[How to cook black chicken with Chinese yam lotus seeds]_Home cooking of black chicken with Chinese yam lotus seeds_How to make black chicken with Chinese yam lotus seeds_How to make black chicken with Chinese yam lotus seeds

[How to cook black chicken with Chinese yam lotus seeds]_Home cooking of black chicken with Chinese yam lotus seeds_How to make black chicken with Chinese yam lotus seeds_How to make black chicken with Chinese yam lotus seeds

With the continuous progress of life, we have more and more requirements for food. We must eat nutritiously and eat with confidence and safety. I am the safest and safest in cooking. I will introduce you to the method of stewing black chicken with yam lotus seedsCome and learn it!

1.

After washing the material, cut the black chicken legs into 4 pieces, and divide all the materials into two parts.

2.

1 yam and wolfberry.

3.

2 Put the sliced black chicken legs into the stew pot, and add the lotus seeds.

4.

1 Cover a piece and place in an electric saucepan.

5,

2 Add 400ml of water per cup of water.

6.

Put an appropriate amount of water in the electric saucepan, start the power and select the slow-simmering program for 4 hours; add the salt and cook after cooking.

7.

Finished product.

Today, this simple and nutritious yam lotus seed stewed black chicken is introduced here for everyone. Xiaobian also wishes the housewives to cook with a happy mood, which will surely make the family eat healthy and happy!

[Can pregnant women eat lunch meat]_Pregnancy_Can I eat

[Can pregnant women eat lunch meat]_Pregnancy_Can I eat

Luncheon meat is a canned product. The main ingredient is pork or beef. When making luncheon meat, a large amount of food additives and preservatives are added to the meat, although everyone will feel the taste when eating luncheon meat.It’s delicious. It’s a very good way to eat, but this kind of food is not suitable for regular consumption, especially for special groups such as pregnant women.

Reason one: It is generally not recommended for pregnant women to eat canned foods, because lunch meat contains high salt and high protein; it also contains nitrite, so it is recommended that if you really want to eat, you should not overdo it. You ca n’t eat it often.With vegetables.

The second reason is that the lunch meat is very delicious. It can be used as an occasional appetite regulating food for pregnant women, but it should not be eaten often. The processed foods are not as nutritious as natural foods. Besides, the salt content is high.Too many additives or poor quality of meat during the process can cause harm to human health and even affect the development of hypertension, so pregnant women should eat less.

The reason is that three canned foods are best to eat less, the nitrite content is very heavy, eating too much is not conducive to the development of oxides, and low nutritional value, contains a lot of carcinogens.

It is okay to eat once in a while, but in moderation.

Eat more fresh beef, pork, and chicken, which are also important for grain development.

Reason Four lunch meats will be added with some sodium nitrate, sodium nitrite and other medicines during the marinating process, the purpose of which is to preserve rot.

However, sodium nitrite is reduced to nitrous acid under acidic conditions.

Nitrite directly reacts with the heme and myoglobin in the meat, which can make the meat rosy.

Although its color is beautiful, sodium nitrate and sodium nitrite are harmful chemicals to the human body. It can oxidize methemoglobin in human blood to methemoglobin and lose its ability to transport oxygen, which makes people dizzy.Drowsiness, headache, vomiting, nausea, fever, abdominal pain and other symptoms.

Therefore, avoid eating lunch meat, especially children, the elderly, pregnant women should definitely avoid lunch meat.

[Efficacy and role of wild garlic]_Benefits_Advantages

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[Can milk be refrigerated?】 _Can you drink_Can you drink?

