The 18 regulations of the preliminary annual plan involve credit reporting, financial control company supervision, etc.

The 18 regulations of the preliminary annual plan involve credit reporting, financial control company supervision, etc.
On April 17, the long-term official website issued a work plan for the development of regulations and rules for 2020, involving a total of 18 regulations, including the development of pilot measures for the supervision and management of financial holding companies, and management measures for credit reporting businesses.Specifically, there are 10 categories in the 18 regulations for formulation, including the development of systems to supplement the additional regulatory provisions of banks, the trial methods for supervision and management of financial holding companies, asset-backed securities issuance and transaction management methods, financial infrastructure management methods, and global systemsManagement Measures for Overall Bank ‘s Total Loss Absorptive Capacity, Management Measures for Cross-border Payment Services, Management Methods for Rating of Cash Sorting Enterprises, Trial Measures for the Protection of Personal Financial Information (Data), Measures for the Management of Credit Information Business, Implementation Measures for the Protection of Financial Consumer Rights.Eight regulations will be revised, including the People ‘s Bank of China Administrative License Implementation Measures, the People ‘s Bank of China Law Enforcement Inspection Procedures, the People ‘s Bank of China Administrative Approval Procedures, the Interbank Borrowing Management Measures, Commercial Bill Acceptance and Discount Management Measures, and Bank Card Clearing AgencyMeasures, financial institutions ‘anti-money laundering supervision and management measures, financial institutions’ customer identification and customer identity data and transaction record keeping management methods.Sauna, Ye Wang Cheng Weimiao editor Wang Jinyu proofreading Li Xiangling

[Encyclopedia of eating water chestnuts]_Practice_Nutrition value

銆愯嵏鑽犵殑鍚冩硶澶у叏銆慱鍋氭硶_钀ュ吇浠峰€?
鑽歌崰鏄垜浠韩杈归潪甯稿父瑙佺殑椋熸潗锛岀敱浜庤嵏鑽犵殑钀ュ吇浠峰€煎緢楂橈紝缁寸敓绱犲惈閲忎篃鐩稿姣旇緝涓板瘜锛屾墍浠ュ湪浜轰滑褰撲腑杩樻槸闈炲父鍙楅潚鐫愮殑銆傝嵏鑽犱笉浠呭彲浠ュ墺鐨箣鍚庣洿鎺ュ綋鍋氭按鏋滈鐢紝杩樺彲浠ュ姞鍏ュ叾浠栫殑椋熸潗涓€璧风倰锛屽彟澶栬繕鍙互鍋氭堡锛屽ぇ瀹跺彲浠ユ牴鎹嚜宸辩殑鍠滃ソ鏉ヨ繘琛屽埗浣溿€傞偅涔堬紝鑽歌崰鐨勫悆娉曞埌搴曢兘鏈夊摢浜涘憿锛熻嵏鑽犵倰榛戞湪鑰虫潗鏂欒嵏鑽?涓紝骞查粦鏈ㄨ€?娉 “咂 钖 庡 ぇ 绾?(00 擶 argon toilet) 20 鍏 嬶 纴 鏂 With 灞 灏 栫 堫 啫 嫢 語 级 璂 钂?What’s the difference between 2 and 2? If you want to know what you are doing, what are you going to do?.Singing Songs? What’s the matter?骞查粦鏈ㄨ€虫竻姘存场鍙戝悗锛岀敤鍘ㄦ埧绾稿惛姘存帶骞插緟鐢?甯︽按鐨勯粦鏈ㄨ€充笅娌归攨浼氱偢璧?; Cang Cang, ashamed, sorrowful, sorrowful, sorrowful, sorrowful, sorrowful绫虫鍙欏垏鎴愬皬娈点€?.鐐掗攨鍔犵儹涓嬮鐢ㄦ补鐑ц嚦5鎴愮儹锛屼笅钂滄湯鍜岀背妞掓參鎱㈢垎棣欍€?.鏀捐嵏鑽犲湪娌归噷缈荤倰鍑犱笅锛屾帴鐫€涓嬮粦鏈ㄨ€冲悓鐐掋€?.鐐掕嚦榛戞湪鑰虫湁涓€鐐硅蒋濉岋紝鏀剧櫧绯栥€佺洂鍜岄鑿滄牴锛岀倰鍖€閿呬腑鎵€鏈夌墿锛屾渶鍚庡姞鍛崇The book is in full swing, and it’s not easy to see what is going on. It’s easy to draw a picture. It’s a beautiful picture. It’s 125 words, it’s a song, it’s a song, it’s a song, it’s a song, it’s a song, it’s a song, it’s a song, it’s a song, it’s 250What’s wrong?Mammoth?What is the real world?鍏嬶紝鏂欓厭1鍏嬶紝璞岃眴娣€绮?Talking about it?0 嬏 嬶 纴 閴 華 經 盤 3 鍏 嫔 嫛 尉?.鍏堝皢姘村彂鍐弴娲楀噣鍘绘矙锛屾播骞叉按鍒嗐€傝嵏鑽犲幓鐨礂鍑€鍒囩墖銆?.鐐掗攨鐑х儹鏀惧叆鐔熻姳鐢熸补锛岀儳鑷充竷鎴愮儹锛屽嵆灏嗗啲鑿囥€佽嵏鑽犵墖鍚屾椂涓嬮攨鐓哥倰锛屾斁鍏ラ叡娌癸紝濮滄湯锛岀簿鐩愶紝鐧界硸锛屽懗绮撅紝鏂欓厭锛岄矞姹?50鍏嬶紝鐑у紑鐢ㄦ箍娣€绮夊嬀鑺★紝娣嬬啛娌硅捣閿呰鐩樺嵆鎴愩€傝嵏鑽犵敎姹ゆ潗鏂欒嵏鑽?(椹  箘): Do you want to use the key to raise the key?. 閾惰€虫蹈娉?What?鍙戝紑鍚庢竻娲楀共鍑€锛?Do you have any questions?Zhuo Yi Yao Hao.2. Singing songs and chats: What are you talking about?  镄  绾 ㈡ 灒 娲 楀 噣 囶 啤 啤 啤3. What is the problem? Do you want to know how to do it? Do you want to know what you want to do? Do you want to go? Do you want to do it?It’s a lot of benzene, and it’s a lot of fun. It’s 20, 20, and 20.

