Crystal Optoelectronics (002273): Steady Growth in Q3 Performance and Continuous Optimization of Expense Structure

Crystal Optoelectronics (002273): Steady Growth in Q3 Performance and Continuous Optimization of Expense Structure

Event: The company released the first three quarters of 2019 report on October 28, and achieved operating income of 20 in the first three quarters of 2019.

66 ppm, an increase of 26 from the same period last year.

43%; net profit attributable to mother is 3.

US $ 6 billion, a year-on-year ranking that excludes 11.

18%; net profit after deduction is 2

870,000 yuan, an increase of 14 from the same period last year.

32%.

The gross profit margin increased steadily in the third quarter, and the effect of the company’s mechanism reform was gradually realized.

The company’s Q3 single quarter revenue reached 9.

1.9 billion, an increase of 25 in ten years.

75%; net profit attributable to mothers in a single quarter2.

10 billion, an annual increase of 35.

02%; realized non-attributed net profit for the first quarter1.

4.7 billion, an increase of ten years.

83%, mainly due to the decrease in investment income from the sale of Japan’s Guangchi shares in Q3 this year compared to the same period last year.

The company’s Q3 single quarter gross margin was 30.

22%, an increase of 3 from the previous quarter.

The 35 units were mainly due to the reduction in cost pressure caused by the scale effect brought by full capacity and the increase in the proportion of high gross profit products sales.

The company’s expense structure continued to be optimized. The selling expenses in the first three quarters1.

28% for one year.

36 units; management expenses 10.

88%, 南京夜网 accumulative 2 units in ten years; 1% of financial expenses, an increase of 0 in a year.

22 units.

Optical innovation helps the company take off.

At present, the rear-mounted multi-shot has become a trademark of mobile phone manufacturers, and the penetration rate of the 3D depth of field lens under the optical innovation of the periscope lens will further increase in the future.

Based on Huawei Mate 30 Pro, the two pre-cameras are ToF lens and front lens, and the four rear cameras are wide-angle, ultra-wide-angle, telephoto, and ToF lenses. At the same time, an optical screen fingerprint lens is installed.Equipped with 7 lenses.

Driven by the continuous optical innovation of downstream manufacturers, the company as a leading filter company has priority to benefit.

In addition, the company actively deploys AR business, and cooperates in depth with Lumus, a leading company in optical waveguide display modules, to develop and supply a series of component products.

The company and Lumus actively promote the AR component and module business, helping the company’s smart glasses business to achieve a leapfrog transformation from a component supplier to a solution supplier.

Maintain “Buy” rating.

We believe that the increase in penetration of mobile phones and penetration of 3D depth cameras in the future will drive the company’s sales growth, and future trends in high value-added products such as AR will open up the company’s profitability.

Expected company 2019?
In 2021, the EPS will be 0.

50/0.

55/0.

66 yuan, corresponding to 31 for PE.

04/28.

30/23.
26 times, maintain “Buy” rating.
Risk warning: The sales volume of downstream customers’ products is lower than expected, and the company’s product promotion is lower than expected.

Bank of Chengdu (601838) coverage report for the first time: performance growth rebounded sharply, asset quality improved significantly

Bank of Chengdu (601838) coverage report for the first time: performance growth rebounded sharply, asset quality improved significantly

The ROE was relatively high under the marked rebound in performance, leading the industry to grow from 16 years to 18Q3 in scale. The average growth rate of deposit growth of 8 comparable city commercial banks increased from 25.

9% dropped to 13.

5%, while the Bank of Chengdu from 12 during the same period.

6% increased to 19.

1%, which is higher than 5.

6 pct; 18Q3 Bond issuance financing (mainly interbank certificates of deposit) increased by 102%, which together led to an increase in interest-bearing supplements by 18.

1%.

Initially based on it,南京桑拿网 it is possible to achieve a YoY + 19 interest-generating asset scale.

0%, more than 8 means 7.

46 points.

3Q18 net interest margin 2.

30%, which is 14BP higher than that in 17 years and higher than the average of 8BPs in 8 companies. Compared with 17 years, the advantage has expanded.

Under the “volume and price rise”, net interest income rebounded strongly, driving revenue for 115 years.

2 billion, a year-on-year increase of +19.

3%; net profit attributable to mother 46.

5 billion, a year-on-year increase of +18.

9%; total assets were 492.1 billion, a year-on-year increase of +13.

24%; ROE is up to 16.

0%, more than 8 means 1.

75 pct, outstanding growth.

