Hite High-tech (002023): In-depth layout GAAS and GAN continue to focus on customer expansion and order landing

Hite High-tech (002023): In-depth layout GAAS and GAN continue to focus on customer expansion and order landing

The third-generation compound semiconductor field is in-depth layout. It is expected that the operating situation will be good in 2020. Rotor company Haiwei Huaxin is the first echelon of domestic GaN chip patent technology.

The company’s production line design meets the higher performance indicators required by the shareholders of CLP Tech to a certain extent. The process setting refers to advanced technology. At present, the company has completed the technological development of multiple process routes. RF, optoelectronics, power electronics, etc. belong toThe company focuses on expanding areas.

According to the annual report, the company has reached the peak of depreciation. Through the introduction of customers, product sizing and the rhythm of mass production, it is expected that the capacity utilization rate will increase in 2020 and the operating conditions will substantially improve.

The military leads the people, and the military and civilians advance together. We will achieve billion-level orders in 2019. In the future, we can expect that GaN technology and tactics will mainly replace the military radar field. It is the first choice of high-frequency and high-power microwave devices and gradually extends to the civilian product field.

In the special field, the company is a wafer manufacturer. Its products are mainly used in the radio field and has made major breakthroughs in aviation and other platforms. According to investor relations records, the company has obtained 18 targeted projects for products, which are expected to be completed in 2 years.Achieve mass production and become a finalization project for the equipment department. According to investor relations records, the company has received 20% of orders for designated tasks in January 2020.

In addition, according to the announcement, the company has signed contracts with relevant units in the satellite field to provide radio frequency chips and foundry services. With the continuous advancement of satellite Internet construction, it is expected to become the company’s new growth pole in the future. In the civilian business, the company’s 5G macro base station radio frequency GaN Major technological breakthroughs have been made in products, and they have passed reliability tests and 重庆耍耍网 passed the ability to provide foundry services for base station radio frequency products. In power electronics, silicon-based gallium nitride power device chips have achieved small-volume mass production, which is the leading domesticAccording to investor relations records, the company will realize the first domestic 6-inch VCSEL production line in the field of optoelectronics in 2019.

2020 is the first year of GaN. Continue to pay attention to downstream civilian applications. GaN is often detected by transmitter radar, communication substrates, and power devices.

On February 13, Xiaomi released a GaN technology TypeC 65W charger. In the future, GaN power electronic devices or more brands will be sold. According to Yole’s prediction, the GaN power business may reach about 4 by 2023.

USD 2.3 billion, with a CAGR of 93% in 2017-2023.

In addition, the construction of 5G base stations will be one of the core driving forces for the growth rate of gallium nitride. According to the research of Cyrus, the GaN RF device market size in 2018 will be less than 2 billion US dollars, and maintain a CAGR of 23%. It is expected that the market size in 2023 will beAmounted to $ 1.3 billion.

Investment suggestion: The company’s business conversion has entered a comprehensive upward channel. Other high-end equipment manufacturing businesses follow the model list and the volume is fast. After years of layout of the microelectronics business, the production capacity continues to increase, which will become an important growth point for the company’s future performance.
We expect the company’s net profit for 2019-2021 to be 0 respectively.

67, 1.

52, 2.

41 trillion, corresponding estimates are 237, 104, 66 times respectively, maintaining the “Buy-B” level.

Risk warning: military products orders are less than expected; microelectronics market expansion exceeds expectations.

Halma Technology (002595) quarterly report comment: Q1’s high growth rate has obvious attributes to resist cyclical changes

