Hongfa shares (600885): Segmentation of automotive applications with performance exceeding expectations

Hongfa shares (600885): Segmentation of automotive applications with performance exceeding expectations

Event: The company released its semi-annual report for 2019 on July 30, 2019, which is expected to achieve revenue of 34.

0.7 million yuan, an increase of ten years.

53%; net profit attributable 杭州桑拿 to mothers3.

55 ppm, a decrease of 3 per year.


The performance was slightly lower than Shen Wanhongyuan’s expectations, mainly due to the larger-than-expected change in the breakdown of power relays and automotive relays.

Key points of investment: Differentiated sales of relay products drove a slight increase in revenue for half a year, and high-voltage DC relays continued to grow brightly.

2019H1 company achieved revenue of 34.

0.7 million yuan, an increase of ten years.


The reasons for the slight increase in revenue were: 1) Power relays, high-voltage DC, industrial control, sealed relays and other products achieved rapid growth. Among them, high-voltage DC relays developed smoothly at high-end customers at home and abroad, and the number of batches increased by 55% in the first half of the yearThe main product of relays is the rapid growth in 北京夜网 sales of metering magnetic holding relays, and the overall replacement volume in the first half of the year increased by 23.

50%; industrial control relays are used by Siemens, Mitsubishi, Schneider and other customers.


2) Signal relays and low-voltage switches keep growing steadily, with the planned volumes in the first half of the year increasing by 19% and 15 respectively.


3) The sales of power relays and automotive relays decreased. In the first quarter, the international relay giants in the domestic white goods market took the lead to provoke fierce market competition. In the first half of the year, the company’s power relay transfer volume gradually decreased.

29%; demand in major global automotive markets declined, and the company’s automotive relays continued to fall by 25% in the first half of the year.

Net profit attributable to mothers increased in the second quarter, and the company’s operating cash flow improved significantly in the first half of the year.

In 2019H1, the company achieved a comprehensive gross profit margin of 38.

36%, an increase of 0 over the same period last year.

18 singles; affected by small changes in expenses during the period, the company achieved net profit attributable to its mother.

55 ppm, a decrease of 3 per year.


In terms of quarters, Q2 achieved revenue of 17.

8.2 billion, an increase of 9 from the previous month.

66%; net profit attributable to mothers1.

9.7 billion, an increase of 25.


In the first half of the year, the company benefited from the growth of collection and discounting and restructuring, and the company realized net cash flow from operating activities.

2 trillion, -0 in the same period last year.

7.8 billion.

As of June 30, 2019, the company had monetary funds in hand11.

25 ppm, an increase of 121 in ten years.


The market share of high-voltage relays is rapidly increasing, and overseas Indonesian plants are about to start production.

The company’s high-voltage DC relay quickly entered the new energy vehicle market.

In addition to rapidly increasing its domestic share by 40%, the company has successively obtained major supplier certifications for major projects such as Land Rover, Porsche, Volkswagen MEB, Mercedes-Benz, Ford, Tesla, Samsung Battery in overseas markets.

As the world’s largest export-oriented export-oriented enterprise, the company expects that the continued high prosperity of the new energy vehicle industry at home and abroad will provide development potential for the company’s high-voltage relay business. At the beginning of August, the company ‘s first overseas factory will expand production in Indonesia; the reorganization, the company replaced the pursuit of overseas mergers and acquisitions integration opportunities, and accelerate the increase of the company’s main products in the European and American markets.

Downgrade profit forecast and maintain “overweight” rating: the company’s performance is slightly lower than expected, power, and downstream demand for automotive products is stumped in the short term. We lower our profit forecast and expect the company’s net profit to reach 7 in 2019-2021.

08, 7.

80 and 8.

9.7 billion (before the reduction was 8).


75 and 11.

61 ppm), the corresponding EPS is 0.

95, 1.

05, 1.

20 yuan / share, the current expected PE is 26, 23, 20 times, maintaining the “overweight” level.

