Behind the daily limit of 21 stocks, what is the real gold content of the RCS concept?

Behind the daily limit of 21 stocks, what is the real gold content of the RCS concept?
On April 9, the Flushing platform showed that 21 out of 22 stocks in RCS’s rich media communication concept stocks had daily limits, and some of them had daily limits for three consecutive days.However, among the concept stocks, Shenzhou Yuetai, Wutong Holdings, Caixun shares and many other stocks, while being sought after by the capital market, also received the exchange’s attention letter or inquiry letter.In 2020, when 5G is popular, will the 5G news RCS application become the “killer application” the industry expects?The joint operation of the three major operators has brought huge attention to the upstream and downstream of the industry, but whether this platform born out of SMS can “return the king” and challenge the status of applications such as WeChat Alipay will take a long time to test.5G news was born out of nowhere, or it became a popular concept of RCS for various services. The direct reason is the significant progress of RCS (Rich Communication Services & Suite) application-5G news.On April 8, China Telecom, China Mobile, and China Unicom jointly held an online press conference to release the “5G News White Paper”, which pushed the concept of 5G news to the foreground.The white paper points out that the 5G messaging service is a new upgrade of the terminal’s native basic short message service, which will break the length limit of each message by traditional SMS, and will also break through the text limit in terms of content.Effective integration.Enterprises can also output personalized services and consultation to users through rich media such as text, voice, and tabs.The case demonstration provided by China Mobile shows that in the conversation with 12306, users can quickly implement ticket booking, payment, and ticket change operations by sending voice or text, and clicking on keywords.5G messaging inherits the traditional SMS-free registration, installation-free applications and other features, and further realizes the convenience and efficiency of information exchange.According to the latest research report issued by Guosheng Securities, 5G news is similar to the pre-installation of all software in the SMS app, and it can be used when needed, without downloading a new APP.5G news is expected to become “Doraemon” in the APP, opening up a new application pattern in the 5G era.In 2017, GSMA was in RCS Universal Profile 2.3 introduced a new standard MaaP (Messaging as a Platform, the message is the platform).Guosheng Securities pointed out that the three major operators are based on internationally unified standards (GSMA RCS UP 2.4) Create a new ecology, with obvious advantages in terms of interconnection.It is understood that the Global System for Mobile Communications Association GSMA has planned to incorporate 5G messages into the mandatory functions of 5G terminals.In the future, users can easily use 5G messaging services by replacing 5G mobile phones or upgrading existing 4G / 5G mobile phones.Dong Xin, deputy general manager of China Mobile, said at the press conference that 5G news is a common choice for global operators. Based on the unified GSMA RCS standard, it will bring customers multimedia messages, commercial messages, intelligent messages, and interactive services and security.Brand new experience such as anti-counterfeiting.On the basis of inheriting the carrier-class service quality of the SMS business, 5G messaging will bring customers a new experience of multimedia messaging, commercial messaging, intelligent messaging, interactive services, security and anti-counterfeiting, and realize “message as a service”.The practice of the three major operators working with many mobile phone manufacturers or bringing the first 5G + application to the three major operators to jointly hold a press conference also reflects their efforts to get rid of the fate of “pipelining” in the 5G era.In the era of 3G and 4G, mobile Internet has achieved great development, and has created a large number of Internet giants.However, in addition to the rapid growth of traffic revenue, operators have not shared more dividends.Under the impact of WeChat and other instant messaging apps, the traditional short message service has gradually become a tool for users to receive APP verification codes.China Mobile’s “Feixin” and China Telecom and NetEase jointly launched the “Easy” business at one time, but their respective operators have been unable to break the barriers of Internet companies.The collaboration of the three major operators this time brings more than 1.4 billion potential users to the RCS