Zhejiang Mida (002677) 2019 Interim Report Review: Q2 Profitability Improves and Channel Expansion Continues

Zhejiang Mida (002677) 2019 Interim Report Review: Q2 Profitability Improves and Channel Expansion Continues

Guide to this report: The second-quarter performance is slightly better than expected, profitability has improved, the penetration rate of integrated cooking stoves has continued to increase, the company is actively upgrading its products, expanding channels and branding, and gradually leading its advantages.Overweight.

Investment points: Maintain profit forecast and maintain target price of 20.

7 yuan, increase.

The penetration rate of integrated stoves has continued to increase. The company actively promotes product upgrades, channel expansion and brand promotion. The leading advantages have gradually solidified, and it will fully enjoy the industry’s high growth dividend.

Maintain 2019 EPS forecast of 0.

75/0.

94/1.

21 yuan, maintaining a target price of 20.

7 yuan, corresponding to 27xPE in 2019, increase holdings.

Q2 杭州夜网论坛 revenue was in line with expectations and performance was slightly higher than expected.

Revenue for the first half of 20197.

0.4 billion (+25.

24%), net profit attributable to mother 1.

8.2 billion (+25.

04%), gross margin of 53.

45% (+2.

25pct), net interest rate is 25.

85% (-0.

07pct).

Q2 single quarter income 4.

1.4 billion (+21.

05%), net profit attributable to mother 1.

07 billion (+27.

38%), gross profit margin 53.

18% (+4.

14pct) and a net interest rate of 25.

81% (+1.

25pct).

Q2’s profitability improved, and the company’s efforts to increase advertising costs continued to increase.

Product structure optimization combined with the decline in raw material prices, Q2 gross profit margin +4 for ten years.

14pct; the company continues to increase marketing efforts, and the sales 深圳丝袜会所 expense ratio is +5 for half a year.

27pct; the company increased support for dealer credit lines, the increase in accounts receivable + bills at the end of the first half of the year increased by 104 compared with the end of 18 years.

72%, operating capacity improved, and net cash flow from operating activities continued to grow21.

3%.

The penetration rate of integrated stoves has continued to increase, and the company’s active omni-channel layout will fully enjoy the industry’s high growth dividend.

The company actively promoted channel sinking and terminal outlet expansion, adding 70 first-tier dealers and 300 terminal stores in the first half of the year; accelerating the distribution of KA channels, and opening 100 KA stores in the first half of the year; continuing to expand its brand promotion efforts, and continued its efforts in CCTV and HSRPlatform for ad serving.

The company’s industry leader is gradually solidifying, which will fully benefit from the increase in industry penetration.

Risk warning: industry competition intensifies; real estate completion is less than expected.

Xusheng shares (603305) third quarterly report comments: gross margin improvement expected high growth after Tesla localization

Xusheng shares (603305) third quarterly report comments: gross margin improvement expected high growth after Tesla localization

Event: On October 24, 2019, Xusheng Co., Ltd. released the third quarter report for 2019; the first three quarters achieved revenue7.

$ 7.7 billion, a five-year average of 5.

8%, net profit attributable to mother 1.

36 yuan, 40 in the past ten years.

8%, net profit after deduction to mother 1.

290,000 yuan, an average of 42 in ten years.

1%.

The gross profit margin of Q3 improved month-on-month, and the company’s Q3 performance increased by 8 when the rate of four fees increased and the profit was diluted.

9%, more than ten years.

53%; gross margin for the third quarter alone was 35.

3%, an increase of 2 from the previous quarter.

49 points; gross profit margin 33 in the first three quarters.

72%, more than six years.

83 points.

In the first three quarters of 2019, the proportion of four fees increased by 6.

48pct, reaching 13.

36%, mainly due to 1) the increase in the number of management personnel led to an increase in expenditure, management costs exceeded the increase of 66.

80%, and 2) the company’s increased R & D investment leads to an annual increase in R & D expenses of 0%.

99pct, reaching 4.

71%, 3) Financial expenses were increased by an increase in interest expense on convertible bonds and a decrease in exchange gains2.

12pct, reaching 0.

88%.

Sales of Model S / X increase, and it is expected to be equipped with domestic Model 3 in the future. The value of bicycles will increase to 3 in the third quarter of 2019.

50,000 units (a 41% reduction a year ago), Q3 ModelS / X production in 2019 was only 1.
.

630,000 vehicles, a decrease of 39 every year.

35%; although Model 3 output increased significantly by 135% to 21.

50,000 vehicles, but still cannot completely replace the impact of increased production of the high-profit Model X / S.

With the foundation laying of the Tesla Shanghai Super Factory, according to the currently announced progress, the project is progressing smoothly. The overall plant engineering construction has been basically completed, and 武汉夜生活网 it has entered the installation stage of production equipment.3,000 Model 3s are produced each week.

As the demand for new energy vehicle products increases, the level increases, and the proportion of high-end components continues to increase. The cooperation with Tesla has laid a good foundation for the company to explore the new energy vehicle market.

The development of new customers, the optimization of production capacity, and the company’s future business development. The company is expected to seize the possibility of Tesla setting up factories in China, strengthen the cooperation between the two sides, and reduce the friction between China and the United States through the acquisition of incremental business in China.At the same time as the overall impact of the tariff measures on the company, it has opened up cooperation 佛山桑拿网 with Polaris, Ningde Times, Great Wall Motors, Eaton, Valeo-Siemens, Flextronics, and obtained the fixed point of GAC new energy reducer housing in the first half of the year;The debt fund is mainly used for the 5 million new energy vehicle chassis suspension system forging project; on October 15, 2019, it passed the production capacity of 6.85 million new energy vehicle precision castings and forgings; the subsequent domestic demand for new energy vehicles continued to expand, the companyFund-raising products are expected to open up new growth space.

Therefore, we expect the company’s net profit for 2019-2021 to be 2 respectively.

2.6 billion, 3.

01 billion and 4.

24 ppm; corresponding to PE 41x, 31x, 22x; maintaining “overweight” rating.

Risks suggest that the macroeconomic growth is lower than expected, the car sales are lower than expected, and the company’s business expansion is lower than expected.