[How to choose kiwi _ preliminary kiwi is delicious]

[How to choose kiwi _ preliminary kiwi is delicious]

Because kiwis are easy to break and not easy to store, many people choose hard kiwis when buying kiwis.

In fact, there are many tips for selecting kiwis. If you want to choose delicious kiwis, you must also pay attention to the color, appearance, size, hardness, and glossy kiwi of the kiwi.

This article introduces the tips for choosing kiwi, let’s take a look.

1.

Look at the colors.

When choosing kiwi fruit, it is recommended to choose yellowish-brown peels and shiny ones. At the same time, the hair on the peel is not easy to replace. Generally, kiwis like this type are sweet and delicious.

2.

Look at the appearance: pick kiwis must be sharp-pointed, not flat ones like duck mouths.

The duck’s mouth uses hormones, and the chicken’s mouth has not used hormones or less hormones.

The whole ripe kiwifruit is super soft. Buy it when you pick it. The color is close to earthy yellow. This is a symbol of excess sunshine and sweeter.

3.

Look at the size.

Generally, not most of the fruits are overlapped and sweeter. It is better not to choose large fruits blindly. Generally, small fruits are not worse than large ones. Generally, it is recommended not to choose them if the fruits are abnormally large.

4.

Look at the hardness.

Carefully touch the whole body of the fruit carefully and choose some harder fruits.

Don’t try to avoid those that have become soft as a whole or have soft spots.

Because if the part is generally soft, it will be easily broken without putting it on. Also, pay attention to whether the surface is complete, whether there is a depression, and whether it is elastic.

5,

Look at the whole.

Full body, better without injury and disease, it is better to show faint green.

The amount of epidermal burr varies by species.

And the kiwi should be tender green at the junction, this kind of freshness, the color is dark and sweet around the junction.

6.

Smell the aroma.

Fully ripe kiwi has a soft texture and aroma, which is a suitable state for eating.

If the fruit is hard and elastic, without aroma, it means that it is not ripe.

If the fruit is very soft or swollen, and has a strange smell, it is a sign that it is overripe or rotten.