business, but also allows the upstream and downstream of the industry chain to see their determined determination.At the press conference on April 8, senior executives from mobile phone manufacturers such as ZTE, Huawei, Xiaomi, Samsung, and OPPO also attended and expressed their recognition and support for the 5G messaging service.Both Huawei and ZTE have indicated that they will support commercial 5G messaging in June this year.ZTE stated that it is willing to work with the three major operators to “promote 5G news to become the fastest landing 5G + service application.”Xiaomi pointed out that Xiaomi mobile phones will support 5G news in all 5G models in the future, and actively promote the commercialization of 5G news products.A Samsung representative revealed that the company is developing a 5G messaging service based on the latest operator specifications and plans to fully support 5G mobile phones this year.OPPO and vivo also expressed their willingness to join hands with the three major operators and other terminal manufacturers to upgrade the information experience and build a 5G business message ecosystem from users.Previously, the industry has been expecting “killer applications” after the commercialization of 5G, but in 2019, such applications have been slow to appear.Huachuang Securities Research pointed out that 5G has brought tremendous impetus to the development of RCS-based applications.Behind RCS, there is a vast market, covering basic text messages, and extending its reach into chat customer service, online shopping, short video marketing, and precise interaction. It may become the fastest landing 5G application.And the potential growth opportunity brought by 5G news, the RCS application, has stirred up the enthusiasm of multiple industries.The “5G News White Paper” writes that operators, industry customers, terminal manufacturers, individual users, and related AI technology and SDK technology providers can all get more benefits in the process of 5G message service.According to GSMA (Global Association for Mobile Communications Systems) data, 84 operators worldwide have participated in RCS construction, and monthly active users have reached 3.53 billion.It is expected that 135 operators will be covered next year, with monthly active users reaching 8 billion, and the global market size of RCS-based industry text messages reaching 74 billion US dollars.Whether or not WeChat can be challenged will take time to test. Since the concept stocks have surged and received attention from the 5G news, many voices have pointed out that “a real opponent of WeChat is here.”Can operators take advantage of 5G to change the tactics of being “pipelined”?This problem has also caused market attention.”The advantages of hardware manufacturers and operators have never been snatched away by software, but software provides services they cannot provide.”An insider of Tencent’s WeChat business department told Sauna and Yewang,” But the problem before them is to educate users and build a 5G-based service system.5G is a possibility, but technology still needs to match the scene and products to form competitiveness.”Targeted people also pointed out that 5G messaging will coexist for a long time with services such as WeChat and other APPs, applets, and fast applications to serve users’ different needs in different scenarios.Even if the 5G news has not been officially commercialized, the question of whether it can be called WeChat still needs market inspection. The capital market still shows great enthusiasm for the “shuffle”.The “three consecutive boards” of the RCS rich media communication concept stock is a direct manifestation of this passion.However, the star companies in the concept stocks have repeatedly received letters of concern or inquiries, and the question is directly directed to the suspects of these companies’ rubbing spots.The Shenzhen Stock Exchange’s inquiry letter to Wutong Holdings pointed out that RCS is a communication method that integrates voice, messaging and other communication services, and the company’s main business is communication interconnection devices, mobile communication terminal equipment, and Internet information services.The main business of the company’s subsidiary Guodu Internet is color messaging service, and it is inquired whether the existing company’s business income is directly related to the RCS business, and whether it has actually been connected to the RCS.Perhaps until the 5G news really landed, the players in the upstream and downstream of the industry chain can play a role and have a more intuitive understanding, and the capital market will also bring a fairer judgment.Sauna, Yewang promised editor Wang Jinyu to proofread Xue Jingning