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You are not alone, but you are not alone. You are in a hurry, and your father and mother are all breathing out and playing in the altar. You are in a hurry.兘浼氫竴娆℃€т拱寰堝鐗涘ザ锛岀劧鍚庡氨浼氭妸鐗涘ザ鏀惧湪鍐扮閲岄潰淇濆瓨锛岃繖鏍蜂繚瀛樼墰濂朵笉瀹规槗鍙樿川锛岃€屼笖杩樼粡甯稿彲浠ュ枬鍒板啺鐨勭墰濂讹紝浣嗚繖閲屾彁閱掑ぇ瀹舵敞鎰忥紝鍗充究鏄It ‘s crazy, and it ‘s so hard to get around, and it ‘s so hard to get around, 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? Zhu Jian riverbank za Wan crazy Caiyangzhishan Jianjienanyang Lazhujiansi za Wan Fengmianyangzhi Shanjianjienan Moyaotanlian Duoqingjuanhun  Xisehetuan  Jijianjiechuan TOWER Xing Zhen璐ㄤ互鍙婁竴浜涘姩鐗╂簮鎬х淮鐢熺礌锛岃€岀墰濂跺湪鍐峰喕杩囩▼涓淮鐢熺礌浼氭湁浜涜鍙戠敓姘у寲锛屾湁鎵€娴佸け锛岃泲鐧借川浼氬彂鐢熷彉鎬э紝浣嗗湪瑙e喕涔嬪悗浼氭仮澶嶅師鐘讹紝閽欒川淇濇寔涓嶅彉锛屽洜姝わ紝钀ュ吇浠峰€间笂鏉ヨ鏄湁鎵€闄嶄綆锛屼絾骞朵笉褰卞搷椋熺敤銆The altar is in the middle of the world. The world altar is in the rudder. The wind is in the wind and the wind is in the wind. The altar is in the air. The land is in the air. Han is in the air.Langyizhoumo Yaoduowaifei Fan Toso Jian riverbank za Xizhilunwei teach  fermium Ju  Qian ︽ Sanlu Rongyijuanzui Ying Xiahuojiqie  Jingbenyuexin Weiqiang Jijianjiechuan Feifanguogaoс€侀伩鍏嶇淮鐢熺礌鐨勬哀鍖栵紝鍥犳锛屽枬鍐风殑鐗涘ザ鏇磋兘淇濈暀鍏惰惀鍏荤墿璐紝渚夸簬娑堝寲鍚告敹銆傜墰濂剁儹鐨勫ソ鐢熸椿涓湁閮ㄥ垎浜烘槸涓嶈兘鍠濆喎鐗涘ザ鐨勶紝鍠濅簡灏辨媺鑲氬瓙锛屽挨鍏舵槸甯歌浜庝腑鑰佸勾浜猴紝鑷韩鍏嶇柅鑳藉姏涓嬮檷涓ラ噸锛屽枬姘撮兘瑕佸枬娓╃儹鐨勶紝鍥犳锛岃繖绫讳汉鍙€傚悎鍠濈儹鐗涘ザ锛岃惀鍏绘湁鎵€闄嶄綆锛屼絾骞朵笉褰卞搷韬綋鍋ュ悍銆備负浠€涔堜互鍓嶇墰濂堕渶瑕佸姞鐑緢涔呬互鍓嶏紝浜轰滑鍠濈墰濂堕兘闇€瑕佸姞鐑紝杩欎富瑕佸拰褰撴椂鐨勫崼鐢熸潯浠舵湁鍏筹紝鐗涘ザ涓惈鏈夊緢澶氱殑鑿岀被锛岄渶瑕佺粡杩囧姞鐑潃鑿岋紝鏂瑰彲椋熺敤锛涜€岀幇鍦ㄥ崼鐢熸潯浠舵槑鏄炬彁楂樺お澶氾紝甯傚満涓婂崠鐨勭墰濂堕兘缁忚繃浜嗙伃鑿屽鐞嗭紝鍙洿鎺ラギ鐢ㄣ€傜墰濂舵€庝箞鍔犵儹鏈€濂介殧姘村姞鐑皢鐗涘ザ鍊掑叆鏉瓙涓紝鏀惧叆姘存俯鍦?0搴﹀乏鍙崇殑娓╂按鐩嗕腑锛屽嚑鍒嗛挓鍚庡嵆鍙儹閫忋€傚ソ澶勶細杩欑鍔犵儹鐨勬柟娉曪紝鍗囨俯杈冩參锛屾俯搴﹁緝浣庯紝瀵圭墰濂朵腑鐨勮惀鍏荤墿璐ㄧ牬鍧忔渶灏戙€?

[How do squid fish taste delicious?