Gold Molybdenum (601958): Rising molybdenum price drives company performance to maintain high growth

Gold Molybdenum (601958): Rising molybdenum price drives company performance to maintain high growth
Performance summary: The company achieved operating income of 67 in the first three quarters of 2019.20,000 yuan, an annual increase of 3.7%; net profit attributable to 上海夜网论坛 mother 4.50,000 yuan, an increase of 96 in ten years.7%; net profit attributable to mother after deduction 430,000 yuan, an increase of 123% in ten years. The performance was in line with expectations, and the substantial increase in product prices was the main reason.From a single quarter perspective, the company’s Q3 single quarter net profit attributable to its mother was 1.74 million, a month-on-month decrease of 2100 million, and the operating income ratio Q2 in the single quarter decreased by 1.52 million, we think it is mainly due to the decline in sales.In the Q3 quarter of 2019, the company’s main molybdenum products such as molybdenum concentrate, molybdenum oxide and ferromolybdenum increased by 8.9%, 7.8% and 9%. The rise in prices drove the company’s gross profit margin upward. The gross profit margin in Q3 was 25%南京夜网, which was an increase of 2 from the previous quarter.6 averages. Increase investment in research and development, and further advance the progress of various projects.The company increased R & D expenses. The company’s R & D expenses for the first three quarters were 1.610,000 yuan, an increase of 364% in ten years.The company has achieved good results in feasibility studies. The company’s “Key Technologies and Applications in the Preparation of High-Purity Large-Size Micro-Products” project won the first prize of China Nonferrous Metals Industry Science and Technology. The research results of the project were evaluated by a few experts as reaching the international advanced level.This project is also the only one in the domestic molybdenum industry that won the first prize.The company also strengthened industry-university-research cooperation and platform construction, research and development of molybdenum tube products, research and development of ultra-large-sized micron sputtering targets for OLEDs, 57% molybdenum concentrate carbon reduction and other key research projects were implemented as planned. Supply and demand are gradually tightening, and molybdenum prices are expected to continue to grow.By sorting out the production capacity and operating plans of major global molybdenum producers, we estimate that the global micro output will increase slightly, and the compound growth rate in the next three years will remain at about 1%, and the continuous recovery of downstream demand will gradually be reduced. Global molybdenum consumption will increase in the next three years.The rate is expected to remain at 4%. The gap between supply and demand will widen in the next three years, and the price of molybdenum will continue to grow ahead of schedule, while the company’s performance will change to a price growth trend to maintain stable growth. Earnings forecasts and investment advice.We estimate that the company’s operating income for 2019-2021 will be 91 ‰, 95 ‰ and 98 ‰, and the net profit attributable to the parent will be 6 respectively.200 million, 7.500 million and 8.1 ‰, corresponding to PE of 37 times, 31 times and 28 times respectively, maintaining the “overweight” level. Risk warning: the risk of severe shrinkage of downstream demand, the release of molybdenum concentrate supply exceeds expectations.

Looking down on mobile phones is dangerous!

Wholesome neck exercise

Looking down on mobile phones is dangerous!
Wholesome neck exercise

In today’s society, more and more bow-headed people are holding mobile phones all the time, and many people recognize mobile phones.

The occasion when these people play mobile phones is totally beyond imagination. When driving, eating, going to the toilet, or even walking, they are looking down at the mobile phone.

This kind of behavior can cause huge damage to people’s cervical spine and neck.

Gradually there will be some who find you unknowingly, and the consequences of these effects on your health are silent, subtle, and you must pay attention to it, and do n’t look down and play with your phone all the time.

At the same time, do some appropriate actions to protect the cervical spine.

Do you know how harmful it is to play with your mobile phone while looking down? Let me talk about the dangers and exercise methods of playing with your mobile phone. Let’s take a look together!

  It is too harmful to play with a mobile phone. When we do not lower our head, the neck is in a straight line with the head. The neck bears the pressure of the head at 4-5kg. This posture will make people feel very relaxed.

