銆 愭 Bo 铓 岀 殑 锅 氭 桶 氶 у 劏 銆 樱 訌 悒 殒 _ 許 庝 箞 锅 歘 稺 診 Father pot 氭 硶
The best way to do it is to hang it, Jiang Huan, and Jiang, and then you will be able to find out what is happening and what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on, what is going on?鐢熸椿涓繁鍙楀ぇ瀹剁殑鍠滅埍銆傛渤铓岀殑鍋氭硶涔熸湁寰堝绉嶏紝甯歌鐨勪細鏈夌孩鐑ф渤铓屻€佹渤铓屾粴璞嗚厫绛夌瓑銆? 绾 ㈢ 娳 娌 覒 殒 Do you want to indulge?00 Arrogant?Drum girl?0 鍏?A total of 50 pieces?Hao Meng presses 30?璋冩枡澶お涔愰浮绮俱€佹按娣€绮夈€侀绮夊悇5鍏?Hagi?3 鍏?Do you have a hard time?鍏?What’s wrong?5 guns?Are you tired of 15? 鍋氭硶 1銆佹渤铓岀敤椋熺矇銆佸暏閰掋€?0Mao tank?Hao, 焢 焦 锷 ㄦ press 鍐?Hawk, A?鍘樼背闀裤€?.3 铡 樼 back beautifully?绾 ㈠Gu Niu 掑 垏 0.8 铡 樼 闀 門 門 守 又?Can you make a difference?鍘樼背闀裤€?.3 铡 樼 back beautifully?Hazelman?.5 铡 樼 Back Nao Nan Nan 髄 嫪 竵. 2 銆 侀 攨 馏 傏 ユ 姘?How do you do it? 20 buttons, 20 buttons, 20 buttons, 20 channels, 20 channels, 20 channels, 20 channels, 20 channels, 20 channels鍏 ュ 师 鏂 椤 ぇ 鐏 倰 0.5鍒嗛挓,鍏ラ浮绮俱€佺洂銆佽捀楸艰眽娌?缁 х painting х 伀 镣?.5 闒 嗛 揓 Tweezers for the master?鐢ㄦ按娣€绮夊嬀鑺?迪 叔 叆 5 协 孭 巷 夋 南南 卲 卑 鍑 鍑 攨 瑁 洏 洏. Sorry for the bitch?鏉愭枡娌宠殞鏁颁釜,璞嗚厫涓€鐩?Zhang Xianluo Luan Luan is going on?.鍏堝皢铓屽墫寮€,鍘婚硟鍙栬倝,浠ョ洂鎼撲箣,鍘绘帀绮樻粦娌宠叆涔嬫恫,鍓栫墖,浠ユ俯姘存紓娓?2.What’s the matter? Can you see what’s going on in the village?3.澶囩伀鑵夸笣銆佸涓濄€佸皬钁变笣(娈?.4.璞嗚厫鍏ラ攨鍔犳按,閰嶄互鐏吙涓濄€佸涓濆叡鐓?Ezhuoshengju Qishan tank?5, 阌 呭 紑 5 鍒 卛 鍓 鍏 Yu Bo 哓 喖 唷 璷 洂 璋 冨 懗, bitch?What’s the matter?How do you hang the hook between the scorpions and the scorpions? Forge and squat and shove the chords, chopped and scuttled?It’s tricky.
銆 愭 Bo 铓 岀 殑 锅 氭 桶 氶 у 劏 銆 樱 訌 悒 殒 _ 許 庝 箞 锅 歘 稺 診 Father pot 氭 硶
[Duck leg meat stewed yam potatoes]_Duck leg meat stewed yam potatoes homemade_Duck leg meat stewed yam potatoes
銆 慰 腑 蜯 頣 頣 栧 栧 漧 Northern diamond 湡 嗙 Purch 沭 掭 抶 銆 楱 兙 夌 倌 倴 倴 側 側 倦 啫 啫 剫 冫 冫 冥 剥 剥 冥 剥 剤 剤What’s the matter? Do you have a braided pigtail?