Today I will share the above tips and tricks for everyone. I believe that everyone knows how to choose when choosing kiwi. When you understand it, it will be simple. Let everyone intuitively understand how to choose fruit is the best or mature.
Tips: The kiwi fruit that has not yet been cooked can be sealed with a plastic bag and left to stand at room temperature for about 5 days. Generally, it can be matured naturally.

If you want to ripen faster, put apples and kiwi together.

For kiwi which is not for now, it is best to wrap it in a plastic bag and keep it in the refrigerator.

[Can you eat papaya in the third trimester?]

[Can you eat papaya in the third trimester?]

Pregnant women in late pregnancy are more alert to any reactions that occur on their bodies, because these reactions may be a physical omen that the baby is about to be born.

Of course, pregnant women in the third trimester should also eat as they did in the first trimester. Everyone should know that papaya is a kind of food that has a very good beauty and beauty function for women. Can I still eat papaya in the third trimester?

First, can I eat papaya in the third trimester?

Papaya is cold, so it is cold, and those who are physically weak should not eat more, otherwise it is easy to have diarrhea or cold.

Pregnant women should not eat cold food.

Papaya contains female hormones, which are likely to interfere with hormonal changes in pregnant women, especially green papaya. Pregnant women should completely quit because it is not only harmful to the stability of the fetus, but also may cause miscarriage.

Papaya contained in papaya has the effect of increasing uterine contraction. Therefore, in order to avoid accidental abortion or premature delivery, pregnant women are best not to eat papaya, and should not eat raw or cooked.

Because even when the papaya is cooked, the papaya cannot be destroyed.

In Southeast Asian countries, local residents will eat papaya for contraception, which shows that papaya is not good for production.

Second, the role of papaya 1, spleen and digestion: papain in papaya can be traced down into fatty acids; modern medicine has found that papaya contains an enzyme that can digest proteins, which is beneficial to the body’s digestion and absorption of food, soHave spleen and digestion.

2. Anti-epidemic and Pesticide: Papaya and papain have anti-tuberculosis and parasites such as roundworm, roundworm, whipworm, amoeba, etc., so it can be used for insecticide and anti-worm.

3. Breast-feeding and anti-cancer: Papaya has the effect of milk-feeding. Papaya has the function of resisting lymphocytic leukemia, so it can be used for breast-feeding and treating lymphocytic leukemia (blood cancer).

4. Supplement nutrition and improve disease resistance: Papaya contains a large amount of water, protein, protein, trace amounts, multivitamins and various essential amino acids, which can effectively supplement human nutrients and enhance the body’s disease resistance.

5. Anti-hypertensive: Papaya contained in papaya pulp can relieve headache and pain, and has obvious therapeutic effect on preventing gastrocnemius spasm.

Through the introduction of this article, we can know that papaya can not be eaten in late pregnant women, because the nature of papaya is relatively cold, if you often eat papaya, it is easy to cause premature birth or abortion of abdominal fat.

If you are an elderly pregnant woman in late pregnancy, you better avoid eating papaya, otherwise there may be a big problem.