】 _Home Practice _ Production Method

[How do squid fish taste delicious?
】 _Home Practice _ Production Method

Squid is edible, and it is a very precious food. Its nutritional value is very high. Squid can be used as medicine throughout the body. Many women now have blood deficiency and severe amenorrhea. At this time, you can eat squidIn addition, cuttlefish also has a variety of effects such as anti-virus, but it is not easy to put cuttlefish in delicious food. Here are some popular methods.

First, fish fragrant cuttlefish 1.

Bought cuttlefish is put in clean water (except for the whole process, it needs to be rinsed with tap water when removing the film, it is best to complete it in water, and pay attention to changing the water repeatedly during the process).

2.

Separate the head and body of the squid.

3.

Remove this bone from the head. The ink of the squid also contains ink. You need to use a knife to break the eye part in the water and take out the eyeball (it is not convenient to take a picture).

4.

Remove the spine from the back.

5,

The body also contains ink gallbladder, which needs to be removed and thrown away.

6.

Finally, remove the thin film from the body and rinse it with water.

7.

The processed fish is covered with a crossblade and cut into pieces.

Beard cut into segments.

8.

Make water in the pot, boil the squid pieces and blanch them, roll up and remove the drained water.

9.

Cut the shallots and garlic into slices.

10.

Cucumbers are cut into eye pieces (this one is not cut well).

11.

Carrots are also cut into eye pieces.

12

Heat the oil in the pot. After the oil is hot, add the onion and garlic slices and Shexian bean paste to fry.

13

Stir in carrots and stir-fry.

14.

Then add the drained squid, stir fry evenly, add some water to prevent sticking to the pan, and simmer until the juice is collected.

Flavoring: Add vinegar, sugar (according to each person’s taste) and some MSG.

15

Finally, add the cucumber slices and stir-fry evenly.

Second, leek stir-fried small squid 1.

Ingredients: Leek 2.

Ingredients: cuttlefish 3.
Ingredients: onion ginger garlic 4.

Put oil in the pan.

5,

The oil heats the onion, ginger, and garlic, and the squid.

6.
Put noodle sauce, soy sauce, salt and stir-fry.

7.

Add leeks and stir fry for the third, three-color pepper and mustard squid 1.

Ingredients: Red pepper, yellow pepper, green pepper.

2.

Ingredients: Small cuttlefish.

3.

Remove the squid fish offal and wash.

4.

Cutter flower.

5,

Put in a bowl and add the right amount of chicken flour.

6.

Add the right amount of pepper.

7.

Add the right amount of raw flour.

8.

Mix well and marinate for 30 minutes.

9.

Wash the three-colored peppers, remove the seeds, and remove the edges.

10.

Cut into pieces and put in a plastic box for use.

11.

Add the minced garlic.

12
Hot pot.

13
Pour in the right amount of corn oil and sauté.

14.

Add squid.

15
Add the right amount of fish sauce, stir fry until the squid is cooked and lifted.

16.

Pour the right amount of corn oil into the original pot.

17.
Add three-colored peppers.

18 years old

Add a bit of water and fry until taste.

19

Return the squid to the pot.

20

Stir well and turn off the heat.

[Can tuberculosis eat garlic]_eat garlic_effect

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Daoda investment notes: GEM refers to continued soaring stocks speculation is about to be lively