This is the case for the most important thing: it’s a very serious problem, and it’s a lot of troubles. It’s a lot of lawsuits, and it’s hard to find a way to go.熷洜灏辨槸鍋氶キ绋嬪簭杩囦簬澶嶆潅锛屽叾瀹烇紝楦吙鑲夌倴灞辫嵂鍦熻眴鐨勫仛娉曞緢绠€鍗曪紝鎵€闇€瑕佺殑姝ラ涓嶅锛屽彧瑕佷笉鏄お绗紝閮藉彲浠ュ緢蹇浼氱殑銆?銆侀腑鑵挎礂鍑€锛屽湡璞嗭紝鑳¤悵鍗滐紝灞辫嵂鍘荤毊2銆佸叏閮ㄥ垏灏忓潡3銆侀腑鑲夋斁鍑夋按锛岀叜鍒版按寮€4銆侀腑鑲夌洓鍑哄鐢?Mohuoaichan Pianlao 钁 Bian Nin Juan ょ Ta 6 Moquanzanwen Xijiao Liguirenli Guishixiyao Zanjuanronglao 钁 Bianninpumie He Dei?What is the difference between the two?Do you want to go northward?銆佺炕鐐掑潎鍖€10銆佸姞涓€纰楁按锛屽姞鐩愶紝澶х伀鐑у紑锛岃浆灏忕伀锛岀叜鍗婂皬鏃?1 銆 佹 姹 姹?2銆佹垚鍝佸浘韬綋濂戒笉濂界洿鎺ュ叧绯荤潃涓€涓汉鐨勭敓娲昏川閲忥紝楦吙鑲夌倴灞辫嵂鍦熻眴鐨勫仛娉曡櫧绠€鍗曪紝鍛抽亾鍗存槸鐩稿綋鍙彛鐨勩€?
銆 愰 镣 Floating cans across the sorrow of the father’s pot 懭 犆 抱 瀺 跺 father 鍒 朵 綔 _ 濡 綍 鍒 朵 綔
寰堝灏忔湅鍙嬮兘鍠滄鍚冪偢楦¤吙鍎匡紝涓€鑸垜浠兘鏄湪甯傞潰涓婁拱鐨勩€傛湁浜涘闀挎媴蹇冨競闈笂涔扮殑楦¤吙涓嶅仴搴凤紝鎵€浠ュ笇鏈涜嚜宸卞湪瀹朵腑浜茶嚜鍔ㄦ墜鍋氥€傜偢楦¤吙寰堢畝鍗曪紝鎴戜滑鍙互鏍规嵁瑙嗛涓婄殑鏂规硶涓€姝ヤ竴姝ョ殑杩涜銆備絾鏄紝鍦ㄧ偢楦¤吙鐨勮繃绋嬪綋涓紝鎴戜滑涓€瀹氳鑰愬績锛屽績鎬ュ悆涓嶄簡鐑眴鑵愩€傞偅涔堬紝棣欑偢楦¤吙鐨勫甯稿仛娉曟槸鎬庢牱鐨勫憿锛熶竴銆佸師鏂欎富鏂?Quilted floating tank?瀵广€傞浮铔?涓€傝皟鏂欐鐗╂补500鍏嬶紝(瀹炶€楁补50鍏?Adorable?0 嬏 嬶 鐴?Sister-in-law, stable and beautiful, is it beautiful?What’s the matter?5鍏嬶紝妞掔洂10鍏嬨€備簩銆佸埗浣滆繃绋?1) 灏嗙敓楦¤吙鍓栧紑锛岄鎴愭焺锛岀敤鍒€灏栧皢绛嬪垏鏂紝绌挎垚鏃犳暟灏忓瓟娴稿叆鏂欓厭鍛崇簿銆佺洂鍜屽垏鎴愬潡鐘剁殑钁便€佸姹佷腑锛屽叆鍛崇害1锝?Hao?2) 灏嗘蹈濂界殑楦¤吙鎶栨帀钁便€佸锛岃樃涓婄敤铔嬫竻銆佹箍娣€绮夋悈鎴愮殑娴撶硦锛屼笅鐐掑嫼鐑补涓敤鏃虹伀绾︾偢15鍒嗛挓鍛堥噾榛勮壊鏃舵崬鍑猴紝铇告鐩愰鐢ㄥ嵆鍙€傞浮鑵?涓€侀浮铔?涓€傝姳鐢熸补500鍏嬶紙瀹炶€楁补80鍏嬶級銆佺洂10鍏嬨€佸懗绮?0鍏嬨€佺粛閰?鍏嬨€佸共鐢熺矇閫傞噺銆侀潰鍖呮福50鍏嬨€備笁銆佸埗浣滄祦绋?銆侀浮鑵跨敤鍒€鎶婇澶村幓鎺夛紝鍐嶇敤鍒€鑳屾妸楦¤倝鎷嶆澗锛屽姞鍏ョ洂銆佸懗绮俱€佺粛閰掕厡30鍒嗛 挓 銆?銆侀浮铔嬫墦鏁ｏ紝鍔犳竻姘淬€佺敓绮夎皟鎴愮硦锛屾妸鑵屽ソ鐨勯浮鑵挎寕涓婄硦锛岀矘涓婇潰鍖呮福寰呯敤銆?Do you want to make up for it?00搴︽椂锛屼笅鍏ラ浮鑵跨偢鑷冲閰ラ噷瀚╅摬璧峰叆纰熴€傜敤鏂欙細楦′笅鑵?Paper towels?00鍏嬮噸锛夛紝骞茶懕2绮掞紝濮滄眮1姹ゅ寵锛岄潛铏鹃叡1鍖欍€傜硸鍗婅尪鍖欙紝閰?姹ゅ寵锛岀敓绮夊崐姹ゅ寵閰嶆垚鑵屾枡銆傚仛娉曪細鈶犻浮鑵挎礂鍑€锛屾姽骞叉按浠斤紝鐣ュ垏寮€銆傗憽骞The tea was faint.娲楀噣锛屽墎鑼革紝涓庡姹併€佽櫨閰便€佽厡鏂欏悓鎷屽寑銆傗憿灏嗕笂椤规潗鏂欎笌楦¤吙鎷屽寑锛岃厡1What are you doing? Do you have a whip and a squeeze? You will be able to squeeze it.0 tweezers?5鍒嗛挓锛夛紝鎹炲嚭锛屾护鍘绘补浠斤紝渚垮彲渚涢鐢ㄣ€?