Juneyao Airlines’ non-net profit deduction in 2019 runs through the opening of the first intercontinental route

Juneyao Airlines’ non-net profit deduction in 2019 runs through the opening of the first intercontinental route
On the evening of April 10, Juneyao Airlines (603885) handed in the 2019 transcript.Although revenue growth has been achieved, Juneyao Airlines ‘net profit attributable to last year and its non-net profit deduction are all superimposed.The data shows that in 2019, Juneyao Airlines achieved operating income of 167.4.9 billion, an increase of 16.59%; net profit attributable to 99.$ 4.5 billion, with a ten-year average of 19.34%; deduction of non-net profit 9.04 trillion, sixth grade 4.16%.Although compared with the 2018 benchmark, Juneyao Airlines’ attributable net profit decreased by an increased rate, in 2018 it alternated up and down.99%, but with the deduction of non-net profit 19 that year.With a 13% margin, the decline in 2019 has improved significantly.Shanghai is the main base of Juneyao Airlines.In 2019, Juneyao Airlines (excluding Jiuyuan Airlines) passenger traffic exceeded 1724.10,000 passengers, including two passenger traffic in Shanghai reached 1102.870,000 passengers, the company’s market share in Shanghai reached 9 in 2019.06%.In addition, Nanjing is a subsidiary base of Juneyao Airlines.Juneyao Airlines’ passenger traffic at Nanjing Airport in 2019 was 256.940,000 people, an increase of 21 per year.62%.From the perspective of main business, Juneyao Airlines’ air passenger revenue in 2019 was 162.7.7 billion, accounting for 97 operating income.18%; air cargo revenue 2.9.9 billion yuan, accounting for 1 of operating income.79%.Last year, Juneyao Airlines carried 2201 passengers last year.730,000 people, an annual increase of 16.66%; previously completed a total transportation turnover of 32.9 billion tons of kilometers, an increase of 17 per year.42%; average guest double room 85.23%, aircraft daily use 10.67 hours.In terms of fleet size, until the end of 2019, Juneyao Airlines and Jiuyuan Airlines operated a total of 96 aircraft, a net increase of 6, including 70 A320, 6 787, and 20 737 (operated by Jiuyuan Airlines)The age of the aircraft is 4.94 years.In 2020, Juneyao Airlines plans to introduce 9 aircraft, withdraw 4 aircraft, and add a net 5 aircraft.Obviously, the operating cost of Juneyao Airlines last year was 144.2 million yuan, an annual increase of 17.96%, the growth rate exceeds the revenue growth rate.In this regard, the company explained that the main reason is that the company’s fleet will expand in 2019 and the route network will increase.Juneyao Airlines opened its first intercontinental route in 2019. The opening of intercontinental routes has led to an increase in air cargo costs.Last year, Juneyao Airlines ‘air freight cost increased by 50% annually.94% to 2.5 billion US dollars, Juneyao Airlines said there are reasons for the company’s introduction of wide-body aircraft after the abdominal cargo capacity has improved significantly.In addition, aviation fuel costs account for 30% of the total cost.26%, an annual increase of 10.30%.As of December 31, 2019, Juneyao Airlines had a USD debt balance of approximately 4.5.6 billion, with the exception of other risk variables other than the exchange rate, the exchange rate of RMB against the US dollar will cause the RMB to appreciate or depreciate by 1%, which will cause JuneYao Airlines ‘net profit in 2019 to increase or decrease by 1403.810,000 yuan.The outbreak of the new crown pneumonia, the aviation industry bears the brunt.Juneyao Airlines said in its financial report that the outbreak will have an adverse impact on the company’s operations. The duration of the outbreak cannot be estimated. The company will strive to reduce the adverse impact caused by force majeure or unforeseen risks.June 18, Juneyao Airlines released the main operating data for February.In the total number reported, Juneyao Airlines and its subsidiary Jiuyuan Airlines’ passenger capacity dropped by more than 59.16%; passenger turnover decreased by 76 per year.65%; passenger load factor 49.72%, a decrease of 37 per year.25%; the number of passengers is 41.130,000 passengers, a decrease of 76 per year.56%.Sauna, Ye Wang Zhang Zeyan editor Xu Chao proofreading He Yan reporter email: zhangzeyan @

[Can you eat a burger for a cold]_ Upper respiratory tract infection _ Can you eat it?

[Can you eat a burger for a cold]_ Upper respiratory tract infection _ Can you eat it?

A cold can be regarded as one of the most common symptoms in daily life, and of course it cannot be regarded as a very serious disease. However, during the cold, the patient’s work and life are inevitably affected.

Colds have certain requirements on diet. Of course, burgers can be eaten during colds, but sweets, cold foods and high-salt foods are not allowed!

Below, I will introduce the feeling of dietary taboos for everyone!

First, avoid sweets. Whether it is high-sugar fruits or desserts, you must fast during colds.

Sweets will not only increase the viscosity of sputum, increase the amount of sputum, will cause abdominal distension and suppress appetite.