Low deposit cost brought by a good customer base, and the potential for interbank debt / debt expansion to be released. Optimized scale expansion potential: 1) The ability to acquire reserves gradually demonstrated since the beginning of 18, thereby expanding its broad and high-quality customer base. This advantage is expectedContinue to maintain; 2) Terminate the 18H1 interbank debt accounted for 21%, there is enough space available from the 1/3 limit, and the 19-year capital income plan continues to remain low, and the issuance of certificates of deposit promotes strengthening; 3) Capital adequacy ratio, supervision and encouragement of banksWith more lending, corporate demand has improved.

Optimistic about the relative advantage of interest margin: 1) The interest rate ratio of deposits, and when the industry ‘s pressure to acquire reserves has increased, Chengdu has a higher current interest rate, and the overall interest rate is limited; 2) On average, city commercial banks have 1-year peersThe issuance rate of certificates of deposit is 72BP lower than 18H2 in January-February of 1919. If the low interest rate situation persists, the interbank impedance ratio will be 21%, or the cost cost ratio of 19 years will be lowered by 15BP;And tilt to small and micro and private enterprises, are expected to drive asset-side returns upward.

The inventory is bad or basically cleared, the loan structure has improved significantly, and the non-performing ratio has peaked and dropped, and the inter-industry differences in bad forward-looking indicators have narrowed significantly.

In 15-18 years, the non-performing rate dropped by zero.

81 pct to 1.

54%, only 8BP higher than the average of 24BP; overdue rate dropped by 5.
.

42 pct to 2.

65%, which is only 8 higher than the average of 1.

01 pct.

Although still to be cleared out, the potential adverse burden has been fully improved.

The negative net generation rate has been lower than the average of 8 companies.

17 years is 0.

91%, which is lower than the average of 8 companies, and dropped to 0 in 1H18.

75%, below the average 22BP of 8 companies.

The proportion of high-performing companies with high-performing public debt continued to drop, and the proportion of mortgages in personal loans increased.

As of 18H1, the proportion of two non-performing high-income industries (manufacturing, wholesale and retail) has fallen from 29% to 12%; the proportion of leasing and business services has increased from 4% to 19%, and the water conservancy, environment and public facilities management industry has increased from 4%Rising to 14%, these two industries are closely related to local government infrastructure, and historically, the non-performing rate is ok; housing loans accounted for 94% of personal loans.

The credit risk in the loan structure has been greatly reduced, except in the past few years, “when it comes to mind”.
Investment advice: The bad stocks are basically cleared, the potential for performance recovery and the release of the bad rate and its forward-looking indicators have peaked at the same time in 15 years. At the same time, the credit risk has been greatly reduced; the loan structure has been improved;There is also plenty of space and capital, which is expected to promote a high increase in loans and maintain a strong rebound in performance, or bring about an estimated boost.
It is estimated that the net profit growth rate for 18-20 years will be 18.

9% / 12.

9% / 13.

3%, the corresponding EPS is 1.

29/1.

45/1.

65 yuan, the current price corresponds to 18/19/20 0.

97/0.

87/0.

78 times PB.

The first coverage was given to Bank of Chengdu1.

24 times 19 years PB, target price 11.

87 yuan, increase the level.

Risk reminder: the asset quality is dragged down in order to complete the tasks of small and micro enterprises / private enterprises; the return on investment side exceeds expectations;

The four medicated diets in the summer

The four medicated diets in the summer

In the hot summer, you can make medicated diet to nourish yourself and your family. Medicinal diet has always been our traditional method of health.

The following medicinal diet recommended by Xiaobian is not only simple, but also tastes good. Let’s take a look below!

  First, rice wine walnut puree soup materials: 5 walnut kernels, 50 grams of sugar, rice wine 50 mg.

  Method: Put walnut kernel and white sugar in garlic can or porcelain bowl, use a rolling pin to grind into mud, then put it into the pot, add rice wine, and cook on low heat for 10 minutes.

Consume twice daily.

  Efficacy: This product can treat neurasthenia, headache, insomnia, forgetfulness, prolonged asthma, low back pain, and habitual, senile constipation.

  Second, Guishen Yam pork loin material: 500 grams of pork loin, angelica, codonopsis, yam 10 grams each, soy sauce, vinegar, sesame oil, ginger, minced garlic.

  Practices: 1. Cut the pork loin, remove the fascial gland, wash it, and put it in the pot.

  2. Add angelica, codonopsis, yam, add the right amount of water, and simmer until the pork loin is cooked through.

  3. Remove the pork loin, wait for the cold, cut into thin slices with a knife, place it on a flat plate, and pour it with soy sauce, vinegar, sesame oil, ginger, and minced garlic.

  Efficacy: This product has the effect of nourishing blood, nourishing qi and nourishing kidney.

