ArcSoft Technology (688088): The world’s leading visual artificial intelligence solution provider

ArcSoft Technology (688088): The world’s leading visual artificial intelligence solution provider
Key points of investment: The company has positioned itself as the world’s leading visual artificial intelligence solution provider. Since its establishment in 2003, Hongsoft has been committed to the development and application of visual artificial intelligence technology.Its predecessor ArcSoft launched the image editing software PhotoStudio as early as 1995. In 2004, the company predicted that the mobile phone photography market has great potential. After that, it can use digital imaging and computer vision research and development capabilities and rich experience in the traditional digital field to gain a leading position on the mobile end.At present, the company has provided one-stop visual artificial intelligence solutions for smartphones, smart cars, the Internet of Things (IoT), etc. worldwide. The third wave of artificial intelligence ushers in China’s vast market for visual AI. Artificial intelligence was officially proposed at the Dartmouth Conference in 1956. The transformation has experienced 武汉夜生活网 two ups and downs today. Today, deep learning algorithms lead the computing power and data breakthrough, Artificial intelligence ushered in the third wave. In 2006, Hinton proposed a training algorithm that can use unsupervised learning based on deep placement network to make breakthroughs in artificial intelligence performance. In 2015, in the ImageNet Challenge, through the concept of deep learning, the ResNet algorithm improved by 3.57% recognition error rate surpassed 5 of human vision for the first time.1%, and to date, the accuracy of speech recognition and face recognition is still increasing, and has exceeded 98% and 99%, respectively.With reference to the prospectus, the Research Report on China ‘s Computer Vision Industry Market Prospects and Investment Opportunities 2018-2023 by the China Commercial Industry Research Institute shows that the size of China ‘s visual artificial intelligence market in 2017 was 41.0ppm, an increase of 259 over 2016.6%, through the gradual maturity of visual artificial intelligence technology and the gradual expansion of application fields, it is expected that the market size will further increase to 755 in 2020.500 million US dollars, can be described as huge space. Supported by smart phone solutions, the company actively expanded smart driving and other IoT fields. In 2018, the company achieved revenue4.USD 5.8 billion, an annual increase of 32.42%, realizing net profit attributable to mother 1.5.8 billion, an annual increase of 82.49%, of which the company’s gross profit margin was 94.29%, the period expense rate is 58.56%, net interest rate 34.39%.In Q1 2019, the company achieved revenue 1.2.6 billion, an annual increase of 29.27%, achieving net profit attributable to mother 0.3 billion, a decline of 16 per year.32%, of which the company’s gross profit margin is 93.94%, 68% during the period.62%, net interest rate 24.13%.The company’s first-quarter performance growth was mainly due to the increase in R & D personnel. In order to deploy intelligent driving and other IoT fields, the company expanded its R & D personnel in the second half of 2018. The average number of people in the first quarter of 2019 increased by 169, or 43.34%, resulting in a substantial increase in bonuses and bonuses.According to the announcement, the company expects to achieve operating income in 2019H12.76-2.860,000 yuan, an increase of about 38 in ten years.69% -43.72%, the estimated net profit after deduction is 0.9-1.0 ppm, an increase of 5 in ten years.88% -17.65%. At present, the company’s revenue mainly breaks through its smart phone business, and realized revenue from 2016 to 20181.7.4 billion, 3.1.4 billion, 4.3.9 billion, accounting for 67% of total revenue.93%, 91.27% and 96.57%.Mobile phone manufacturers using the company’s algorithm include Samsung, Huawei, Xiaomi, OPPO, vivo, Meizu, Sony, ZTE, Transsion, Lenovo, Motorola, HTC, ASUS, etc. It can be said that among the top five mobile phone brands in the world by volume, except AppleIn addition to fully adopting self-developed algorithms, the main mid-to-high-end models of the other Android camps are equipped with Arcsoft’s smart phone vision solution.At the same time, the company is also one of the few companies that can charge software technology license fees based on the piece-rate model. The 2016-2018 piece-rate model revenue was 0.8.9 billion yuan, 1.3.2 billion, 2.20 ppm, accounting for 36% of software licensing revenue.85%, 40.29%, 49.05%, showing a trend of increasing the amount and proportion, it also shows that the company’s technical capabilities are widely recognized in the market. In the future, the company will rely on the smart phone business, actively expand smart driving and other IOT fields, and gradually expand the market ceiling. In terms of smartphones: In recent years, the photography effect has become an important selling point for major new products. Although the global smartphone investment volume has shifted slightly in 2017 and 2018, it can be converted to 5G business to stimulate a new wave of phone replacements, or it will promote mobile phones.Expansion volume rebounded, according to IDC forecast, the global smartphone expansion volume will advance from 14 in 2018.0.5 billion units will grow to 16 in 2022.5.4 billion units.At the same time, the consumer ‘s pursuit of the aesthetics of pictures and images, dual-camera, multi-camera, depth camera and other solutions have a clear increase in penetration. According to TSR data, the global smartphone camera volume in 2016-2018 was 35.20 billion, 39.0.3 billion, 41.4.7 billion pieces, continued to grow. In 2018, the company’s piece counting mode has single, dual (multi), single / dual (multi), and depth camera modes. The loading times of the solutions are 41.696 million, 63.92 million, 720,000, and 1.33 million.The multi-camera module penetrates from the high-end paradigm to the low-mid end, and the company’s higher value content of the dual / multi-camera algorithm promotes its performance to continue to improve. Intelligent driving and other IOT aspects: From 2016, through the rise of smart car IoT smart devices, the company gradually turned to the application of visual artificial intelligence in intelligent driving and other IOT fields. The number of related R & D technicians increased from 6 in 2016 to 12 in 2017.To 66 people in 2018, the company now has many solutions in the field of intelligent driving, such as safe driving warning in the car, driver identification, in-car safety assistance, assisted driving warning, and automatic parking.Light and high contrast shooting, anti-shake and other image and video enhancement algorithm technology, even in poor light in the car, face angle changes, vehicle shake and other special circumstances, can also achieve the surrounding environment of the vehicle, personnel monitoring in the car and other functions.In other IOT fields, the company also proposes solutions for a variety of smart devices such as smart refrigerators, smart unmanned retail and smart insurance, and gradually opens the market ceiling. The high R & D investment ratio helps the company to continuously improve its core competitiveness. From 2016 to 2018, the company’s R & D investment was 0.900,000 yuan, 1.0.9 million yuan, 1.49 trillion, accounting for 34 of the current revenue.59%, 31.43%, 32.42%, helping the company to continuously improve its core competitiveness. Until the end of December 2018, the company has obtained 129 patents (including 126 invention patents, and note that 105 of the 129 patents are registered in the United States) and 73 software copyrights.The investment funds raised are mainly used to enhance the capabilities of AI vision solutions for smartphones, the industrialization of AI vision solutions in the IoT field, the development and industrialization of fingerprint solutions under optical screens, and the construction of four major R & D centers, all around the company’s development strategy, And gradually further upgrade related technologies in the field of vision to expand application scenarios and improve service capabilities. Earnings forecast and forecast The company’s net profit attributable to its parent in 2019-2021 is 2 respectively.07, 2.63, 3.41 billion US dollars, with reference to comparable company estimates, PE valuation method scenario: We believe that ArcSoft’s reasonable PE in 2019 is 50-60 times, corresponding to a market value of 103-124 ppm; PEG estimation method scenario: We believe that Arcsoft’s reasonable PEG estimate is1.6-1.8 times, corresponding to a market value of 97-109 billion yuan.In summary, we judge the company’s reasonable market value of 97-124 trillion to 4 after issuance.Calculated by the total share capital of 0.6 billion yuan, the corresponding coverage range is 24-31 yuan. Risks indicate threats to technology upgrades, new business expansion is less than expected, loss of core technical staff, risk of exchange loss gains, and market systemic risks.