High-sugar fruits include mango, grapes, litchi, sugarcane, pineapple, and red dates.

Second, avoid high salt food experimental data show that reducing salt intake can increase lysozyme content in saliva, protect the oral cavity, throat mucosal epithelial cells, and let them secrete more immunoglobulins and interferons to deal with cold viruses.
But when you have a cold, you must not eat salt, because during the sweating process, the body will lose some sodium ions. The salt in the casting is a supplement to sodium ions.

During the cold, you can eat less than 5 grams of salt a day.

Third, all cold foods should be avoided during colds and colds. Among them, cold drinks should be paid attention to. Such foods are not only cold and cold, but also can not guarantee health and safety.

If it is a fever caused by infectious diseases such as bacterial dysentery caused by unclean food, the function of the turbine channel will decline. Drinking cold drinks at this time will not only aggravate the disease, but in severe cases will cause the disease to deteriorate or even endanger life.

Fourth, avoid coriander For people with obesity and cold, coriander must be avoided. When we have a cold, we all have different levels of qi deficiency, and the coriander flavor can be scattered.Exacerbate the cold.

Not only people with colds cannot eat coriander, but people who are prone to colds should also keep away from coriander to avoid causing or aggravating qi deficiency.

Experts point out that postpartum patients who have recovered after the illness often have a certain degree of qi deficiency, so they should also avoid eating coriander.

[How to make dried rabbits]_Home made dried rabbits_How to make dried rabbits_How to make dried rabbits

[How to make dried rabbits]_Home made dried rabbits_How to make dried rabbits_How to make dried rabbits

Many children in today’s society are particularly poor in their hands-on skills. In order for children to learn how to make dried rabbits, parents must teach them by hand. This is a food that everyone likes very much, is healthy and nutritious, and can be put in the refrigerator after eating.You must master the skills when making this food, and the fermentation process is essential.

1. Prepare half of chilled rabbit meat. 2. Chop into small pieces with a knife. Chop small pieces to make it easy to taste. 3. Chopped rabbit meat with salt, oil, pepper powder, pepper, cooking wine, ginger, green onion., Dipping, (soak for more than 40 minutes) 4, grab the rabbit meat by hand, prepare other seasonings when sprinkling rabbit meat, cut pepper into segments with scissors, ginger, garlic slices, green onions, pepperGrain amount, 6, green, red pepper 7, cut green and red pepper into chili rings, 8, wash white sesame, fry in a pan for spare 9, sprinkle the stained rabbit meat, put onion, ginger, put inA small amount of oil, so as to avoid sticking when fried, 10, hot pan cold oil, when the oil is roasted 70% of the oil temperature, the rabbit meat is fried, (rabbit meat needs to be fried twice,) 11, thisIt is fried rabbit meat, golden and golden, very appetizing, 12, wash the pan and keep the top oil, add pepper festival, pepper, green onion, ginger, garlic, green, red pepper, 13After the pepper is sautéed, add the fried rabbit meat. At this time, add some consumed oil to season, and stir well before cooking. 14, fried rabbit meat, put some white sesame seeds, (without sesame seeds)可So, based on personal likes,) 15, fragrant and spicy rabbit 16, finished hotel while providing convenience for people, but after all, not a permanent solution, dry stir rabbit small simple approach, but it is also very tasty to eat.

[Efficacy of Winter Melon Tofu Soup]_Methods_Nutrition Value

[Efficacy of Winter Melon Tofu Soup]_Methods_Nutrition Value

Winter melon tofu soup is a more common home-made dish. Its main ingredients are winter melon and tofu. Although the dishes are relatively common, the effect on regulating the body is really good. It has a good role in health care, and it can prevent edema and diuresis.The effect of diuretic water can also achieve a certain effect in improving the body’s immunity. For young children, it can also prevent the symptoms of lung heat and stomach heat in summer.

Ingredients for winter melon tofu soup: 250 grams of tofu and 200 grams of winter melon.

Production method: Peel and slice the melon into pieces of about one centimeter wide, cut the tofu into cubes, mince the garlic, and chop the shallot leaves.

