[Braised Eel Fish Segment]_Braised Eel Fish Segment_Practice_Production Method

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[Correct calcium supplement method]_Calcium supplement_How to supplement calcium_How to supplement calcium

銆 愭  纭  抑 chen 揂 揂 規 紆 抱 chen ラ テ
You can distinguish between the mustard and the mustard, and you are not used to it. You will be able to find out what is going on, how to do it, and how to do it. If you want to check it out, please read it.渶瑕佹柟娉曠殑锛屽苟涓嶆槸闅忎究鐨勬柟寮忛兘鍙互锛屾纭殑琛ラ挋鏂规硶鏄渶瑕佹鏌ヨ韩浣撶己灏戜簡浠€涔堝厓绱狅紝鐒跺悗閫氳繃楗鐨勬柟娉曟垨鑰呮槸淇濆仴鍝佺殑鏂瑰紡鏉ヨ繘琛岃ˉ閽欙紝涓嶈闅忎究鐨勫畨鎺掋€?What’s the difference? What’s the difference between the chain and the chain?%宸﹀彸銆備汉浠兘鐭ラ亾锛岄挋鏄瀯鎴愰楠肩殑閲嶈鍘熸潗鏂欍€備絾鏄紝闄ゆ涔嬪锛岄挋杩樻湁寰堝鏇撮噸瑕佺殑鍔熻兘銆傛垜浠渶瑕佷簡瑙i挋鍦ㄨ韩浣撳唴閮ㄧ殑涓昏鍔熻兘閮芥湁鍝簺銆?銆?逍 欐 槸 勋 垬 垚 岚 Nan ㄩ  鍜 岀 Falling out of the bed across the bed and drowning  雴 愬 銆 漆 Han Han surging 舑 戶 х harm 99% 銄 拋 單 介 斦 慜 湪 Nan ㄩ銆?銆?閽欎績杩涘拰鍙備笌浣撳唴鏌愪簺閰剁殑鍔熻兘娲诲姩銆傛瘮濡傦紝閽欎笌娣€绮夐叾鐗㈠浐鐨勭粨鍚堬紝浠ユ縺娲诲叾鍔熻兘浣滅敤銆?銆?閽欏弬涓庣粏鑳炶啘鐨勯噸瑕佸姛鑳芥椿鍔ㄣ€傛瘮濡傦紝閽欒皟鑺傜粏鑳炲唴淇″彿鐨勮Е鍙戯紝鏀瑰彉缁嗚優鑶滅殑绂诲瓙閫氶€忔€с€傞挋绂诲瓙璧风數鑽疯浇浣撲綔鐢ㄣ€?銆?閽欏弬涓庣缁忚倢鑲夌殑閮ㄥ垎娲诲姩銆傛瘮濡傦紝绁炵粡閫掕川鐨勯噴鏀俱€佷俊鍙风殑浼犲锛岃倢鑲夌殑鏀剁缉銆佸績璺崇殑鑺傚緥绛夐兘闇€瑕侀挋鐨勪綔鐢ㄣ€?銆?閽欏弬涓庤娑层€佸績鑴忋€佹縺绱犵殑涓€浜涘姛鑳戒綔鐢ㄣ€傛瘮濡傦紝琛€娑茬殑鍑濆浐銆佸績鐜囩殑璋冭妭銆佹縺绱犵殑鍒嗘硨銆侀吀纰辩殑骞宠 锛岄兘绂讳笉寮€閽欑殑鍙備笌銆?琛ラ挋鐨勮韩浣撴潯浠舵槸浠€涔堬紵閽欑殑娑堝寲銆佸惛鏀躲€佸埄鐢ㄦ垨娴佸け锛岄挋鍦ㄤ綋鍐呯殑鍌ㄧ暀鍜屾瀽鍑猴紝閽欏湪浣撳唴鐨勮浆绉诲拰鍙樺寲锛屽彈寰堝鍥犵礌鐨勫奖鍝嶃€備富瑕佸奖鍝嶅洜绱犳湁锛?銆?韬綋浣撹川鐨勯吀纰辨€с€傜⒈鎬т綋璐ㄦ湁鍒╀簬閽欑殑鍚告敹鍜屽埄鐢ㄣ€傜浉鍙嶏紝閰告€т綋璐ㄤ笉鍒╀簬閽欑殑鍚告敹鍜屽埄鐢紝鐢氳嚦瀵艰嚧浣撳唴閽欑殑鏋愬嚭鍜屾祦澶便€傛瘮濡傦紝閰告€т綋璐ㄧ殑浜猴紝鍠濈墰濂朵篃寰堥毦璧峰埌琛ラ挋鐨勬晥鏋滐紝鐢氳嚦鏈夊彲鑳界敱浜庡姞寮鸿韩浣撶殑閰告€э紝鍥犺€屽鑷撮挋浠庝綋鍐呮祦澶便€?2 銆?浣撳唴缁寸敓绱燚鐨勮惀鍏荤姸鍐点€傜淮鐢熺礌D缂轰箯涓嶅埄浜庨挋鐨勫惛鏀跺拰鍒╃敤銆?銆佽泲鐧借川鐨勮惀鍏荤姸鍐靛拰鎽勫叆姘村钩銆傞挋鐨勫惛鏀跺埄鐢ㄨ繃绋嬮渶瑕佷笌铔嬬櫧璐ㄧ粨鍚堛€傛病鏈夎冻澶熺殑铔嬬櫧璐紝涓嶅埄浜庨挋鐨勫惛鏀跺拰鍒╃敤銆傛湁鐮旂┒琛ㄦ槑锛屾瘡鍚告敹1鍏嬬殑閽欙紝闇€瑕?00鍏嬬殑铔嬬櫧璐ㄩ厤鍚堛€?銆?鑳冭偁涓殑鐜銆傛瘮濡傦紝鑳冮吀鐨勬祿搴︺€佽弻缇ょ殑鐘跺喌绛夐兘浼氬奖鍝嶉挋鐨勫惛鏀舵按骞炽€Ready to sing and sing a song, a chain, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, a ring, or a ring?