Estun (002747): R & D Expansion Continues to Overweight Mid-to-Long-term Sectors to Enjoy Industrial Upgrade Bonus

Estun (002747): R & D Expansion Continues to Overweight Mid-to-Long-term Sectors to Enjoy Industrial Upgrade Bonus

Key points of investment: Industrial robots and transportation control servo businesses maintain rapid growth: the company achieved revenue in 201814.

86 ‰, a year-on-year growth of 38%; of which the industrial robot and intelligent manufacturing system business revenue increased by more than 50%; the motion control and AC servo system business increased by more than 40%.

Affected by the decrease in capital expenditure caused by the decline of the overall industrial prosperity, the company’s single-quarter extended growth rate in the fourth quarter was slightly more obvious, and its single-quarter revenue reached 4 南宁桑拿 in the fourth quarter.

21 trillion, net profit attributable to mother is 3443 trillion, with a slight increase in one year.

The company realized net profit attributable to mother 1.

50,000 yuan, an increase of 12 in ten years.


The lower-than-expected net profit was mainly due to the company’s R & D expansion against the trend and increased its proportion in total revenue. The net profit margin increased from 8 in 2017.

6% is about 7 in 2018.


Endogenous and extended competitiveness, long-term enjoyment of manufacturing upgrade bonus: the company reorganized to master the core components of industrial robots such as controllers, servo systems, and deceleration devices through automatic research and development; and gradually acquired the holding of German M by acquiring British TRIO.



Companies 西安耍耍网 and other companies realize extension and carry out internationalization in brand and technology.

Although the company is affected by the sluggish downstream demand in the short term, the direction of industrial upgrading in developing countries will not change in the medium and long term. It is necessary and inevitable to increase the level of automation to increase the competitiveness of the manufacturing industry worldwide.

The company has outstanding technological advantages in the field of industrial robots and core components of industrial control, and its brand effect is obvious. It will enjoy the gradual industrial upgrade bonus in the medium and long term.

R & D expenditures remain at a high level, building mid-to-long-term technology leadership: The company has continued to expand R & D promotion in recent years. In 2018, the company’s R & D investment accounted for more than 10% of operating income, and it has been increasing year by year.

Through the development and innovation of core technologies and products, the company will improve product performance and market competitiveness, which will bring the company a leading position in technology in the domestic industrial robot and operation control server industry.

Investment suggestion: Considering that the long-term industrial prosperity has not rebounded significantly, we have lowered our operating income forecasts for 2019 and 2020 by 24.

6.4 billion, 34.

62 trillion, down to 20 respectively.

6.8 billion, 28.

58 trillion, down by 16.

07%, 17.

At the same time, considering the company’s expanding R & D scale and the cost of integrating outbound mergers and acquisitions, we have lowered our net profit forecasts for 2019 and 20202.

5.1 billion, 4.

10 trillion, down to 1.

6.6 billion, 2.

73 trillion, down by 33.

86%, 33.