榛戠背绾㈡灒绮ユ槸涓€閬撻潪甯稿吇鐢熺殑绮ュ搧锛岄粦绫冲拰绾㈡灒鎼厤鍦ㄤ竴璧蜂笉浠呭彛鎰熼鐢滆惀鍏讳环鍊间篃寰堥珮锛岀粡甯稿枬榛戠背绾㈡灒绮ュ叿鏈夋粙闃磋ˉ闃崇殑鍔熸晥锛屽濂虫€ц韩浣撲篃寰堝ソ锛屽彲浠ョ編瀹瑰吇棰滐紝绾㈡灒鍚湁澶ч噺鐨勫井閲忓厓绱狅紝鍙互甯姪濂虫€ч闃茬柧鐥咃紝鍛抽亾涔熷緢濂斤紝娣卞彈浜轰滑鐨勫枩鐖便€?钀ュ吇浠峰€?榛戠背鈥滄粙闃磋ˉ鑲撅紝 鍋ヨ韩鏆栬儍锛屾槑鐩椿琛€鈥濓紝鈥滄竻鑲濇鼎鑲犫€濓紝鈥滄粦婀跨泭绮撅紝琛ヨ偤缂撶瓔鈥濈瓑鍔熸晥锛涘彲鍏ヨ嵂鍏ヨ喅锛屽澶存槒鐩湬銆佽传琛€鐧藉彂銆佽叞鑶濋吀杞€佸鐩茶€抽福鐥囥€佺枟鏁堝挨浣炽€傞暱鏈熼鐢ㄥ彲寤跺勾鐩婂銆傚洜姝わ紝浜轰滑淇楃О 锛氣€滆嵂绫斥€濄€佲€滈暱瀵跨背鈥濄€傜敱浜庡畠鏈€閫備簬瀛曞銆佷骇濡囩瓑琛ヨ涔嬬敤锛屽張绉扳€滄湀绫斥€濄€佲€滆ˉ琛€绫斥€濈瓑銆傚巻浠ｅ笣鐜嬩篃鎶婂畠浣滀负瀹环鍏荤敓鐝嶅搧锛岀О涓衡€滆础绫斥€濋鏉愭槑缁嗭紱Hazel back 250g: Child?5棰楋紝鍐扮硸鎴栫櫧绯栭€傞噺 鍋氭硶 1.Do you want to know how to read the paper? Do you think it hurts 250g?.Distinguish between 垮 枡 氱 Child’s paper 10-15 撰 楋 Grade 3.塸 阃 噺 噺 ニ 啺 繨 垨 唏 界 塸 塸 阃 傞 噺 4.鎻愬墠涓€澶╂櫄涓婂皢榛戠背娣樻礂鍚庢蹈娉°€?5, quilting 簩 澶 ╁ 皢 Xianxuan 咄 勬 哬 員 画 帀 射 粦 绫 崇 ◢ 杩 囨 双 ュ 共 銆?.Hazel’s back is scared, and it’s up to you: 姽 姞 駏 ヤ 竴 鐡 ㈡Click on it to harm 1000ml?.鎻掍笂鐢垫簮锛屾寜閿紑濮嬬叜绮ャ€?。How to do it? Click on the button and click on the button. Do you want to know how to use it?.Forty-five points of interest: live broadcasts: live broadcasts and chats with each other: the number of monkeys, the number of people, the number of people, the number of people, the number of people, the number of people, the number of people, the number of people, the number of people, and the number of people?0.鐓茶嚦榛戠背杞儌銆佺播榛忕鏃舵斁鍏ュ啺绯栨悈鎷屻€傦紙鑻ョ敤鐧界硸锛屽彲寰呭嚭閿呮椂璋冪敤銆傦?