Put a spoonful of vegetable oil in the wok. After the oil is hot, sauté with garlic rice.

Put melon cubes in, add a spoonful of raw and stir-fry.

Pour the winter melon cubes into a soup pot and pour in cold water and bring to a boil.

After the pan is opened, cook on medium heat for ten minutes. Put the tofu cubes and kelp in the middle and low heat for another five minutes.

Pour in a spoonful of salt.

Thin starch with water starch.

Sprinkle with green onions.

Pour in about a spoonful of vinegar.

Drizzle a few drops of sesame oil and add a spoonful of MSG to turn off the heat.

Medicinal value: Mainly used to treat pediatric summer heat and summer injury. Lung and stomach type: fever persists, heat rises in the afternoon, or persists, the warmer the climate, the higher the fever; thirst leads to drinking, and the forehead is hot, Dry and hot skin, no sweat or less sweat, frequent urination, irritability, red tongue, thin yellow fur, and thin pulse.

Nutrients: Winter melon: A good source of fiber, vitamins, mineral elements, very little lipids, and low sugars.

Tofu: high-quality protein (soy protein, according to research has a role in lowering blood pressure!

), Good Ca source, low generation.

Note: No matter how little, no matter how low the lipid content, you can’t eat more if you want to lose weight.

Above bowl of soup is enough!

Three hours before bed!

[Children enteritis diet]_Children enteritis_Diet conditioning_Food conditioning

[Children enteritis diet]_Children enteritis_Diet conditioning_Food conditioning

Children are relatively young, and usually suffer from gastrointestinal diseases due to gluttony or inattention to diet. Once enteritis occurs, it is easy to spit and diarrhea, and may even cause gastrointestinal pain. More serious may cause a variety of symptoms.So pay attention to diet, eat more crude fiber, try to eat less cold, try to avoid touching cold things.

In patients with enteritis, acute congestion, edema, inflammation, and exudation will occur during the onset of the disease. At this time, the patient’s intestinal motility is also too active, and its relative digestive and absorption functions will be greatly affected.
Therefore, the diet of patients with acute enteritis requires more care.

So what are the issues that need attention in the diet of acute enteritis?

1. Eat less crude fiber foods. Crude fiber foods can stimulate the intestines and affect the absorption of nutrients, which can worsen the condition.

Therefore, patients with acute enteritis should appropriately limit the intake of such foods. A little leek, celery, sweet potatoes, radishes, coarse grains, dried beans, etc. are better to eat less.

2, should not eat cold food cold food refers to raw cold fruits, cold touch, cold rice.

Especially in summer, avoid cold drinks and foods just taken out of the refrigerator.

Avoid eating raw fruits and vegetables, properly reduce the cellulose content in the diet, reduce mechanical damage to the inflammatory intestinal mucosa, and thereby reduce symptoms.

Do not eat irritating foods 3, spicy irritating foods such as chili, leek, onion, mustard, wine and other foods.

These foods can easily stimulate the colon wall, cause intestinal wall edema, congestion, torsion of smooth muscle tension, and increase intestinal peristalsis, so patients should be contraindicated.

Should not eat too much greasy food4, diarrhea with acute bowel disease is often accompanied by mild malabsorption, and severe cases with mild diarrhea.

Therefore, the corresponding legal amount must limit fat, fried foods, butter and other animal oils, margarine, bread sauce, mayonnaise, etc. can not eat more.

[How long does the prawns steam?]

[How long does the prawns steam?]

The main method of eating prawns is steamed prawns or garlic steamed prawns. This method can well preserve the sweet taste of prawns, so it is recommended that everyone can come to learn the practice of prawns.

This method of prawn is seafood, and it needs to be steamed before it can be eaten. Otherwise, it will cause diarrhea. Generally, it takes about 10 minutes to steam, and it cannot be steamed for too long, which will affect the taste.
Steamed prawns eat a fresh word, so the steaming time is the key. The time should not be too long, otherwise the umami taste will be lost, and the meat quality will become old and firewood. So how much steamed prawns should be swallowed?