[Boiled egg whites yellowed]_Cause_Cause

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[Can sweet potatoes be eaten together?】 _Yam_Can you eat

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[Homemade Korean BBQ]_Production Method_Homemade Practice

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Yang Ma’s big love-Net investment of 400 billion yuan in liquidity after the Spring Festival rate cut or landed

Yang Ma’s big love: Net investment of 400 billion yuan in liquidity after the Spring Festival or interest rate landing

Come to Sina University of Finance and listen to Yang Delong’s “Ten Lectures on Macro Indicators to Improve the Stock Market’s Actual Combat Level” to create a high-end investor’s stock market combat mindset.

Net investment of 400 billion yuan for the Spring Festival, traders can breathe a sigh of relief!

Cut interest rates or land after the holiday, still worrying about funds?

These actions can also be expected that the trader is finally relieved.

  In advance of the Spring Festival, while gradually suspending liquidity budgeting funds for several consecutive days, the government gradually resumed open market operations on January 15th, with a net investment of US $ 400 billion to relieve pre-holiday funding needs.

  Affected by the long-term liquidity, the tension of funds on the 15th day eased the margins, and overnight, 7-day, 14-day and other changes have converged.

Too much analysis believes that it is expected that the public market will continue to issue stable funds before the holiday. At the same time, the inclusive financial standardization assessment is expected to occur soon, and large-scale liquidity will be released to meet the one-month capital demand.Gao Feng (Jin Qilin analyst).

  It should also be noted that after a full-scale reduction this month, the net release of 800 billion yuan of medium and long-term liquidity has been released. The LPR quote on January 20 is expected to decrease slightly, but some people believe that considering the pressure of steady growth this year,The quarterly MLF rate cut is still available, and February and March will be an important window for interest rate cuts.

  The “14-day Reverse Repurchase + MLF”
combination has a particular emphasis on January 15, and gradually adopted a new crop of MLF and launched a 14-day Reverse Repurchase total of 400 billion yuan of liquidity, of which, the one-year MLF 300 billion,The reverse repurchase period of 100 billion yuan, the interest rate level remains unchanged.