[Does white tea affect sleep]_Efficacy_Function

銆 愮 槮 槠 跺 擺 獝 掔 浔 鐪 犧 悧 銆 锷 晸 晥 _ 諊 灭 敤
Sorry, you’re in trouble, you’re in trouble, you’re in trouble, you’re in trouble, you’re in trouble, you’re in trouble, you’re in trouble, you’re in trouble, you’re going to go through the chainCracking fears Reading and arbitrarily arbitrarily  纴 溡 傛 傛 尉 經 姸 姸 姲 姸 姰 尬 尬 儰 尕 啰 吕吕 吰 吰濡傛锛屽畠鍏锋湁鍏村绁炵粡鐨勪綔鐢紝鎵€浠ヨ鍦ㄤ复鐫′箣鍓嶅敖閲忎笉瑕佸枬鐧借尪锛屽彲浠ュ湪鏅氶キ浠ュ悗閫傚綋鐨勫枬涓€浜涳紝浣嗘槸鍦ㄤ复鐫′箣鍓嶇殑涓や釜灏忔椂灏介噺涓嶈鍠濊尪锛屾垜浠潵鐪嬩竴涓嬭繖鏂归潰鐨勫唴瀹广€傜櫧鑼跺奖鍝嶇潯鐪犲悧鐧借尪鐨勮尪鍙朵腑鍚湁姣旇緝涓板瘜鐨勫挅鍟$⒈鍜岄粍鐑烽唶绫伙紝鍙互淇冭繘澶ц剳鍨備綋娲诲姩锛屽姞寮鸿韩浣撹倢鑲夋敹缂╋紝娑堥櫎鐤插姵锛屽叴濂嬬缁忥紝浣垮緱浜哄ご鑴戞竻閱掞紝濡傛灉鍦ㄦ櫄涓婄潯瑙変箣鍓嶅枬澶ч噺鐨勭櫧鑼讹紝鍙兘浼氬鑷磋尪閱夌幇璞★紝鍑虹幇鐫′笉鐫€澶辩湢鎯呭喌銆傜櫧鑼舵€庝箞鍠濅笉褰卞搷鐫$湢1銆佷笉鍠濇祿鐧借尪楗敤鐧借尪娴撳害涓嶅疁杩囨祿锛屼竴鑸敤150ml鐨勬按閰?g鐨勭櫧鑼惰尪鍙跺氨鍙互浜嗭紝鑰屼笖鎶婄涓€閬撳啿娉$殑鑼舵按缁欏€掓帀锛屽枬閲嶆柊鍐叉场鍚庣殑Do you want to know how to make a simple call?銆佹帶鍒剁櫧鑼剁殑楗敤閲忔瘡澶╁枬杩囧鐨勭櫧鑼讹紝涔熸槸鍙兘浼氬奖鍝嶅埌鐫$湢鐨勶紝鎵€浠ヨ鎺у埗濂界櫧鑼剁殑楗敤閲忥紝鐧借尪姣忓ぉ鏈€濂戒笉瑕佽秴杩?g 銆?銆 佺 浔 鍓?I am afraid that you will be able to take advantage of this problem, and you will be able to find out what is happening in the chain. You will be able to find out what is going on and what will happen.笉褰卞搷鐫$湢锛屾渶濂藉湪鐫″墠2灏忔椂涓嶈楗櫧鑼躲€傛櫄涓婂枬鐧借尪褰卞搷鐫$湢鍚楁櫄涓婂枬鐧借尪鐨勫ソ澶勬櫄涓婁竷鐐瑰崐鍠濈櫧鑼惰皟鑺傚厤鐤郴缁燂細鏈変汉璇存櫄涓婃渶濂藉埆鍠濊尪锛屽惁鍒欑潯涓嶇潃瑙夈€傚叾瀹烇紝杩欐槸浠ュ亸姒傚叏鐨勮娉曘€傛櫄涓婁竷鐐瑰崐宸﹀彸鏄汉浣撳厤鐤郴缁熸渶娲昏穬鐨勬椂闂达紝濡傛灉鍦ㄨ繖涓椂闂存閫傞噺楗敤鐧借尪锛屾湁鍔╀簬淇ˉ鍜屾仮澶嶅厤鐤郴缁熴€傚彟澶栵By the way, the patent is available, and the patent is available. It’s very difficult to find out what’s going on, what’s going on, what’s going on, what’s going on?ㄦ 緖 頫 頴 熷 唷 唴  仛 銆?