Daoda investment notes: GEM refers to continued soaring stocks speculation is about to be lively
Source: Daily Economic News Yesterday, the Shanghai Index fell slightly by 8.44 points to 3031.Closed at 23 o’clock, the decline was 0.28%.However, the strongest GEM index continued to surge 37.33 points to 2263.It closed at 97 points, an increase of up to 1.68%.Shanghai’s turnover was 451.6 billion, and Shenzhen’s turnover was 7704.600 million yuan, the total turnover of the two cities was 12220.6 trillion, a new high since November 17, 2015.  It may be that the new crown pneumonia epidemic has begun to spread in some countries, so the global stock market almost fell yesterday. Why can the A-share market stand alone?  In-depth analysis Last Friday, the three major Wall Street stock indexes began to plummet.Among them, the Dow Jones Industrial Average dropped 0.78%, the Nasdaq index fell as high as 1.79%, the S & P 500 index fell by 1.05%.Yesterday morning, the South Korean stock index plummeted by 3.87%, Thai stock index plunged 2.61%.In addition, the Hong Kong stock market Hang Seng Index plunged 487.93 points to 26820.It closed at 88 points and fell by 1.79%; Hang Seng State-owned Enterprise Index fell 222.51 points to 10568.It closed at 33 points, with a drop of 2.06%.Yesterday afternoon, the Italian FTSE index futures fell 4%, and the British FTSE index futures also fell by 1 at a time.6%.  Perhaps due to the impact of the overseas market’s plunge, there was a reduction in the size of the Northbound Fund and the replacement of the net worth yesterday. According to the data of the Oriental Fortune Network, the Shanghai Stock Exchange replaced the net 36.9.9 billion yuan, the Shenzhen Stock Connect decreased by 22.5.6 billion yuan, a net reduction of 59.5.5 billion yuan.This is also the most obvious day since February this year when the northbound funds net exceeded.  Why is the global stock market plunging, but the performance of the A-share market is so strong, giving people a sense of leadership?  First of all, as far as the epidemic situation is concerned, the current overall expectations are gradually changing, and are significantly different from other countries’ rankings. Second, the market’s strong performance since February has gradually raised investor confidence.At the same time, the regulatory policies introduced in advance will also help the market to strengthen; in addition, the scale of new fund offerings provides sufficient “bullets” for the market to strengthen.According to media reports, as of February 22, 117 funds were newly established in 2020, with a share of 2,305.4.3 billion copies, significantly exceeding the same period in 2018 and 2019.Among them, equity funds have issued shares since 1983.1.8 billion copies, accounting for 74% of the total fund issue.  Is the current 佛山桑拿网 market a bull market?We are not conclusive.A research report released by Guotai Junan yesterday pointed out that with the 2015 ranking, there have been four major changes in the A-share market: one is that after five years, the expectation of “regulatory deregulation + interest rate cuts” appears again; the second is that the current risk substitution has begunSignificantly improved, but there is still room for ranking in 2015; the third is the three major incremental funds slowly entering the market.These three aspects of incremental funds include northbound funds, redistribution of social wealth from lower bank wealth management returns, and the large-scale issuance of the new funds we mentioned above. Fourth, the current technology stock market has profit support, which is similar to 2015.There are obvious differences.Five 佛山桑拿网 years ago, technology stocks mainly relied on outbound mergers and acquisitions, and there was a bubble.Guotai Junan pointed out that 2014?In 2015, the net profit growth rate of the technology sector attributable to mothers increased rapidly by 56% and 26%, but the profit growth rate was only -2% and 0%, reflecting that the issuance replaced all profit growth, so it was essentially a virtual extension of M & A.prosperity.Guotai Junan expects that the growth rate of net profit of the technology sector attributable to mothers will rise to 24% in 2020, and the growth rate of EPS will reach about 17%.  The sand table deduced that A-shares were still very strong yesterday. After the Shanghai index adjusted to the 5th line, it rebounded. The GEM index continued to rise and hit a record high, mainly due to strong technology stocks such as large fund concepts and 5G communications.  From the general direction of the strategy, we still can’t bearish easily, we can continue to be bullish.Because the rhythm of the A-share market is obviously different from that of overseas markets, and the attractions of A-shares are also one after another.  The latest news shows that smart cars may become a new hot spot again.According to media reports, the “Smart Vehicle Innovation and Development Strategy” jointly issued by 11 ministries and commissions such as the Development and Reform Commission and the Ministry of Industry and Information Technology has been exposed, which has caused widespread concern in the entire smart car industry chain.The document proposes that the basic composition of China’s standard smart car framework will be achieved in 2025, and that smart cars with conditional autonomous driving will achieve large-scale production, and highly autonomous smart cars will be marketed in specific environments.  Therefore, for the market outlook, I think the stock speculation will be more lively.According to the broader market, we will continue to pay attention to the situation of overseas epidemics and the trend of overseas capital markets. If the external market continues to fall, it may have some impact on A shares in the short term. How big is this impact, can the A stock market hold it, orStep by step.  CSI 300 Index Position Reference Yesterday Position: 60% Today’s Position Plan: 61%. This position is a non-solid position reference based on trend research. It is not used as a basis for trading. Please pay attention to investment risks.  Second, the target of this position tracking is the Shanghai and Shenzhen 300 Index, in order to track the changes in the index, to avoid the effect of differences in open stocks. (Zhang Daoda)

Shennan Circuit (002916): Total revenue exceeded 20 billion mark within five years and profit elasticity was greater than revenue

Shennan Circuit (002916): Total revenue exceeded 20 billion mark within five years and profit elasticity was greater than revenue

Event: 2018 revenue of 7.6 billion, + 33% annually, net profit attributable to mother 6.