Shrimp belong to raw cold seafood, it is easy to diarrhea if it is not steamed, and the time should not be too long. The shrimp will become old when steamed for too long. When steaming the shrimp, pay attention to the time of steaming, usually about 15 minutes.Add a little dipping sauce and you’re ready to eat!

What nutrition is steamed sea shrimp?

Let’s find out together!

First, steamed sea shrimp has a high calcium content.

Prawns are rich in nutrition, contain more calcium and zinc, and are also a good source of protein.

Second, sea shrimp is rich in multivitamins.

It helps with vitamins, fatty acids and more.

Vitamin a, carotene, and inorganic salts are relatively high in content, but the trace content is not only low, but mostly unsaturated fatty acids, which have the effects of atherosclerosis and coronary heart disease.

Third, sea shrimp is rich in protein.

The muscle fibers of sea shrimp are relatively thin, the structure of the tissue protein is soft, and the water content is too much, so the meat is tender and easy to digest and absorb, which is suitable for patients, the elderly and children.

Fourth, the sea shrimp is rich in mineral elements.

Sea shrimp is rich in magnesium, which has an important regulating effect on heart activity, can well protect the cardiovascular system, it can reduce the cholesterol content in the blood, and prevent arteriosclerosis.

Ingredients: 500 grams of sea shrimp.

Chopped shallot, minced ginger, minced garlic, salt, cooking wine, soy sauce, sesame oil, and parsley.

Practices: 1. Peel the shrimps, remove the sand line, and wash.

2. Shrimp with cooking wine, salt, shallot, ginger, mix well, marinate for 20 minutes to taste.

3, add minced garlic, soy sauce, sesame oil to make residue.

4. Put the prawns in a large dish, steam them in a steamer for 15 minutes, sprinkle the parsley segments before serving, and drizzle.

[Can ginger water cure cough]_ respiratory tract infection _ how to treat

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CRRC (601766) 2019 First Quarterly Report Review: Fast-growing first-quarter performance industry leader tries to create greater glories

CRRC (601766) 2019 First Quarterly Report Review: Fast-growing first-quarter performance industry leader tries to create greater glories

Key points of investment: Revenue in the first quarter and net profit attributable to mothers achieved rapid growth.

In the first quarter of 2019, the company achieved revenue of 396.

700 million, an annual increase of 20.

5%; net profit attributable to mother 17.

8 ‰, an increase of 40 in ten years.

2%; net profit after deduction is 14

80,000 yuan, an increase of 46 in ten years.

9%; profit achieved 0.

06 yuan.

In the first quarter, the railway market gradually recovered, and the company’s railway equipment and urban rail subway product revenue achieved rapid growth. The company’s new breakthrough orders were about US $ 61.4 billion, of which the international business contract amount was about US $ 7.2 billion.

The gross profit margin decreased slightly, the net profit margin continued to increase, and the expense ratio continued to optimize during the period.

In the first quarter, the company’s gross profit margin reached 22.

1%, reduced by 0 every year.

7pct; Net margin reaches 5.

1%, a year to raise 0.

5 points; expected average 苏州夜网论坛 return on net assets is 1.

4%, a year to raise 0.

3 points

The sales expense ratio / administrative expense ratio (including R & D) / financial expense ratio are 3 respectively.

2% / 11.

9% / 0.

7%, respectively reduced by 0.




In the first quarter, the company’s gross profit margin decreased slightly, the net profit rate increased, the average return on net assets continued to increase, the expense ratio continued to optimize during the period, and the company’s overall profitability improved.

In the first quarter, the company’s net cash flow from operating activities was -44.

600 million, an increase of 49 per year.

30,000 yuan, the cash flow situation has improved compared with the same period last year.

Railway equipment, urban rail and urban infrastructure businesses have grown significantly.

In the first quarter, the company’s railway equipment / urban rail and city Kiev machine station / new industry / modern service business respectively now have 210 revenue.




500 million, an increase of 32 each year.

5% / 37.

9% / 15.

6% /-47.
6%, accounting for 53% of revenue.

0% / 18.
2% / 24.

1% / 4.


The railway equipment business has grown significantly, with locomotive, passenger car, EMU and truck business revenues reaching 42 respectively.

1, 32.