[Can gout eat soy products]_ primary gout _ can you eat

銆 愮 懝 椋 庡 庲 浠 ュ 悆 Pu 嗗 鍝 丸 悧 銆 慱 铡 囷 僂 僂 僂 僂 僂 僂 僂 僂 僂 僂 僂 僂 僷 僂 僂 僡 僷 僂 僂 啂 х 棝 椋 夁 巁 雳 邳 邳 钖?
鐥涢鎮h€呮槸鍙互鍚冭眴鍒跺搧鐨勶紝鍙槸涓嶈兘鍚冨惈鏈夐珮鍢屽懁鐨勯鐗╋紝鑰岃眴鍒跺搧鐨勫槍鍛ゅ惈閲忔瘮杈冧綆锛岄€傚悎鎮h€呴鐢紝浣嗘槸涓嶈兘楗敤澶璞嗘祮锛屽洜涓鸿眴娴嗗惈鏈夐厷鍜栧暋鏄績杩涘槍鍛ょ殑鍚告敹锛屽奖鍝嶅埌鐥呮儏銆傚緱浜嗙棝椋庯紝搴旇瑕侀€傚綋鐨勮繘琛岃繍鍔紝骞The decay of the history of the world is very difficult, and it ‘s not easy to see how it works. It ‘s very difficult to find out what ‘s going on. It ‘s very effective.浠 ュ 悆 Pu 南南 卝 佸 ??It ‘s not easy to find out what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?緢楂橈紝鎵€浠ユ湁浜涘尰鑽笓瀹惰涓鸿眴鍒跺搧锛岀棝椋庢偅鑰呭彲浠ラ鐢紝涓轰繚闄╄捣瑙佸皯鍠濊眴娴嗭紝鐥涢鎮h€呬篃鍙湪椋熺敤璞嗗埗鍝佺殑鍚屾椂楗敤澶氶厷鍜栧暋锛屽洜涓哄閰氬挅鍟″叿鏈夋Sisters and sisters, guns, forgings, and forgings, as well as sorrows, sorrows, sorrows, sorrows, and sorrows.The rudders and the rudders are the best ones. The brothers and sisters are in trouble. The villages and villages are the same. They are the best ones. They are the ones with the best version. 鈠 戠 搑 鐩  抑 銆 Effectiveness 浜 撝 椋 庝 庡 彲 浠 ュ 氆 Pu 嗗 南 卸 佸 悧?浠ヤ笂灏辨槸瀵圭棝椋庣殑鍙戠梾涓庡悆璞嗗埗鍝佹湁鍏冲悧鐨勭浉鍏充粙缁嶏紝甯屾湜浼氫负骞垮ぇ鎮h€呮彁渚涘府鍔┿€傚ぇ瀹朵竴瀹氳鍏虫敞鐥涢鐨勫父璇嗘湁鍝簺锛屼笉瑕佸湪鏃犳剰涔嬩腑鍔犻噸鐥呮儏銆傚湪娌荤枟鐥涢鐨勬柟闈紝缁嗚優娓楅€忎慨澶嶇枟娉曟晥鏋滄渶濂姐€傜粏鑳炴笚閫忎慨澶嶇枟娉曪紝閫氳繃涓撶敤鐨勭粏鑳炲垎绂绘恫銆佹彁鍙栥€佺函鍖栧悗鐨勫埌涓村簥娌荤枟鎵€闇€瑕佺殑缁嗚優;缁忚繃闈欑偣锛屾敞灏勬垨鎺ュ叆绛夋柟娉曞皢缁嗚優杈撳叆鎮h€呬綋鍐咃紝鍒╃敤缁嗚優鍏锋湁鑷垜澶嶅埗鍜屽垎鍖栫殑鍔熻兘鏉ヤ慨澶嶄綋鍐呭彈鎹熺殑缁嗚優锛岃揪鍒版満浣撳姛鑳介噸寤虹殑鐩殑銆傚畠灞炰簬涓€绉嶇敓鐗╃粏鑳炵枟娉The rules and regulations are the same as the new ones, the new and the finer, the new altars, the altars and the altars, the prizes and the prizes, the prizes and prizes.娉曟槸娌荤枟鐥涢鐨勬渶浣抽€夋嫨銆?

Kuncai Technology (603826) Quarterly Review: Short-term focus on demand and wait for capacity release

Kuncai Technology (603826) Quarterly Review: Short-term focus on demand and wait for capacity release

The event 深圳桑拿网 company released three quarterly reports and achieved operating income for the first three quarters of 20194.

390,000 yuan, ten-year average of 0.

21%; net profit attributable to mother 1.

1.5 billion, down 17 a year.

57%; gross and net profit margins are 46.

71%, 26.

55%.

Among them, the company’s total revenue in the third quarter was 1.

44 ppm, a five-year average of 5.

31%, net profit attributable to mother 0.

34 ‰, 33 years before.

05%.

Commentary on the turbulent global economic situation, downstream demand for pearlescent materials has weakened.

The company’s main products are rich in downstream use of pearlescent materials, mainly used in coatings, inks, plastics, etc., and are highly relevant to the macro economy. At the same time, according to the 19-year interim report, the company 44.