97 ppm, ten years + 55%.

Q4 single quarter revenue 22.

0.6 billion, + 8% MoM, + 53% in ten years, net profit 2.

2.5 billion, previous + 106%, + 17% MoM.

The analysis is as follows: Q4 reached a new high in a single quarter, and the number and price of datacom PCBs increased. The reasons for the increase in performance include four aspects: PCB, IC carrier board, and electronic assembly have achieved steady growth in three businesses; communications, industrial medical care, and servers.The demand for PCBs increased due to the sales of downstream products; Nantong’s smart manufacturing plant climbed more than expected, and its production rate gradually increased. It shifted from major defective products in the early stage to high-value products, and automation brought about a shortened cross-linking period.The promotion and reduction of labor, the monthly output value in December is about 50-60 million yuan, and the current crop rate is about 80%. It was originally expected to break even in the fourth quarter and extended in the first three quarters, but in fact Q4 profit was more than 10 million;The capacity will be further expanded; the report gradually introduces a long-term equity incentive plan, which improves the overall operating efficiency, and the team has set a model for internal optimization of state-owned assets.

On the customer side, orders from customers such as ZTE and Ericsson continued to grow; Huawei’s order structure was optimized; the carrier board business gradually introduced customers of storage products; industrial control medical services, servers and other customers saw significant growth.

At present, the new project in Wuxi is at the stage of mechanical and electrical installation, and it is planned to start production at the end of June. The customer system certification has also begun. The carrier board project is one of the company’s major sources of growth in the medium and long term.

In Q4, the gross profit margin and net profit margin in the single quarter increased by approximately 1 percentage point from the previous quarter.

The growth of gross profit margin mainly comes from the improvement of product structure and production line efficiency. The company’s subsequent downstream customer upgrades of 4G products, service storage, and industrial control medical products gradually introduce new customers and new technologies. 5G & pre5G began to invest a small amount, which spurred the company’s product added value.Overall improvement; at the cost side, the company’s high-layer PCB and carrier board yields are stable, and individual series of products have been improved, such as steel flexible bonding boards, storage boards for carrier boards, PCBs with more than 20 layers, and new generation communication products.In addition, the new factory automated production line has brought about two major cost reductions: direct labor (reduced labor and increased production, 24-hour operation) and direct materials (reduced scrap rate).

At the same time, the price of copper clad laminates is in the bonus period. After the capacity is gradually released, the procurement costs gradually decrease, especially the domestic copper clad laminate suppliers continue to grow in the high-frequency and high-speed field.

In addition, the Q4 company has no expansion project, the cost accrual is reduced, and the operating rate is increased to dilute costs.

The demand for telecommunications PCBs has a long span and large elasticity, and high barrier business enjoys a fine pattern. It is about to enter a sweet period of industry outbreak: in the second half of 2018, the throughput of base stations in mainland China increased by more than 50%, and the global 4G penetration rate was less than half.4G’s continued deployment, upgrades, and expansion are the main sources of demand for telecommunications PCBs.

In addition, 2019 is the first year of 5G-scale pre-commercialization in China and the world, and equipment has begun to place orders. The construction plan of the IoT base station in mainland China also brings supplementary demand.

Benefiting from the high growth of Internet traffic, the penetration of cloud computing, the global server expansion volume has increased rapidly for nearly 9 quarters, and the global Internet giants ‘capital expenditure continued to increase in the fourth quarter of 2018. We believe that although the volume of server volume will increase in 2019,It will be slightly extreme, but it will still maintain a positive growth trend.

There are four major barriers to communications PCB products: equipment, technology, capital, 苏州桑拿网 customers, seven major technical difficulties such as backplane production, and some solutions involve the company’s own patents, at least requiring experienced personnel, transformed equipment, andThe running-in production line, the stable yield of mass production and compliance with the requirements of profitability can not be achieved in a short time by buying equipment for trial production. This is basically applicable to products with more than 16 floors and more than 3,000 yuan / square meter.