Quick review of important events of Yutong Bus (600066): Flying on demand

Quick review of important events of Yutong Bus (600066): Flying on demand

Matters: We have recently sorted out the layout and progress of Yutong Bus in new areas such as RVs and fuel cell buses.

Guoxin Auto’s point of view: Under the background of new energy bus replacement and replacement (complete decline in 2020), Yutong Bus’s short-term performance is under pressure.

In the medium and long term, the urbanization rate will be reduced, and high-speed rail subways will have a certain replacement for passenger coaches. The space for traditional passenger coaches is basically saturated. Looking at stable renewal needs in the future, alternative RV tourism and hydrogen fuel cells are encouraged and supported by national policies.Yutong buses change as needed, seizing the possibility of RVs and fuel cells to open up new categories.

How to pass in the future 1) With the improvement of the infrastructure and supporting management regulations of the national tourist camps, RVs may become an important growth point for the passenger car market in the future.

It is expected that the national RV market will maintain an increase of more than 30% in the next 3-5 years. Yutong has cultivated in the RV field for ten years and achieved sales through high-quality products and after-sales services, increasing market share;The team and research and development have achieved mature strength. In 2018, small-volume supply of fuel cell buses (55 vehicles) was achieved. The “ten cities and 1,000 vehicles” policy is expected to promote continuous growth.

In addition, high-end commercial buses represented by T7 and overseas new energy markets are also Yutong’s follow-up efforts, and continue to maintain its profit forecast. It is expected to return to its mother net profit in 19/20/2123.

24/27.

17/31.

9 billion, corresponding to an EPS of 1.

05/1.

23/1.

44 yuan, corresponding to the current expected PE of 15.

2/13.

0/11.

0X, the average PE of comparable companies in 2019 is estimated to be 20.

73 times, the average PB estimate is 2.

Four times, according to the comparable company estimation method, a one-year target index interval is given to Yutong Bus.

9-21.

77 yuan, currently (closing price on April 21) cashed 15.

92 yuan, still 19%-37% from the target price to improve space, maintain the Buy rating.

Comment: The policy encourages RV tour mode, and national policies are added after road buses to encourage self-driving traveller ecology.

Since 2016, the state’s policy on RV camping and RV excursions has become increasingly clear. With the support of national policies, the construction of RV camps is accelerating across the country.

According to the “Thirteenth Five-Year Plan” of the RV camps in various provinces, autonomous regions and municipalities across the country, a network of RV service facilities consisting of 4,000 RV camps will be completed by 2020.

At present, there are more than 800 RV campsites in China, and more than 300 have been added in 2018 alone.

At the end of 2016, the State issued “Several Opinions on Promoting the Development of Self-driving Traveler Car Tourism” to promote the integrated development of the RV industry and characteristic towns. In 2020, the self-driving traveler car industry system will be initially integrated.

At present, there is a huge gap between the number of RVs and the construction of overseas campsites, and the market for RVs is vast.

Now, compared with the world in the past, self-driving RV tours still have a long way to go.

1) From the perspective of campsites, there are 16,500 campsites in the United States, with 51 per million people.

There are 72 camps in Europe with about 25,000 camps and 33 per million people.

88.

As of the end of 2017, the total number of campsites in China was 1,273 (825 have been completed and 448 are under construction).

2) From the perspective of the number of RVs, according to data released by the RV Industry Association, the number of RVs sold in the United States in 2017 was 50.

460,000, compared with 43 in 2016.

07 thousand vehicles increased by 17.

2%.

According to the European Industry Association, European RV sales reached 19 in 2017.

06 million vehicles, an increase of 12 per year.

1%.The market value of self-propelled RVs and trailer-mounted RVs has reached the highest growth rate in history, and it has maintained 10 consecutive years of strong growth since 2007.

According to data from China’s camping industry conference, RV sales in 2017 were 2.

10,000 (6 in stock).

940,000), imported 1000+ RVs, exported 15,000+ RVs, 300+ RV conversion companies, 456 new models of RV announcements, an increase of 80% over 2016, 3700+ rental RVs nationwide, and 500+ rental companies or clubsWait.

We believe that with reference to the developed countries in the RV industry, the gap in local campsites has been extended, the number of RVs is kept, the sales base is low, and the future development space is broad.

Driven by national policies and local governments for a long time, RV tourism has continued to heat up, and sales have increased in the past two years.

9%, the RV industry has accelerated into the fast lane.

China is expected to become the fourth largest RV tourism market in the world.

Yutong RV follows the Yutong Bus production and research concept and is expected to become the leader in market segments.

Yutong Bus & Car Division was established in 2009 and has a history of 10 years.

Yutong RV inherits the manufacturing process advantages of Yutong Bus, and through cooperation with American RV manufacturers, has established foreign design studios. From product design and production process planning are completed by American professional RV designers, in cooperation with Yutong’s all-metal body, King KongClosed loop, halogen electrophoresis of the entire vehicle, and other mature process structures to establish a higher level of R & D and manufacturing capabilities.

Yutong’s RV brand has covered A, B, C self-propelled and trailer-type RVs, giving customers more freedom and personalized choices.

A type of RV is the most luxurious class in RVs. This type of RV is mainly based on a heavy chassis frame, typically a large truck or transporter chassis. This type of RV is equipped with almost all the elements required for RV travel.The equipment is ideal for long journeys.

Type B RVs are the smallest RVs in the three types of ABC RVs. Thanks to the flexible car movement, Type B RVs are considered to be the most suitable for on the road. Even in the face of some severe road conditions, the performance of Type B RVs is usuallyMost satisfied.

Type B motorhomes are usually modified by vans, and the frame of the body remains unchanged, or the roof is slightly placed.

Type C RV is between ultra-luxury Type A and Convenient Edition Type B. It is usually combined with a van chassis and a car shell. Some will design a bed on the top of the cockpit, which is convex.RVs also belong to the C type.

Unlike the extreme luxury of the A-type RV, the C-type RV can also provide a variety of comfortable designs and the price will be more affordable.

Type C RV is more like the neutrality of Type A and Type B. As long as it is relatively slender, it can be flexibly moved without losing the comfort of the RV.

