[Cornmeal crepes]_The common practice of cornmeal crepes_The practice of cornmeal crepes_How to make cornmeal crepes


銆愮帀绫抽潰钖勯ゼ鐨勫仛娉曘€慱鐜夌背闈㈣杽楗肩殑瀹跺父鍋氭硶_鐜夌背闈㈣杽楗肩殑鍋氭硶澶у叏_鐜夌背闈㈣杽楗兼€庝箞鍋?
The results are as follows: amine, amine, acetone, acetone, acetone, acetone, acetone, acetone, acetone, acetone, acetone, acetone, acetone, acetone, acetone, etc.タ瑕佷竴璧峰垎浜紝澶у鍙互澶氬涓€涓嬪帹鎴块噷闈㈢殑鎵嬭壓锛屽啀鍒欏鍚冧簲璋锋潅绮兘澶熷己韬仴浣擄紝鍦ㄥ仛鐨勮繃绋嬩腑涓€瀹氳娉ㄦ剰鐏€欙紝鍚﹀垯瀹规槗澶辫触鍝︼紒1銆佸噯澶囧ソ鏉愭2 銆 丸 紑 姑 廑 姑 廑 傑傑 小 姏 嫏 髏 郏 髏 鎷 庋 庴 鍒 嗘  锷 史 叆 尀 區區 雒 半 夊 将 Are there any common problems?What are you talking about? What are you talking about? What are you talking about?銆佸钩搴曢攨鎻愬墠棰勭儹锛屼粠闈㈠洟涓婂垎鍑鸿泲榛勫ぇ灏忕殑闈㈠洟5銆佸乏鎵嬪彸鎵嬫崲鐫€鎷嶆垚钖勮杽鐨勯ゼ鐘?规补锛岀洿鎺ユ斁涓婄厧锛岀洿镊充袱闱㈠嚭鐜扮剑榛勫嚭阌咃纴鎴戝阌呯敤浜嗘湁鍗佸垎阍熷乏鍙冲嚭涓€閿?TOWER Huo Zhang – Welding ﹀ Zhang Xi Pangjingyangdan ease up Fuhongwasheng ︼ Jie Lang pet  pot ュ Hanbenhanan Juanqiangshiguo Fengzuibenyen Meichenbiantuan Yueduoxinguo hydrogen Wanfupeiwang Tiyixiahuan宠偞鏄汉闂翠竴澶х編浜嬶紝鐜夌背闈㈣杽楗煎仛娉曠畝鍗曪紝鍙栨潗鏂逛究锛屼笉濡ㄥ鍚冦€?

[How to make the stewed soup of yam noodles?】 _How to do_Homely practice


銆愰ジ楗归潰鐨勫崵姹ゆ€庝箞鍋氾紵銆慱濡備綍鍋歘瀹跺父鍋氭硶
This is an easy-to-use, easy-to-use, simple, easy-to-use, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, detailed, and detailed information.I ‘m going to read it, I ‘m going to go shopping, I ‘m going to borrow it, I ‘m going to do it, I ‘m going to do it, I ‘m going to resize it, I ‘ll go back to itHow to make sure you have a good time? Do you have a good time? Do you have a good time? Do you have a good time? Do you have a good time? Do you have a good time?鍚冮ジ楗归潰杩樻槸瀛樺湪涓€瀹氶闄╃殑锛屾瘯绔熼鏉愮殑瀹夊叏鎬ф病鏈変繚闅溿€傞偅涔堬紝鍦ㄥ鍋氶 ジ 楗 gui 斄 勬 勬 堡 picket 宝宝 锅?How do you say: weiwei ︾ inlaid?00 maid grandma?00 mammy?00 鍏 嬴 麴 戦 睿 10 鍏 嬶 鍏 鍏  銆 姳 姳 女 掑 戇 憣  Adorable 銆 劕 銆 挏 銆 佸 靖 钖?0鍏嬨€?What is the pot?銆?鐢ㄧ儹娌规妸閰辩倰鍑洪鍛筹紝鏀惧叆钁便€佽挏銆佸绋嶇倰涓€涓嬶紝鍐嶄笅鑲変竵鐐掔啛澶囩敤(淇楃О鈥滆噴瀛愨€?銆?銆?鎶婄倰濂界殑鑷婂瓙瑁呭叆閿呭唴锛岀敤鏂囩伀鎱㈡參鐓€忋€?銆?You can’t do it, you can change it, you can change it, you can’t do it, you can’t do it, you can do it, you can do it, you can do it, you can do it紝鍦ㄩ攨鍐呯◢甯︾偣姹ょ洓鍏ョ鍐咃紝娴囦袱鍕鸿噴瀛愶紝鍐嶅皯鏀剧偣閱嬪嵆鏃堕鐢ㄣ€?What is the best way to get rid of it?1纰椼€侀潰绮?300鍏嬨€佸皬钁?嘃 傞 噺 銆 佸  阃 傞 噺 銆 住 挏 阃 傞 噺 銆 佳 姳 girl?What is it?Are you happy?Are you so good?閫傞噺銆侀唻 閫傞噺銆佹按娣€绮?閫傞噺銆佹按190鍏嬪仛娉曪細灞辫タ浜哄鏈€缁忓吀鑲夌偢閰卞崵鐨勫仛娉曪細1銆?鐚倝棣咃紝濮滆挏鍒囩墖锛岃懕鍒囬┈韫勫舰;鑺辨鏁扮矑;浜屽嫼鍦熻眴娣€绮夊€掑叆锛岄€傞噺鐨勬竻姘存贩鍖€鎴愭按娣€绮夈€傛按娣€绮夌殑浣滅敤鏄鑲夊悆璧锋潵婊戝2銆侀攨涓€掓补锛屾斁鍑犵矑鑺辨鐐搁銆傚鏋滆倝棣呭亸鐦︼紝鍙鏀句簺娌?銆?灏嗚倝棣呭€掑叆閿呬腑锛屽ぇ鐏炕鐐掞紝鑲夐鍗婄櫧鍗婄孩鏃跺€掑叆灏戣鏂欓厭锛?鍦ㄦ斁鍏ヨ懕濮滆挏锛岀户缁炕鐐掋€傛枡閰掍竴瀹氳鍦ㄨ倝娌℃湁鍏ㄥ彉鑹插墠鍊掑叆锛岃繖鏍锋柟鍙幓鑵ュ懗4銆?I ‘m not sure about it. I ‘m going to check it out. I ‘m going to check it out. I ‘m going to check it out.What is the difference between 浛 浠 i Rui 娌?5銆佸ぇ鐏户缁炕鐐掔害涓€浜屽垎閽燂紝鍒板叆娣€绮夌硦6銆佸皢鑲夋湯涓庢穩绮夌硦鎼呮媽鍧囧寑锛屽皬鐏挄鍢熺害涓€鍒嗛挓7銆佹渶鍚庡€掑叆灏戣閱嬶紝鍊掑叆閱嬪彲浣块叡姹佹洿椴滅編銆傚鏋滃枩娆簲棣欑矇鍜岃儭妞掔矇鏈€鍚庡彲鎾掑叆灏戣銆傞鍠峰柗鐨勭偢閰卞崵灏卞仛濂藉暒銆?