銆 愯 泧 樼 漼 音 鋳 晣 撣 撧 楋 溋 銆 抆 鐢 濧 晧 _ 鍙 互 钖 冨 悧
It ‘s very difficult 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, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on, what ‘s going on?竴鑸儏鍐典笅鑳藉鍦ㄧ煭鏃堕棿鍐呭彲浠ョ棅鎰堬紝浣嗘槸甯︾姸鐤辩柟涓€鑸槸闇€瑕佸湪楗涓婂繉鍙ｇ殑锛岃€屼笖杩橀渶瑕佸娉ㄦ剰浼戞伅锛屽悎鐞嗙殑鎼厤楗闇€瑕侊紝鏃ュ父鐢熸椿涓櫧璇存槸鍙互蹇屽彛锛屼絾鏄渶濂介ギ椋熶笂浠ユ竻娣′负涓伙紝涓嬮潰浠嬬粛甯︾姸鐤辩柟闇€瑕佸繉鍙ｇ殑椋熺墿銆傝泧鐩樼柈蹇屽彛鍚椋熺墿姝ゆ偅鑰呬弗绂佸悆杩欎簺椋熺墿锛氳懕銆佽挏銆佸銆佹祿鑼躲€佸挅鍟°€佹捣甯︺€佺传鑿滅瓑鍚湁涓板瘜鐨勫惈纰橀鐗┿€傝繖浜涘叿鏈夊彂鎬х殑椋熺墿浼氬紩鍙戠梾鎯呯棁鐘躲€Confucius, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow紩鍙戞晱鎰熶綋璐ㄧ殑涓嵂椋熺墿锛屼笉鑳藉纭鎮ｈ€呮槸鍚︽槸浼氳繃鏁忥紝浣嗘槸鍙鎵撻拡娌荤枟鏈熼棿锛屼笉鍘诲悆娴烽矞灏辫偗瀹氫笉浼氳繃鏁忓紩璧锋伓鎬х柧鐥呫€傝繖涓椂鍊欒澶氬悆鏂伴矞姘存灉钄彍鎵嶈兘瀵圭梾鎯呮仮澶嶆湁寰堝ソ鐨勬不鐤楁晥鏋溿€傝泧鐩樼柈蹇屽彛娌硅吇鑲夌被杩欎簺鍙戠墿涓昏鏄奔绫汇€佺緤鑲夈€佺墰鑲夈€佽偉鑲夈€侀妞跨瓑鍚冭繖绫婚鐗╀細瀵艰嚧瀹规槗鍔╃伀鐢熺儹锛屾鐥呮儏灏辨槸鍥犱负婀跨儹鐏鑷寸殑鑲岃偆鎮ｇ梾锛屾墍浠ュ湪姝ょ梾鎯呬笂鎮ｈ€呭簲璇ュ繉鍙ｆ补鑵绘补鐐搁鐗┿€傝泧鐩樼柈蹇屽彛杈涜荆灏忓悆鍠滄鍚冮噸鍙ｅ懗椋熺墿鐨勬偅鑰咃紝瑕佸繉鍙ｈ緵杈ｅ捀鍛崇殑椋熺墿銆傛渶涓昏鐨勫氨鏄荆妞掑拰鑺辨绛夎荆楹荤被椋熺墿锛屽彧浼氬埡婵€鐥呮儏鐨勫鍙戜笉浼氱紦瑙ｃ€傝泧鐩樼柈蹇屽彛閰告订椋熺墿鐭虫Υ銆佽睂璞嗐€佽彔鑿滈兘鏄吀娑╃被椋熺墿锛岃繖绫荤梾鍦ㄤ腑鍖讳腑璁や负鏄儏蹇椾笉鐣呫€佽倽姘旈儊缁撱€佹瘨姘旈儊缁撳鑷达紱鎵€浠ヤ富瑕佹槸绁涙筏娲昏涓轰富瑕佺洰鏍囥€傝繖浜涢鐗╅兘鏄鏄撳鑷存皵琛€涓嶇晠閫氥€佹瘨姘斾笉閫氥€佸彧浼氬鑷寸柤鐥涘姞鍓с€傝泧鐩樼柈蹇屽彛鐑熼厭铔囩洏鐤槸甯︾姸鐤辩柟鏄€佷腑鍖诲彛涓墍璇寸殑缂犺叞鐏腹锛岃繖鏄敱浜庣梾姣掍镜鐘缁忔墍寮曡捣寰椼€傞厭鍙細鍒烘縺鐥呮瘨瀵圭缁忕殑渚电姱锛屽彂鐥呭ぇ澶氭暟鍦ㄦ槬澶╁拰绉嬪ぉ锛涗竴鑸彲浠ヨ€冭檻鐢ㄩ樋鏄旀礇闊︾墖鎴栬€呰啅Drilling and painting?