At present, the C-type RV is also the most popular type of vehicle promoted by Yutong.

Yutong RV models are mainly C-type RVs, which also have Type A / B / Trailer / Light Business Travel; the chassis is equipped with Jiangling Transit, Mercedes-Benz, SAIC Chase, Nanjing Automobile, Iveco and Zhengzhou Yutong (optional).; In terms of price, most trailer-type RVs are close to the people, ranging from 150,000 to 200,000 (6-10 meters). The prices of other domestic versions of chassis are mainly 40-60 million, and the price of imported chassis is 90.10,000 or even more than Yutong Bus since entering the RV industry in 2009, the Yutong RV brand-Yutong Kailun Bengwei has achieved a leap from dozens to thousands of annual sales, becoming the first brand in RV developing countries.

In 2018, Yutong RV achieved breakthrough progress, with RV sales reaching 1,100 units, an annual increase of 95.

4%, market share of segmented market reached 10%, Yutong RV sales in 2019 are expected to reach 1,800, with a target growth rate of over 60%.

In the future, through the improvement of the national tourism campsite infrastructure and supporting management regulations, RVs may become an important growth point for the passenger car market in the future.

It is expected that the domestic RV market will maintain an increase of more than 30% in the next 3-5 years. Yutong has been cultivating in the RV field for ten years, and promoted sales through high-quality products and after-sales services, and increased market share.

Fuel cells have everything, waiting for the policy Dongfeng Yutong has become a global leader in large and medium-sized passenger cars. It is one of the earliest companies in the industry to develop fuel cell buses. In 2009, it developed the first generation of fuel cell buses and is the first domestic commercial vehicle to pass fuel cells.The certified enterprise has obtained the official announcement of the first domestic fuel cell bus, built the first hydrogen refueling station in the Central Plains, and was approved as the first fuel cell and hydrogen energy center in the bus industry.

Yutong Bus has developed three generations of fuel cell buses and is developing the fourth generation.

At present, Yutong Bus has mature capabilities in fuel cell models, teams and R & D.

1) In terms of models, Yutong Bus has completed 10 meters, 12 meters of “dual configuration” fuel cell transportation, 9 meters of fuel cell group vehicles and other popular models, and has achieved small-scale demonstration operations.

2) In terms of team, as of 2017, Yutong has formed a 45-person research and development team with 6 PhDs and 26 Masters as its core, focusing on fuel cell system integration and control technology, vehicle hydrogen system integration and rapid hydrogenation technology, and fuel cells.Research on test evaluation technology direction.

3) In terms of research and development, Yutong was approved to establish the industry’s first fuel cell and hydrogen energy engineering technology research center.

The research and development center has a planned building area of more than 10,000 square meters, which involves the testing and development of fuel cell vehicles, systems, stacks, on-board hydrogen systems and other key components.

The establishment of the center will greatly enhance the technological research and development strength of Yutong hydrogen fuel cell buses, promote the technological progress of the new energy bus industry, and promote the industrial development of fuel cell buses through the practical application of the entire vehicle.

In 2018, Yutong Bus’s fuel cell transportation achieved mass promotion and application in Zhengzhou, Zhangjiakou and other places. In 2018, the company’s fuel cell vehicles reached 55 sales and revenue1.

77 ppm, subsidy of 15 million, the company’s fuel cell bicycle revenue of 3.22 million, bicycle subsidies of 27.

30,000 In January 2019, Yutong Bus won the bid for the Zhangjiakou Urban Bus Purchase Project, with a number of 3011.

5-12 meters hydrogen fuel cell urban transporter with air conditioner (normal version, 2 + 2 arrangement of the last row of seats). The total bid was 88.98 million yuan and the unit price was 296.

60,000 yuan.

Under the policy of “10 cities and 1000 vehicles” of hydrogen fuel cells in 2019, it is estimated that the sales volume of hydrogen fuel cells nationwide is expected to reach 1,000 units. As a leader in new energy buses, the sales of fuel 西安耍耍网 cells in 2019 are expected to continue to grow.

In the long run, the development plan for hydrogen fuel cell vehicles on China’s fuel cell vehicle technology roadmap: 10,000 units in 2020, 100,000 units in 2025, and 1 million units in 2030.

Hydrogen fuel cells are expected to become an important supplement for pure electric buses and contribute to the long-term increase of new energy buses. Investment suggestion: Change as needed, wait for time to fly, maintain Buy rating Guoxin Auto’s view: Under the background of new energy bus supplementary replacement (complete decline in 2020), the short-term performance of Yutong Bus is under pressure.

In the medium and long term, the urbanization rate will be reduced, and high-speed rail subways will have a certain replacement for passenger coaches. The space for traditional 重庆耍耍网 passenger coaches is basically saturated. Looking at stable renewal needs in the future, alternative RV tourism and hydrogen fuel cells are encouraged and supported by national policies.Yutong buses change as needed, seizing the possibility of RVs and fuel cells to open up new categories.

How to pass in the future 1) With the improvement of the infrastructure and supporting management regulations of the national tourist camps, RVs may become an important growth point for the passenger car market in the future.

It is expected that the national RV market will maintain an increase of more than 30% in the next 3-5 years. Yutong has cultivated in the RV field for ten years and achieved sales through high-quality products and after-sales services, increasing market share;The team and research and development have achieved mature strength. In 2018, small-volume supply of fuel cell buses (55 vehicles) was achieved. The “ten cities and 1,000 vehicles” policy is expected to promote continuous growth.

In addition, high-end commercial buses represented by T7 and overseas new energy markets are also Yutong’s follow-up efforts, and continue to maintain its profit forecast. It is expected to return to its mother net profit in 19/20/2123.

24/27.

17/31.

9 billion, corresponding to an EPS of 1.

05/1.

23/1.

44 yuan, corresponding to the current expected PE of 15.

2/13.

0/11.

0X, the average PE of comparable companies in 2019 is estimated to be 20.

73 times, the average PB estimate is 2.

Four times, according to the comparable company estimation method, a one-year target index interval is given to Yutong Bus.

9-21.

77 yuan, currently (closing price on April 21) cashed 15.

92 yuan, still 19%-37% from the target price to improve space, maintain the Buy rating.