  Since the full-scale reduction of land on January 6, the reverse repurchase has been suspended for 15 consecutive trading days, followed by new local debt issuance and payment, the initial payment of taxes, and the high demand for Chinese New Year funds. Funds have become apparent in recent days.Tighten up. On January 14, the nominal increment of the interbank pledged repo was fully up, and local variation such as overnight, 7-day, and 14-day periods increased.

  ”Yesterday, some fund companies and other non-bank institutions were more uncomfortable, the market capital cost was high, and the overnight borrowing price reached more than 3%. Everyone is waiting to see if it can help today.

“The bank’s fund trader in Shanghai told a Chinese reporter at the securities firm.

  With the resumption of the public market operation on the 15th, the net investment of 400 billion yuan in liquidity, the main fund interest rate continued to rise on the day, but the upward margin has converged.

  Why did you choose the “14-day reverse repo + MLF” liquidity delivery combination?

In advance, the 14-day reverse repurchase can just meet the cross-section funding requirements. It is expected that the 14-day reverse repurchase will be increased in the coming days; gradually, since the LPR quotation reform, the new MLF on the 15th of each month has gradually increased.As a rule, this operation can clarify the interest rate benchmark for LPR quotes on the 20th of each month.

  The deputy director of CITIC Securities Research Institute stated clearly that the 14-day reverse repurchase operation was restarted, and the expiration date was postponed to the first working day after the Spring Festival, just to cover the capital requirements during the Spring Festival.

However, in part, the cash demand of residents around the Spring Festival generally lasts around the Lantern Festival, and the subsequent liquidity of the banking system is still facing the impact of the acceleration of local bond issuance. It is planned to issue nearly 340 billion local bonds in the next two days. There will still be places after the Spring Festival.Debt issuance peaks, therefore, performing MLF operations can supplement the medium and long-term liquidity of banks; conversion, the MLF routinely operates before the LPR quote on January 20 to clarify the interest rate benchmark for LPR quotes.

  The probability of interest rate cuts in the first quarter is still about a week away from the Spring Festival. Before the Spring Festival, it is expected to gradually conduct liquidity scheduling to protect the funds before the festival.

In addition to the conventional open market operations, there is also a liquidity investment method that is also expected to be launched recently, which can also help stabilize the capital level before the holiday.

  Starting from January 25, 2018, the inclusive financial assessment will be implemented once a year in advance each year, and the targeted increase or reduction of loans in the inclusive financial sector in the previous year will reach a certain percentage.

This year’s regular assessment is expected to be approaching sunset.

  Qu Qing, chief economist of Jianghai Securities, said that in order to hedge the pre-holiday funding gap, once the inclusive financial targeted assessment is carried out next week, it is expected that net long-term funds will be $ 450-550 billion.

  ”Although it happened earlier in the announcement that it was clear when the inclusive financial assessment of targeted assessments will begin, from the perspective of the implementation of the 2017 and 2018 assessments, both were set on January 25.

Considering that this year will enter the Chinese New Year holiday from January 24th, and 257.5 billion TMLF will expire on January 23rd, it is expected that the inclusive financial downgrade assessment operation will be conducted on January 23.

Qu Qing said.

  Mention TMLF, which is a monetary policy tool gradually established at the end of 2018. Its operation method is similar to that of MLF, but compared to changes in MLF interest rates and the expiration of the term, it gradually guides application banks to increase financing support for small and micro-enterprises of private enterprises.

However, brokerage China understands that because TMLF operates in a similar way to MLF, new TMLF works have been temporarily suspended, but TMLF that is terminated will continue as usual.

  Founder Securities (rights) chief economist told reporters from brokerages in China that, in addition to gradually launching MLF and reverse repurchases today, the reverse repurchase period of more than 14 days before the holiday, and the sequel TMLF will take turns to escort funds.

In addition, considering the demand for stable growth this year, the first quarter interest rate cut will be a high probability event.