Shinko Optoelectronics (688011)： High-tech manufacturer dedicated to serving precision guided weapons
Shinko Optoelectronics (688011): High-tech manufacturer dedicated to serving precision guided weapons
Committed to serving the research and development of advanced weapon systems represented by missiles, companies focus on providing high-precision components, devices, systems and solutions in the fields of optical target and scene simulation, optical guidance, photoelectric testing and laser countermeasures.Variety, serialization of high-end military products research and development and batch production capabilities.
The optical target and scene simulation system produced by the company is leading in the country, the optical guidance system is advanced in the country, the photoelectric testing equipment is efficient and stable, and the missile research and development, production, testing and inspection during service will directly benefit from advanced missiles.Stereotyped weapons and equipment construction.
The company’s scientific research team and R & D strength are outstanding. The actual controller, Kang Weimin, was the director of the Target Simulation and Testing Technology Research Institute and holds 67 listed companies.
48% equity; the company has 108 R & D personnel, and hired 9 Harbin Institute of Technology and other unit experts to provide technical support for the company’s scientific research and innovation, and gradually undertaken more than 110 scientific research and engineering projects.
Based on aerospace, the company is the core supplier of optical target and scene simulation and optical guidance. Optical target and scene simulation system provides optical dynamic targets or scenes for the development, testing and verification of optically guided weapons. Its application can 无锡桑拿网 effectively save the cost of live-target shootingWe will shorten the development cycle and significantly reduce the cost of research and development.
Since its establishment, the company has delivered more than 50 sets of optical target and scene simulation systems, and has rich engineering experience.
At present, the product has successfully completed the development of a number of national key missiles, and has been upgraded according to changes in demand, which has good scalability.
The guidance control system is the core component of the missile, which can account for more than 40% of the cost of the missile. The optical guidance system is an important part of the precise guidance system.
The company solved the problem that the traditional infrared imaging guidance system could not work properly under high speed and extreme conditions, and successfully converted the direct image stabilization technology into optical guidance, and developed a principle prototype to replace the key model equipment.
At present, the company has undertaken the development of 4 optical guidance systems, of which 1 has been accepted, 3 are in the process of developing, has developed the capabilities of optical guidance systems, and is also undertaking a number of product development projects of optical guidance system components.
The company is based on aerospace science and industry, aerospace science and technology group, and actively expands new customers. It is expected that the gradual research and development project batch production will become an important performance growth point of the company.
Raising supporting funds will further enhance the company’s industrialization capabilities.
09 yuan / share issue 25 million shares raised a total of 9 funds.
5.2 billion US dollars, investment projects are carried out around the existing main business, including the upgrade of optical-mechanical and electrical integration product production lines and precision optical machine parts manufacturing projects, Ruiguang aerospace optoelectronic equipment R & D and production projects.
Through the optical-mechanical-electrical integration project, the company is continuing to develop and introduce leading technological advancements, adjust product structure, and expand the proportion of batch production products to meet the pre-incubation and is advancing the implementation of multiple model projects with penetrating mass production background to the company’s mass production foundation.Conditions and supporting test conditions.
Improve the development and development capabilities of laser countermeasure products through the Ruiguang Aerospace Optoelectronic Equipment Project.
It is expected that after the completion of each project, it will reach an annual output of 380 sets of optical target and scene simulation systems, 12,000 sets of optoelectronic systems and components, and 4,200 sets of other types of optoelectronic products; and 50 sets of laser foreign object removal equipment and 200 sets of intelligent manufacturing non-standard optoelectronic detection equipment.And the production scale of 1,000 sets of drone photodiode equipment.
Investment Recommendations Shin Kong Optoelectronics is a high-tech manufacturer dedicated to serving precision guided weapons, focusing on providing high-precision components, devices, systems and solutions for optical target and scene simulation, optical guidance, photoelectric testing and other sophisticated components, or will benefit directly.Continuously finalizing batch production of missile models.