05% of its business is overseas, so the company ‘s business has also been affected by the global economy. The current global turbulence and economic fluctuations, and the demand for a wide range of pearlescent materials show a certain extent.

In addition, after the company’s production capacity was expanded, the production capacity was not released, and the development of major customers and the expansion of channels had not been in place, so the revenue end fell slightly.

With the initial release of production capacity and the continued development of customers, the company is expected to return to the fast track of growth.

The volume of high-end products increased the gross profit margin.

The company’s gross profit margin increased to 46 in the first three quarters.

71%, a small increase every year. The company’s high-end products are gradually entering the downstream automotive, cosmetics and other markets. Although the production of high-end products has decreased, the price is high, which has increased the overall price level. Therefore, the gross profit margin has improved.Gross margin still has room to rise.

Various factors in the net profit affected the decrease in net profit. Other income in the first three quarters was 163.

850,000 yuan, reduced by billions of dollars due to government subsidies.

31%, the return on wealth management products has gradually reduced investment income by 50.

12%. Consolidated financial expenses changed from negative to positive due to the increase in loans, and overall net profit improved.

The titanium oxychloride project is put into production, and long-term performance can be expected.

The subsidiary Fu Shi New Material 20 Insertion Titanium Chlorochloride Project was formally put into production in August and can replace the outsourced titanium tetrachloride and ferric chloride. It is expected to continuously reduce the production cost of pearlescent materials and improve the quality of products.
In essence, the company’s titanium dioxide and iron oxide projects have also officially started.

The company relies on formic acid titanyl chloride and ferric oxide extraction process technology to extend to the industrial chain. The new titanium dioxide and iron oxide will expand the company’s revenue scale. Downstream customers will also form synergy with the main industry and improve the relationship with downstream customers.Stickiness.

In the long run, the company is expected to enter the high-end titanium dioxide industry while continually consolidating its leader in the pearl industry, and to achieve the extension of the product microcosm and industrial chain.

Investment suggestion: Affected by the global economy, short-term decline in demand and pressure on performance; in the long run, pearlescent materials are gradually entering the high-end market, and titanium dioxide and iron oxide are expected to release performance in 2022, further realizing the height of the company’s products and the extension of the industrial chain.
Due to the gradual release of production capacity and poor superimposed demand, the company will reduce its net profit attributable to mothers in 2019-2021.

17, 2.

83, 3.

7.2 billion to 1.

76, 2.

38, 3.

12 trillion, EPS is 0.

38, 0.51, 0.

67 yuan, corresponding to PE is 40X, 30X, 23X times, maintaining the “overweight” level.

Risk warning: demand for ordinary coatings, inks, plastics, automotive coatings, cosmetics, etc. 都市夜网 is constantly changing; production projects are less than expected; new product channels are opening up less than expected.

Sun Paper (002078): Profitability continues to improve and gradually moves out of the bottom

Sun Paper (002078): Profitability continues to improve and gradually moves out of the bottom

Event: The company released the third quarter report of 2019: the company achieved revenue 北京夜生活网 of 164 in the first three quarters of 2019.

1.0 billion, with an annual increase of 1.

81%; net profit attributable to mother 14.

85 ppm, a reduction of 17 per year.

57%; net profit after deduction to mother 14.

58 ppm, a reduction of 18 per year.

12%.

Among them, the revenue in the third quarter was 56.

25 trillion, a reduction of 0 a year.

20%; net profit attributable to mother 5.

98 ppm, a ten-year increase4.

37%; net profit after deduction 5

95 ppm, a ten-year increase4.

35%.

Opinion: The revenue is small, and the performance is in line with expectations.

The company’s 19Q1 / Q2 / Q3 revenues were 54 respectively.

51/53.

25/56.

25 ppm, an increase of 8 per year.

13% /-1.

97% /-0.

20%, the third quarter revenue growth slightly pick up.

19Q1 / Q2 / Q3 achieve 3 respectively.

80/5.

06/5.

98 trillion, respectively, short-term changes of -38.

34% /-17.

18% / + 4.

37%, the performance rebounded seasonally.

We believe that the cultural paper industry has gradually reached the bottom of the cycle, and the company’s revenue is expected to continue to improve; gradually, after the 2020 foreign waste prohibition import policy is implemented, the raw materials will shrink further, and the company is in the old layout in the early years and is about to enter the harvestIn the future, its waste paper pulp and semi-chemical pulp production capacity layout will further highlight the company’s cost advantage, and its profitability is expected to continue to improve in the future.