3, 99.

4, 36.


The company’s sales of urban rail subway products in the first quarter increased, which helped the rapid growth of urban rail and urban infrastructure business.

In the new industry business, general mechanical and electrical business income grew rapidly.

In the first quarter, the revenue of modern service business dropped sharply, mainly due to the supplementary logistics business.

The peak purchase period of trucks and locomotives, and the overhaul of EMUs helped boost the high prosperity of the rail transit equipment industry.

In 2018, the State Council issued the “Three-year Action Plan to Promote the Adjustment of Transport Structure (2018-2020)”. By 2020, the national railway freight volume will increase by 11 billion tons or 30% compared with 2017.

In 2019, the nation’s railway fixed asset investment continued to maintain its intensity and scale, and 6,800 kilometers of new lines were put into production.

Trucks and locomotives ushered in the peak purchase period.

In addition, EMUs are gradually embracing a period of intensive advanced repairs, which will help push the railroad cross-linking equipment industry to continue a high boom, and the company’s performance is expected to continue to grow rapidly.

Investment suggestion: The company is a world leader in rail transit equipment. With the recovery of the industry boom, the company’s performance promotes rapid growth.

We expect the company’s expected earnings in 2019/2020 to be 0.


53 yuan, the current sustainable corresponding PE is 18.


0 times, giving the company a “Recommended” rating.

Risk reminder: Macroeconomic fluctuations, deterioration of the overseas trade environment, policy advancement is less than expected, and performance is less than expected.

China Micro Corporation (688012): Three Quarterly Reports Brilliant Results Fully Benefit from Domestic Alternatives

China Micro Corporation (688012): Three Quarterly Reports Brilliant Results Fully Benefit from Domestic Alternatives

Event: In the first three quarters of 2019, the company achieved operating income12.

180,000 yuan, an increase of 24 in ten years.

75%; net profit attributable to mothers1.

350,000 yuan, an increase of 399 in ten years.


The average growth rate of revenue and net profit exceeded market expectations.

Memory localization has become a trend, and the company helps domestic manufacturers reduce costs.

Memory localization has become an inevitable trend. With the support of national policies, domestic high-quality memory manufacturers such as Changjiang 杭州桑拿网 Storage have emerged.

The company has many years of technology accumulation in the semiconductor equipment industry, and the etching equipment produced has replaced the production lines of international first-line chip manufacturing plants such as TSMC.

The price of the company’s etching machine is much lower than that of international manufacturers, which can reduce the cost of domestic chip manufacturers and fully meet the needs of domestic chip manufacturers.

At present, the company has become a major supplier of domestic warehouses such as Yangtze River Storage, and its market share has continued to increase.

MOCVD equipment business is still dazzling, and its market share continues to increase.

MOCVD equipment is the company’s star product.

Since 2017, the company has obtained a large number of domestic LED leading manufacturers’ batch orders, successfully broke the MOCVD market structure, and seized the market share of international manufacturers such as Veeco.

Although the LED industry is in a downturn, the company’s MOCVD equipment is still improving, providing stable guarantee for the company’s performance.

R & D promotes continuous improvement, and the domestic substitution trend remains unchanged.

In the first three quarters, the company invested R & D expenses1.

5.8 billion, an annual increase of 100.


In the field of semiconductor equipment, the company is still in the process of catching up and surpassing. The engineer bonus and clear technical path have brought the company high research and development efficiency.

The continuous high R & D investment to replace the vast market of domestic substitution, the company is expected to fully benefit.

Company earnings forecast and investment rating: We expect the company’s net profit for 2019-2021 to be 1.

94, 2.

92 and 4.

50,000 yuan, the corresponding EPS is 0.

36, 0.

55 and 0.

76 yuan.

The current anniversary corresponds to a PE value of 181, 121 and 87 times for 2019-2021.

As a domestic semiconductor manufacturing equipment leader, the company will lead the wave of domestic substitution of semiconductor equipment.

We are optimistic about the future profitability of the company’s advanced etching machine products and maintain the “strong recommendation” level.

  Risk Warning: The progress of new product development is less than expected, and the global semiconductor industry is less than expected.