We believe that the reorganization and the orderly withdrawal of the company’s real estate-related business will form a business layout for the development of major industries such as new aviation materials and high-end IQ equipment manufacturing (see the semi-annual report for 2019).improve.

Continue to be optimistic about the future performance of AVIC Composites.

Since 2015, the subsidiary AVIC Materials has a net profit CAGR of 26 in the past four years.

67%, of which the net profit growth rate in 2018 was 28 in ten years.

63%, the first half of 2019 net profit increased by 98.


We are optimistic about the future performance of AVIC Composite Materials to maintain rapid growth.

Earnings forecasts and investment advice.

As the current real estate matters have not yet been implemented, we basically maintain the previously reported earnings growth forecast. It is expected that the company’s EPS for 2019-2021 will be 0.

25, 0.

27, 0.

31 yuan, combined with the estimated situation of comparable companies, gives the company a PE estimate of 35-45 times in 2019, corresponding to a reasonable value range of 8.


25 yuan / share, “previous market” rating.

risk warning.

(1) Market demand has declined; (2) Market competition has intensified.

Shennan Circuit (002916): Q3 Profitability Exceeds Expectations, High Growth Expectations Continue Next Year

Shennan Circuit (002916): Q3 Profitability Exceeds Expectations, High Growth Expectations Continue Next Year

The company’s third quarter performance exceeded expectations again, and its profitability improved significantly.

We are optimistic about the demand for 5G in the communications business to drive heavy volume, product and good efficiency upgrade trends, and the packaging substrate business gradually entering the expansion period of storage products.

It is estimated that the revenue for 2019-2021 will be 108.15%, 20.3 billion, and the net profit will be 12%.



500 million, corresponding to EPS 3.



59 yuan, corresponding to the current total PE is 42.



6 times, maintain “strongly recommended -A” rating, target price of 180 yuan.

The third quarter report was close to the forecast limit, exceeding market neutral expectations.

In the first three quarters of 19, revenue was 76.

500 million, previously + 43%, net profit attributable to mother 8.

600 million, previously + 83%; of which Q3 single-quarter revenue was 28.

600 million, previously + 36% +8.

7%, net profit attributable to mother 3.

8.5 billion, up from 113% 37%.

In the first three quarters, non-recurring gains and losses of 42.36 million had no substantial impact on profits.

The revenue is in line with optimistic expectations, and the profit is much higher than expected. The increase in the proportion of 5G orders is expected. Nantong’s good efficiency continues to exceed expectations. Server orders have grown rapidly, and small batch orders have high profits. The profitability of Q3 has improved significantly, and the PCB business product structure optimization is the main reason.
Gross margin for the first three quarters of 25.

6%, an increase of about 2 a year.

9 pct, net interest rate 11.

3%, an increase of about 2 a year.

5 pct.

Q3 single quarter gross margin was 28.

7%, an increase of about 6 a year.

7 pct, which is about 4 higher than the previous month.


Q3 single quarter net interest rate 13.

8%, an increase of about 4 a year.

6 pct, 3 pct higher than the previous month.

The reasons for the significant increase in Q3’s single-quarter profit margin include excessive full orders for 4 / 5G communication equipment PCBs from core internal customers, the company’s capacity is always scarce, and the higher earning effect of 5G orders drives the company’s overall profitability.The overall proportion continued to increase, and the proportion of high-margin products was higher than Q2; Nantong’s single-month 杭州桑拿网 implantation climbed up and stood steady to 1.


The new high reached 400 million yuan, and the efficiency continued to improve. The profit margin continued to approach Longgang’s high-end product factory. It has begun to take on a small part of 5G orders. At present, the annualized merger of the first phase of Nantong is about 1 of the planned value.

More than 2 times; the highest, high-speed order revenue from the server category nearly doubled in the first three quarters, H, Lenovo, Inspur, Hewlett-Packard and other customers’ revenues increased rapidly, and these product layers have higher gross margins; companies from July to AugustSmall-volume orders supporting core large customers also contribute higher gross profit; and the Q3 single-quarter Wuxi carrier board project offsets about 25 million impacted profits. At present, the Wuxi factory has begun small-line production; the leader is further stable, and looks forward to high growth next year.Hope continuation.

At present, the downstream demand for Q4 PCB is stable, and the company’s product structure and good efficiency are expected to continue to improve under the accelerated development trend of 5G proportion and servers. However, it should also be considered that Q4 Wuxi carrier board will continue and may continue after the expansion of connection production.Factors such as a slight expansion, year-end expense accrual, and other factors are expected. The company’s overall Q4 results are expected to increase steadily from the previous month.In addition, the company’s first phase of Nantong has accumulated more than 20% of the planned value. The second phase of Nantong’s rapid talks will trial production in Q1 next year to solve the current shortage of capacity. The company is one of the high-end capacity expansion scales, and the top level of the leader is stable.It is expected that there will be continuous income elasticity during the peak period of base station construction; PCB products continue to be upgraded, and package substrates have made a single breakthrough.

The product price and business barriers of the multi-layer through-hole track are increased with the increase of the number of layers, size and precision. Overseas customers usually only have more advanced technology and higher requirements.

The company’s server and switch orders this year saw high revenue growth and comprehensive customer deployment. Q3’s advanced certification at the US switch leader has also made progress, and it is expected when commercial cooperation will begin next year.

There can be more than 30 layers of advanced order products, with higher technical barriers (its advanced suppliers include a few of the US TTM, Hudian, etc.) and product gross margin (the gross margin of advanced orders is not less than 5G).Product revenue only accounts for less than 10% of the company’s overall. The introduction of these high-end customers is conducive to the company’s upcoming release of Nantong’s second-stage high-end capacity (the average number of layers is 16 layers higher than the existing plant area).

Nantong’s second-stage positioning of high-level orders is one of the keys to the company’s ability to maintain product competitiveness and avoid price competition.

At the same time, the company’s Wuxi carrier board factory has begun trial production. The world’s top four storage carrier customers have exchanged and cooperated to achieve a single quarter of losses in the middle of 20 years. If the impact of Wuxi’s expansion is eliminated, the company’s net profit in the first three quarters of 19About 9.

2 ppm, Q3 single quarter is about 4.

10,000 yuan.

If the Wuxi project successfully reverses losses next year, the company’s performance constraints will be further released.

In the long run, there is also room for import substitution in the global $ 8 billion carrier board market.

Investment Advice.

We predict that the PCB business will gradually increase in volume driven by 5G demand. Looking at product upgrades and automation to increase efficiency in the medium and long term, the package substrate business has gradually entered the expansion period of storage products, and the two major businesses continue to drive the growth of electronic assembly business.

It is estimated that the revenue for 2019-2021 will be 108.15%, 20.3 billion, and the net profit of the mother will be 12.



500 million, corresponding to EPS 3.



59 yuan, corresponding to the current total PE is 42.



6 times, maintain “strongly recommended -A” rating, target price of 180 yuan.

Risk warning: 5G progress is less than expected, industry competition is intensified, and macroeconomic risks.