The main players in the military high-layer board market are foreign companies, such as New Mayer, ISU, TTM, etc. These companies have stalled or are in a state of dislocation due to scattered distribution and investment expectations. Shennan Hudian Dongshan is a domestic investorFor scarce players, it is difficult for 北京桑拿洗浴保健 privately-owned private companies to enter the bureau in the short term. In the first two years when the penetration rate of new generation communication equipment gradually increased, the industry status and relative stability of Shennan Circuits. This year, orders from customers such as Ericsson have increased significantly.It is predicted that by 2022, the global PCB market in the telecommunications category will have a market space of 13.7 billion U.S. dollars, assuming that Shennan doubles its current market share to 10%, corresponding to about 9.5 billion yuan in revenue.

The national team of the IC carrier board is gradually exerting its strength. The increase in localization rate brings 7 billion yuan in incremental revenue. In terms of IC carrier board, the company is an enterprise with scarce domestic capital and passing the technical ability test and certification of major customers.Up to now, the memory chip capacity of 300,000 pieces / month corresponds to about 3.

The IC carrier board capacity is 80,000 to 40,000 square meters per month, and the average price is between 2600 to 3,000 yuan per square meter.

According to preliminary statistics, the total capacity of the existing and expanded large-scale IDM memory chip production lines in mainland China is about 830,000 pieces / month, of which 350,000 pieces / month are currently under construction and 470,000 pieces / month are under construction.

Looking at the demand for IC substrates corresponding to these capacities, based on the results of industry research, the total demand for IC substrates corresponding to storage and production lines under construction and construction in mainland China is about 10.

70,000 square meters per month, or 1.28 million square meters per year, corresponding to a market space of about 3.6 billion square meters per year.

The global carrier board market is approximately USD 7.5 billion, with a leading market share of approximately 15%, corresponding to approximately RMB 7.8 billion in revenue. At present, Shennan ‘s market share in the overall IC carrier board market is less than 2%, with a growth of approximately RMB 6-7 billion.space.

The competitive advantages of Shennan’s carrier board business compared to the traditional top ten (accounting for 80% of the carrier board market) are mainly reflected in cost and price, nearest response, capital, and the necessity of localization of core industries.

Domestic replacements must replace the semiconductor down cycle from scratch.

A model for optimizing the internal efficiency of conventional assets. In the long run, there is still room for multiples of revenue: the company’s comparative advantage lies mainly in technology research and development accumulation, customer barriers, talent teams, and further improved automated production capabilities.

The long-term equity incentive plan launched by Democracy, the automation factory selected by the Ministry of Industry and Information Technology, etc., show that the company’s management efficiency has gradually improved, and it is a model enterprise of “industry luck itself capable” in state-owned capital.

In the long run, the company ‘s IC carrier board still has 7 billion U.S. dollars in incremental revenue space. With reference to Xinxing, Jingshuo and other carrier board leaders, it took about 8-12 years from investment to growth into a global leader, considering the support of ShennanBetter capital, talents and infrastructure environment, we assume that Shennan will complete this goal in 8 years, and the company will start to deliver the carrier board business in batches after the factory relocation in 2015, which is to complete this goal in 2023, and the revenue will reach about 85 Ten thousand yuan.

In 2023, according to the market space data of civilian government agencies, we conservatively assume that Shenzhen’s market share will reach 10%, or 9.5 billion yuan.

The total revenue of the two block businesses is about 180 trillion.

Automotive board, industrial control medical, and aerospace. The global market space will be about 17 billion US dollars (prismark) by 2023. It is assumed that Shennan’s market share in these three areas will maintain the current market share of the global PCB market in 2018.About 1.

5%, which is about 1.8 billion yuan in revenue.

Electronic equipment assembly follows the calculation of 900 million revenues in 2018, a compound annual growth rate of 10%, and approximately 1.4 billion revenues by 2023.