Jianlang Hardware (002791) quick review of major events: single-quarter results continue to exceed expectations and raise earnings forecasts

Jianlang Hardware (002791) quick review of major events: single-quarter results continue to exceed expectations and raise earnings forecasts

Event: The company released the 2019 annual performance forecast on January 22, which is expected to be 4-4.

4 percent, an increase of 132 per year.

39% -155.

63%.

Guoxin Building Material’s point of view: 1) Achieve high growth performance, single-quarter performance continues to exceed expectations: Based on the company’s performance forecast range, Q4 single-quarter net profit is expected to be achieved.

31-1.

71 ppm, an increase of 138 in ten years.

3% -211%, of which Q1, Q2, Q3 single quarter growth rates were 123%, 87.

6% and 73.

5%.

2) Launch of employee stock ownership plan, showing confidence in future development.

3) Integrate and adjust internal business and structure, further optimize internal management, and improve management and operation efficiency.

4) Risk warning: excessive expansion brings management pressure; new product promotion and sales are less than expected.

5) Investment suggestion: As a leading company in the field of construction hardware, the company actively develops in the direction of integrated suppliers of building accessories. The advantages of channels and products are gradually realized. The revenue continues to grow rapidly. The single-quarter performance continues to exceed expectations and the performance flexibility graduallyRealization is prominent, and it is expected to make further accumulation in the future with huge room for growth.

Increase 19-19 EPS to 1.

31/1.

75/2.

41 yuan / share (the original EPS was 1.

06/1.

43/1.

88 yuan / share), corresponding to a growth rate of 144% / 34.

3% / 37.

5%, corresponding to PE of 32.

0/23.

9/17.

3x, maintain “Buy” rating.

Comment: The long-term performance is high, and the single-quarter performance continues to exceed expectations. Based on the company’s performance forecast range, Q4 is expected to achieve net profit attributable to its mother in the single quarter.

31-1.

71 ppm, an increase of 138 in ten years.

3% -211%, of which Q1, Q2, Q3 single quarter growth rates were 123%, 87.

6% and 73.

5%.

We believe that the company’s performance has grown strongly, and its single-quarter performance has continued to exceed expectations. The main reasons are the company’s sales channel layout and new category extensions. The channel advantages and product integration advantages have gradually been realized. The expense ratio has been effectively diluted.The leading enterprise of the company, the company has initially formed a strategic layout of building accessories integration suppliers with building doors, windows, curtain wall hardware as the core, and will gradually increase accumulation in the future.

Launch of employee shareholding plan to show confidence in future development The company launched the first phase of employee shareholding plan in December 2019. The participants are 1 senior management of the company and no more than 249 core employees, which is conducive to the establishment and improvement of employees, shareholdersThe benefit-sharing mechanism enhances the sense of responsibility and mission of employees, and mobilizes the enthusiasm and creativity of employees to stimulate the vitality and motivation of team development.

At the same time, performance evaluation standards are proposed at the company and individual levels. The size of the company is based on the 2016-2018 operating income itself. In 2019, 2020, and 2021, the operating income reduction shall not be less than 55%, 95%, 140%.That is, the operating income for 2019-2021 is not less than 50.

32, 63.

31, 77.

920,000 yuan, corresponding to a growth rate of 30 per second.61%, 25.

81%, 23.

08%, showing the company’s confidence 杭州夜生活网 in future development and performance growth.

Integrate and adjust internal business and structure to further optimize internal management. In January 2020, the company established a wholly-owned subsidiary-Guangdong Jianlang Building Materials Sales Co., Ltd. to be responsible for the implementation and operation of internal sales business. It will conduct sales related personnel in accordance with laws and regulations.When transferred to a sales company, all revenue and expenses generated by the corresponding sales business are also undertaken by the sales company.

Based on the continuous expansion of the company’s development scale and continuous expansion of its product line, by integrating internal business, adjusting the structure, and optimizing the core business chain operation process, it is conducive to better 苏州夜网论坛 improve the company’s operating efficiency and strengthen the scientific management and assessment and settlement of each core business module.Reduce operating costs, improve management efficiency, and improve service and support to sales markets and customers, and better leverage the strategic advantages of building accessory integration suppliers.

Investment suggestion: The single-quarter performance continues to exceed expectations, raise profit forecasts, and maintain a “buy” rating. As a leader in the field of construction hardware, the company actively develops around the direction of integrated suppliers of building accessories, and gradually realizes channel advantages and product integration advantages.Revenue continued to grow rapidly, single-quarter results continued to exceed expectations, and performance elasticity gradually became apparent. In the future, there will be a gradual increase in accumulated reserves and huge growth.

Increase 19-19 EPS to 1.

31/1.

75/2.

41 yuan / share (the original EPS was 1.

06/1.

43/1.

88 yuan / share), corresponding to a growth rate of 144% / 34.

3% / 37.

5%, corresponding to PE of 32.

0/23.

9/17.

3x, maintain “Buy” rating.

BOE A (000725): The turning point has arrived

BOE A (000725): The turning point has arrived

The Korean factory ‘s LCD production capacity is gradually withdrawing, and the market supply and demand usher in a long-term turning point. From the history of industrial development history, LCD has been driven by investment in the past. The transformation has driven excess production capacity. The production capacity of high-generation lines is used to compete with low-generation production linesPressure, so the economy cuts the size and moves up, and promotes demand through the cost of advantages, and forced the gradual withdrawal of backward production capacity.

The industry’s low economic performance in 2016 forced the Korean factory to begin the first scale production capacity withdrawal. Among them, Samsung closed the 160K 7-generation line in 16H1 to improve market supply and demand. Then the prices of LCD TV panel products of various sizes began to rise.Interest rates and operating results have started to improve significantly.

The 17H2-19H2 industry experienced another two downward price periods, mainly due to the rapid growth of domestic production capacity and the withdrawal of large-scale production capacity on the supply side. The demand side from 18H2 was affected by trade frictions to a certain extent.

In 19Q3, the number of leading manufacturers decreased again, and the industry’s bottom-up signal was generally corrected.

With the adjustment of overseas production capacity, prices began to stabilize in November 1919, and are expected to start rising in January 2020.