  The neck slowly moved forward, and the pressure of the cervical spine appeared: when the neck and the head showed 15 degrees, the pressure on the cervical spine was about 12 kg; when the neck and the head showed 30 degrees, the pressure on the cervical spine was about 18 kg; When making a 45-degree posture, the cervical spine may be under 22kg of pressure.

  It is precisely such “tilt” movements in different postures that can damage the cervical spine.

When playing with a mobile phone, it is very easy to show a 45-degree lowered head. Continuously doing this may cause double cervical injuries.

  High neck pressure may follow!

  When the above facts appear, this incorrect posture will compress the nerves. If you lower your head for two consecutive hours while playing with your mobile phone, you will experience tension headaches; in the process of playing your phone with your head down, it will affect your vital capacity and cardiovascular health; Long time playing with a mobile phone will cause chronic muscle strain, hurt the lumbar spine, and cause herniated discs.

  Of course, the most important thing is that the neck is continuously extended forward, which has an impact on the shape of the entire person.

If you look down and play with your mobile phone for a long time, you will feel very painful shoulder joints, which will cause fasciitis in your neck and shoulders.

Yes, we can play less with mobile phones; implantation can do some healthful movements, constantly improve neck stiffness and relieve soreness.

  Neck exercise 1 together. When playing with your mobile phone for a while, you can stand up and massage your neck, which can relieve neck stiffness.

Tap your palm lightly on the neck, or press your palm firmly against the neck.

  2. Stand straight and do the chin-up action. At this time, the neck feels stretched.

When the chin is retracted, the chin moves horizontally backward.

  3. Exercise your back. This movement is more common in yoga.

Kneel on the carpet, hands forward.

When breathing, the back begins to stretch, and then inhales to collapse.

This kind of movement is mainly to avoid back and stiff lumbar spine.

  4, chest expansion exercise, when doing broadcast gymnastics, there is a chest expansion exercise, this time does not prevent doing something.

The chest expansion exercise can exercise the thoracic spine, and it can also open the thoracic spine. Secondly, during this exercise, the shoulder can be stretched to prevent shoulder disease.

  Persevering in this exercise can also strengthen the strength of the back end, enough to stretch the back axially, and also greatly improve the body, which will be better for shaping the body.

The psychological needs of the elderly cannot be ignored!

The psychological needs of the elderly cannot be ignored!

Mental health is an important substitute for physical health. Recognizing the psychological characteristics of the elderly, understanding and satisfying the normal psychological needs of the elderly is of great significance for stabilizing the emotional changes of the elderly and promoting healthy longevity.

Therefore, as a young person, don’t neglect the psychological needs of the elderly: health demand is a psychological state that prevailed in the past. When people reach old age, they often have fear of being old, afraid of illness, fear of death, and family members should be more at heart with the elderly., talk about the heart, open your heart.

  Harmony needs the elderly to hope that they have a happy family environment. Regardless of the family’s economic conditions, as long as the whole family is harmonious, the neighborhood is harmonious, mutual respect and mutual help, and the elderly will feel warm and happy.

  Dear demand, the elderly may be depressed after leaving the job. If they are not respected by their families, they will develop pessimism and even go out of their way. In the long run, they will cause depression and depression, and lay the foundation for all kinds of diseases.

  Depending on the demand for people to the old age, energy, physical strength, and mental power have declined. Some lives cannot be completely self-care, and they hope to be taken care of.

As a child, only filial piety will make the elderly feel old.

  Quiet demand for the elderly generally like quiet, afraid of noisy.

Some elderly people are afraid of going through Sundays, because their children, children and grandchildren gather together, and spend a day in a chaotic manner. For the elderly, such a Sunday is a “wean Sunday.”

But moderate reunion and exuberance are good for the elderly.

  Most of the elderly who need to retire from work need to have the ability to work. Suddenly leaving the job position will certainly generate a lot of ideas, and hope to carry out labor and reflect their own value.

Therefore, the elderly should be allowed to exert the heat.

  Summing the need for the elderly to die, life is very lonely, child care is not a long-term solution, so if the elderly have this intention, children should support the elderly’s courtship needs, let them celebrate their old age.