It is estimated that the company’s net profit growth rates for 2019-2021 will be 16%, 19%, and 23%, respectively. Using relative estimation methods, comparable companies mainly include Gaode Infrared, Dali Technology, Jiuyang, accurate information, etc., corresponding to 19 years of dynamic PE.Respectively 45.
The total share capital of the company after this issuance will not exceed 1.
5.4 billion shares, considering a reasonable price range after listing is 35-45 times, and a reasonable market value range is 29.
10,000 yuan, corresponding to a reasonable budget interval of 29.
1 yuan / share.
Risk warning: R & D progress is lower than expected; batch production of key models fails to meet expectations
Depth * Company * UFIDA Network (600588): Subsidiary structure optimization plus SAAS strengths
On June 4, the company announced the acquisition of a 20% stake in UFIDA Energy, a subsidiary, and the transfer of UFIDA auditing company 65.
8% equity and initiated the establishment of UFIDA.
Key levels of support level transactions are priced reasonably.
(1) It is proposed to acquire 20% equity of UFIDA Energy Technology Co., Ltd. (“Energy Company”) at a price of 47 million yuan (RMB, the same below), that is, the bid price of 2.
3.5 billion, corresponding to 2018 net profit of 28.91 million (revenue 1.
700 million), which is 8 times calculated based on PE estimates.
(2) Transfer of the holding 重庆耍耍网 subsidiary Beijing UFIDA Audit Software Co., Ltd. (hereinafter referred to as “audit company”) 65.
8% equity, the transfer price of 32.9 million yuan, that is, the target price of 50 million.
The target’s 2018 revenue is 52.25 million, the net profit is positive (970,000), the net assets are 45.49 million, and the premium based on net assets is about 9.
(3) The establishment of UFIDA: The company and the people are blessed, and Juxianhui only invested 37.5 million yuan (75%) and 6.25 million yuan (12) in cash.
5%) and 6.25 million yuan (12.
The transactions are basically internal adjustments, reflecting business optimization trends.
(1) The related transaction is a related party transaction, which is basically a transfer between internal shareholders. The transaction party is also the limited partnership represented by the merger. For example, the president of the audit company and the energy company are executive partners of the two transaction parties.
(2) UFIDA Energy provides cloud-based and internet-based platforms such as electricity sales cloud and centralized control cloud to downstream companies in the power industry and other energy industries to achieve efficient, safe, and easy maintenance for customer enterprise development; policy driven by ubiquitous power IoTIn the future, the degree of informatization of electric power companies is expected to deepen rapidly, which is worthy of overlaying.
(3) In response to the fast-growing SaaS + HR innovation business, Salary Blessing Society established the expectations and gradually improved the development of the business.
Estimate to consider the impact of cloud on apparent revenue and R & D management expenses, adjust 2019?
Net profit in 2021 is 7.
9 billion, 10.
0 billion and 12.
500 million, EPS is 0.
40 and 0.
50 yuan (down 6?
18%), corresponding to PE of 70X, 55X and 44X, and PS of 5.
7X and 3.
8X, 5 in the past three years?
The 8X PS level is low and bottom.
We are optimistic about the company’s informatization penetration and major customer breakthroughs, and maintain a 杭州桑拿网 BUY rating.
The main risks faced by rating companies are lower than expected; expenses are growing too fast.
Chenguang Stationery (603899)： Traditional business moat continues to strengthen the layout of office direct sales + new retail to escort mid-to-long-term growth
Chenguang Stationery (603899): Traditional business moat continues to strengthen the layout of office direct sales + new retail to escort mid-to-long-term growth
Chenguang Stationery is the number one domestic stationery brand, and its performance has maintained a high-speed growth for a long time.
In 2018, the company’s writing instruments, student stationery and office stationery accounted for 22% of revenue.
The compound strength of income in the past 5 years is 29.
41%, with a net profit composite strength of 24.
We believe that with the increase of time, the moat of the company’s business will continue to widen.
In terms of writing instruments and student stationery, Chenguang has built a higher moat in stationery, which is mainly reflected in channels, research and development, branding, technology and other aspects: 1) Channels: Chenguang has refined management of dealers and has adoptedProducts, brands, training, etc. empower dealers, making dealers profitable from their previous peers.
Due to the limited space of the stationery market around a school, the survival of the fittest will gradually occur through the rise in operating costs such as rent, and the market share of Chenguang will continue to increase!
2) Product design and development: Chenguang launched more than 2,000 new products in 17 years, and upgraded products through high-end cultural and creative products to meet the needs of more consumers.
Chenguang has cultivated a strong design and development team and IP cooperation resources for a long time, and its economy of scale has also been continuously improved.