The dominant products of the Korean factory in the past are mainly 55 “TV panels and the downstream terminals are mainly exported to North America and other markets.

18Q1 and 19Q1 followed BOE 10.

The 5th generation line and the Huaxing Optoelectronics 11th generation line began mass production, which has now caused the price of 65 ”products to fall by a 17-year high of 60%.

Since the Korean factory has no 10.

5th generation line, 8.

The production of products over 65 ”on the 5th generation line has caused persistent serious defects.

And the Korean factory has shifted its TV panel business focus to OLED display, Samsung focuses on QD-OLED, LG focuses on WOLED, and Korean factory will gradually withdraw from large-scale LCD production capacity, which will be a deterministic trend.

We consider the Samsung L8-1 LCD 8 based on a self-built model.

The 5th generation line was converted to 120K, and Foxconn Sharp Guangzhou 10.

After the production capacity of the 5th generation line temporarily eased the impact, in the absence of other additional capacity exits, the global large-size display panel throughput growth in 19-21 was 9% and 8% respectively.

28%, 11.

97%.

Based on the 19-year global production capacity, Samsung and LG currently have an LCD display panel production capacity of 10% of the global large-size display production capacity.

5%, 15.

6%, Taiwan’s 5/6 generation line capacity accounted for 15%.

According to Qunzhi Consulting’s forecast data, LGD’s production capacity area is expected to decrease by 35% in 2020, and Samsung will reduce it by 28%. Affected by this, the global LCD TV panel production capacity growth rate will increase by about 1 in 2020.

7%, the lowest in the past five years.

According to our self-built model, after considering the corresponding reduction in output of the Korean plant in 2020, our revised capacity growth rate in 2020 will be reduced to -0.

12%, 2020 and 2019 global production capacity growth is expected to be flat.

On the demand side, according to Qunzhi Consulting data, the area of LCD TV panel panels is expected to increase by 5% in 2020. Among them, the penetration rate of 65-inch and other products will increase significantly, and it is expected to exceed 15%.

1%.

Considering that overseas manufacturers have set up factories earlier and production efficiency needs to be improved, there are still a lot of Korean and 杭州桑拿 Taiwanese factories that can withdraw from production capacity, and we believe that the long-term inflection point of supply and demand in the LCD market has already appeared.

Judging from the increase in the supply side, the main uncertainty in the future lies in the addition of other domestic manufacturers10.

5th generation line capacity.

At present, except for BOE and Huaxing Optoelectronics, two have been planned separately.

Outside the 5th and 11th generation lines, other domestic manufacturers10.

The production capacity of the 5th generation line is facing uncertainty, mainly due to factors such as funds (bank loans), supply chain supporting (glass substrates) and other factors.

Considering the uncertainties of supply-side supplementary production capacity and the withdrawal of production capacity of overseas manufacturers such as South Korea and Taiwan, the supply and demand of the LCD market will improve overall after 2021.

65 / 75-inch products do not increase the room for further price declines, and the supply and demand changes caused by the suspension of investment are attenuated. We believe that the industry is gradually changing from the past price cycle attribute to the cash flow attribute. The stability and sustainability of the industry ‘s earnings will be significantly improved, andDriven by the estimated premium of the sector companies, the long-term investment value has already appeared.

Flexible OLED drives companies to turn to growth attributes, and high profit margins bring high performance. Flexible flexible OLEDs are the core business that drives panel manufacturers to change from the periodic nature of LCDs to the growth attributes.

This growth is manifested by the continuous upgrade of its own display technology, the expansion of downstream application markets, and the substantial growth shared by domestic manufacturers.

The industry’s high barriers also bring benefits to the industry’s bargaining power, which is the core business that can drive the panel “Davies Double Click”.

The industry’s high barriers are mainly reflected in the two dimensions of mass production yield and mass production capacity conversion of flexible OLEDs.A large part of the cost of display panel manufacturing is depreciation of production line equipment. Yield and capacity utilization are sensitive factors affecting profitability.

In fact, the early applications of flexible OLEDs are still dominated by the traditional mobile phone market. The flagship model of mainstream brands has certain requirements for the scale supply capacity of upstream panel manufacturers. In the long term, flexible OLEDs will still be mainly positioned in mid-to-high-end mobile phones.Market, which determines the leading advantages of leading manufacturers on the right.

Considering the barriers in these two dimensions of the industry, we believe that flexible OLEDs must reach the LCD era in terms of supply structure and profitability.

Taking BOE’s Chengdu B7 production line as an example, we made elastic forecasts of performance through self-built models.

Based on the current unit price of US $ 60, a single production line uses 2/3 of the capacity utilization rate and a 60% yield corresponding to the break-even point. It is estimated that the unit cost is currently around US $ 30 (the equipment depreciation cost is calculated separately).

Scenario 1: 60% yield, full production operation, annual revenue is about 258.

3 ‰, gross margin is about 28%, net margin is about 10%; Scenario 2: 75% yield, full production operation, annual revenue is about 322.

8 ppm, gross profit margin is about 42%, and net profit margin is about 22%.

The revenue and profit elasticity of flexible OLEDs are much higher than LCDs.

Considering that the price and cost of flexible OLED products still have room to continue to decline, we believe that the revenue scale of a single production line will be affected in the future, but its profit margin will continue to remain at a high level.

From 2020, with the further increase in the volume of BOE flexible OLEDs, the emergence of profit inflection points, the introduction of more international customers and product models, domestic OLEDs will drive the company’s long-term growth.

Investment Ratings and Estimates We forecast the company’s revenue to be 1128 in 2019-2021.

87, 1254.

96, 1360.

3 billion yuan, net profit attributable to mother is 20.

32, 40.

84, 80.

68 ppm, EPS is 0.

06, 0.

12, 0.

23 yuan, corresponding to PE is 82X, 41X, 20X, the existing company PB is 1.

91X, we think the reasonable interval of PB is 2.

5-3.

0X, giving the company a “strong recommendation” rating.

Risks indicate changes in market supply and demand, and the industry’s prosperity is increasing. The production capacity distribution and yield climbing progress are gradually expected.

