Hang Ke Technology (688006): Focus on lithium battery post-processing overseas customers expand smoothly

Hang Ke Technology (688006): Focus on lithium battery post-processing overseas customers expand smoothly

Investment Highlights Companies are listed on the first criteria.

Leading company in lithium battery post-processing equipment, with a market share of about 20% in 2018.

The company’s core product is charge and discharge equipment, and demand is mainly affected by the expansion of downstream lithium battery manufacturers.

The company’s 2018 revenue was 11.

100 million (+43.

9%), of which charge and discharge equipment revenue accounted for 82%, gross profit accounted for 90%.

Charge and discharge equipment includes power battery equipment and consumer battery equipment, and the revenue in 2018 was 4 respectively.

100 million and 4.

9 trillion, accounting for 37% of total revenue.

1% and 44.

3%, the growth rate was 27.

3%, 41.

1%.

The company’s business has continued to grow rapidly in recent years, mainly benefiting from the expansion of downstream lithium battery manufacturers, the expansion of their own customers, and the increase in the proportion of supporting customers.

In 2018, China’s lithium battery post-processing equipment output value was about 6.2 billion, and the company’s lithium battery post-processing equipment production inventory was about 12.

400 million, accounting for about 20%.

Benefiting from the development of new energy vehicles, the power battery equipment business is expected to continue to grow rapidly.

Worldwide sales of electric vehicles in 2018 were 201.

80,000 (+64.

9%), of which China’s new energy vehicle production and sales were 1.27 million (+59.

9%) and 125.

60,000 vehicles (+61.

7%).

Benefiting from downstream demand, the global power battery in 2018 will supplement 106GWH (+55.

2%), of which China achieved 65GWH (+46) of power battery replenishment in 2018.

1%) to achieve an installed capacity of 56.

98GWH (+56.

5%).

Downstream demand is good, and manufacturers’ expected expansion of output value has driven the company’s power battery equipment to continue to grow rapidly. 2016, 2017, and 2018 revenue were 1 respectively.

100 million, 3.

200 million (+195.

6%), 4.

10,000 yuan (+27.

3%).

Overseas customers developed smoothly, and the proportion of revenue increased significantly.

The company’s foreign revenue was 0 from 2017.

80,000 yuan, increased to April 2018.

10,000 yuan, mainly due to a significant increase in LG’s revenue contribution.Revenue from LG in 2017 and 2018 were 1.

400 million, 4.

0 ppm, contributing 76 of the revenue increase.

5%.

The company’s 2018 revenue from power battery equipment and consumer battery equipment from foreign brands was 0.

700 million (+ 265%) and 4.

4 ppm (+ 44%), showing that the company’s products have been continuously recognized by overseas customers, and the supporting ratio has continued to increase.

Profit forecast and estimation.

The company’s business has reached a certain scale and the growth rate is expected, but it will still maintain rapid growth.

Comparable listed companies include Jingxian Electronics, Nebula, Pioneer Intelligence, Winshare Technology, etc., which correspond to 29 times PE in 2019, and the lowest and highest are 23 times and 33 times, respectively.

In the next three years, the combined company ‘s net profit will increase at a compound growth rate of about 25%. 南宁桑拿 We believe that the company’s PE corresponds to 25% in 2019?
Between 30 times, it is a reasonable estimate of the horizontal interval, and the corresponding interval is 22.

05-26.

46 yuan.

Taking into account the initial stage of the development of the science and technology board, investors may be allocated additional bids, which may exceed the target range in the short term.

Risk reminders: 1) The risk of the fundraising project is less than expected; 2) The risk of overseas trade and exchange; 3) The risk of technology and product substitution; 4) The risk of policy changes in the new energy industry; 5) The risk of changes in large customers.

Wuliangye (000858): The new Wuliangye is worth looking forward to

Wuliangye (000858): The new Wuliangye is worth looking forward to

Event: The company disclosed the 2019 first quarter report.

The first quarter of 2019 achieved operating income of 175.

900,000 yuan, an increase of 26 in ten years.

57%; net profit attributable to mother 64.

75 ppm, an increase of 30 per year.

26%; basic return 1.

67 yuan; net operating cash flow 79.

3 ‰, an annual increase of 230.

55%, exceeding market expectations.

The new Wuliangye is on the way, and it is worth looking forward to.

Since the beginning of this year, Wuliangye has continued to surprise us from the exceeding expectations of the Spring Festival sales to the rapid upward movement of prices after the holidays. The 2018 annual report has set its 2019 revenue growth target at 25%.