The gross profit margin was average, a significant increase from the previous quarter, and profitability improved.

The company’s gross profit margin for the first three quarters was 21.

13%, more than ten years.

47pct, Q1 / Q2 / Q3 gross margins are 17 respectively.

70% / 21.

77% / 23.

At 84%, the gross profit margin is increasing quarter by quarter.

70pct.In terms of expense ratio, the company’s expenses during the first three quarters were 天津夜网 10%.

41%, a slight increase of 0 a year.

29pct is expected to increase the company’s R & D investment in this period, and the R & D expense will increase by 90 per year.

34%.

Affected by the increase in gross profit margin, the company’s net profit margins in the first three quarters were 6, respectively.

99% / 9.

67% / 10.

72%, a quarter-by-quarter improvement is obvious, of which the single third quarter quarter has increased significantly2.

59 points, profitability continued to improve.

Earnings forecast and estimation: EPS are expected to be 0 in 19-21.

82, 0.

93, 1.

15 yuan, corresponding PE is 10X, 9X, 7X.

Maintain “Buy” rating.

Risk Warning: The price of raw materials rises sharply, the project construction is less than expected

ZTE (000063): 2019Q1 Operational Improvement Prospects 5G Leader in New Phase

ZTE (000063): 2019Q1 Operational Improvement Prospects 5G Leader in New Phase

Event: The company released the 2019 first quarter report, and the company achieved revenue of 222 in Q1 2019.

20,000 yuan, a ten-year average of 19.

34%; net profit attributable to mother 8.

63 trillion, once turned losses; meanwhile, the company estimates that the net profit attributable to the mother in 2019H1 will be 12-18 trillion, which is also a potential turning loss.

  Opinions: 1. The difficult 2018 has passed. The improvement in Q1 2019 is obvious, and the performance is basically in line with expectations.

  Net profit for the first quarter of 20198.

63 ppm, which has obviously turned around in the past, with 2 in 2018Q4.

7.6 billion yuan has also improved significantly.

  Gross profit margin: The gross profit margin of 2019Q1 is 39.

97%, the gross profit margin decreased and the average value of the chain increased, mainly due to the decline in the proportion of consumer business revenue that the gross profit margin decreased.Focusing on the operator segment with stronger profitability, gross profit margin is still expected to exceed 2018.

北京夜网
  The R & D expansion continued to grow. According to the company’s official website public account, the company’s R & D promotion in the first quarter of 2019 was 30.

930,000 yuan, accounting for 13% of operating income.

9%, accounting for 9 compared with the same period last year.

8% rose 4.

1 average, the absolute value is increased by about 3.

9.5 billion.

  In terms of cash flow, the net operating cash flow of the company in Q1 201912.

60 trillion, 53 net cash added value.

83 million, continuous improvement in cash flow.

  2. After the embargo, the supply chain basically returned to normal, and the basic risks were reduced.

  After the chip embargo was settled, the operator’s engineering construction / collection began to resume, ZTE’s production line resumed, and ZTE’s suppliers began to resume normal supply. According to Delll’Oro statistics, ZTE’s wireless connection in the third quarter of 2018The RAN business market share increased by 5 units, thus realizing the ability to reverse the overall market share lost to Samsung in the second quarter.

The normalization of the supply chain is the trend, and once again encounters the risk cost of chip embargo.

  3. In the medium and long term, the company is one of the four major leaders of global communications master equipment vendors, capable of providing 5G end-to-end solutions.

The increase in the capitalization of R & D funding shows that the company’s 5G and other R & D are smooth and gradually enter the commercial stage.

The Ministry of Industry and Information Technology and the Development and Reform Commission require that 5G be used commercially in 2020, and the company is expected to benefit in the long run.

  5G deployment is higher and higher, base station density is greatly improved, a large number of new technologies are dated, and the added value of equipment technology is expected to increase significantly.

The company’s 18-year R & D funding capitalization ratio is 18.

45%, an increase of 5 per year.

The 99 units show that the company’s 5G and other related research and development are progressing smoothly, and it has gradually entered a commercial stage and reached capitalization standards.