41%; Considering the huge import and replacement market of industrial robots in developing countries, the company is a leader in domestic industrial robots and has self-research capabilities in the core parts and components sector. The company’s revenue has been adjusted to historical levels, and it maintains a “Buy-A” rating.

Risk reminders: The domestic industrial boom is reducing risks; the merger and acquisition outsourcing integration effect is less than expected; the intensified competition in the industry leads to a decline in profitability.

Baoxin Software (600845): Net profit growth attributable to mother 57.

IDC business scale continues to expand by 34%

Baoxin Software (600845): Net profit growth attributable to mother 57.

IDC business scale continues to expand by 34%

The increase in IDC’s listing rate increased the business’s gross profit margin, the expenses were well controlled, and the growth rate of net profit was in line with expectations: the company issued an announcement: (1) 2018 annual report: realized revenue 54.

71 ppm, an increase of 14 in ten years.

56%; net profit attributable to mother 6.

69 ppm, a 57-year increase of 57.


(2) First quarter report of 2019: Revenue 13.

$ 4.4 billion, an annual increase of 32.

62%; net profit attributable to mother 2.

10,000 yuan, an increase of 36武汉夜网论坛 in ten years.


According to the annual report, revenue from service outsourcing was 16.

900,000 yuan, an increase of 36 in ten years.

80%, first of all, the annualized increase in the number of racks on the IDC project in the current period. At the same time, the increase in the IDC racking rate has promoted the overall gross profit margin of the business and has continued to grow.


Software development and engineering services revenue in 2018 was 35.

2.2 billion, an annual increase of 5.

26%; system integration revenue 2.

42 ppm, an increase of 31 in ten years.


Expenses during 20185.

39%, a decrease of 0 from 2017.

34 expenses, good cost control, and continuous growth of each business, net profit growth in line with expectations.

  IDC’s business scale continues to expand, and the company gradually forms an IDC industry ecosystem: Baozhiyun’s new-generation information infrastructure service industry base has become China’s leading high-end neutral industrial base with an existing industry scale of nearly 20,000 cabinets.

According to reports, the 2018 annual report revealed that the company’s planned construction is advancing steadily. 重庆耍耍网Among them, the increase in investment expenditures for IDC’s fourth-phase construction project has increased the company’s construction in progress.

72%, the rack-on-rack rate continues to rise, and the IDC business scale continues to expand.

In the operation and maintenance service, the company has successfully launched the “Baoxin Data Center Operation Management System” developed to the market, completed the development plan for the national layout of the strategic business of IDC, and started the existing business expansion outside the region.

The company continues to explore and integrate the advantages of external partners’ resources to gradually form an IDC industry ecosystem.

  Benefiting from the rebound of the steel industry’s informatization demand, automation and informatization business continue to grow: through steel supply side reform, the introduction of de-capacity policies, which translates into increased demand for information construction in the steel industry.Complete solutions, making full use of years of good service and technology accumulation, successfully signed a large number of major projects in 2018, promoted the continuous growth of automation and information business, and consolidated the industry leadership pattern.

  Investment suggestion: Through the expansion of the company’s IDC business and the increasing demand for information technology in the steel industry, we are optimistic about the future growth of the company’s business.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 8 respectively.

21, 10.

02, 12.

0.6 million yuan, corresponding to 0 EPS.

94, 1.


37 yuan.Maintain the “Recommended” level.

  Risk warning: IDC business progress is less than expected, downstream steel industry information demand is less than expected, industry competition is intensifying

Kailaiying (002821): Focus on science and technology, advanced manufacturing + innovative quality standards to lead the value growth!

Kailaiying (002821): Focus on science and technology, advanced manufacturing + innovative quality standards to lead the value growth!

Recently, the CSRC issued the “Administrative Measures for the Registration of Science and Technology Board Initial Public Offerings (Trial)” and the “Continuous Supervision Measures for Listed Companies on the Scientific and Technological Board (Trial)”, which will be implemented from the date of promulgation.

A brief comment on the science and technology board allows R & D investment but not yet profitable companies to go public. This policy is conducive to the listing of pharmaceutical innovation-related companies, and the rules for reducing holdings are more flexible.

At the same time as the scale of research and development brought about by China’s wave of innovation and research and development, the penetration rate of expansion will also continue to increase: China’s CDMO industry space = pharmaceutical R & D investment × expenditure reduction × Chinese market share.

Compared with mature pharmaceutical companies, biotechnology pays more attention to research and development; as biotechnology is usually an asset-light / virtual entrepreneurial enterprise, it naturally conducts research and development and production.

The launch of the science and technology board has expanded and broadened the financing channels for domestic biotechnology, and it will also stimulate venture capital investment in the primary market. This will rapidly increase the total scale of China’s pharmaceutical research and development, and will also rapidly increase the penetration of domestic research and development and production scale.Rate, robes increase the scale of R & D and production outsourcing industry revenue and profits.

Global industry transfer trend continues to increase China’s city share: China’s advantage lies in the bonus of engineers, low labor costs and high efficiency; advantages in infrastructure construction and basic chemical supply chain; strong domestic downstream pharmaceutical market demand; technological level and quality management capabilities have steadily improved,The IP protection system has been continuously improved, the order acceptance capability has been continuously improved, high-end overseas orders have been continuously accumulated, and international reputation has been continuously accumulated.