The high growth of revenue (+ 27%) and performance (+ 30%) in the first quarter strengthened the market’s confidence in the smooth realization of a series of goals.

At the market level, we also earnestly achieved the potential and momentum of Wuliangye reform.

1) “Manufacturers are united in their hearts, and their power is broken.”

In the past two years, due to the poor landing effect of the manufacturer’s policy and the decrease in dealer profits, some dealers have complained slightly about the manufacturer.

Since the beginning of this year, the company has lowered its attitude and opened its minds. At the same time, the strategy of controlling prices has been successfully implemented. The profit margins of dealers have been opened. Manufacturers are focused and the price is still in the upward channel.

2) The channel sinks, and the dimensionality reduction potential energy can not be underestimated.

Since the beginning of this year, Wuliangye has “recruited soldiers and recruited horses” in various places, and the marketing unit has gradually been refined. The channel thrust in the future will promote continuous improvement.

3) Brand slimming, focusing on core items.

The company continues to redevelop and develop the buyout brand, and the ton price of products continues to increase. In 2018, the ton price continued to increase by 25%. We expect that the company’s ton price will further increase through the replacement of product barcodes.

Prices continue to move upwards, and profit margins will increase in space.

2019Q1 gross profit margin is 75.

8%, an increase of 2 per year.

6 points, mainly due to: 1) the price increase of 1618 and other products started at the end of last year; 2) the ton price of serial wine replacement bar codes has increased;着 promote.
Relatively speaking, although Wuliangye’s gross profit margin level has improved, it is still lower than that of Maotai and Luzhou old warehouses in Guizhou. The future gross margin improvement space indicator.

Cash flow has improved significantly, and bills receivable have fallen significantly each year.

In Q1 2019, the company received 17 billion US dollars in cash for merchandise sales, an increase of 70.

0%, notes receivable 158.

9 trillion, down 13 trillion a year.

The improvement in cash flow and the decrease in bills receivable reflected the company’s enhanced bargaining power and improved operating quality.

With the continuous advancement of the company’s reforms, we also look forward to the company’s subsequent breakthroughs in brand operation and the transition of brand value.

Investment suggestion: We are optimistic about the improvement of the company’s management capabilities and the release of the channel-side dimensional reduction potential energy, and raise its revenue from 2019 to 2020 to 4.

37 yuan, 5.

15 yuan, corresponding to PE of 23x and 20x respectively, giving the company a 27 times P / E ratio in 2019, raising the target price to 120 yuan, maintaining the buy-A rating.

Risk warning: the forecast of economic growth 无锡桑拿网 affects the sales of liquor; the company’s channel reform effect is less than expected.

There are 5 things to keep in mind when you sleep in the hot summer!

There are 5 things to keep in mind when you sleep in the hot summer!

In the hot summer, many people find it difficult to sleep.

Excessive temperature can cause people to feel upset and irritable, feeling sweltering and unable to fall asleep.

In addition, there are many mosquitoes in summer, and many people will be awakened by mosquitoes in the middle of the night.

In order to make sleeping more comfortable, many people have adopted some special methods to sleep, which has a lot of effects on the body.

In fact, there are certain pay attention to sleeping in the summer.

  Sleeping in the summer is very particular about these 5 things to keep in mind!

  1. Don’t face the high temperature of the fan in summer, many people like to sleep facing the fan.

In particular, some people like to blow their heads against the fan, which will make the body cooler.

In fact, this way will cause cold air to invade your body, resulting in decreased immunity and will cause colds and other symptoms.

So we should not always try to be cool, but we should try to think more about our bodies.

Try to keep the use time of the electric fan, and don’t let your body stay in front of the electric fan for too long.

Control the wind even if you want to blow a fan.

  2. Don’t hit the floor. When many people feel sultry, they will sleep on the floor.

Falling on the ground will make the body prone to colds, which in turn will cause rheumatism and other symptoms.

The ground is cold and hard, which will inevitably cause some damage to human joints.

So no matter how hot, do not hit the floor, it is best to sleep in bed.

  3. Many people don’t get enough sleep at night, then they can take a nap.

Especially when the days are long and the nights are short in summer, taking a nap is conducive to fostering the mind.

Some people at work also take a nap in the usual days to help relax their bodies and keep their energy in the afternoon.

  4. Don’t wear too many shirtless people like sleeping shirtless. This will actually cause damage to the body.

In the summer when the temperature is high, our skin needs to dissipate heat.

If you do not sweat normally, it will be difficult to take away your body shape.

Therefore, even in the summer, the bladder should be bare and covered with a sheet to avoid getting sick.