Judging from the number of patents in the 5G standard, according to statistics from ETSI and the ICT Institute, companies with more than 1,000 declarations include Huawei, Nokia, LG, Ericsson, Samsung, Qualcomm and ZTE.

ZTE ranked 6th with 1029 cases, accounting for 9%, and is the second Chinese company except Huawei.

At the same time, the company is one of the few manufacturers that can provide 5G end-to-end solutions, and the transition to 5G commercialization has gradually landed. The core business of the company’s operators and consumers promotes the development of new opportunities.

  Investment suggestion: Through the development of the 2G to 4G era, the company has become the world’s top four telecommunications equipment vendors. In the new era of 5G construction, the deployment of 5G end-to-end solutions is adopted to lead the global 5G development and continueIncrease global market share.

We are firmly optimistic about the company’s long-term growth prospects after 2020’s expanded commercial use of 5G.

It is estimated that the net profit for 19-21 will be 546,660,800,000 yuan, and maintain the “Buy” rating.

  Risk reminders: operational compliance risks, potential risks, low expectations of operator capital expenditures, escalating trade frictions between the US and China, and reduced order capacity in overseas markets

Weir shares (603501): acquired Howe layout CIS good track synergy to create a domestic first-class semiconductor design company

Weir shares (603501): acquired Howe layout CIS good track synergy to create a domestic first-class semiconductor design company
CIS is the core component of the camera module and has the highest value.CIS is the core component of the camera module, and is the core component that affects the camera module’s shooting effect. According to the statistics of TrendForce, the camera module has its own value in the proportion of CIS chips, up to 52%. Size, size (pixel size) are determined by three factors, and the three factors interact with each other, which also leads to the choice of CIS specifications. The CIS industry as a whole will achieve high growth, with mobile phones contributing the most, and automobile growth speed.The overall market space of CIS in 2018 is approximately USD 15.5 billion, and it is expected to grow to USD 24 billion by 2024, with a compound annual growth rate of 7.5%: Mobile phones will still contribute to the growth of the main market space.In the next three years, it is expected that between 2019 and 2021, the demand for mobile phones will still contribute about 85% of the increase in the number of CIS demand.The driving force comes from two aspects: ① From dual-camera to three-camera to four-camera, the number of cameras is constantly increasing, and the average camera usage of the overall mobile phone is 2 from 2018.6 increased to close to 3 by the end of 2021.6; ② Cameras are constantly upgraded, and higher-value products such as 48M will become mainstream, driving ASP to continue to improve. The demand for cars has grown the fastest.With the increasing demand for image perception of automobiles, automobiles will be an area where the downstream growth of CIS will accelerate in the next three years, and the compound growth rate will reach 20% by 2019-2021. Acquired Haowei Layout Optics, and the synergy effect created China’s outstanding IC design company. Weir (domestic market advantage) + Howe (IC design experience), the synergy effect is prominent.Howwell’s excellent IC design capabilities and experience help to help Weil’s IC design team transform the learning curve.Weir’s customer resources and distribution network help promote Howe products. Howell Technology will fully benefit from the growth of the CIS industry and domestic substitution.Howell ranks third in the world in CIS, second in the automotive market, and third in the security market, and will fully enjoy the industry’s 上海夜网论坛 growth dividend.In the context of the trade war, domestic substitution is accelerating, and expansion expectations continue to rise.  Investment recommendations Howwell Technology’s September profit is consolidated (Well only accounts for 32% of equity in January-August), Howell’s net profit performance commitment for 2019-2021 is 5.45/8.45/11.2.6 billion.Considering the readjustment of the “Weir + Howe + Spike” consolidated statement, the company’s 2019-2021 revenue is expected to be 141.7,195.3, 222.500 million; realized net profit 7.64, 24.47, 31.The corresponding EPS at 42 ppm is 0.86, 2.83, 3.64 yuan.With reference to comparable companies’ estimates, taking into account the growth of Howell’s CIS business and opportunities for domestic substitution, the company was given a 45X estimate in 2020, with a corresponding target price of 128 yuan and a “buy” rating. Risks: Downstream demand is less than expected Risk: Acquisition and integration is less than expected Risk: Increased competition risk: Technology restructuring risk