The company’s core competitiveness is outstanding, and the leading effect is obvious in the wave of innovation in China and the global industrial 武汉夜生活 transfer. The performance is stable and the certainty of continuous improvement is strong: the technical advantage is obvious, the quality management system is strict and standardized, the supply chain is perfect, stable, and the customer structure is excellentIt is stable, the project echelon is reasonable, the clinical project reserves are abundant, and a number of commercial new drugs and heavy varieties continue to rapidly increase volume.

With the continuous release of new production capacity and the continuous heavy volume of new orders in multiple factories of the company, the revenue end is expected to increase by more than 30% in 2019; due to factors such as exchange rates, raw material prices, and export tax rebates, the recovery of gross profit margin is strong, and there is a relatively high profit end.Earlier than 杭州桑拿 expected.

Profit forecast and investment recommendations We expect the company’s EPS to be 1 in 2018-2020.



23 yuan, an annual increase of 25% / 33% / 31%.

Maintain “Buy” rating.

Risks remind that downstream new drug sales are not up to expectations, upstream raw material prices are rising, exchange rate risks, environmental protection risks, new business development is not up to expectations, and core technology (business) staff turnover

The first 5G themed ETF on the market

The first 5G themed ETF on the market

Source: Jiangnan Times Original title: The first 5G themed ETF in the market came out. Recently, the “ETF Expert” Huaxia Fund launched a new product-Huaxia CSI 5G Communication ETF (5GETF for short), which is also the first 5G on the marketTheme ETF.

  It is understood that the Huaxia 5G Communication ETF is based on the CSI 5G Communication Theme Index.

The index selects the stocks of 40 listed companies whose products and services are related to 5G communication technology as sample stocks, which are mainly composed of sub-sections such as communications equipment, electronics manufacturing, and ground armor.

With the advent of the 5G cycle, the capital expenditure of the three major operators has grown rapidly, and the prosperity of this index has also increased.

According to Wind data, as of August 26, the CSI 5G Communication Theme Index has been increasing this year.


  For investment opportunities in the 5G communications sector, Huaxia Fund believes that the communications industry is one of the key basic industries that are gradually growing at this stage and has a supporting role in economic transformation and upgrading.

However, at the moment, the allocation value of the communications 无锡桑拿网 industry is underestimated, and its market share of fund holdings of heavy stocks has exceeded the industry’s market share of all A shares for 10 consecutive quarters since 2017.

The divergence between “high business climate and low holdings” has formed. After the start of 5G construction and the recovery of Internet infrastructure construction, the industry’s business climate has a lot of room for improvement.

  As the manager, Huaxia Fund has obvious advantages in the field of index investment and has a leading position in ETFs.

At present, there are 17 existing equity ETFs, and it is the first domestic fund company to manage equity ETFs exceeding 100 billion yuan.

In terms of broad-based ETFs, China Securities Shanghai 50 (510050) ETF, China Securities Hang Seng ETF, China Securities Shanghai and Shenzhen 300 ETF and other products are active in the market, among the best of their kind.

In terms of narrow-based ETFs, it has deployed sub-sectors such as pharmaceuticals, finance, consumption, and securities.

At the same time, it is also actively deploying smartbeta products to upgrade the index investment experience.

The issuance of the new product Huaxia CSI 5G Telecom ETF will further improve the product line and provide investors with richer asset allocation options.

Chairman of Ya Life: Epidemic brings 3 probabilities and 4 challenges to property companies

Chairman of Ya Life: Epidemic brings 3 probabilities and 4 challenges to property companies
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: Huang Fengchao, Chairman and President of Ya Life: The epidemic brings 3 opportunities and 4 challenges to real estate companies Source: Daily Economic News Every reporter Wu Shuying Every editor Wei Wenyi manages an area of more than 5 billion square meters, the business involves residentialAgile Life Services Co., Ltd. (03319, HK; hereinafter referred to as Ya Life), a property service, high-end merchant write-up asset management, public property services, and community business, has a decisive position in the property industry.  Under the new crown pneumonia epidemic, how do property companies view the possibilities and challenges of the industry?Recently, a reporter from “Daily Economic News” (hereinafter referred to as NBD) interviewed Huang Fengchao, the director and vice president of Agile Holdings, and the chairman and president of Agile Life Group.  Huang Fengchao believes that the epidemic situation fully reflects the comprehensive value of the property management industry in community disease prevention and control, resilience, and multiple services.In the future, real estate companies should pay more attention to the construction of science and technology information and do a good job of management, and have a high-quality brand to continuously expand the scale, and use the Internet and the Internet of Things technology to deeply dig the value of community business.  NBD: Some people point out that “this epidemic is the second value discovery for the property management industry”, how do you think about this view?  Huang Fengchao: China’s property management industry has made great progress in the past 30 years. From the construction of industry teams and the establishment of service standard systems to the application of intelligent services such as mechanization, informationization, and intelligence, the progress of the property management industry can be said to beEvery day, we continue to surprise and look forward to the owners, and have also received the recognition and trust of the owners.  Today’s property services have been fully integrated into people’s lives and are closely related to people’s quality of life and happiness index.It can be said that the value of property management companies has been continuously discovered and recognized by people, and its social and economic value is inestimable.In this outbreak, the property management company, as the backbone of the epidemic, fights on the front line of the outbreak. It is not afraid of safety, hardships and hardships. It shoulders the mission of protecting the health of the owners and has demonstrated good professionalism.Highly recognized by the government.  This epidemic fully reflects the comprehensive value of the property management industry in community disease prevention and control, resilience, and multiple services, and also reflects the spirit of the property person’s selfless dedication and mission.In my opinion, in the world, Chinese property management companies provide the most services and bear the largest responsibilities.  NBD: In your opinion, what might be the property company in this outbreak?Where is the challenge?  Huang Fengchao: I think there may be three points: First, through the response to this epidemic, each property management company will find a breakthrough in management and a deficiency in services. This is an opportunity to strengthen internal management and improve service levels; secondThis epidemic prevention work is an opportunity to show the excellent comprehensive service management level of an enterprise, and it can be recognized by the owner, society, and the government, which will comprehensively help the company’s future business development.Finally, discover more possibilities for community value-added services and upgrade community value-added services.  The challenge of the “outbreak” to the property management industry is mainly in four aspects.The first is the physical health of the owner. In the face of the epidemic, community personnel are complicated. How to prevent cross-infection of virus carriers in the community is the biggest challenge. Then the employee is safe. During the epidemic, there are relatively few protective materialsIn 都市夜网 order to do everything possible to do a good job of safety and logistical protection for employees; that is, the company’s efficient and fast management capabilities, emergency outbreaks, and put forward higher requirements for the company’s correct and fast decision-making capabilities.The crisis is in danger, reasonable emergency organization, smooth material purchase channels, flexible processes and flexible working methods are all issues that senior management needs to consider.