[How to divide egg mushroom cake]_Home-made method of divided egg mushroom cake_Encyclopedia of divided egg mushroom cake_How to make divided egg mushroom cake


[How to divide egg mushroom cake]_Home-made method of divided egg mushroom cake_Encyclopedia of divided egg mushroom cake_How to make divided egg mushroom cake

On the surface, eating outside is worry-free. From a health perspective, it is a very bad habit.

Caring for your physical health starts with your diet.

So learn from Xiaobian how to divide egg mushroom cakes.

1.

1 Add salt to boiling water and pour in mushrooms for 2 minutes 2.

2 Wash and slice 3 mushrooms.

1 Drain the mushrooms in an egg white bowl 4.

2 Using two eggs, separate the egg yolks and egg yolks and place them in two bowls 5.

1 Add the seasonings except chives to the egg yolk bowl. Use only half the amount and stir well.

2 Add another egg into the egg yolk bowl.

Add the chives and the remaining half of the seasoning to the egg white bowl and stir well 8.

Heat the wok, pour a small amount of oil, dip the oil on the wall of the pot, and leave no oil on the bottom of the pot.

Turn off the low heat, pour in the egg yolk liquid, and turn the pan to turn the egg liquid into round cakes 10.

After the bottom of the quiche is basically shaped, pour the egg yolks on top and cover the lid to fix the egg yolks on the top.

The edge of the quiche is automatically lifted, and it can be turned out and heated for one minute.

Dip in tomato sauce or mayonnaise to taste a variety of Chinese cuisines, which will make you eat more than you can say.It’s good to try and do it at home.

Qibin Group (601636) Semi-annual Report: Focus on Deep Processing and Optimize Industrial Structure


Qibin Group (601636) Semi-annual Report: Focus on Deep Processing and Optimize Industrial Structure

Investment Highlights: Event: Recently, the company announced its 2019 semi-annual report, and the company’s 19H1 revenue was 40.

7 ppm, +7 throughout the year.

9%; net profit attributable to mother 5.

200 million, a year -20.

9%; EPS is 0.

19 yuan.

The company’s second quarter revenue was 22.

300 million, +5 per year.

7%; net profit attributable to mother 3.

1 ‰, at least -7.

3%.

Comments: 19H1 sales growth is good, the decline in prices led to a decline in gross profit margin; 19Q2 decline in gross profit margin narrowed.

Under the influence of the low base of sales in 2018H1 (the three cold-repaired 南京桑拿网 production lines of Changxing, Zhangzhou and Liling in 2018H1 have been ignited and resumed production, and normal production capacity will take a certain amount of time), the glass sales of 2019H1 is 54.07 million heavy boxes, +12 above.

3%.

In terms of price, 2019H1 glass trend is weak, affected by this company’s 19H1 unit heavy box glass revenue (full income caliber) is 75.

2 yuan a year -3.

1 yuan; the cost of a single box of glass is 55.

4 yuan, +1 a year.

6 yuan.

Affected by this, the consolidated gross profit margin of the company in 19H1 was 26.

4% a year -5.

0pct, of which the gross profit margin for the second quarter was 28.

0%, year -1.

5%, a narrower decline than in the first quarter.

The cost of a single box decreased slightly, and the decline in net interest rate in 19Q2 narrowed.

19H1 company’s single-box glass period cost (tax, three fees) is 9.

8 yuan a year -1.

1 yuan, mainly due to performance rewards, repair costs, equity incentive costs have dropped significantly, driving down management costs.

19H1 single box net profit is 9.

6 yuan, -4 a year.

0 yuan.

The company’s 19Q1 and 19Q2 net profit margins were 11 respectively.

4%, 13.

8%, respectively double -8.

0, -1.

9 points.

Continue to enhance the competitiveness of glass deep processing and increase the layout of the entire industry chain.

On the upstream side, the company completed the holding of Liling Jinsheng Silicon Industry Co., Ltd. and obtained the mining right of Shibapo Mine in Pukou Town, Liling City, forming 4 supporting silica sand mines in Zhangzhou, Fujian, Heyuan, Hunan, and Yinzhou, Hunan.The company’s Yinzhou Qibin ultra-white glass production line was put into production in January 2019, and the Liling 65t / d electronic glass project was ignited in late July 2019. At the same time, Guangdong Energy Conservation Phase 2 expansion, Zhejiang Energy Conservation Capacity Extension and Hunan Energy Conservation Project construction were started.

Maintain “Highest Market” rating.

The company’s rational incentive mechanism has completed two rounds of stock option incentives in 2016 and 2017, granting a total of approximately 7% of the total share capital, taking into account new and old employees, original films and deep processing teams. The future deep processing layout is worth looking forward to.

Since listing in 2011, the company has implemented 7 cash dividends, and gradually distributed cash dividends of 25 after listing.

5.7 billion, with an average annual cash dividend ratio of 58 since listing.

50%.