Halma Technology (002595) quarterly report comment: Q1’s high growth rate has obvious attributes to resist cyclical changes
Key points of investment: Q1’s operation has increased rapidly, and the cyclical nature of defense is obvious. 1) 2019 Q1 revenue 10.0.6 million yuan, an increase of 36 in ten years.85%, continuing the rapid growth trend, mold and parts processing business has become the main cause of growth; Q1 attributed to the mother net profit1.56 ppm, an increase of 43 in ten years.45%, the first is that in addition to the continuous base, the company’s expenses are properly controlled, and the expense ratio during Q1 dropped by 2.71 units.2) Changes in gross profit / net interest rate in the first quarter 都市夜网 -2.26 / + 0.80 units. It is expected that the increase in raw material prices and the change in product structure will lead to a decline in gross profit margin, and proper control of expenses will result in a reduction in net rate.3) Cash received from sales of goods and labor services in the first quarter6.85 ppm, lower than the same period last year and less than the current revenue, it is expected that it is mainly due to notes and receivables.At the same time, the purchase of goods, the acceptance of cash payments for labor services, and the payment to employees increased the cash payments for employees, which together led to a net operating cash flow of -0 in the current period.7.9 billion. The company benefits from the release of high-quality tire production capacity, and the growth of casting and large parts processing 无锡桑拿网 1) and the opportunity of tire molds are: ① From the perspective of industrial transfer, we believe that the transformation into the continuous improvement of the level of mold processing technology and the internationalization of international tire company mold procurementAs the degree increases, it is expected that the proportion of major international tire companies in purchasing tire molds in advance will continue to increase.② From the perspective of the competition in the automotive industry, competition in the industry has intensified, new cars have been launched, and the pace of retrofitting of old cars has been accelerating. The cycle has become shorter and shorter. As a result, the specifications and models of supporting tires have continued to increase, and the pattern updates have become increasingly alternating.Automobile tire models and patterns are updated passively or actively. Some tire molds are often replaced before the replacement arrives, driving the demand for tire molds.We believe that the increasing car ownership will be a strong support for the rapid growth of the domestic tire mold industry.2) Conversion of giants such as Bridgestone, Goodyear, German horse brand and other companies have successively expanded their production capacity. At the same time, exquisite, Senkilin, Triangle, GM and other tire companies have invested in expansion and actively deployed overseas markets. We believe that in the future these high-qualitySuccessive releases of production capacity will help increase demand for molds. As an industry leader with technology and capacity advantages, the company is expected to fully benefit in the future.3) The release of production capacity, the continuous improvement of customer recognition and the recovery of orders for downstream fan components, the company’s casting and large parts processing business is expected to continue to grow rapidly. Earnings forecast, maintaining “overweight” rating We expect the company’s EPS to be 1 in 2019-2021.06/1.28/1.55 yuan / share, corresponding to 20/16/13 times PE for 2019-2021.Taking into account the company’s global tire mold leader level, profitability allocation, management efficiency continued to improve, maintaining the “overweight” level. Risk warning: the risk of economic and trade friction; the boom in the tire and mold industry surpasses expectations; the rise in raw material prices exceeds expectations; the growth in cost and expenses exceeds expectations; the output exceeds expectations.

Dahua (002236): Operational capacity continues to improve and the industry’s long-term growth trend remains unchanged

Dahua (002236): Operational capacity continues to improve and the industry’s long-term growth trend remains unchanged

I. Overview of the event Recently, Dahua Co., Ltd. released its 2018 annual report: the report was significant and realized revenue of 236.

66 ppm, an increase of 25 in ten years.

58%; net profit attributable to mother is 25.

29 ppm, an increase of ten years6.

34%; EPS is 0.

87 yuan / share.

The 2018 equity distribution plan is: a cash payment of 1 yuan (including tax) for every 10 shares.

2. Analysis and Judgment The gross profit margin rebounded in the fourth quarter and the operating capacity continued to improve. 1) In 2018, the company’s revenue increased by 25.

58%, of which, territorial income grows by 25 per year.

34%, overseas income increased by 26 in ten years.

01%; gross profit margin 37.

16%, 10-year average 1.

07 units; sales expense ratio 14.

22%, increase by 1 every year.

4 units; the management expense ratio (excluding R & D expenses) is 2.

67%, a decrease of 0 per year.

08 accounting; financial expense budget -0.

52%, a decrease of 1 per year.

41 units.

2) In the fourth quarter, the company’s revenue increased by 21 every year.

26%, net profit attributable to mothers increases by 3 per year.

37%; gross profit margin increased by 2.

45 averages, at least 1.

79 units.

From an expense perspective, sales expenses in the fourth quarter of the year were 14.

92%, a decrease from the previous quarter.

87 averages, an increase of at least 3.

33 units; administrative expenses 1.

80%, a decrease of 2 from the previous quarter.

18 averages, reduced by 0 each year.