US Jim (002621): US Jim Begins Consolidating Early Education Business as a Major Performance Contribution

US Jim (002621): US Jim Begins Consolidating Early Education Business as a Major Performance Contribution
Q1 2019: The company reports operating income1.24 ppm, an increase of 218 in ten years.14%; net profit attributable to mother is 0.170,000 yuan, an increase of 875 in ten years.31%; net profit after deduction of 1 is achieved.630,000 yuan, an increase of 1210 in ten years.05%, performance turned into a profit. 2019H1 performance forecast: the company expects to achieve a net profit of 0 in the first half of 2019.3-0.340,000 yuan, an annual increase of 300% -350%. US Jim began consolidation and became the company’s main profit contributor.The company 南宁桑拿 reported a rapid increase in temporary revenue, mainly due to the consolidation of US Jim. It is expected that the company will achieve a net profit of about 70 million in the first quarter of 2019.Low season, but due to the impact of its Spring Festival holiday, revenue recognition in some other quarters is slightly lower, but not obvious.While Kade Education is still operating steadily, its net profit in the first quarter is about one million. The company’s profitability has significantly improved due to the contribution of early education business.In Q1 2019, the company’s gross profit margin was 67.74%, an increase of 40 a year.68 points, mainly because US Jim’s business model is a franchise model, and its gross profit margin is high, so after the consolidation, the company’s gross profit margin increased significantly. The company’s expense ratio has increased, and the index expense has increased significantly.Company period expenses 34.71%, an increase of 8 per year.82pct; selling expenses 6.49%, an increase of 2 a year.04pct; administrative expenses 25.93%, an increase of 2.52 points; R & D expenses 2.3%, -3 per year.5pc, of which about 20 million shareholders borrow interest and equity incentive costs. Earnings forecast: Considering the 2019 Mergers and Mergers and Acquisitions table, the company’s Meijim + CapitaLand education business will significantly contribute to the profit, and it is estimated that the net profit will be about 1.75, 1.9.8 billion yuan, given an “overweight” rating. Risk warning: Joining expansion is blocked; early education industry policy supervision, industry competition is intensifying.

Where is the tiger butt of the boss?

Where is the “tiger butt” of the boss?

1 可以拒不服从 , 但是不要阳奉阴违  阳奉阴违比拒不服从更加可怕,因为如果说拒不服从是建立在对事情的基本情况和自己的能力有所怀疑的情况下,至少我们可以说这是“顽固To adhere to principles. ”
If the boss doesn’t have time to listen to your explanation for a while, he can at least send other people to turn around without delaying the time.
And Yang Fengyin violation means that your boss loses control of the situation.
  2 永远不要以为你已经不可替代  对于上司来说,完美的组织结构应该各得其所,每个人都像拼图上的一块――无论是边缘还是中心的部分,你很难说哪块比哪块重要 , 但是哪Blocks are irreplaceable and indispensable.
There are too many smart people in the workplace who think the trump card is in their hands because they love bargaining with their bosses too much.
Even an enlightened boss can’t get rid of the employer’s mentality: “Two-legged toads are hard to find. Are there not many people with two legs?
” 而且你也不要试图证明给他看,因为即便你后来在其他公司工作得再好 ,你放心,只要你离开了他的公司 ,他就不会为判断你的价值而多浪费一点点的脑cell.
  3 Don’t make decisions for your boss, or delineate your choices for your boss. So-called resources can never be fairly distributed in the hands of everyone.
As a boss, he has more strategies and information at the company level than you do.
Don’t hold the mentality of guessing strategic intent, this is not a tacit gambling game, this is business.
All you have to do is find three different solutions and then offer them objectively.
  4 Supervisors do not like two kinds of people: inaction and high maintenance. However, if one is to be solved immediately, it must be high maintenance.
因为无作为通常什么也不做 , 什么也不说 , 在有更要紧的事情的时候 , 放他在一边,至少不会有大麻烦;而高维修太喜欢当引领众人起义的侠客,对他们的If caregiving and psychological counseling are not timely, it may cause elbow and armpit. If you are a busy boss, you will even agree with me.

Middle school students are reluctant to talk about psychological problems

Middle school students are reluctant to talk about psychological problems

Now that students suffer from psychological problems and are unwilling to confide in the opening of the school this autumn, he said that he felt an invisible pressure on the high school student Wang Sheng (pseudonym) in a middle school in Nanshan.

I do n’t know since when Wang Sheng ‘s relationship with his classmates in school is always bad. He seems to feel that strangers in the same class and even other classes always look at him with a different look, and he is inferior.The situation has been going on for more than a semester, and the classmates who are better off are getting farther and farther away from him.

Not only that, but even when he returned home, he rarely communicated with his parents.

  This change made Wang Sheng’s parents very anxious. They understood that there was something wrong with the child’s psychology.

His father Wang Bin was very worried, “If it is not adjusted in time, this will cause great obstacles to the child’s future learning and growth.

“Wang Sheng said that he also understands that his psychology needs to be adjusted and that the school also has counselling teachers, but he is not very willing to ask them to talk and solve problems.

  Asked why, Wang Sheng Zhiyan said that the so-called psychology teacher of the school was also taking part in their political lessons. “I don’t want to tell the teacher directly what I really think and accidentally.

He said that some of them are their own privacy. If they tell their teachers, they are afraid that the teachers will have a bad opinion of them.

He frankly said that this very contradictory idea has been controlling him, and as a result, there are more and more psychological problems, and the pressure will increase.

  In the author’s investigation, there are not a few students like Wang Sheng who have psychological problems and do not seek a teacher to solve them.

They worry that their psychological potential will spread in the school and make them embarrassed between the school’s teachers and classmates.

Huang Xin (pseudonym), a second-year girl at a foreign language school in Fukuda, secretly liked a boy in the same class last semester. She was very confused, but the idea of “violating school discipline” kept her from telling anyone.

  Although Huang Xin also knew that such an age really shouldn’t talk about emotions, within six months, she still couldn’t have it.

Standing in front of the author, Huang Xin noticed that she was rather embarrassed. When the author asked why she did not ask the school’s psychological counselor to solve the mental illness, she asked the author a little puzzlingly. Her own counselor was also a moral education teacher.Can you tell the teacher?