The company promises 2017?
In 2021, after the full statutory statutory provident fund and any provident fund, the cash dividends distributed to shareholders each year shall not be less than 50% of the distributable profits realized in that year.

We expect the company’s EPS for 2019-2021 to be 0.

46, 0.

51, 0.

57 yuan / share for the company’s 2019 PE9?
11 times, reasonable value range 4.

14?
5.

06 yuan.

risk warning.

1) The industry’s resumed production capacity was put in more than expected; 2) The cost of raw 青岛夜网 materials went higher than expected; 3) The progress of deep processing failed to meet expectations.

Shanxi Coking (600740) Annual Report Commentary Report: China Coal Huajin Consolidated Statement Thickens Thickly, Profits Are Low, Expectations To Be Repaired


Shanxi Coking (600740) Annual Report Commentary Report: China Coal Huajin Consolidated Statement Thickens Thickly, Profits Are Low, Expectations To Be Repaired

Event: Shanxi Coking Chemical released the 2018 annual report, and the company achieved operating income of 72 in 2018.

3 billion, an annual increase of 20.

6%, net profit attributable to mother 15.

3 billion, an annual increase of 1567.

4%.

In a single quarter, the company achieved operating income of 20 in Q4 2018.

3 billion, a growth of 19 in ten years.

6%, an increase of 19 from the previous month.

5%; Q4 achieved net profit attributable to mother 2.

500 million, an increase of 514 in ten years.

1%, down 47% from the previous month.

2%.

The company’s dividend rate in 2018 was 19.

78% of reviews: 1.

Both volume and price increased, and the performance of the main coke industry increased.

Quantity: The company has an approved coke production of 360 tons. In 2018, the coke output was 301 inches. For each 21 inch increase, the coke sales volume was 300 millimeters and 17 millimeters.

With the gradual progress of environmental protection, the peak-and-peak production limit policies for heating and non-heating seasons have been released intensively since 2017. According to the company’s announcement, the company had 6 months of peak-and-peak production limit requirements in 2018.—On March 31, the coking time was extended to 30 hours, from September to mid-November to 48 hours, and from mid-November to December to 30 hours, the total output was predicted to affect 76.

For 5 samples, the expected limit for peak-shift production was 43% (76.

5 (/ 360/2) = 43%), and the company ‘s actual production limit is expected to be 33% (59/180).

Overall, due to the civilian heating task in Q4, the restriction on production was slightly relaxed, and the actual implementation of the restriction on production was the largest one quarter.

Price: Due to the impact of coke environmental protection to reduce production capacity, the price of coke hubs increased significantly in 2018. The average price of coke sales in 2018 was 1,777 yuan / ton, which was an increase of 268 from the average price of 1,510 yuan / ton (excluding tax) in the same period last year Yuan / ton.

2.

Acquisition of China Coal Huajin, increasing investment income 11 billion January 25, 2018, the company issued shares to Shanjiao Group and paid cash to purchase 49% of the distribution of China Coal Huajin held by the China Securities Regulatory Commission approved in 2018,The consolidation was completed in March.

China Coal Huajin has 3 coal mines with a total length of 1,020 approved capacity and a length of 873 equity. The main coal types can be thinned.

In 2018, China Coal Huajin achieved operating income of 98.

2.4 billion, operating cost 29.

9.1 billion, net profit attributable to mother 29.

1.1 billion, 49% equity corresponds to 14.

300 million, due to the consolidation in March, investment income from January to February is not attributable to Shanxi Coking. In 2018, Shanxi Coking held a 49% stake in China Coal Huajin, which corresponds to income from March to December.

1000000000.

3.

The decrease in Q4 profit in 2018 was mainly due to the increase in expense ratio and the profit margin of China Coal Huajin Q4.

Net profit attributable to mothers in Q4 20182.

500 million, a decrease of 2 from the previous month.

200 million, the first is that (1) the expense ratio increased during Q4: the expense ratio during Q4 2018 was 9.

2%, an increase of 1 from the previous quarter.

Six totals,苏州桑拿网 mainly for overhead costs (+0.

9 units) and financial expense ratio (+0.(8 per share); (2) Investment income decreased by 1.

4 billion.

4.

Estimated to be low, to be repaired.

As of April 15, 2019, the company’s total market value was 159.

500 million, corresponding to 10 times the PE in 2018 performance. Since the 18 years of China Coal Huajin only included 10 months of performance, the company’s profit for 18 years was 18 in 12 months.

500 million, corresponding to PE of 8.

6 times.

Looking at 2019, coking coal has a small net increase in production capacity, social financial data exceeded expectations, the manufacturing PMI has rebounded sharply, and macro data has moved closer to micro.

In terms of coke, due to the high base in early 2019 and the constant change in coke prices, it is expected that the price of coke prices will increase slightly in 2019.

Investment suggestion: Due to the slower-than-expected rate of coke de-capacity, we adjusted downward the company’s profit forecast.

0 billion, 19.

600 million down to 18.

6 billion, 16.

500 million; net profit is expected to be 16 in 2021.

8 ppm, as the company’s current estimate is still low, maintain “Buy” rating.

Risk reminder: the actual macroeconomic growth, coal prices have fallen sharply, a large amount of additional production capacity has been released, and coke production capacity has fallen short of expectations

Fenghua Hi-Tech: the beneficiaries of high-performance elasticity under the passive boom period