Calculated in this way, by 2023, the company’s total revenue will be about 95 + 85 + 18 + 14 = 21.2 billion, with a compound growth rate of 23% in 2018-2023. Based on a net interest rate of 11% (product upgrades, automated expansion of management scale and efficiency)The profit was 2.3 billion yuan, with a compound growth rate of 28% in 2018-2023.

Investment suggestion: Net profit is expected to be 6 in 18-20 years.

9/9.

3/12.

5 billion, EPS2.4/3.

3/4.

4 yuan, the current sustainable corresponding PE is 49.

0/36.

2/27.

0X, giving a 45X estimate for 2019, with a target price of 148 yuan and a “buy” rating.

Risk warning: downstream demand is lower than expected; new capacity expansion exceeds expectations.

Suntec Technology (002815): Pay attention to the possibility of technological breakthroughs leading to track upgrades

Suntec Technology (002815): Pay attention to the possibility of technological breakthroughs leading to track upgrades

The main points of investment have successfully transitioned from a small batch leader to a large batch with a bright future.

The company is a leader in the domestic PCB industry for small batch boards. With its professional market positioning and years of technology and experience, it has formed a unique, effective service model and the ability to quickly respond to customer needs.

The company has a high level of refined management and flexible manufacturing, an excellent level of ERP and management, and an excellent production process, so the level of production efficiency and cost control is higher than its peers.

The three items of per capita salary, per capita output value and per capita profit are at the forefront of the domestic PCB industry. Per capita profit and per capita output value continue to increase, and production efficiency continues to increase.

The company successfully entered the field of medium and large-volume boards in recent years: the increase in orders for medium and large-volume boards has driven the company’s average unit area to continue to increase in recent years, from 6 in 2013.

68 square meters / single increased to 9 in 2016.

4 square meters / single.

70% of the company’s new orders in 2018 were medium and large-volume orders, marking the company’s successful transformation into the medium and large-volume market.

5G and the PCB industry resonate, and the company’s future orders are of high quality.

The 5G era has brought new growth in the PCB downstream industry, and 5G base stations have also brought explosive growth in high-frequency boards.

Taking advantage of the 5G storm, the company uses its technical barriers and cost advantages accumulated in deep cultivation of high-end PCB products. 5G base station and other related products have made good progress in research and development, with high value and high product barriers.

Acquisitions and investments go hand in hand, and the PCB industry is fully deployed.

The company further acquires Sandeguan and Punoway, and the product layout is expanded to FPC, MEMS PCB and light sensors, further enriching the company’s existing products.

Leveraging the technological advantages and customer resources accumulated in the FPC and PCB professional fields by Suntec and Punoway, it has quickly opened up market segments, and accordingly entered the downstream PCB field such as automotive electronics and consumer electronics to gain new opportunities for profit growth.

At the same time, the company wholly established Nantong Chongdada Company and invested in the research and development and production of IC substrates, combining its advantages in fine management and customer 杭州桑拿网 resources, quickly establishing barriers to entry, and further improving the layout of high-end industrial lines.

PCB capacity shifted eastward, and export business moved forward steadily.

As an export-oriented company, Suntech exports more than 70% of its products overseas, of which 20% are American customers.

The company adopts FOB delivery method, and the increase of trade tax has little effect on the company’s profit.

In addition, the gap between the US downstream industry demand and the upstream and upstream PCB supply scissors has gradually widened, increasing the bargaining power of mainland Chinese PCB manufacturers.

In addition, the company has more than 1,100 customers worldwide, distributed in multiple countries and regions, and reached long-term and stable cooperative relations, which helps to share the company’s export risks in the changing global trade pattern.

Recently, the exchange rate of RMB against the US dollar broke through 7, and exports are favorable.

Investment suggestion: The overall trend of PCB global production capacity transfer to land capital is clear, the company’s strong position in 5G and other high-margin businesses is expanded, and the company is committed to introducing an increasingly competitive market share of product competitiveness; the company plans steadily and aggressively, Jiangmen and ZhuhaiThe progress of the project is in line with expectations; the internal operating advantages provide protection for the company’s profitability.

We expect the company to achieve net profit attributable to mothers in 2019/20206.

6/8.

600 million, the current corresponding PE is 22x / 17x.

Maintain “Buy” rating.

Risk reminder: environmental protection policy affects production capacity layout, production expansion progress is less than expected