  Dominant demand for the elderly is mostly the head of the family, to control the right to control at home.

However, due to changes in the socio-economic level of the elderly, the family level and the right to control of the elderly may be affected.

This may also cause distress in the elderly.

Therefore, the younger generation should properly satisfy the old people’s control.

Urban white-collar workers suffer from financial anxiety

Urban white-collar workers suffer from financial worries: pressure on mortgages

Three urban white-collar workers in Hangzhou are college classmates: Jing Jing is the editor of a fashion magazine, Annie is a university teacher, and Amy is seeking a job at a foreign insurance company. In the eyes of ordinary people, they are well-dressed and well-groomed. They have a decent job and a fair job.income.

“This is just a superficial phenomenon, and I feel worried every day.

“The three people who haven’t met for a long time have recently met, and Jing Jing’s troubles have aroused the resonance of two companions.

  Every day when I wake up, I think of “monthly confession” and “I always feel like I keep turning and turning, and I don’t see the end.”

Jing Jing admits that she works more than 10 hours a day and feels that it is too late.

Her worries come mainly from mortgages and education costs for her children.

  The 36-year-old Jing Jing originally lived in a 60-square-meter house in Dongshan Lane, Hangzhou. After the child was born three years ago, the housing pressure came at the same time.

“As soon as the child came out, the family’s population suddenly swelled, and the nanny invited. Adults from both sides took turns to come to help, and suddenly felt that the space was crowded.

At that time, the couple had the same goal. Buying a house requires at least a three-bedroom house.

“Jingjing regrets she didn’t see the right time,” she bought a house at the highest point.

“” I started to look at the house in May 2007. After looking at it for more than half a year, I found the house I was satisfied with. Because I wanted to be closer to the school, we chose a set of more than 130 square meters of three-bedroom second-hand houses in Century New City.The landlord insisted on 1 per square meter.

50,000 yuan, the total price of 1.95 million, after a few counter-offers, finally erased a small amount, 1.9 million transactions.

“At that time, the bank had to pay 30% of the down payment. Jingjing paid 400,000, and the remaining 1.5 million was mortgaged for 30 years.” When the bank first sent the repayment form, it took a breath.

The monthly repayment of 12,000 yuan was too stressful and I couldn’t handle it. I finally managed to settle the mortgage of the previous months. Fortunately, the bank lowered the interest rate. Now the interest rate has been reduced by 70%. After several repayments,After the payment, the principal was reduced to 1 million, but the monthly mortgage was still more than 6,000 yuan.

“” The first thing I open my eyes every day is more than 6000 yuan monthly.

Jing Jing admitted that she had carried more than one mountain.

  ”The monthly mortgage is more than 6,000 yuan, the child is 700 yuan for kindergarten, 600 yuan for a part-time job, and at least 400 yuan for taking the child out.

The cost that must be paid for a month is as high as 7,000 yuan, which has reduced the salary of one person in the family, and does not include daily expenses such as food, clothing, water, electricity, communications, and transportation.

  Jingjing’s biggest yearning now is to be “debt free.”

  Dreaming is either the Yin line or the Yang line. The monthly loan for 6000 yuan in Jingjing is included in the mortgage. The pressure on Anne’s mortgage is very light. More than 300,000 mortgages and monthly repayments of more than 2,000 yuan. This is not enough for Annie who has tens of thousands of income.what.
  However, every family has a difficult experience, Anne’s main trouble comes from stocks and funds, the cost of 5,000 points to enter the market, and half of it is still inside, which is half of her savings.

  What annoyed Anne was listening to a friend’s so-called inside information, and buying half of the money in the family to buy an Aijian stock.

  ”I heard that Aijian’s shares need to be reorganized. The maximum price is 60 yuan. If you have money, buy more.

In August 2007, when she got this “inside information”, with almost no hesitation, Annie cashed in the national debt and time deposits in advance, and all the more than 700,000 cash was deposited in the Bank of China Securities Exchange.I bought nearly 30,000 shares at the time.