Fenghua Hi-Tech: the beneficiaries of high-performance elasticity under the passive boom period
1. Fenghua Hi-Tech: Internationally renowned passive component supplier Fenghua Hi-Tech is an internationally renowned and established passive component supplier affiliated to the Guangdong State-owned Assets Supervision and Administration Commission. Since its establishment in 1984, the company has formed MLCC, chip resistance, FPC and other eightIndustrial layout of main products. According 武汉夜网论坛 to IEK data, the company is the largest MLCC supplier in China.  Benefiting from the improvement of the industry’s prosperity and the expansion of the company’s product categories and improvement of operating efficiency, the company’s revenue and net profit have continued to increase since 2015.The company achieved revenue of 33 in 2017.600 million yuan, net profit 2.47 trillion USD, an annual increase of 187%; according to the company’s Q1 2018 financial report, the company achieved net profit in Q1 of 20181.1.6 billion yuan, with an estimated H1 net profit of 2 in 2018.8-3.2% ten percent, an increase of 151-187% a year.  2. In the passive component industry represented by MLCC, look at the capacitors for the super boom period passive components, and see MLCC for the capacitors.Benefiting from the optimization of the industry’s supply and demand structure, (1) smartphone hardware upgrades, automotive electronics, and electric vehicles are booming, (3) downstream demand is strong, and (2) major suppliers such as Japan adopt conservative expansion strategies and old capacity switching leads to supplyThe production capacity is tight.  Based on our preliminary expansion of future global industry supply and demand, we believe that the global tight supply of MLCCs is expected to continue until 2019: (1) Japanese companies’ main new production is mainly concentrated in the field of automotive and high-end miniaturized products.) Japanese companies as a whole maintain a sound business strategy. Expanding production capacity and cumulative exits will lead the industry to effectively absorb sustainable industry demand. (3) Due to weak market share, mainland and Taiwanese companies will expand production to supply global industries.The pattern is difficult to have a large impact.  Among the three major passive inductors, capacitor resistance inductors often have common downstream demand scenarios and similar competitive structures (that is, Japanese companies cover higher capacity allocations around the world). Therefore, we believe that resistance and inductance prompted the price increase cycle to start after MLCC.  3. Under the business cycle, the performance elasticity of passive component companies is huge. Take MLCC as an example. This round of price increases has greatly improved the profitability of major suppliers within the industry. We choose SEMCO, which has a relatively high revenue from MLCC products. TaiwanYageo, and Taiwan’s Huaxinke, as cases, analyze the impact of the industry boom on the company’s profitability. We judge that under the passive component boom cycle, the performance of companies in the industry will have great performance flexibility.  4.Investment suggestion: We expect the company’s revenue in the years 18-19 to be 45.1/57.2ppm, of which MLCC and chip resistor revenue are 15 respectively.0/21.0ppm and 9.0/12.0 billion yuan.We expect the company’s net profit to be 7 in 18-19.09/9.5.5 billion yuan.Give the company a 6-month target price of 20.5 yuan (corresponding to 26 times PE in 2018), the first coverage, buy rating.  Risk warning: MLCC’s price increase rate and sustainability are less than expected; the company’s production expansion progress is less than expected1. Fenghua Hi-Tech: an internationally renowned passive component supplier1.1. Fenghua Hi-tech: Fenghua Hi-tech, a leading domestic MLCC company, is located in Zhaoqing, Guangdong Province. It was established in 1984. It specializes in high-end new military components and electronic materials, and has gradually become the largest domestic research and development, production and export of new-type components and electronic information basic products.Base, an internationally renowned new electronic component industry company with independent intellectual property rights and key technologies of core products.The company was listed on the Shenzhen Stock Exchange in 1996 with the code 000636.SZ.The company acquired a 100% stake in Zhuhai Naidian in 2015, and a 40% stake in Taiwan Everbright in 2016.  By the end of Q1 of 2018, Guangdong State-owned Assets Supervision and Administration Commission directly and indirectly held the company through its wholly-owned subsidiary Guangsheng Assets22.2% of the capital is the actual controller of the company.According to the official website information of Guangsheng Assets, in addition to Fenghua Hi-Tech, listed companies of Guosheng Assets include Guoxing Optoelectronics, Foshan Lighting, Guangsheng Nonferrous Metals, Dongjiang Environmental Protection, Zhongjin Lingnan, and so on.  The company operates separately for each business through the overall structure of branches, subsidiaries and participating companies. The relevant important companies are: Guanhua Branch (MLCC), Duanhua Branch (chip resistors), and Inductance Branch (inductors), Fenghua Core Power (discrete device), Zhaoqing Micro-Shuo (ferrite core), Zhuhai Nanopower (FPC), and Taiwan Optoelectronics (chip resistors, etc.), etc.According to IEK data, the company is the largest MLCC supplier in China.  1.2. Main products: MLCC started, covering eight major product series companies including capacitive resistance, discrete devices, FPC, etc. Initially started with MLCC. After more than 30 years of development, the company’s product line has been continuously enriched. At present, new electronic materials, capacitor series and resistors have been formed.Series, inductor series, magnetic materials and devices, semiconductor packaging and testing and devices, sensitive components and multilayer soft and hard combined FPC and other 8 major product series.  The company has a broad market area and rich customer resources, and one-stop supply capabilities from materials to devices, which can be integrated for electronic equipment such as communication, consumer, computer, automotive electronics, lighting appliances, industrial control, etc.Supporting scale production capacity.  1.3. Revenue has grown steadily and profitability has continued to improve. In 2017, the company achieved operating income of 33.600 million yuan, a year-on-year increase of 21%. The company’s historical revenue growth trend has mainly benefited from the expansion of the company’s product categories and capacity expansion.In 2017, the company achieved net profit attributable to mothers2.6.2 billion yuan (after accrued asset impairment), an increase of 181% year-on-year, mainly benefited from the improvement in profitability brought by the improvement of the prosperity of the passive component industry since 17 years.  According to the company’s financial report, the company’s profitability has maintained a steady upward trend in recent years, and the company’s overall gross profit margin increased from 15 in 2012.5% to 23 in 2017.8%, net profit margin from 3 in 20124% to 7 in 2017.8%, mainly benefiting from the company’s product upgrades, internal management efficiency improvement and industry boom cycle.  