Consuming it in summer can help treat qi and blood loss, palpitations, shortness of breath, back pain, insomnia, night sweats and other symptoms.

  Three, lotus seed cake material: lotus seeds, glutinous rice 500 grams Method: 1, clean dry lotus meat, remove the core, put in an ordinary pot or pressure cooker, add an appropriate amount of water, cook and rot, cover the lotus meat with a clean drawer cloth, rub and rot.
  2. Wash the glutinous rice, stir well with the lotus residue mud, put it in a porcelain pot, add water, steam it, and cool it. Use a clean drawer cloth to flatten it, cut it, and sprinkle it with a layer of sugar.

  Efficacy: This product has the effect of strengthening the spleen and stomach.

Regular consumption can treat symptoms such as weakness after swallowing, difficulty swallowing, and qi after eating.

  Tip: Including various kinds of rice noodles in pastry, it is called the staple food in people’s diet.

The staple food of summer medicated meal is made of rice, glutinous rice, wheat flour and other basic ingredients, and is made into a staple food for snacks, snacks or table meals.

Pattern samples are generally divided into steamed food, cooked food, baked food, fried food, grilled food, cakes, etc. The production method is relatively simple.

This kind of food contains vitamin supplements or drugs with a mild taste, and is one of the medicated diets in which the amount of drug implantation is blocked.

Summer medicinal staple foods, as well as Poria cake, chestnut cake, cloud bean roll, yam dumplings, ginseng and rice.

  Fourth, mung bean porridge material: 100 grams of mung beans, 250 grams of rice previously.

  Method: 1. Soak the mung beans in water for 4 hours, remove the impurities and put them into the pot.

  2. The previous rice was washed out and put into the pot.

Add an appropriate amount of water, boil on high heat, and simmer on low heat until the green beans are cooked.

  Efficacy: This product has the effect of clearing heat and relieving summer heat, detoxifying and benefiting water, and is suitable for the symptoms of heat, thirst, edema, diarrhea, dysentery, and bloating.

  Tip: To make medicated porridge, you can use edible ingredients, such as jujube, millet, walnut, etc., or cook with the grain.

“It is not necessary to add medicine to medicated diet”, which is exactly the same as that of “medicine-food homology”.

When medicinal porridge raw materials need to use medicinal materials, the method of cooking medicinal materials is usually used to remove the drug residue, and the medicinal solution is used to cook with the grain.

Summer medicated porridge, there are litchi porridge, wolfberry porridge, eight treasure porridge, black sesame porridge, Poria Poria porridge.

Yoga cure headaches symptomatic exercise

Yoga cure headaches symptomatic exercise

No matter where your body is uncomfortable, there is a sport that can alleviate your pain and even cure your so-called old problems!

  First, Thomas practicing yoga for headaches at the University of California, Davis Medical Center?

Dr. Brofferd believes that yoga can treat headaches.

He believes that 75% of headaches are caused by tension in the muscles behind the neck due to sitting problems.

  People who often have heads should “regularly receive yoga training, stretch their backs, expand their chests, and shake the stairs back and forth.” When doing these exercises, pay attention to keeping the head in the middle.

  Second, walking decompression Researchers at Duke University in the United States have found that for reducing depression, taking a walk three times a week for 30 minutes each time is easier than taking medicine.

Six months after completing the 16-week walk study for 156 patients with depression, only 8% said their depression had returned.

An independent study from the University of Texas found that a half-hour walk can instantly lift a person with moderate depression.

  3. Running relieves joint and muscle pain Researchers at Stanford University found that adults who insist on running are 25% less likely to suffer from musculoskeletal pain and arthritis than those who do not.

“The key is to persevere. If you keep running, your joints, tendons, ligaments and muscles will get used to collisions. The slender body will be adjusted, so running will not causeJoint or muscle pain.

“Fourth, swimming can relieve the premenstrual syndrome. Studies have found that women’s menstrual cycle and mental and physical functions have reached a certain connection, so women must” take orders “to physical conditions when exercising.

During the follicular phase (ie, days 1-13 of the cycle), the secretion of estrogen is reduced, so women can perform fast-paced exercise at this stage; when the luteal phase (ie, days 14-28 of the cycle), you should tryLow-intensity exercise, such as swimming, to relieve the symptoms of PMS.

  Fifth, Pilates relieves back pain Matt, a British consultant physiotherapist?

Todman said that if your back pain is severe or has been lost for a long time, you can consider finding a Pilates teacher who is also a physical therapist and ask him to guide you one-on-one or join a smallPilates class.

  Six, aerobic exercise for healthy gum exercise is good for almost every part of the body, and teeth and gums are no exception.