3) Brand: Chenguang Stationery’s years of implied publicity and promotion have been very effective. It has established a good brand awareness in consumers’ hearts, and has been ranked first in the “Top Ten Enterprises in China’s Light Industry Pen Industry” for seven consecutive years.
4) Technology research and development: Chenguang continues to develop and promote in writing instruments and other products, with high product quality stability and good user experience, which forms a positive cycle between products and channels and brands.
The company also has a forward-looking layout for new business and new channels to ensure rapid growth in the medium and long term. The company’s future growth mainly has the following four new driving forces: 1) Chenguang Klip will use its industrial advantages to enter the office stationery direct sales market.
Klipp achieved revenue of 25 in 2018.
8.6 billion, net profit 3213.
In the future, with the expansion of Colip’s scale, the economies of scale in the office direct sales business will be significantly improved, which will lead to a significant increase in Colip’s net profit margin.
2) Jiumu Depot, an important layout of the new retail circuit.
Jiumu Miscellaneous Society has two important meanings for Chenguang. The first is the new channel. The positioning of Jiumu and traditional dealer channels is different, which forms an effective supplement and sells cultural and creative products, gifts, and daily necessities with more aesthetics.The second is to cultivate and develop new products, such as fine cultural and creative products and children’s art products. Jiumu is a more suitable sales channel;
Ermei can take advantage of Chenguang’s brand and channel advantages to promote it through traditional distributors, online, Jiumu Sundry Club, art activities and other channels, and quickly volume.
4) Online channels created by Chenguang Technology.
At present, Chenguang Technology’s online sales account for less than 3% of sales revenue. In contrast to other consumer goods companies, Chenguang Stationery’s online sales have room for expansion and improvement, and the development of online channels in the future can increase the company’s market share.
In general, we believe that the traditional offline stationery retail business of Chenguang Stationery has high barriers, and the moat talks are increasing and widening. Against the background of consumption upgrades, boutique cultural and creative industries will still maintain rapid growth.There is room for improvement in market share 佛山桑拿网 and number of products.
The company’s new business and new channel layout foresight will help the company to maintain rapid growth in the medium and long term: Klipp’s office direct sales business will soon achieve economies of scale; Jiumu Sunshine Co., Ltd. plans new retail and opens up long-term development space;Ermei’s products have dual empowerment of brands and channels, while rapidly increasing volume; online channel sales are growing rapidly, and the proportion will continue to increase.
Taking into account the development of the company’s various businesses, we estimate that the company’s net profit for the period of 19-21 will be 10.
1.4 billion / 12.
5.2 billion / 15.
3.3 billion, with growth rates of 25.
6% / 23.
5% / 22.
5%, corresponding to PE of 33.
2X / 26.
9X / 22.
The first coverage 杭州桑拿 was given a “Buy” rating. Risk reminder: The growth rate of traditional business is growing rapidly; the net interest rate of Klippu is not up to expectations; the speed of opening stores of Jiumu Miscellaneous Agency is not up to expectations; market competition is intensifying
Science and Technology Board Inquiry Report of Pumen Technology (688389)
Developer of therapeutic and rehabilitation and in vitro diagnostic products.The company was founded in 2008 and is mainly engaged in the research and development, production and sales of therapeutic and rehabilitation products and in vitro diagnostic products.In the field of treatment and rehabilitation, the company has formed eight series with photon therapy devices as its core and more than 50 model product lines, mainly including hospital clinical departments; in the field of in vitro diagnostics, electrochemical luminescence, immunoturbidimetry, and liquid chromatographyThe four major immunofluorescence detection platform technologies have independently developed special and specialized in vitro diagnostic equipment and supporting reagent product lines, which can provide nearly 50 clinical testing items, replacing the hospital inspection department and physical examination center. The company’s main financial indicators and profit forecasts.The company achieved operating income in 20183.23 ppm, an increase of 28 in ten years.9%; net profit attributable to mother is 0.810,000 yuan, an increase of 70 in ten years.52%; The company’s gross profit margin in 2018 was 59.6%, with a net interest rate of 25.1%, ROE is 12.1%, asset-liability budget 17.7%, the overall operating conditions are good.2019H1 achieved operating income 2.05 ppm; realized net profit attributable to mother 0.5.1 billion.The gross profit margin and net sales margin for 2019H1 are 59.9% and 24.7%, ROE is 7.7%, asset-liability budget 16.3%.We predict that the company’s operating revenue for 2019-2021 will be 4 respectively.08 thousand yuan, 5.0.6 billion and 6.1.9 billion; net profit attributable to mothers is 1.0.9 million yuan, 1.3.7 billion and 1.7 billion. Company valuation and inquiry analysis.This report focuses on the