  5, to avoid excessive water spray before bed people have a traditional method of cooling down, that is, water spray before bed.

Many people will sprinkle some water on the ground first to keep the ground temperature down when the weather is very hot, so that people will feel cool.

However, this method is not advisable. Frequent spraying and cooling before going to bed will cause joint disease.

In particular, some people with rheumatism and arthritis must use this method less.

  After reading the above, is your sleep correct?

In the hot summer, it is good to use some cooling tips, but don’t put your body in danger.

Children want to kill people and get angry

Children want to kill people and get angry

An 18-year-old high school student in Nanjing viciously announced: “If I kill the twins, I will only kill one of them and make the other dead!

“Recently, psychologist Zhou Zhengyi was trembled with a vicious and cruel thought by a young patient.

  It is understood that the 18-year-old patient with mental illness surnamed Wang is a high school student in a middle school in Nanjing. His parents had high expectations of him since childhood. He has strict requirements in all aspects of study and life.In a meal, the fists will be added together.

As a result, Xiao Wang became very rebellious and cruel, and lacked love.

  Chief physician Zhou Zhengyi of Nanjing Urban Psychological Counseling Center believes that the root cause of cases like Xiao Wang is that parents have too high expectations for their only children, and they are usually too harsh on their children, which triggers the rebellious psychology of children with strong self-esteem.Evolved into revenge.

With the increase of children’s age, if parents do not change unreasonable education methods, this kind of revenge will soon be strengthened. From revenge parents to revenge society, the consequences are unimaginable.

Hot weather Chinese medicine recommends Qingrejieshu diet

Hot weather Chinese medicine recommends Qingrejieshu diet

Click to buy The hot summer weather is more likely to cause heat stroke and other diseases.

Chinese medicine pointed out that summer heat should be done well.

The following editors will introduce in detail the dietary recipes recommended by Chinese medicine to prevent heatstroke and cooling: Porphyra mung bean rib soup soup materials: ribs, mung beans, laver, ginger, peppercorns Practice: 1, short ribs, ginger beat broken, laver soaked and washed, mung bean soak.
  2. Fill the pot with water, spare ribs, and ginger with the right amount of pepper.

When the water boiled, skim off the foam.

  3. Cook for about 1 hour and add mung beans.

After about half an hour, pour the laver, and boil it over low heat for about 1 hour.

  4. Add some salt and chicken essence according to personal taste before serving.

  Efficacy: appetizers, detoxification, heat and water.

  Stir-fried purslane material: purslane, salad oil, ginger, salt, garlic (white skin), sesame oil. Method: 1. Wash purslane, cut into 3 cm long, and simmer in a boiling water pot., Drain the water; garlic, minced ginger.

  2. Put the salad oil on the hot pot and cook until it is 70% hot. Add ginger, minced garlic and incense, add purslane, stir-fry with salt, drizzle the sesame oil, and place on the pan.

  Efficacy: Portulaca is also called longevity dish in folk.

This dish has the functions of clearing heat and detoxifying, relieving water and dampness, and dispersing blood and cooling blood; it is suitable for eyesight, cardiovascular disease, nephritis, edema, heat and diarrhea, blood in the stool, hemorrhoids and bleeding.

Note: Purslane is forbidden to use with armor.

  Here are some cooling drinks: 1. Hawthorn soup.

100 grams of hawthorn tablets, 50 grams of plums plus 3.

Boil 5 pounds of water, add 100 grams of white chrysanthemums, boil and remove, then put in an appropriate amount of sugar and let cool.

  2, iced watermelon dew.

Watermelon peeled, seeds, diced melon, and even juice into the basin and chilled.

Then boil with an appropriate amount of rock sugar, white sugar and water, skim off the foam, and put in the refrigerator to refrigerate.

When eating, pour the diced watermelon into iced sugar water.

  3. Mung bean sour plum soup.

150 grams of mung beans, 100 grams of sour plums, boiled in water, add an appropriate amount of sugar, and let cool.

  4, watermelon Cuiyi soup.

After washing the watermelon, cut off the thin green skin, add water and cook for 30 minutes, remove the residue and add an appropriate amount of sugar, and put it in the cold.

  5. Honeysuckle (or chrysanthemum) soup.

Honeysuckle (or chrysanthemum) 30 grams, add an appropriate amount of sugar, brew with boiling water, and use it after cooling.

  6. Coconut Juice Tremella.

After washing 30 grams of Tremella, use warm water to remove the crust, and 125 grams of coconut milk, the amount of rock sugar and water, boil and serve.