  It is also clear that the main line of monetary policy in 2020 is counter-cyclical 武汉夜网论坛 and cost reduction. After two years of quantitative easing, the cost reduction effect is not obvious. The need for interest rate reduction is still there, and subsequent interest rate reduction operations will continue.

Taking into account the pressure of breakthrough cost reductions faced in the early part of 2020, the first quarter of each year is the stage when the bank’s credit line is the most abundant, and it is also the time when the strength of credit issuance. At the same time, the effect of lowering the cost in a quarter is better, which is beneficial toAchieving cost reduction goals.

The one-month full-scale reduction of expected energy leads to a 5bp drop in LPR that month, while the boots guides the decline in loan interest rates, while the pressure on LPR continues to fall in two months. At that time, the gradual pressure is also obviously released, and the probability of interest rate reduction after the Spring Festival converges.

Eton Electronics (603328): The first quarterly report meets the expected exchange gains and losses impact decomposition

Eton Electronics (603328): The first quarterly report meets the expected exchange gains and losses impact decomposition

The company released the 2019 first quarter report.

The company released the first quarter of 2019 report and achieved operating income7.

07 billion, down 3 every year.

91%; realized net profit attributable to shareholders of listed companies.

140,000 yuan, an increase of 32 in ten years.

99%; Realize net profit attributable to shareholders of listed companies in place of non-recurring gains and losses.

0.6 million yuan, an increase of 43 in ten years.

02%; basic profit return is 0.

11 yuan.

The impact of foreign exchange gains and losses, the increase in financial costs was significantly reduced.

The company’s financial expenses for the first quarter of 2019 totaled 7.93 million yuan, compared with 66.23 million in the same period last year, which significantly reduced financial expenses.

The appreciation of RMB against USD against USD in the first quarter of 2018 reduced the company’s exchange loss due to the appreciation of RMB to RMB 77.9 million; in the first quarter of 2019, the RMB exchange rate also showed an upward trend. From the company’s first quarter financial expenses, the impact of exchange loss gains hasReduced.

As more than 80% of the company’s sales are overseas and settled in US dollars, the RMB exchange rate has an impact on the company’s financial expenses, but the company can reduce the exchange rate impact by accelerating foreign exchange settlement and sales.

We don’t think exchange gains and losses will cause much drag on the company’s performance.

The product structure continued to be optimized, and automotive PCBs became the main source of revenue.

In recent years, under the strategic guidance of “quality first, cost leadership, technology leadership”, the company has continued to optimize the product structure, strived to expand the proportion of high value-added products such as automotive electronics, medical and industrial, and enhanced the company’s profitability.

Automotive PCB has become the company’s main source of revenue and profits. The company’s automotive electronics customers include Valeo, Delphi, Continental, Bosch and other world-renowned Tier1 manufacturers.

The company has a relatively high share in Valeo’s automotive PCB business, and has begun to deliver small batches of automotive lamps.

Valeo’s automotive light sales rank second in the world, and Koito’s automotive lights rank first in the world and in China. We are still optimistic about the development of the company’s automotive PCB business.

5G construction started, and the PCB industry maintained a high degree of prosperity.

5G construction was officially launched in 2019. As the “mother of electronics”, PCB will obviously benefit from the construction of 5G infrastructure and the application of emerging scenarios.

It is expected that the number of 5G base stations and the value of single-substrate PCBs will greatly increase, bringing huge increases to the PCB industry; expansion, 5G driving the development of consumer electronics, automotive electronics, VR / AR and other technologies will also inject new into the industrypower.

As a domestic PCB leader, the company has a deep layout in the fields of automotive electronics, communication equipment and other fields, and will definitely benefit from the continued high prosperity 深圳桑拿网 of the industry.

Investment suggestion: Considering the high prosperity of the PCB industry and the continuous adjustment of the company’s product structure, we maintain our profit forecast for the company. The company’s 2019-2020 revenue is expected to be 37.

60, 43.

06 and 49.

6.1 billion, with net profit of 6.

92, 8.

10 and 9.

1 billion, EPS is 0.

69, 0.

81 and 0.