evaluation and analysis of companies using different methodologies and systems, and at the same time the corresponding reasonable inquiry interval.We use the historical estimation reference method to predict that the company estimate is 63.0 million yuan, using the PE method to predict the company’s valuation is 59.8 ppm, using the DCF method to estimate the company’s valuation at 65.US $ 400 million. Considering the growth of the 苏州桑拿网 company’s total revenue and profits, it is still in a rapid growth period. We mainly use the DCF estimation method, supplemented by the historical forecast reference method and the PE estimation method. We estimate the company and give historical evaluationsThe 20% weighting of the reference method, the 20% weighting of the PE evaluation method, and the 60% weighting of the DCF estimation method ultimately resulted in the company’s current valuation of approximately 63.800 million.We assume that the number of new shares issued by the company this time is 43 million shares, and the total share capital of the company after issuance is 422.2 million shares; according to the company’s predicted market value, the company’s corresponding substitution is 15.11 yuan / share, the recommended inquiry range is[13.14,17.08]yuan / share. Risk 武汉夜生活网 warning: industry policy risk; risk of new product development failure and registration failure; product quality risk; market competition risk
Radio and Television Metrology (002967)： Comprehensive Testing of State-owned Enterprise Leaders to Accelerate 2020 Performance Release
Radio and Television Metrology (002967): Comprehensive Testing of State-owned Enterprise Leaders to Accelerate 2020 Performance Release
Comprehensive testing of state-owned enterprises, benefiting from the high growth and excellent business model of third-party testing industry 1) Comprehensive testing of state-owned enterprises, with more than 20 experimental bases and more than 70 laboratories nationwide, the scale and efficiency of which have been rapidly improved.
From 2012 to 2018, the operating income and net profit attributable to the mother CAGR reached 42% and 47%; the net profit attributable to the mother for 2019 is forecasted1.
850,000 yuan, an increase of 19% -52% in ten years.
2) The third-party inspection industry has both high growth and excellent business models.
The inspection industry has “GDP +” growth momentum, and “large capacity + marketization + reorganization” has made the Chinese market ranking gradually increase in Europe and the United States. In 2018, the annual inspection market size was 2811 ppm, and the CAGR in the past 10 years was as high as 19%. At the same time, the inspection isCash flow creation machines, through the use of laboratories to improve efficiency and profitability.
“Depth + breadth” two-way expansion, forming a significant differentiated competitive advantage, and fostering the future of the business”service.
In 2018, the company’s domestic market share was approximately 0.
4%, second only to China Test and SGS, BV and other foreign companies in China.
2) The three businesses have significant differentiation advantages and are the main force for the company’s performance contribution.
Benefiting from the military background and the advantages of Guangdong Radio’s major shareholders, the company has formed significant competition in metrology calibration, reliability and environmental testing, and electromagnetic compatibility testing.
We judge that the growth of the three major areas of advantage has increased the company’s market share. The revenue scale in the next 2-3 years is expected to maintain a growth rate of 20% to 45%.
3) The environmental protection, food and other cultivation business layout is fast, and customers are expanding 天津夜网 from government to business.
Since 2017, the company has increased its layout in the environmental protection and food sectors, with rapid growth in revenue scale, and the customer structure needs to be improved.
Based on the industry and the stage the company is in, the revenue scale is expected to achieve a growth rate of about 25% in the next 2-3 years.
Phasedly entered into the period of improving efficiency, the company’s performance was accelerated in 2020, and the profitability could be improved. In 2017-2018, the company expanded its scale and established laboratories. We estimate that about one-third of the laboratories in 2019 will still be below the breakeven line.The company’s investment budget ratio and profit margin have been low in recent years. At this stage, the focus will be on improving efficiency.
Based on the stage of various business laboratories and the improvement of efficiency, we predict that the company’s performance will be accelerated in 2020, and the growth rate is expected to exceed 55%.
Investment recommendations and estimates The company’s 19-21 year revenue is 16/21/26 trillion US dollars, an annual growth of 30% / 28% / 26%; net profit attributable to mothers1.
1 ‰, a 10-year growth of 25% / 56% / 29%, a compound growth rate of 36%.
Give the company 55 times PE, a reasonable market value of 13.1 billion in 20 years, a target price of 40 yuan, the first coverage, increase the level of holdings.
Risks reminded that the company’s reputation was affected by adverse events; corporate customers were less developed than expected; accounts receivable risk; the company’s refined management was poor; acquisitions and expansion of downstream areas fell short of expectations; the detection industry was affected by policies.