06 averages.

The gross profit margin rebounded in the fourth quarter, and the management expense ratio improved. In addition, the company’s accounts receivable turnover rate continued to increase month-on-month, and its operating capacity continued to improve.

The R & D investment continued to increase, and the video Internet of Things transition and upgrade opened up the growth space report scale. The company continued to expand the R & D investment and increased investment in core technologies such as artificial intelligence, cloud computing, big data and chips.

R & D funding in 201822.

8.4 billion, accounting for 9% of operating income.

65%, an increase of 27 in 2017 each year.

67%, the number of R & D personnel increased by 9 in ten years.

78%.The company actively promotes the upgrade and transition to the video Internet of Things around the video business. On the eve of the 2018 Expo, the company officially released the “HOC City Heart” strategy to promote smart cities.

The fundamentals of the industry have improved marginally, and the long-term growth trend has not changed. In 2018, due to factors such 苏州桑拿网 as macro deleveraging and Sino-US trade friction, the growth rate of the security industry.

Judging from the current situation, the fundamentals of the industry have shown signs of marginal improvement, and security demand has gradually picked up.

In addition, the development and penetration of artificial intelligence, big data and other technologies in the security field will inject new vitality into the growth of the security industry, and the long-term growth trend of the industry remains unchanged.

Third, the investment proposal is expected that the company will have an EPS of 2019-2021.



69 yuan, the current sustainable corresponding PE is 16/13/10 times.

According to wind power, Hikvision PE (TTM), a similar company in the industry, is 30 times and PE (TTM) is 21 times.

4. Risk warnings: 1. 北京桑拿 The boom in the security industry has fallen short of expectations; 2. The heart of HOC cities has fallen short of expectations.

Visual China (000681) 2019 Third Quarterly Report Review: Performance Growth Improves MoM, Focus on Turning Point Up

Visual China (000681) 2019 Third Quarterly Report Review: Performance Growth Improves MoM, Focus on Turning Point Up
The growth rate in Q3 improved month-on-month, and the impact of short-term events gradually faded out. 1) The company achieved operating income in the first three quarters.8.6 billion, net profit attributable to mother 2.15 ‰, a reduction of at least 16 respectively.5%, 2.4%, corresponding to a diluted EPS of 0.31 yuan; 2) The company achieved operating income in the third quarter in a single quarter1.8.3 billion, net profit attributable to mother 0.82 trillion, with an interval of 16 each year.5%, 1.26%, the percentage of the excess was significantly narrowed in the first half of the year (the company’s revenue in the first half of the year, or net profit attributable to the mother, may decrease by 16% respectively).5%, 3.10%; in the second quarter, single-quarter revenue, net profit and profit attributable to the mother are separated by 27% and 23%, respectively; 3) the decrease in revenue and net profit is mainly due to a) the company’s subsidiary Yixing Assets at the end of 2018 caused a mergerThe scope of the statement has changed; b) The company shut down the copyright trading platform for self-examination and rectification during April to May; and from the perspective of growth trends, the impact of short-term events is gradually fading, and the company’s revenue and profits are expected to pick up.  ”Content + technology” two-wheel drive company growth, focus on the turning point may increase 1) In terms of content, the company continues to increase investment in design materials, video, music, font business, and continuously integrate high-quality content to meet user needs, the number of reports, the companyNearly 1,000 new video contributors were signed and signed exclusive agency agreements with nearly 10 video, music, design, and font companies; 2) In terms of technology, the company continued to expand technology investment based on big data, artificial intelligence, and cloud computingAnd other technologies, established a business model of “large, medium and small, and front desk”, relying on the content + technology two-wheel drive model to further improve customer acquisition capabilities and service levels; and developed a customer material use platform “vcg” based on the needs of major customers + “To help customers effectively improve the use and management of quality content.Driven by technological blessings and product innovation, the company’s stickiness and depth of customer service have continued to improve, driving the company’s core business to continue to grow.  Risk reminders: regulatory risks, performance exceeding expected risks, and macroeconomic outlook risks.  Investment suggestion: optimistic about the value of visual content and the company’s long-term growth space, and maintain a “buy” rating.  We expect the company’s net profit attributable to its parent to be 3 in 2019-2021.20/3.90/4.540,000 yuan, a ten-year growth rate of -0.3/21.9/16.4%; full diluted EPS is 0.46/0.56/0.65 yuan, currently corresponding to 45/37/31 times PE respectively during the same period.The company has a truly significant advantage in the Internet picture industry. Under the continuous promotion of genuine products and the company’s own “visual 成都桑拿网 + industry” strategic layout, long-term growth can be expected; while the impact of short-term events has subsided and downstream demand has gradually recovered, performance has improved.Regain high growth and continue to maintain a “Buy” rating.