“It used to go up to 32 yuan, but it’s still far from 60 yuan.

“Soon, the stock market plummeted.” Seeing that it fell below 20, fell below 10 yuan, and fell to as low as more than 4 yuan.

Others may be making up positions at this time, and I’m about to collapse.

Now even some come up, but it’s only more than 10 yuan. It’s not enough to make up, and it’s not to sell. I turn on the computer every day to see the K line, and see other stocks rising so fast. I am really anxious.

“Because of the deep set, Annie was insomnia and fell asleep stupidly. Her dream was also Aijian shares.

  Now I don’t know, should I make up a little or sell first and then buy at a low point.

It’s really troublesome. I’m afraid I will fall again after I make up, and I am afraid that I will rise if I sell it. I think how easy it would be to live without stocks.

  Carrying cash is also unsettling. Amy grabbed all of her cash. It was her savings over the years plus the profits made by falling down the house. The numbers were not small.

  ”Isn’t it saying that cash is king, you are so happy now, neither a house slave nor a stockholder. What you want to buy, just place an order.

“The two companions were jealous of death.

  ”What cash is king is not to say that Americans print banknotes, and British print banknotes. The world has started printing machines. I am just holding a small amount of money and I am worried that money is not worth it.

Amy’s words caused a laugh.

  At the end of last year, Amy sold a newly delivered house in Binjiang. “The 120m2 house was more than 7,000 square meters when it was bought in April last year. At the end of last year, it was 12,000 yuan.

Earned 600,000.  ”It seems to be making money, but it may not be.

Amy said that she originally wanted to live by herself because the property market was a bit weak in the second half of last year. She thought that it would be better to let go and wait for house prices to fall a little more, buy on dips, and earn a difference.

But now the houses in Binjiang and downtown have not fallen at all, and some have risen instead.

“I have to buy a house. I have to buy a house these days. The house looks more and more expensive these days. I am afraid that the little money in my pocket is worthless. I am worried.

30-year-old woman does enough moisturization to fight age

30-year-old woman does enough moisturization to fight age

Guide: 30-year-old young mother skin care is a bump, if not maintained in time, the skin will age quickly.

Wu Min, a beauty expert, told reporters that, compared with teenage girls in their twenties and twenties, more nutrition and moisturization are more important.

Moisturizing first “cleansing” 1 Moisturizing first “cleansing” No matter whether you wash your face with clean water or cleansing products, the pH of the crust will change, and the moisture in the epidermis will be lost.

Therefore, different skin types should choose the appropriate cleaning products.

Wu Min told reporters that for combination and dry skin, choose a slightly acidic and mild surface product, such as a milky facial cleanser or a cleansing product containing multiple moisturizing and moisturizing factors; people with oily skin should never over cleanThe skin, on the contrary, will stimulate the skin to secrete more sebum to maintain the skin’s oil content.

Therefore, Merida recommends choosing neutral and light weight products to remove excess oil from the epidermis while maintaining skin water and oil balance.

“Hydrating” has principle 2 “Hydrating” has principle The skin pores will open slightly after cleansing. This is the best time to rehydrate.

The watery toner can penetrate into the epidermis layer quickly, so that the skin has a “hydrating effect”.

Wu Min said that the direct hydration effect of combination and dry skin toners has the most obvious effect on combination and dry skin; people with oily skin are still oily skin, but some skins often need moreToo much water nourishes instead of oil. It is important to avoid alcohol-based lotions. Although alcohol can temporarily refresh your skin, it can cause peeling over time.

“Hydrating Essence” Essential 3 “Hydrating Essence” Essential “Hydrating Essence” is an indispensable step every day for a 30-year-old woman. It can provide long-lasting moisturization to the skin, lock the skin’s surface moisture and prevent water loss.

Merida people said that mixed skin should choose the essence containing plant ingredients, because it is moisturizing enough, without worrying about faecal particles; people with dry skin choose the higher moisturizing essence is the best; oilySkin-type people should choose a small amount of refreshing products.