Looking at the data by quarter, the company’s gross profit margin has increased significantly in recent quarters, especially since the end of 2016, the gross profit margin has continued to hit a new high. In 2018, the company’s Q1 gross profit margin reached 30.4%, compared with 22 in Q1 2017.0% year-on-year increase of 8.2 percentage points, it can be seen that the improvement of the industry’s prosperity has a very large impact on the company’s profitability.  Judging from the accounts receivable and inventory indicators, the company’s operating efficiency has significantly improved since 2015. The days of accounts receivables have fallen from 117 days in 2015 to 94 days in 2017, and the days of inventory turnover have fallen from 97 days to 67.day.The company’s cash flow has also improved very well since 2016. In 2017, the company’s operating cash flow net flow reached 4.100 million yuan, a year-on-year increase of 87%.  2. Super boom cycle of passive component industry represented by MLCCML2.1. 被动元件产业链  被动元器件,主要包括三大品类,电容、电阻和电感:(1)电容:主要作用是储存电路中的电量;(2)电阻:主要作用是调节电路中电流和电压的大小: (3) Inductance: The main function is to isolate, filter and stabilize the AC signal.  Passive component products are electronic basic components. Passive components are used in almost all areas of electronic products. The downstream applications are very wide. Consumer electronics, automotive electronics, LED lighting, wearable electronics, smart homes, etc. have very demanding passive components.Big.  Passive components look at capacitance, and capacitors look at MLCC: According to Paumanok Research data, the global passive component market size in 2017 was 25.4 billion US dollars, a year-on-year growth rate of 4.5%, industry demand has grown steadily.In the passive component industry, the size of the capacitor market is relatively high. According to IEK data, the global capacitor market size in 2017 was about 20 billion US dollars, an increase of 7.8%.In the capacitor industry, multilayer ceramic capacitors MLCC is an industry with a high market share and in line with technological development trends. According to Businesswire data, the global MLCC market size in 2018 was 50.$ 600 million.  According to Paumanok research data, the downstream demand of MLCC in 2017 is composed of 38% of mobile phones, 19% of PCs, 16% of automobiles, 15% of AV & IOT, and 11% of industrial and other.We believe that with the continuous upgrade of mobile phone hardware and the development of electric vehicles and automotive electronics, the future of mobile phones in the automotive sector will be the direction of increasing structural share.  Different downstream has different requirements for the performance parameters of passive component products, so different scenarios often match the products and specifications of different types of passive components.According to the differences in downstream needs and product characteristics, from the perspective of technological development, ceramic-based passive components (MLCC, chip resistors, ceramic inductors) products are currently important product components in the market, occupying major high-end markets, but also in the future.Important development trends.  The upstream of ceramic-based passive components are mainly ceramic-based materials and related electrode materials: the upstream of MLCC is mainly ceramic powder and electrode materials, the upstream of ceramic chip resistance is mainly ceramic substrate, resistor paste, ink, etc., and the upstream of ceramic chip inductor is mainly ferrite.And conductive paste.  From the perspective of the competition pattern, in the middle of the industrial chain, Japanese companies mainly control the high-end market and the main market share. The upstream materials are mainly high-end fine materials companies such as Japan and the United States. The domestic companies such as Guoci Materials and Chaozhou Sanhuan areUpstream ceramic powders and substrates have a certain market share.  2.2. Supply and demand improvement, MLCC boom cycle is expected to last longer than expected 2.2.1. 需求端:智能手机硬件升级、电动车、汽车电子需求旺盛  智能化、电子化需求驱动全球电容容量持续增加:全球科技产业一直围绕着智能化和电子化的大趋势在发展,根据IT架构,科技The development revolves around “data”. The “data” needs the support of basic components such as capacitors in the acquisition, storage, processing, transmission and output links. Therefore, we believe that the demand for capacitors is an important benefit link under the general trend of technological development.According to Paumanok research, the global demand for capacitor consumption in 2018 was close to 50 billion mF, which was 3-4 times that of the 1990s.  In recent years, the downstream demand for MLCC has continued to increase. The two areas with the fastest marginal growth are smartphones and automobiles. (1) The growth in demand for MLCCs from smartphones is mainly due to the continuous improvement of mobile phone hardware performance (data processing capabilities, cameras,Screens, etc.), the demand for MLCCs by a single mobile phone has increased significantly; (2) the growth in demand for MLCCs in the automotive industry is mainly driven by the increase in driving electronics such as ADAS and the significant increase in demand for mlcc by electric vehicles.  According to Kemet data, the demand for mlcc for iPhone X single phone exceeds 1,000, while the demand for mlcc for iPhone 6S is about 500; the demand for MLCC for ordinary fuel bicycles is about 2,500, while the electric vehicle represents Tesla’s threeThe demand for MLCCs for this model is about 10,000, which is about four times that of ordinary fuel vehicles.  The improvement of downstream demand drives the upgrade of upstream products. The future upgrades of MLCC products in the automotive and mobile phone fields are mainly: (1) Miniaturization: Under the general trend of thinner and lighter smartphones, the average volume of components is increasing, and mobile phone functions are upgraded.The demand for electric capacity is increasing during the process. At present, miniaturized MLCCs such as 0201 and 01005 are important requirements for high-end flagship mobile phones; (2) High voltage and high reliability: The automotive industry has a high demand for product safety, andMlcc reliability often has a great impact on the stability of body electronics; the average power in the automotive electronics field is much higher than consumer electronics such as mobile phones, so high-voltage products will also have greater demand.  The upgrading of core technical parameters such as miniaturization, high capacity and high voltage often encounters the gradual progress of technology. At present, the breakthroughs in the future are mainly the progress of ceramic materials and ceramic processing technology. The core technologies in the future include: (1) moreLayer technology, (2) printing technology, (3) capacitor layer thinning technology, and (4) bipolar material technology.  2.2.2. Supply side: high concentration, stable expansion of production, structural capacity tension due to structural capacity change. According to our statistics on the MLCC capacity of various manufacturers and future expansion, we believe that in the future, the global MLCC will still be mainly Murata / SEMCO / TDK / SunThe four inducements of the company control major global production capacities, especially the market for high-end products.Following the IEK and other data, the sum of the global MLCC four giants’ market share in 2016 exceeded 60%.  