CPIC (601601): Steady business, far value, model of value

CPIC (601601): Steady business, far value, model of value

Key points of investment Third, the market share of premiums is stable: The company focuses on the main business of insurance, and personal / property insurance remains the third in the market. In 2018, it took the initiative to dilute the starter and strive to achieve a quarterly premium balance, which is currently significant.

H119 company withdrew more reserves 37.

42 trillion, and accelerate the smooth growth of 2020 performance.

  Personal insurance: transformation 1.

0 is fruitful, 2.

0 is worth looking forward to: 1) Transformation 1.

0 ended successfully, the “big risk” is solid, H119 agent contributed premium 91.

73%, the second largest in the industry.

Service quality has improved significantly, and NBVM is the first in the industry to increase speed and robustness.

2) Proposed transformation in 2017.

0, the agent’s stratification strategy is expected to pass the transitional pain period, and the endogenous growth capacity is more sufficient.

Benchmarking Ping An Life’s per capita production capacity, H119 statically calculated that NBV has 69% room for improvement, and NBVM can still go up 5%.

57 points.

In addition, the significant improvement in the 南京桑拿论坛 company’s business quality is also reflected in the company’s life insurance business’s first underwriting profit in 2018. Currently, only Ping An Life Insurance maintains stable underwriting profit, and its customer cost rate advantage is second only to Ping An Life Insurance.

at 2.

Under the 0 strategy, life insurance is expected to improve the sustainability of underwriting profits.

In addition, the industry’s highest dividend rate promotes long-term attractiveness based on operating profit.

  The high dividend rate forced the company to strengthen its main insurance business, which also made the company pay more attention to investment stability.

  Property and casualty insurance: The non-auto insurance business is working, and it is expected to benefit the industry first. Profit improvement: The existing property and casualty insurance industry has formed a solid PICC / Ping An / CPIC insurance giant structure, accounting for 83% of the industry’s profits in 2018.

Under the strict supervision of the industry, the expense ratio has ushered in an improvement in the inflection point, driving the industry’s underwriting profit to rebound.

As one of the oldest three companies, based on the strong brand and strong channel effect, under the actuarial pricing and operating capabilities of a series of industries, it is expected to take the lead to benefit from industry profit improvement, and ROE is expected to usher in a turning point in recovery.

  Investment suggestion: The company’s strategy is sufficient, and it is firmly optimistic about the improvement of performance. At present, the P / EV is switched to 0 in 2020.

75x, 4% quantile after nearly three years, the price-performance ratio is outstanding.

High ROEV and high P / EV have been initially recognized by the market. CPIC Life Insurance ROEV is second only to Ping An Life Insurance, and it is estimated that there is room for upward repair.

Historical operating data shows that the company’s life insurance business continues to run steadily with underwriting profits and high business quality.

We believe that under the forecasted strategic qualitativeness, the future performance improvement is highly certain, which is currently in line with Davis’s double-click logic and maintains the Buy-A rating.

  Risk reminder: Agent’s high-quality increase in staff is less than expected; the capital market fluctuates significantly; protection of product sales is less than expected

Liangxin Electric (002706) 2018 Annual Report Review: Continue to High R & D Investment and Plow Industry Customers