3 passwords for skin anti-aging


3 passwords for skin anti-aging

With the improvement of people’s living standards, anti-aging, keeping the skin smooth and beautiful, has become the goal pursued by more and more women.

In fact, skin aging and oxidation, stress and collagen saccharification are all very much related. Now let us crack the code of skin aging, so that you have firm, white skin.


Comprehensive anti-oxidation: Antioxidant is obviously a hot character in the beauty industry in recent years.

Why do we need antioxidants?

Because ultraviolet rays penetrate into the skin, they can generate harmful free radicals. These free radicals can damage the elastic fibers of the skin and stimulate the melanocytes to increase secretion, which leads to dry and relaxed skin and accelerated aging.

Therefore, supplementation of antioxidants is needed to help reduce the generation of free radicals. At present, the more common antioxidants are vitamin c, vitamin e, carotene and lycopene.


Supplementing collagen: “Glycosylation” is the key to skin aging, and “glycosylation” is the glycation of collagen.

Since human skin is mainly composed of collagen, the structure and quality of collagen affect the appearance of the skin.

As you age, the collagen in the dermis layer of the skin will cross-link with sugar molecules, and the original structure will be tight. The white collagen will deform after saccharification, and the color will become cloudy from the original white.

This condition makes the skin look saggy, dull, and younger skin is gone.


Learn to relieve stress: With the accumulation of time and life stress, the skin will lose the restored brightness and elasticity, dull complexion and dullness. These are all warning signs of aging signs.Prepare to lose youth!

So you need to take a hot bubble bath frequently to effectively relax the tight muscles and nerves; eat more light food at dinner; raise your legs before bed to effectively alleviate the poor blood circulation caused by long-term complications or sitting posture; try to stay at night 11Go to bed before going to bed, etc., so that the skin is fully soothed and relaxed, so that the skin emits a charming glow from the inside out.

Food that is good for children’s eyes!

Food that is good for children’s eyes!

Core Tips: To eliminate eye fatigue when chronically lacking vitamin A, you should add enough vitamin A every day.

The best sources of vitamin A are the livers of various animals, cod liver oil, milk and eggs, and plant-based foods.

  To protect the eyes, in addition to paying attention to the combination of work and rest, do not continuously read books, watch TV, do eye exercises regularly, and often eat some food that is good for the eyes, it can also play a great role in protecting the eyes.

  So what are the foods that are good for the eyes?

Such as lean meat, internal organs of poultry, fish, shrimp, milk, eggs, beans, etc., which are rich in protein, which is the main component of the cells. The repair and update of the tissue requires continuous protein supplementation.Foods containing vitamin A are also good for the eyes. When vitamin A is lacking, the eyes’ ability to adapt to the dark environment is reduced, and in severe cases, they are prone to suffer from nocturnal disease.

Vitamin A can also prevent and treat dry eye.

  Long-term lack of vitamin A eliminates eye fatigue and should be supplemented with sufficient vitamin A daily.

The best sources of vitamin A are the livers of various animals, cod liver oil, milk and eggs, plant foods, carrots, amaranth, spinach, chives, green peppers, red sweet potatoes, and oranges, apricots, persimmons in fruits, etc.carotene.

Foods containing vitamin C are also good for the eyes.

Vitamin C is one of the ingredients that make up the eye lens.

  If you lack vitamin C, you will be susceptible to cataract with cloudy lens.

Therefore, you should pay attention to foods rich in vitamin C in your daily diet. For example, various fresh vegetables and fruits, especially green pepper, cucumber, cauliflower, pakchoi, fresh jujube, and raw oranges are the highest.

Rich calcium powder is also good for the eyes. Calcium has the effect of eliminating eye strain.