How can emotional privacy tell teachers?

“More than 65% of students are unwilling to consult with a psychological teacher. The author has learned that more than 65% of students have expressed a reluctance to consult directly with school teachers when they encounter psychological problems.

They said that many of these issues belonged to their inner wealth.

  School teacher Zhang Hui said that she has been engaged in school psychological practice for more than 10 years. From a practical point of view, there are indeed a large number of classmates who are reluctant to go to the school’s psychological teacher to perceive psychological problems.

“Only about 2 classmates will consult every day.

Zhang Hui said that the number of students who actually need to correct psychological problems is far more than this number.

  She said that the psychological problems of middle school students are a huge challenge for current school counselors.

She said that although most schools are currently equipped with professional psychological teachers, this does not mean that it is a full-time job.

“There are quite a lot of psychological tutors who are also teaching other subjects at the same time. It is very difficult for them to provide professional counseling and research on students’ psychological problems in practice.

“This situation has led to a certain substitution for students in role recognition, making it difficult for students to understand whether they are professional psychological counsellors.

This makes the school’s psychological counseling work to a certain extent to a certain extent, so that students do not trust psychological teachers very much when they really encounter psychological problems that need to be solved.

In addition, the current psychological counseling belongs to the school’s “moral education department” management, but moral education and psychology are completely different concepts.

At present, the school does not have a complete psychology department system, but it is only linked to the “moral education department”, which easily causes misplaced roles.

“The most important norm is the question of attribution.

“In the author’s investigations at multiple schools, I found that students’ psychological problems are mostly concentrated in interpersonal relationships with classmates, teachers, and parents. Anxiety and emotional distress caused by excessive learning pressure.

Among teachers and classmates, the most successful communication is to relieve the pressure encountered in learning, but for interpersonal relationship disorders and emotional aspects, many students are reluctant to communicate with the teacher.

Too many students are also cautious about their teacher’s evaluation.

  Analysis Deng Honghong, a psychological counselor who was discouraged by teachers’ dual-identity students, said that schools are equipped with psychological counselors, which can disseminate psychological knowledge for children, increase the emphasis on mental health, and timely discover children’s psychological hazards and prevent them before they occur.

At the same time, it provides a place for children and parents to seek psychological help in a timely manner.

  Even if some classmates are unwilling to consult with a psychologist, she believes that the effect of psychological counseling is sufficient to establish a good relationship between consulting and customs clearance, and a good relationship between consulting and customs clearance is based on trust.

In fact, a more purely consultative role is more conducive to building trust.

Because visitors can open their minds only when there is no psychological burden, the regulation of the psychological counseling industry is that consultants do not consult for their acquaintances and friends.

The school’s psychology teacher and students seeking help are both identities, both teachers and consultants; both students and visitors.

Sometimes it is difficult for them to define their identities, so students are unwilling to consult whether they are afraid that the teacher will learn about their minds, or whether they are worried that consultation is a suspicion of receiving education.Therefore, students are unwilling to find a psychological teacher.

  Deng Yihong said that the more common practice abroad is to let schools cooperate with professional psychological counseling agencies in the society, and students’ psychological counseling work is assigned to professional agencies. This model is more in line with people’s psychological needs, and it also reduces school management.Under pressure, schools and professional institutions cooperate with each other. Psychological teachers do extensive knowledge and problem-finding work. Professional institutions do counselling work.

  The key to the suggestion is to establish a harmonious trust relationship. To do so, Wang Jian, deputy director of the Mental Health Education Guidance Center of Shenzhen Elementary and Middle Schools, pointed out that the school’s psychological counseling teachers have a large demand and few professional and high-quality talents. This is a basic practical problem.
He admits that psychological counseling teachers in elementary and middle schools need certain qualified personnel, but at present, they can only be continuously updated to improve the overall quality.

As for the problem of unclear attribution, Wang Jian believes that “this is not a problem.”

He also said that the idea of cooperation between schools and professional institutions to solve problems is currently unrealistic.

He said that Shenzhen will soon set up a psychological counseling center before the end of the year. At that time, 2 to 3 high-level psychological experts will be provided to serve the psychological counseling work of primary and secondary school students.

  So, how to eliminate the psychological isolation between teachers and students and let students find teachers to solve problems voluntarily?

Many beginners said that first of all, a harmonious trust relationship should be established between teachers and students. It takes courage for students to tell their inner secrets. Teachers should carefully observe the inner changes of students, and gradually understand them carefully and do with classmatesFriends, keep secrets for students quantitatively.

However, when dealing with the psychological crisis caused by such important things as abortion, the school had to keep cooperating with the parents, but violated the principle of “keep secrets”.

These teachers said that in similar situations, they will also seek the consent of students in advance and do parent work in advance.

  The investigation of mental health education is mainly in the form of the author. During the investigation, the author learned that many full-time school psychological counseling teachers believe that the quality is not high, there are few full-time staff, and many part-time staff.

A senior psychological counselor from a major middle school said that most of the psychological counselors in elementary and middle schools now are school moral education workers, administrative staff, class teachers, medical staff, etc. They lack basic knowledge of psychological knowledge, especially mental health education.It is necessary to understand that even some schools’ psychological counseling teachers and psychological counseling rooms are useless, just to cope with the examination and complete the indicators, so it is difficult to ensure the effective implementation of mental health education.

  ”If school mental health education is to continue, healthy development requires a professional and authoritative psychologist and a team of scholars as a strong theoretical backing to guide and help them in practice.

“Said one teacher.

Winter skin cases should pay attention to prevention

Winter skin cases should pay attention to prevention

Recently, the number of dermatological patients visiting the hospital has increased significantly in the summer.

The patient suffered from itching and groaning: some sighed; some complained; some scratched their elbows and scratched their heads . Looking at the affected areas, most of them were spotted pimples, leaking, dry, crusted, rough,Hypertrophy and cracks.

  Case Case 1 Master Huo, almost fifty this year.

One month ago, some pimples appeared on the extremities. I bought a bottle of ointment for application at the pharmacy, but the pimples not only disappeared, but they became one piece, and gradually spread from the extremities to the head, face, chest, and back.