Liangxin Electric (002706) 2018 Annual Report Review: Continue to High R & D Investment and Plow Industry Customers
Event: The company announced its 2018 annual report, which shows that the company has achieved revenue15.74 ppm, a ten-year increase of 8.38%; net profit attributable to mothers2.22 ppm, a five-year increase of 5.60%, net of non-attributed net profit1.8.1 billion, an annual increase of 8.0%; reduction to EPS is 0.28 yuan.At the same time, the company announced a profit distribution plan and planned to pay dividends every 10 shares2.5 yuan (including tax). Steady operation and continuous improvement of profitability: Even in 18 years, there were external adverse factors such as the expansion of demand after the “531” New Deal and the decline in manufacturing investment. The company’s business continued to grow steadily; the company’s terminal appliances and power distribution appliances grew separately.8% and 7.4%, gross rate increased by 2.69Pcts and 2.01Pcts.The company’s cost and expense control is reasonable, and the expense ratio during the 2018 fiscal year was 26.71%, an increase of 1 each year.87 points, mainly because the company increased R & D expenses (increased by 1.57Pcts) and incentives for sales and technical backbone.The company’s profitability 苏州夜网论坛 has continued to improve, and its gross profit margin and net profit margin have steadily increased. From 2014 to 2018, the company’s gross profit margin increased from 36% to 40.84%, with a net interest rate from 11.7% increased to 14.The operating efficiency of the 1% company has also continued to improve, and accounts receivable turnover and inventory turnover have remained at a reasonable level with abundant cash flow. Downstream industry customer demand growth rate of 10%, leading companies share high growth: the three major application areas of low voltage electrical appliances downstream construction, power and industrial demand growth rates are expected to reach 5-10%, 15% and 10%, respectivelyOverall demand growth is expected to remain above 10%.At the same time, the industry is fragmented and domestic companies 四川耍耍网 continue to catch up with overseas brands. Leading domestic companies have gradually realized brand awareness and cost control to gain more market share, which is expected to maintain a growth rate of more than 15%.According to the Low Voltage Apparatus Association data, the company’s market share increased from 1 in 2014.17% increased to 1 in 2017.95%, it is expected that the proportion will reach 2 in 2018.22%; and in the high-end industry market, the company’s market share has increased significantly. Positioning the mid-to-high-end industry market and deeply cultivating industry customers: The company insists on serving industry customers, product exchange telecommunications, construction, power, industrial control, etc.The company focuses on “customer-centric” and has now merged3.0 marketing network, set up 55 offices in the national budget area and 7 overseas offices to cultivate and maintain customers.In the field of construction, the company newly signed 20 expansion strategic partners; in the field of new energy, while the market share of photovoltaic inverters continues to lead the industry, it has been shortlisted for wind power customers such as Goldwind, Mingyang, Yunda, and Xiangdian.In the field of new energy vehicles, the company’s products have passed the integration of customer product tests. From charging, power consumption to energy storage, it has achieved significant results in all aspects. In the field of communications, the company has maintained good cooperation with Huawei, Emerson and the three major domestic operators, 1U products suitable for 5G networks were also successfully listed in 2018. Continued high R & D investment, and the product strategic plan for the next 5 years has been completed.The company’s R & D expenditure in 20181.USD 3.9 billion, an annual increase of 32%, and R & D expenses accounted for 8%.84%.The company adheres to customer orientation, taps the potential of customers and researches and develops new products. Restructuring R & D expenses account for more than 6%, and the annual growth rate is about 30%.In 2018, the company successfully implemented and continuously improved the IPD integrated product development system, completed a five-year product strategic plan, and determined six product line product project roadmaps to prepare products for continued growth in the future.In 2018, the company applied for a total of 237 patents, including 74 invention patents; and has achieved many results in the fields of new job promotion, enterprise informatization, and digital factories. Investment suggestion: Buy-A investment rating, 6-month target price of 8.00 yuan.We expect the company’s revenue growth in 2019/20/21 will be 27%, 14%, 14%, net profit growth will be 29%, 27%, 27%, and EPS will be 0.37/0.47/0.59 yuan.Maintain BUY-A investment rating with 6-month target price of 8.00 yuan, the target price is equivalent to 22x dynamic price-earnings ratio in 2019. Risk warning: The demand of the low-voltage electrical industry is lower than expected; competition in the industry has intensified; the prices of key raw materials such as silver, copper, and plastic have risen sharply.

There are some minor problems to check blood sugar!These six categories are susceptible to diabetes