A study found that people who regularly go to the gym to participate in aerobic exercise are 40% less likely to develop periodontitis and gum disease.

  Seven, Tai Chi can relieve stress Professor Wang of Tufts University England Medical Center has analyzed about 50 clinical cases, saying that Tai Chi can help reduce anxiety, reduce stress, and lower blood pressure.

How to get rid of the annoying four kinds of fruits to help you

How to get rid of the annoying four kinds of fruits to help you

Fruit has always been the right assistant for skin slimming. It can be taken orally, and it can be applied externally. Now many people choose fruit to help lose weight when they lose weight. So what are the fruits of weight loss?

Next, let’s share it for you. Eat a simmered fruit. It is a very effective weight-loss fruit. It is blended with crude fiber, minerals, protein, protein, and contains vitamin B1 and vitamin C. It can be easily eaten.Oh, oh.

  Eat the fruit of the cockroach, the kiwifruit kiwifruit (kiwifruit) contains a lot of vitamin C, which is the food fiber of the crown of the fruit and rich in potassium, which is the reason for eating the babies, and the kiwifruit also has a lot of proteolytic enzymes.Therefore, it is best to match the meat classification.

The kiwifruit with some sweet and sour taste has the effect of preventing constipation, helping digestion, beautifying the skin, and eating the stomach easily.

  Eat the simmered fruit three, the sour taste of lemon and lemon is mainly citric acid, citric acid is an essential substance in promoting metabolic metabolism, and also has the function of eliminating fatigue.

Lemon vitamin C content is also very high, girls will usually bring it to whiten skin, it promotes the function of intestines peristalsis is often used by people who lose weight as a supplementary diet is to eat the delicious fruit of pregnant women, do not believe you tryLet’s go.

  Eat aunt’s fruit four, bayberry bayberry contains very rich organic acids and vitamin C, which can quickly metabolize the body, but also reduce blood lipids and prevent the formation of free radicals.

In addition, the unique fruit acid contained in bayberry can prevent the sugar in the body from transforming into sputum, which helps to lose weight and easily eat 姨

Mushroom can detoxify liver and prevent fatigue

Mushroom can detoxify liver and prevent fatigue

Mushrooms are rich in nutrients and are an excellent food source for selenium, copper, potassium, phosphorus, tryptophan, and vitamins B2, B3, and B5.

Mushrooms also contain zinc, manganese, magnesium, iron, calcium, protein and vitamins B1 and B6, folic acid, and accumulated fiber.

  Mushrooms have a variety of disease-resistant health effects.

Author of “Anti-Inflammation Diet and Recipe” and American natural therapy medical expert Jessica Black pointed out that mushrooms are immune system stimulants and immune system regulators that resist.

Mushrooms are also a powerful antidote. According to reports, men who regularly drink and are too much alcohol to eat more mushrooms have a better protective effect on the liver.

Research also found that Ganoderma lucidum can reduce carcinogenic free radicals by 50%.

  The effects of rich B vitamins in mushrooms include: anti-fatigue, maintaining body energy, reducing cholesterol, stabilizing blood sugar, regulating neuromuscular activity, promoting nerve cell development, maintaining good mood and heart function.

The key minerals selenium include: help to treat male infertility, prevent Parkinson’s disease, repair damaged DNA and prevent the spread of phagocytosis and stimulation may be overcome.

  Mushrooms can be eaten freely, fried and stewed, and soup or casserole can do everything.

In particular, the size and texture of large shiitake mushrooms can double the beauty of meat and can replace meat.

Want to lose face and drink winter melon corn soup

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Want to lose face and drink winter melon corn soup

If you want to lose weight successfully, you should pay more attention to foods high in potassium.

Potassium can promote metabolic function in the body, and eliminate swelling of the face caused by improper diet or poor living habits.

In addition, high-fiber seaweed, tofu, dried tofu and vegetables, and fruits are all good friends for thin faces.

  Spinach Spinach is rich in potassium, vitamin A and vitamin C, but pay attention to the cooking method, spinach is quite easy to lose nutrition.

  The bean sprouts green bean sprouts are quite rich in nutrition. Of course, potassium which is beneficial to eliminate edema is indispensable, and the bean sprouts can strengthen the chewing function, which is a high-quality food that promotes oral activity.

  Winter melon corn soup Winter melon and corn have a trace effect to remove edema, and the soup is also very simple to cook. If you continue to drink for one to two months, it will definitely work.

Eat less high-salinity foods, otherwise puffiness will increase.

  Carrots drink a glass of freshly squeezed honey carrot juice every morning for beauty and beauty.

  Nuts are rich in vitamins and oils, which help support the muscle fibers of adults to become strong and powerful.