As the main source of future growth in downstream demand is the automotive and high-end consumer MLCC market, major global major development centers in the future are shifting to the automotive direction. Due to capacity constraints of plants and equipment, some companies have gradually phased out traditional business capacity.According to Jiwei.com and other news, Japan’s Murata announced that in Q2 2018, some products will gradually stop taking orders, and the product models are mainly in the size of 0402 to 1206.  Due to the major new production of Japanese and other major manufacturers into vehicles and other fields, leading to gradual accumulation and gradual withdrawal, coupled with strong downstream demand, these factors have led to insufficient supply of global MLCC industry capacity, and large-scale continuous price increases have occurred.Since the beginning of 2017 in Taiwan, South Korea’s MLCC has repeatedly issued product price increases, and the industry’s average unit price is expected to increase by 20-30%.  According to Japanese MoF export data, the ASP of products exported by the Japanese MLCC industry has significantly improved since Q2 2017, and by the end of 2017, the average ASP has increased by 40-50%.  Based on our preliminary expansion of future global industry supply and demand, we believe that the global tight supply of MLCCs is expected to continue until 2019: (1) Japanese companies’ main new operations are mainly concentrated in the automotive and high-end miniaturized product areas.) Japanese companies as a whole maintain a sound business strategy. Expanding production capacity and restructuring the exit of production capacity will be difficult to meet the increasing demand of the industry; (3) Due to the decrease in market share, the expansion of production by mainland and Taiwan companies will have a difficult impact on the global industry supply structure.  We track leading indicators of supply, demand and prices in the MLCC industry: orders, inventory and backlogs (undelivered orders).According to the latest quarterly financial report disclosed by Murata: (1) since Q1 2016, the number of orders in a single quarter has continued to exceed the single quarter revenue; (2) the company’s undelivered orders have continued to increase since Q1 2017, and the company has notDelivery orders exceeded 270 billion yen, an increase of more than 80% each year.According to Murata’s order breakdown, orders increased mainly for capacitor products.  2.3. We believe that the nature of the global MLCC price increase cycle is a reflection of the unbalanced supply-demand relationship in the industry caused by the continued adoption of conservative capacity strategies by Japanese companies in the context of continued growth in downstream industry demand and changes in production expansion cycles (3-4 quarters).Among the three major passive inductors, capacitor resistance inductors often have common downstream demand scenarios and similar competitive structures (that is, Japanese companies cover higher capacity allocations around the world). Therefore, we believe that resistance and inductance prompted the price increase cycle to start after MLCC.  According to IEK data, the major global ceramic chip resistor companies are Yageo, Rohm, KOA, Panasonic, Vishay, etc .; According to data from the International Electronic Business Information Network, the world’s major suppliers of ceramic inductors are Murata, TDK, Sunlord, Qilixin, etc.  According to the information from the International Electronic Business Information Network, since 2018, Yageo, Wangquan, Thick Voice, Lizhi Electronics, Guangye Technology, Huaxinke, Fenghua Hi-tech and other original resistor factories have issued price notifications for some products; International Electronic Business NetworkInformation information. On March 28, 2018, Taiwan Qili newly issued an inductance price adjustment announcement letter, stating that due to the continuous increase in raw material prices and labor costs, which led to the increase in the company’s operating costs, the unit price of the CLH1608T series will be adjusted.The increase range is 45%?68%.  We believe that the price increase of some products of resistance inductors that started in early 2018 reflects changes in the industry’s supply and demand pattern. In the future, the shift in supply and demand gaps will gradually reduce prices, and resistance inductor products are expected to start an industry price increase cycle.  3. Under the economic cycle, the performance elasticity of passive component companies is huge. Take MLCC as an example. This round of price increases that began in early 2017 has greatly affected the profitability of major suppliers in the industry. We choose MLCC products to account for a relatively high revenueSEMCO, Yageo, and Huaxinke as cases to analyze the impact of the industry boom on the company’s profitability.  SEMCO, the world’s second largest MLCC supplier, according to the company’s financial report data, the company’s 2017 MLCC product revenue was 210.7 billion won, with a revenue share of 30.8%.From 2015 to 2016, the company’s overall profit level is allowed, at a breakeven level. Benefiting from the MLCC price increase, the company achieved a net profit of 17.7 billion won in 2017, an increase of 7-8 times.  Taiwan Giant, the world’s fifth largest MLCC supplier, had revenues of 32.3 billion Taiwan dollars in 2017, of which MLCC product revenue was 16.6 billion Taiwan dollars, accounting for 51% of revenue.The company achieved a net profit of 6.7 billion Taiwan dollars in 2017, of which 27 in 2017Q4.800 million Taiwan dollars, an increase of 109% in ten years.The company’s gross profit margin and net profit margin have continued to increase since 2017. In Q4 2017, the company’s gross profit margin reached 43.7%, an increase of 16 units per year, with a net interest rate of 28.9%, an increase of 13 per year.4 averages.  Huashin of Taiwan, the sixth largest MLCC supplier in the world, the company’s revenue in 2017 was 21.6 billion Taiwan dollars, of which MLCC product revenue accounted for over 50%.The company achieved a gross profit margin of 29 in 2017Q4.0%, an increase of 5 a year.3 averages.  4. Investment proposal According to the company’s existing product structure, capacity composition and capacity expansion plan, we expect the company’s 2018-2020 revenue to be 45.1/57.2/65.$ 800 million, of which MLCC and chip resistor revenue were 15 respectively.0/21.0/25.0ppm and 9.0/12.0/13.0 billion yuan.Based on the judgment of the industry boom and the company’s historical profitability, we assume that the company’s gross profit margin for 2018-2020 is 32.50% / 34.00% / 33.00%, we estimate that the company’s net profit attributable to mothers for 2018-2020 will be 7 respectively.09/9.55/10.7.7 billion yuan.  We use the passive component industry and comparable listed companies to estimate the value of the company, and obtained the company’s 26 times PE in 2018, which is attributed to the company’s 6-month target price of 20.5 yuan, first coverage, buy rating.  Securities research report: “Fenghua Hi-Tech: the beneficiaries of high-performance elasticity under the passive boom period” Published: May 2, 2018 Report issuing agency: Tianfeng Securities Co., Ltd. Analyst: Pan Yan SAC practisingCertificate number: S1110517070005 Zhang Jian SAC practice certificate number: S1110518010002 Chen Junjie SAC practice certificate number: S1110517070009