夜猫子夜晚亏觉白天补,好吗-

夜猫子夜晚亏觉白天补,好吗?
对于那些由于种种原因缺乏睡眠的人们真的是很令人头痛的,因为睡不好也就是影响着白天的工作和生活,这是毋庸置疑的,但是夜猫子夜晚亏觉白天补?到底能补回来吗?这其实是一个问题…….hzh {display: none; }  夜猫子生活对于现代人来说是太稀疏平常的事情,虽然大家都知道熬夜对身体不好,但是真正能按时休息的人却很少。傅英杰老师告诉我们,熬夜带来的危害数不胜数,而且只要你熬夜一次,不论以后怎样补眠,都不补回来那些损失,甚至还会更伤身。正确的生活方式应该是怎样的呢?我们一起来听听傅英杰老师的指导。  很多上班族由于工作需要,每天要起个大早赶车,车上哈欠连连、满脸睡意的人不在少数。于是,一到周末,很多人的第一计划就是恶补睡眠,甚至有人一整天都在蒙头大睡,窝在床上不出门。如此补觉,到底有没有用­专家称,这样的周末狂睡方式有害健康。  睡眠不足危害大“晚上加班到凌晨,早上还得照常上班,一周下来睡眠严重不足,只好利用周末大补觉!”在高新某单位供职的小张很是无奈。  据介绍,很多人认为平时累积的劳累可通过一次长长的睡眠弥补回来,其实这是一个不小的误区。适当的睡眠可恢复体力、消除疲劳,但如果睡眠过多,不仅消除不了疲劳,反而会影响健康。  人处于深睡状态时,神经、肌肉处于完全放松状态,醒来后自然神清气爽,但是如果醒后赖床不起,这时的神经肌肉处于紧张状态,再睡下去就会影响一整天的精神状态。  俗话说“欠债还钱”,欠下的钱可以偿还,但睡眠却是偿还不了的,补觉是补不过来的。专家指出,有些人睡得久了会感觉头昏脑涨、浑身乏力,严重时还会吃饭不香、心悸气短等,这是因为大部分时间人体处于浅睡眠或做梦状态,这些都是无效睡眠,过长时间的睡眠会造成人体生物钟紊乱,使得人体无法进行正确的自我调节,就会出现各种不适。  正确补觉才是关键据介绍,一般人的理想睡眠时间是8小时,睡到自然醒,且醒来神清气爽,就证明睡眠充足、质量良好。但对很多人来说,平时工作忙、应酬多,每天恐怕只能睡上6个小时左右,这时就要补一补了。否则,烦躁不安、情绪不稳、注意力不集中,甚至皮肤老化、免疫力降低等问题就会接踵而来。  傅英杰提醒,周末狂睡并不能换来优质睡眠,睡眠质量要比睡眠时间更重要。有些人周末睡觉,上午睡到中午,中午睡到晚饭,弄得头昏脑涨,反而会适得其反,影响到今后的规律睡眠。  傅英杰称,通常补觉有两种方法:中午补和周末补。午饭后小睡一会,就可以很好地补充睡眠,质量好于晚上多睡1小时。周末补觉则不能太多,成年人睡够7—8小时就可以了。  不过,补觉是万不得已的做法,只限于短时间睡眠缺乏,如果持续数十天睡眠不足,会使身体处于超负荷状态,对身体造成的伤害是补不回来的。

Why does the elderly eat osteoporosis by eating too much meat?

Why does the elderly eat osteoporosis by eating too much meat?

Why does the elderly eat osteoporosis by eating too much meat?
Research by Walter William, a professor of nutrition at Harvard University, confirms that the greater the intake of animal proteins, the greater the chance of calcium replacement in vitro.

  In the daily diet of modern people, protein intake is already too much.

Foods containing animal protein are mainly chicken, duck, fish, pig, beef, mutton and other meats, and the protein content of cooked meat can be as high as about 60%.

Therefore, if you eat about 100 grams of meat a day, the intake of protein has reached about 60 grams.

While the normal protein requirement is 1 gram per kilogram of body weight, the daily intake of an adult is best to replace 100-150 grams.

  In addition, high animal protein diets can easily cause calcium deficiency.

Experiments have shown that ingesting 80 grams of animal protein per day will cause 37 mg of calcium to be lost; when the amount of protein is increased to 240 grams per day, at this time, even 1400 mg of calcium will be added, and the total calcium loss will eventually reach dailyMore than 100 mg.

This shows that calcium supplementation cannot prevent bone loss caused by a high protein diet.