There are some minor problems to check blood sugar!These six categories are susceptible to diabetes
Editor’s note: “Physical health is the capital of the revolution.” However, in changing lives, everyone is often busy with work and eager to entertain, but ignores the treasure of feng shui, physical health.In fact, we usually pay attention to it and prevent it early, and health is right around us.People’s Health Network has launched the “Healthy Knowledge” column, which is designed to collect and sort out the health knowledge that you usually ignore, to be your health think tank, to work with you to the end!Some minor problems should be checked for heart disease Li Quanmin, chief physician of the endocrinology department of the Rocket Army Special Medical Center of the PLA: At the beginning of diabetes, the body will release some signals, but they will often be ignored.Itchy skin.Once the skin is dry and dehydrated in winter, many people become over-exposed, and itching of the lower limbs and back will occur to varying degrees.Most people will choose to clean the skin and nephew skin care products to deal with it.However, skin itching sometimes rarely causes skin problems, which may be caused by diabetes. About 10% of early patients will experience systemic or local skin itching, which is common in the vulva and anus.In addition, skin itching is also a manifestation of complications of diabetes.When diabetic patients have ants crawling on the skin, they may already have a neurological disease. This feeling is called ant feeling.Hypoglycemia.Most people think that diabetes is synonymous with hyperglycemia, but in fact hypoglycemia is also one of the early manifestations of diabetes.This type of hypoglycemia is common in middle-aged people, and patients often have symptoms such as drought and intolerance before meals.This is because the insulin secretion of type 2 diabetic patients is reduced, and the blood glucose changes caused by food absorption are not synchronized. When the blood glucose reaches a peak after a meal, the secretion does not reach a high peak.High peaks cause hypoglycemia and a sense of age before meals.Therefore, if the patient has pre-meal hypoglycemia repeatedly, it is recommended to do a blood glucose release test to see if there is a possibility of hyperinsulinemia. In addition, you should pay attention to eating on time to avoid obesity.diarrhea.Chronic diarrhea related to diabetes is not common in clinical practice, but many people think that stomach discomfort may be a recent complication such as “eating bad” or enteritis, which can eliminate the possibility of diabetes.Many diabetic patients have insidious and slow onset, may not have thirst, drink more, and urinate, but will see a doctor for complications such as injection tract symptoms (diarrhea).Diabetic diarrhea is more common in diabetic patients with poor glycemic control.Due to long-term hyperglycemia, vegetative nerve function in the body will be damaged, causing diarrhea.In some patients, diarrhea and constipation may appear alternately. This is mainly because long-term hyperglycemia affects the blood supply and nerve damage to the intestinal tract, resulting in disorders of its own function.Alternating manifestations are mainly diarrhea inside something, and after this period it is mainly secretive.Elderly people are prone to related symptoms, and their families need to be more vigilant.Lethargy.Relevant data surveys found that the daytime sleepiness of diabetic patients is around the normal person, especially older diabetic patients.If you can’t wake up during the day when you have plenty of sleep at night, be careful.Vision decreased significantly.Diabetes can cause retinopathy and cataracts, affecting vision.Diabetic retinopathy has the most severe effect on vision, and patients often suffer from sudden loss of vision due to retinal bleeding.Numbness in hands and feet.Middle-aged and elderly people who have numbness in their hands and feet, soreness, and inconvenience of movement, often indicate the possibility of diabetes.The wound does not heal for a long time.As diabetics often have vascular tension, which affects the blood supply to the tissues surrounding the wound, coupled with severe nutritional loss and decreased resistance, it can cause wound healing difficulties.Repeated urinary tract infection.Because of long-term high blood sugar, urine also contains a large amount of glucose, which is easy to breed bacteria.At the same time, the patient’s resistance decreased, and the phagocytosis of leukocytes was not as good as before.In particular, some of the older female sugar friends will experience symptoms such as dry urethra, endless urination, sore abdomen after urination, and even urinary incontinence.Weight control, pre-sugar reversal can be reversed by Yang Guoqing, deputy chief physician of the Department of Endocrinology, General Hospital of the PLA: Overweight pre-sugar patients need to be at 3?Lose 5% in 6 months?10% of body weight and long-term maintenance of ideal body weight, which has a significant effect on the prevention of diabetes.In daily life, avoid eating high-fat foods; it is better to reduce the use of non-refined, soluble vitamins, such as whole grains, whole grains, etc .; eat more fish, poultry, etc .;Swimming, etc., exercise can not only lose weight, but also consume blood sugar and increase insulin sensitivity.In addition, avoid or use drugs that are not good for glucose metabolism.It should be particularly reminded that pre-glycemia is the only way for diabetes to develop, and it is also very easy to ignore.Most of the patients were asymptomatic and were accidentally discovered during a physical examination.Therefore, people with high risk factors for diabetes, that is, 40?People over 45 years of age who are obese, have a family history of diabetes, and have metabolic disorders such as hypertension, dyslipidemia, hyperuricemia, etc., it is best to have a fasting blood glucose test and glucose tolerance test every six months, to detect and intervene early.First, when fasting blood glucose is at 6.1?7.0 mmol / L, blood glucose at 7 2 hours after a meal.8?11.1 mmol / L is in the pre-diabetes stage.Six types of people are susceptible to diabetes Wang Aiping, chief physician of the internal secretion department of the Eastern Theater Air Force Hospital of the People’s Liberation Army: fasting blood glucose is 5 in the long term.6mmol / L or more.The fasting blood glucose value of a normal person is 3.89?6.1mmol / L; if greater than 6.1mmol / L and less than 7.0mmol / L is impaired fasting blood glucose.In fact, the millennium is at 5 for a long time.Above 6mmol / L will damage human microvessels.With the increase of age, these people’s 武汉夜网论坛 ability to control blood glucose will inevitably weaken. If the control is not reduced, most people will reach the standard of diabetes after a few years.Fasting blood glucose is normal and postprandial blood glucose is abnormal.Normally, the blood sugar is 1 hour after a meal.7?9.4mmol / L, no more than 11.1mmol / L, which gradually decreases over time, and returns to normal 3 hours after a meal, but if the postprandial blood glucose is abnormal, it remains as it is even after 3 hours or decreases too slowly, meaning that most of the time is in a hyperglycemic state, which will increase the focus, Kidney burden.Whether there is a big belly.Patients with visceral obesity have a higher risk of developing diabetes than those with mid-body obesity. What is visceral obesity? The most common are “beer belly” and “swimming circle” people.Therefore, for people who lose weight, converting waist circumference is especially critical.Want to sleep after a meal.Studies abroad have shown that people who are prone to sleepiness after a meal mean that their blood glucose control is weak, and the risk of diabetes will increase in the future.Poor sleep quality.Too many studies have confirmed that people who sleep too short or have a circadian rhythm disorder are prone to blood glucose control disorders.Insufficient long-term sleep can cause sympathetic nerve excitement, activation of the stress system, increased secretion of “glycemic hormones” such as cortisol and epinephrine in the body, which causes resistance and raises blood sugar.The eating pattern is “two highs and one low.””Two highs and one low” refers to people who are high in fat, high in calories, and low in fiber, and often eat high-saturated trace or high-trans fatty acid foods such as big fish and meat, fried foods, and burgers, and are more likely to exceed standards and more likely to develop diabetes;In life, I often eat refined staple foods such as rice, steamed bread, noodles, and bread with low grain fiber content, which is easy to get diabetes.Why Tangyou loves aphthous ulcers? Chief physician Guan Xiaobing, Department of Mucosa, Beijing Stomatological Hospital, Capital Medical University:Unbalanced diet.In order to control blood sugar, many diabetic patients avoid taboos in their diet, which makes the absorption of nutrients in the body uneven.Such as the reduction of vegetables and fruits intake, gradually increase the body’s zinc, iron, vitamin B12, etc .; too little meat intake leads to reduced protein.These conditions may be the cause of oral ulcers.2.lack of sleep.People with diabetes generally don’t sleep well.Some are due to polyuria, abnormal blood pressure and other reasons: polyuria directly leads to decreased sleep quality; abnormal blood pressure can also cause sleep disorders and breathing disorders.Poor sleep can reduce immunity and make oral mucosa more susceptible to infection.In addition, long-term sleep deprivation can lead to neurasthenia, which makes it difficult to control blood sugar.3.In a bad mood.Some studies have used psychological evaluation methods to study the relationship between oral ulcers and psychological factors in medical students at school.The results showed that most people were mentally stressed and maladaptive. Before and after the onset, patients often experienced problems such as mood swings, anxiety, and depression. These must lead to the rupture and recurrence of oral ulcers.4.Long-term hyperglycemia.When it is chronically hyperglycemic, the saliva content is also high, which provides good conditions for bacterial growth and reproduction.If the oral hygiene is poor at this time, it is easy to have a local inflammatory response.Moreover, the repair ability of the mucosal epithelium in the mouth of diabetic patients is poor, and some oral ulcers do not heal for a long time.5. Poor oral health.Diabetic patients have slower wound healing. Therefore, some patients are worried that infections may occur when treating oral problems, and they are unwilling to treat bad teeth in the mouth in time, which leads to increased oral problems.Residual roots (rotten tooth roots), residual crowns, and some bad restorations in the mouth have a great impact on local oral health.In fact, diabetes is not a contraindication for oral treatment, as long as it is properly treated, it can be treated.(People’s Health Network Comprehensive Self-Declaration Times, Health Times) ☆ Recommended reading ☆ Healthy password on your finger10 habits to make your heart healthier snoring is not to sleep soundly!If you want to sleep well, lie down first and then lie down and develop good habits to save money for medical treatment. In the winter, the three parts of the health are so dry that the blood vessels are getting old!These 4 types are awake in the middle of the night, indicating that the body is getting old!Taking good care of the “five strengths” does not age beyond the blood clots, “moving up” exercise is the best anti-aging medicine