TCM Whitening Soup


TCM Whitening Soup

Whitening Everyone thinks that if you are not exposed to the sun, or if you use whitening skin care products, it is white.

Chinese medicine believes that true white is internal, and that white is red and healthy.

The following soups are used to achieve a whitening effect.

The principle of traditional Chinese medicine is the balance of yin and yang, modern people have a lot of night life, and late sleep makes people easily become black and pores become thicker. In summer, they live in an air-conditioned environment for a long time.Questions, etc.

Therefore, whitening in summer should be based on excess qi and blood, to achieve redness in the white and firm skin.

  Laoya beauty soup ingredients: one duck, Huaishan, Chinese wolfberry, Beiqi, Yuzhu, Chixiaodou, Zhishi, Yimi, lotus seeds 10 grams each, 5 jujube; ginger, Chenpi Xiaoxu.

  Production: Laoguang duck one flying water, pour the duck and medicinal materials into the boiling water pot, and cook for four hours.

  Efficacy: strengthening the spleen and stomach, replenishing qi and strengthening qi, and the best product for summer heat.

  Spleen and stomach reconcile, qi and blood flow mutton Guben soup Ingredients: 500 grams of mutton, 20 grams of Astragalus, 15 grams of Angelica, 10 grams each of Chinese wolfberry and lotus seed; 15 grams of yuan meat, 8 jujube dates; ginger Xiao Xu.

  Production: 500 grams of mutton flying water, pour mutton and medicinal materials into a boiling pot of boiling water, and cook for four hours.

  Efficacy: nourishing qi and nourishing blood, nourishing yin and aphrodisiac, summer tonic.

  Detoxification of qi and blood in addition to the old hen Qingrun soup Ingredients: one old hen, northern ape, Codonopsis sibiricum, Poria, Huaishan, Chinese wolfberry, malt, Houttuynia cordata, 10 grams each, 5 grams of flowers and fruit; ginger Xiaoxu.
  Production: Laoguang chicken one flying water, pour the chicken and medicinal materials into the boiling water pot, and cook for four hours.

  Efficacy: A summer soup that nourishes and dampens beauty.

  Qingrun nourishing lean meat Cordyceps flower Runfei soup Ingredients: 500 grams of lean meat, 30 grams of Cordyceps flower, 10 grams of Codonopsis, Chinese wolfberry, Yuan meat, 5 figs, 8 red dates; ginger Xiaoxu.

  Production: Lean meat and water, pour the lean meat and herbs into the boiling water pot, and cook for an hour.

  Efficacy: Summer soup for clearing the heart and lungs.

  Moisturizing

Want to be a SOHO?


First break the three psychological barriers

Want to be a SOHO?
First break the three psychological barriers

The SOHO (small office, home office, or freelancer working from home) is always enviable: you can squeeze someone out of the bus or drive to work to arrange a break, listen to music, or have a leisurely cup of coffee and start work slowly.

  However, modern workplace psychology research has shown that the free SOHO people also have psychological problems that cannot be ignored, insecurity, frustration, and tiredness at work . The SOHO family has even become a high-risk group of psychological problems.

  Appearance expert: Yi Jianjun, a national second-level psychological counselor, has been expecting too much frustration. Many writers and business people have started from the work of SOHO.

When too many people choose SOHO, they also inject considerable enthusiasm and expectations for SOHO life.

However, there is a gap between reality and dreams.

Many SOHO people work at home for a few years, and their careers are showing signs of improvement, so it is easy to have a deep sense of failure in their work and life, and some people even have cynicism.

Especially when the effort is not rewarded, this anxiety and injustice will be stronger.

  Chongguan secret 笈 When these emotions occur, it is necessary to carry out some spiritual growth, such as focusing on the arts of music, dance, painting, and sculpture, and immersing yourself in a beautiful experience, the bad emotions will be slowSlow distance you.

  In addition, you can read more books about spiritual growth.

But if you are not a professional, please don’t read too many re-arranged books, otherwise it is easy to check in.

When many friends perform self-psychological adjustment, they often have to go to the doctor because they have read too many discussions and think that they have a mental illness.

  Yi Jianjun expert, one should not worry about the worth, but should care about how to move forward.

Hypnosis says that if you care about positive things, it will bring positive results, and if you care about negative things, it will easily bring negative results.

If you care about happiness and laughter, then health is there.

  In the end, Yi Jianjun suggested that those who choose SOHO must first determine their prospects for SOHO career development.

Once you really start your SOHO life, you should lower your mindset, don’t rush into success, and motivate yourself.

  Difficulties 2 As money grows, friends decrease. In addition to career frustration, the SOHO family is likely to be frustrated in communication.

Some SOHO people may not be economically stressed, but working at home for a long time will make it easier for SOHO people to isolate themselves from social life.

  There is a saying called “SOHO is easy to create workaholics”. Some radical people often stay up late to catch up with tasks, which can easily lead to a lot of energy loss, tired eyes, and weak body.

  Chongguan’s secret secretary Yi Jianjun suggested that the SOHO people must first make clear that being a SOHO family is not just for making money. “Workaholics” should always be alert to their physical needs and work according to their physical laws.

In addition, you must make psychological preparations before choosing to be a SOHO family, because once you struggle alone at home, you will inevitably lose some friends who once shared a common goal, and it will inevitably be closed to loneliness.

  However, Yi Jianjun said that the SOHO family need not worry that they will suffer from “social phobia” and can make new friends on the new work platform.

Of course, do not neglect old friends, or integrate the society into various social relationships, this can avoid the insecurity of the SOHO people.

  Difficult situation is no longer bound, more lonely, many SOHO ethnic groups, tired of life and work, neither sense of accomplishment nor satisfaction.

The SOHO tribe often fights alone in their work, so no matter how stress or the joy of success, no one is shared or shared.

  Yi Jianjun said that in fact, once SOHO is selected, it is equivalent to having to endure loneliness within a relatively long shift.

Therefore, the SOHO people often feel a sense of national achievement and satisfaction.