“Moisturizing and Moisturizing” resists aging 4 “Moisturizing and Moisturizing” resists aging “Moisturizing and Moisturizing” is a 30-year-old woman who cannot be neglected for 365 days.

Only moisturized skin can ensure the normal operation of skin cells and can effectively resist aging.

  Wu Min believes that cream hydrating products are more suitable for combination and dry skin.

Moisturizing moisture can prevent the loss of moisture in the epidermis.

The dryness of oily skin is often masked by the “oiliness” of the surface, so the hydration work is also sloppy in winter.

Emulsion-like products are more suitable for all skin types.

5 “Special care” activating force 30-year-old skin is far less elastic and energetic than 20-year-old skin, and the skin’s metabolism slows down, and the horny barrier of the skin’s surface layer blocks the absorption of moisture and nutrients.

So to improve skin absorption, do 1 weekly?
2 deep moisturizing and exfoliating treatments.

Wu Min said that for combination, dry skin, you should choose a mild and exfoliating product, and do it once a week.

The carrier-type mask is more suitable for 30-year-old skin. It is safe and non-irritating to the skin, and more importantly, 10?
15 minutes of closed nourishment can quickly rehydrate the skin; people with oily skin 1 weekly?
3 exfoliating treatments, each time, the technique should be gentle, and the skin should not be rubbed with force.

If your skin is really oily, you can use an oil control mask occasionally, but avoid the oil on the face or the parts that are not easy to get out of the oil.

There is some kind of medicinal recipe for thermal retina

There is some kind of medicinal recipe for thermal retina

(1) Southern apricot and sangbai pig lungs: 20 grams of southern almonds, 15 grams of mulberry white skins, and about 250 grams of pig lungs. The pig lungs are cut into pieces, and they are repeatedly squeezed and washed to remove the foam in the trachea.Soak and peel, wash mulberry skin, place in a clay pot, add water to a boil, cook with oil and salt, and drink in portions.

  (2) Lugan Zhuru porridge: 150g of fresh reed root (halved for dried people), 15g of Zhuru, 3 slices of ginger, 100g of rice, wash the reed root and cut into sections, fry it with Zhuru and use the juiceCook with rice to make porridge. Porridge will be ready. Add ginger and cook a little. Season with oil and salt. Serve twice.
5 times.

  (3) Lily ginkgo soup: 10 grams each of lily and ginkgo (husking kernels), wash the two flavors, cook with water, warm, 2 times a day.

  (4) Yuzu peel lily soup: 50g of lily, 150g of fresh grapefruit peel, wash the first two flavors, and fry for 2?
3 hours to rotten, add 50g of sugar, each dose divided into 3 times, 1 dose / day, 3 times a course of treatment.

Avoid radishes, fish and shrimp.

  (5) Toad eggs: 1 egg (preferably under white chicken), 1 live toad (toad), fill the egg in the mouth of the toad and force it to swallow it, then wrap it with kraft paper and threadWell, cover it with two yin and yang tiles. Put a half-finger thick mud on the outside and cook in the oven.

When the mud is dry and the eggs are cooked, the tiles are lifted, the toad is cut to remove the eggs, and the egg shells are eaten. Then, drink a small amount of rice wine.

Normally 1?
2 times, you can see results.

  (6) Beili Qingfei Dingchuan cream: Chuanbei, gypsum, 30g each of orange red, 6 Sydneys, 13g of Hu, 20g of almonds, 10g of licorice, 100g of winter melon sticks, 150g of rock sugar, suitable amount for white staff

First, gypsum, almonds, edible husks, and licorice are fried in a bowl of clear water with two and a half bowls of medicinal juice. Set aside, then cut the melon sticks into small pieces, crushed Chuan Fritillary, grind the orange and red into fine powder, peel and smash the pears.Add a small amount of white staff water.

Pour each flavor and medicinal juice together into a large bowl and stir well. Steam for 1 hour under water to make a viscous paste. Take 1 tablespoon each time and eat in multiple portions.