He hurried to a small clinic and was diagnosed with ill.

He took too much medicine, but the medication was always effective, and he relapsed after stopping the medicine. The hormone medicine was also used, but his condition became more and more serious.

  Case study 2 Jia Jia is a college student who loves beauty. She unfortunately developed eczema and dermatitis 2 years ago. She went to many hospitals for treatment and also used a variety of external skin medications. However, her condition was repeated over and over, and she never recovered.Delayed healing, leakage of the affected area, dryness, crusting, rough, thick and cracked, and accompanied by the troupe. In the summer, he did not dare to wear skirts, his temper became irritable, his personality became suspicious, and Jiajia was extremely painful.

  High incidence of skin diseases in autumn.

Because bacteria and viruses multiply and spread in autumn, they can easily cause infectious diseases and skin diseases.

The most common skin diseases are hay fever, dermatitis, acne, and eczema.

  High incidence of dermatosis in autumn Recently, the number of patients with dermatosis visiting the hospital increased significantly in summer.

The patient suffered from itching and groaning: some sighed; some complained; some scratched their elbows and scratched their heads . Looking at the affected areas, most of them were spotted pimples, leaking, dry, crusted, rough,Hypertrophy and cracks.
  It is understood that some of them have been sick for a long time, and the multi-party treatment is still ineffective, and it happens again and again, more severe than once.

There are also those who have just discovered the disease and want to get medical treatment as soon as possible. After the patients generally change into the spring, the disease recurs or the symptoms worsen. They all came to the hospital with fear and hope.

  Tips on how to prevent skin diseases: Drug abuse is a taboo. For patients with skin diseases, the most taboo is to use drugs by themselves. Because some patients cannot properly treat their condition, they cannot get correct treatment in time, and even some patients are private.Using hormonal drugs indiscriminately or believing in some of the so-called ancestral secrets of doctors who are only profitable, and cure all diseases.

These not only can not cure the disease, but also delay the treatment and cause serious hidden dangers of complications.

In particular, do not apply topical application with irritating drugs or hormone drugs.

Although these practices can alleviate the temporary itch, after all, correcting the correct treatment to delay the opportunity and produce symptoms such as hormone dependence, over time, the exacerbation is even more serious.

  Trick number two: When the symptoms appear, the doctor should promptly consult the doctor: Once the patient notices skin discomfort, he should go to the hospital as soon as possible.

Even if the opportunity for treatment is lost, do not “break the jar”. You should actively go to the hospital for treatment, and a professional doctor should choose the symptomatic treatment according to different conditions.

  1. Acute eczema dermatitis: manifested as dense miliform papules or pimples, conscious onset of pruritus, ulcerated or slightly eroded surface after scratching, and crusting, which can spread and expand to form lymphadenopathyOr tenderness.

  2. Subacute eczema dermatitis: The skin lesions are mainly small pimples, scales, and scabs, with a small amount of small blisters and erosion, and itching and vomiting.

  3. Chronic eczema dermatitis: manifested as thickened skin, rough, brownish red or grayish, covered with a small amount of scales or crusts, or leaking, easy to relapse and difficult to heal.

  Due to many eczema, dermatitis patients have not been treated correctly and effectively, often recurrent, causing patients to suffer from insomnia or superficial sleep, and even change the person’s personality, which is easy to be suspicious or irritable.

  4, pruritus: itchy skin dermatitis with pruritus as the main symptom.

Light during the day, heavy at night, often drinking, eating irritating food before going to bed, emotional excitement, temperature changes, scratching, bumping or aggravation after friction, can be scratched repeatedly due to itching, causing scratches and bleeding on the skin surface,Epidermal flaking, hyperpigmentation, cleft palate, scabbing, secondary skin damage such as local edema, erosion, hypertrophy, lichenification, eczema, etc., in severe cases secondary folliculitis, eczema.

Patients often suffer from insomnia or restlessness due to pruritus, lack of energy during the day and affecting appetite.

  5. Skin ills: Traditional Chinese medicine is also known as “ringworm, ringworm”, “ringworm”, and “rubella”.

The basic lesions of skin ringworm (the clinical features of psoriasis vulgaris) are inflammatory red papules or maculopapular rashes, the surface is covered with multiple layers of silvery white scales, and shiny membranes and spotted bleeding can be seen when scraping the scales, and the basal infiltration is obviousThere may be isomorphic reactions.

According to different clinical manifestations, they can be divided into four types: ordinary type, pustular type, joint type, and erythrodermic type, each with its different clinical characteristics.

Too much prone to depression Three kinds of people are prone to haze _1

Too much prone to depression, three kinds of people are prone to “haze”

Serena is a foreign company employee.
As soon as he came to work after the year, he heard from the gossip that the company would lay off staff at the end of the first quarter, and that his department might be cut as a whole.
He started complaining to colleagues and friends in private, complaining about the poor economic environment, and complaining about the incompetence of department leaders.
These days, he has been suffering from insomnia, anorexia, depression, and depression.
Serena’s symptoms indicate that he may be depressed.
His depression is closely related to his personality.
Overall, people with three personalities are most likely to be entangled in depression.
  1.
Resentful people like Xiaowei like to attribute responsibility and frustration to society and others. It seems that they have no responsibility. It is the fault of others and it is easy to induce depression.
Most of them were carefully cared for by their parents and elders when they were young. They encountered fewer setbacks, had difficulty in coping with difficulties when they grew up, and had poor social adaptability.
  2.
Too true-minded perfectionists often work hard and have a well-organized life, which is one of the most prone to depression.
Perfectionists are too real, they value the rules and the order of things, and if this balance is broken, they will feel tremendous pressure.
In other words, they have poor flexibility and adaptability.
  Some professional practitioners are also easy to compare, such as customer service staff and financial staff.
Many people have a heavy psychological burden because of customer nitpicking and business tolerance.
  3.
Different from the perfectionists in the past, some people are enthusiastic and focused, but they tend to go to extremes.
They have a sense of justice and responsibility, but when they find that reality is contrary to imagination, they feel great pressure.
  Some hard-working people are promoted to the management level, and the work content changes. They often worry about how to drive the team and train their subordinates, and sometimes they accumulate more pressure.