Yongyi shares (603600): The profitability of improving income growth continues to repair

Yongyi shares (603600): The profitability of improving income growth continues to repair

Event: The company announced its semi-annual report for 19 years and achieved revenue of 11.

41 ppm, a 10-year increase3.

4%, net profit of 91.1 million yuan, an increase of 91.

5%, non-net profit of 71.27 million yuan, an annual increase of 128.


Performance exceeded expectations.

Comment: Affected by trade frictions, revenue growth has improved in 19 years.

19H1 realized revenue 11.

41 ppm, a 10-year increase3.

44%, achieved export 8.

8.3 billion, an increase of 5.

54%; office chair revenue by product 7

3.7 billion, basically unchanged from last year.

The company continues to develop new customers and set up overseas bases to offset the impact of Sino-U.S. Trade friction: 1) New customers include the purchase of genuine parts from the United States, Orleans Super Home Center, Bell Imports, the British Fish Pond, Argentina Facyca, Havana and other general trade in LDT.

2) The company invested in the construction of a production base in Vietnam in November 18 and relocated smoothly in January 2019; On July 11, 19, the company’s stock subsidiary registered to establish a furniture production base.

The R & D strength promoted the company’s profitability to be continuously repaired, and the gross profit margin in 19Q1 has returned to 19.


The company has continuously researched and developed, and 深圳SPA会所 its products have successively won the China Outstanding Design Award, the China Light Industry Outstanding Design Gold Award, the German Red Dot Award and the iF Design Award, the American Spike Design Award, and the Zhejiang-made “Product Mark” certification.

The product OBM strength has been continuously recognized; meanwhile, measures such as optimization and integration of the supply chain, efficiency and cost reduction have been adopted to improve profitability, and the gross profit margin has increased quarter by quarter. The gross profit margin of 19Q2 has been restored to 19.

47% (previously increased by 4 in 18Q2.


The company’s domestic sales channel network is under initial construction.

The company started the domestic sales of office chairs in 17 years, and strengthened the construction of 杭州夜网论坛 self-operated platforms such as Tmall and Jingdong stores online. At the same time, it focused on in-depth cooperation with new retail platforms such as NetEase, Xiaomi Youpin and Wu Xiaobo Channel.

In order to promote the construction of channels offline, it has gradually developed 968 dealers and 15 brand agents.

At the same time, focusing on key customers, it has cooperated with Huawei, Gree, SF, etc.

Maintain “Highly Recommended-A”.

Relying on product competitiveness, the company actively develops large customers, while setting up production bases overseas, the impact of Sino-US trade frictions, and promoting revenue growth. At the same time, it actively promotes product innovation and supply chain integration, lean production, and cost reduction and efficiency, and product profitability has steadily recovered.

EPS are expected to be 0 in 19-20.

57, 0.

72, corresponding to 19 years of PE, PB are: 16, 2 respectively.

2 times, maintaining “strongly recommended-A”.

Risk warning: trade frictions intensify, new customer development progress exceeds expectations, and raw material prices rise more than expected.