  Mr. Yi Jianjun from Chongguan suggested that the SOHO people are the ones who love life and have a clear life goal. Otherwise, if they are lazy and not very active, once there is less supervision by the unit’s leadership colleagues, there is too much freedom., It ‘s easy to get overwhelmed, and it ‘s easy to consume time in a little hesitation, such as getting up early or sleeping a bit longer; finishing the work right away, or waiting to deal with it at night . This can easily lead to a decrease in work efficiency, resulting in a sudden advantage of working pressure behind, etc.

  The SOHO family can reorganize their office environment, such as decorating with bright colors, pay attention to opening the window for ventilation, etc., so that people’s mood can easily become relaxed and happy.

  People with relevant link styles are suitable for SOHO family 1, can take the initiative to work, and can complete the task at hand in time without external pressure.

  2. Can work independently without the assistance of colleagues.

  3, work is very planned, know how to maintain a balance between work and life, will not lead to chaos in life order because of working from home.

  4, can control the progress of the work.

  5, good at solving problems.

  6, have the ability to manage affairs.

  7, has outstanding professional ability.  8. Good interpersonal relationships and resources.

You’d better have more than 3 years of relevant work experience. Senior workers are the most suitable for SOHO.

  9, behind the scenes support-financial resources.

Although money is not an important factor, it is also an indispensable supportive force. It is backed by stable financial resources, so you have no worries in the early stage of your business.

  10. Have excellent working equipment.

7 tricks to get up on a cold day


7 tricks to get up on a cold day

Although the quilt is warm, it is impossible to get up.

The strength of the quilt is as hard to resist as gravity, in order to get up with tears in the winter, we have to do everything!

All kinds of tricks are going to battle!

  Trick one: Keep making trouble one hour ahead of schedule, every five minutes, you can’t stand the trouble, haha, you have to get up.

At the same time you can place the alarm clock far from the bed.

I can’t reach the “Snooze” button, I can’t stand it for a long time, so I have to get up and press it.

  Trick two: There is a master of magical urinary urgency method. Through precise measurement, he found the relationship between the amount of water before going to bed and the time when he was awakened by urine.

So he invented the magical “urine urge to get up” method.

So, one day, you saw him sadly sitting on the toilet and howling.

  Trick number three: The idea transfer method finds some “bait” that warms our heart.

For example, the following reasons for getting up are: 1. Getting up also requires Ah Q spirit!

A bite of teeth, a horizontal heart, and a silent meditation in my heart: Why is it so hot, so hot!

Just got up.

  2, just thought about it, the reason to get up tomorrow is that I am going to remove a new mascara!

  Maybe these excuses for getting up really can seduce us to overcome Lai and get up bravely!

  Trick # 4: Seeing people happy things Psychology has found that hormones change in our bodies during sleep, causing most people to woke up or be in a bad mood when they wake up.

We can write the things that please you the next day the most, such as dinner with a friend. You can send the book you ordered online. Stick this note on the bedside or alarm clock.See, this will help you feel happy and more willing to wake up quickly to welcome your day.

  Trick number five: The bedroom is bright and some different colors will also affect our psychological mood.

In fact, do not choose dark tones for bed sheets, quilts, and pillows. You can use warm colors such as red, orange, and pink. Bright, variable colors will start adrenaline secretion, cause excitement, and feel strong in your body.

Or put a pot of plants near the bed (if you are allergic to plants, you can place artificial flowers), you can see the flowers after getting up, you will feel good, and can maintain the whole day.

  Trick number six: Replace warm 1 with touch, with your company, it’s warm in the cold!

It’s so cold. I stood outside for a few hours and my hands and feet became stiff, but I was thinking that you were freezing with me, and my heart was warm.

  2. Your anxiety is warm winter sun.

Today, I received the gloves, scarf, and scarf that he sent from the south. What made me cry and laugh was that there were two pairs of very thick and thick wool socks.

He was still wearing short sleeves in the city, and he found many places to buy them for me.

He said he was going to be frozen with me.

I think I will feel warm with him all winter.

  Trick number seven: turning the music on can help wake up the sleeping heart and soothe the soul.

You can turn on the radio or record player at home automatically when you wake up. Listening to some music, news or audiobooks in the morning can effectively help us replace our spirits.

If you want to boost your vitality, you can choose Mozart’s violin concerto music. I plan to have plenty in the early morning, and you can choose dance music.

  There are always some touches and warmths in life that inspire our fighting spirit and perseverance. Maybe the cold winter can make full use of these warm tinders deep in the soul.

Lancing blood for effective treatment of eczema


Lancing blood for effective treatment of eczema

[Introduction]Eczema is a common inflammatory skin disease of the epidermis and superficial dermis caused by a variety of internal and external factors. It is generally believed to be related to allergies.

Its clinical manifestations are symmetrical, exudative, itchy, polymorphic and recurrent.

It is also an allergic inflammatory skin disease. It has an increased number of rashes, is symmetrically distributed, and spreads rapidly and repeatedly. It easily develops into chronic eczema. It is a common inflammatory skin disease caused by a variety of internal and external factorsIt is generally believed to be related to allergies.

Its clinical manifestations are symmetrical, exudative, itchy, polymorphic and recurrent.

It is also an allergic arthritic skin disease characterized by an increased rash, symmetrical distribution, repeated tears and repeated attacks, and easy to evolve into chronic.

  Summer is the season of high incidence of eczema. Experts point out that pricking blood has a good effect in treating eczema.

  After topical disinfection of acute eczema, use a plum blossom needle to repeatedly puncture the slight bleeding from the defect edge to the center, and then cup 3?
5 minutes.

If you see a blister in a cluster, pierce the blister with a three-pointed needle, wipe it with a dry cotton ball, and then prick.

Triangular needle point puncture, Quchi or large vertebra, hundred insect nests, with bleeding 5?
8 drops are degrees, 2?
Once every 3 days, the effect is obvious.

  Chronic eczema with a plum acupuncture at Ashi acupoint, then cupping the acupuncture site 3?
5 minutes; stab the bladder through the first lateral line to the degree of skin flushing, and then cupping for 10 minutes.

Triangular needles puncture the air door, hundred insect nests, a few drops of bleeding, once every other day for 5 consecutive times?
Effective 8 times.