  Such as beans, green leafy vegetables, shrimp skin are rich in calcium.

Roasted pork rib soup, pine fish sweet and sour pork ribs and other cooking methods can increase the calcium content.

I hope that young parents will give their children more eye-friendly foods to promote their healthy growth.

Skin care tips for solving large pores


Skin care tips for solving large pores


Ice pack-moisten the iced lotion with a cotton pad and apply it to shells or large pores to combine a good convergence effect.


Cold towel-Put a clean small towel in the refrigerator. After washing your face, gently put an ice towel on it for a few seconds.


Fruits-Watermelon peels, lemon peels, etc. can all be used, they have good astringency and soft pores, inhibit multiple functions such as oil secretion and whitening.


Lemon Juice Washing-People with oily skin can add a few drops of lemon juice in clean water when washing their face. In addition to condensing pores, it can also reduce the occurrence of acne and facial pimples.

(But note that the concentration should not be too strong, and the lemon juice should not be directly applied to the face) 5.

Cotton pad + lotion-prepare a small bottle of oil-free lotion in advance and put on a cotton pad. After one hour, spray the cotton pad with cotton pad and gently peel off the oily part. It is refreshing and effective for you with large pores.


Eggs in eggs-break up one egg, add half a lemon juice and a bit of coarse salt, stir well, add egg juice to the eggs to mix the two.

Masks can be stored in the refrigerator on weekdays. Doing it 1-2 times a week can make the skin firm, improve the pores, and promote smooth and fine skin.


Chestnut Skin Tightening-Take the inner peel of chestnuts, mash it into the end shape, stir it evenly with honey, and apply it on the face to make the face smooth and elastic.

Fresh squid with celery

Fresh squid with celery

Cooking materials: celery, small squid (3), sweet yellow pepper (half), minced garlic, ginger seasoning: blending oil, salt, soy sauce, sugarCut the bell pepper in half, cut out the bell pepper seeds, and cut into small pieces.

  After the fresh squid is cleaned, cut into squid rings for children to chew easily; peel and slice ginger; chop garlic into minced garlic.

  Boil the pan to 50% heat, stir-fry the ginger and garlic, add the celery and stir-fry.

  Pour in squid and sweet peppers, stir-fry evenly, and season with sugar and salt.

  Sprinkle with almost clear water. After the squid changes color, add any soy sauce along the side of the pot, stir well and then start cooking.

The benefits of hot yoga detoxification

The benefits of hot yoga detoxification

Hot yoga is also called hot yoga, which refers to the exercise of yoga in a high temperature environment of 38-40 degrees.

This kind of yoga is a gentle exercise that can improve the softness of the human spine and is very suitable for white-collar women in the office.

So what effect can high-temperature yoga bring to the human body?

Let’s take a look today.

  Benefits of high-temperature yoga1, detoxification and weight loss First of all, friends who often perform high-temperature yoga can achieve fat reduction and weight loss in the aligned time, so that female friends can get good body shape.

In fact, the training of high-temperature yoga can also effectively stimulate the lymphatic system of the human body, helping everyone to discharge harmful toxins in the body, so that the body of the trainer can be more healthy.

At the same time, often performing high-temperature yoga can make the muscles of the body stronger, can also exercise the body’s softness, preventing physical harm.

  2, exercise cardiopulmonary In addition, the practice of high-temperature yoga can enhance the body’s autonomic nervous system, cultivate people’s concentration, and increase their self-confidence.

In addition, performing high-temperature yoga can improve the cardiopulmonary function of the human body, speed up the blood circulation and metabolism in the body, and help the digestion of the stomach and the stomach, thereby improving one’s immunity.

In addition, patients with long-term insomnia, cervical spondylosis, and gastrointestinal diseases who have undergone high-temperature yoga training for a long time can exert the effect of treatment.

  3. Regulating stress and high-temperature yoga can regulate people’s stress, especially in today’s society, everyone has a lot of stress, and insomnia often occurs at night.

After undergoing high-temperature yoga training, you can release stress and promote your own sleep.

At the same time, high-temperature yoga can balance the trainer’s diet and effectively regulate endocrine.

  Through the above sharing, I hope to help friends who love yoga.