91 yuan, corresponding to PE is 16.

2, 13.

8 and 12.

3.
We think the reasonable price range is 13.

8 yuan to 16.2 yuan, maintain “Buy” rating.

Risk warning: RMB exchange rate fluctuations bring exchange losses; customer expansion is less than expected.

ZTE (000063) Commentary Report: Gradually Good Performance Accelerates 5G Commercial Global Deployment

ZTE (000063) Commentary Report: Gradually Good Performance Accelerates 5G Commercial Global Deployment

Event: A few days ago, the company released the third quarter report of 2019, and achieved operating income of 642 in the first three quarters.

$ 4.1 billion, an annual increase of 9.

32%; net profit attributable to mother 41.

2.8 billion, an annual increase of 156.

86%, deducting non-net profit 7.

10 billion, an annual increase of 131.

44%, the company’s performance continued to grow, in line with expectations.

At present, the company has won 35 5G commercial contracts, and R & D investment has continued to increase.

5G in-depth cooperation with global operators has been implemented to accelerate global 5G commercial deployment.

As 5G construction enters the fast lane, it will fully enjoy industry dividends.

Investment points: The performance is gradually improving, and the main business will continue to focus: the company achieved operating income of 642 in the first three quarters of 2019.

$ 4.1 billion, an annual increase of 9.

32%; of which in Q3 2019, operating income was 196.

USD 3.1 billion, an annual increase of 1.

55%.

The company adheres to an active and stable business strategy, focuses on mainstream markets and products, improves the company’s operating quality, and continuously optimizes its cost management and control.

R & D funding has continued to strengthen, and special talent reserves have been strengthened: in the first three quarters of 2019, the company’s R & D investment was 93.

Six ten percent, an increase of nine per year.

78%, accounting for 14 of operating income.

6%, an annual increase of 0.

1%.

The company continues to devote itself to 5G network cutting-edge technology research, and further strengthens and strengthens the advantages that the company has obtained in the process of 5G network cutting-edge.

Enhanced R & D investment in 武汉夜生活网 the field of 5G chips to enhance the core competitiveness in the 5G field. The continuation of the 5G business era has pushed 5G construction into the fast lane: Until the end of September 2019, ZTE fully participated in the deployment of China’s 5G network scale and gained worldwide access.35 5G commercial contracts, intensive 5G cooperation with 60 operators worldwide.

Among them, 5G end-to-end commercial products and solutions, all series of NR products achieve full overlap and full scene coverage; 5G NSA and SA dual-mode base stations fully support the flexible choice and compact architecture of the operator’s network architecture; the common core achieves 2/3 /4 / 5G / fixed full reception and full integration, while supporting SA and NSA, saving operators 40% investment.

We believe that the company has not changed in any way as the leader of A-share communication equipment vendors in the 5G era.

Profit forecast and investment advice: It is expected that the company will achieve net profit attributable to its mother 47 in 2019-2021.

21 billion, 61.

37 billion, 71.

7.9 billion, corresponding to 1, respectively.

13 yuan, 1.

46 yuan, 1.

71 yuan; corresponding to the current expected PE is 27 times, 21 times, 18 times; we maintain the “overweight” rating of the company.

Risk factors: 5G construction fails to meet expectations, country risks, and Sino-US trade frictions intensify.

Zhongzhi shares (600038): Increase in net profit and increase in helicopter manufacturing

Zhongzhi shares (600038): Increase in net profit and increase in helicopter manufacturing

On August 23, the company released its semi-annual report for 2019 and achieved operating income of 69.

One million yuan, an annual increase of 28.

75%; Realize net profit attributable to shareholders of listed companies.

410,000 yuan, an increase of 35 in ten years.

50%.

Brief comment on the substantial increase in net income from operating income.

On August 23, the company released its semi-annual report for 2019, achieving operating income of USD 6.9 billion, an annual increase of 28.

75%; realize net profit attributable to shareholders of listed companies.

410,000 yuan, an increase of 35 in ten years.

50%.

The main change in operating income is the increase in the delivery of aviation products in the current period.

In the first half of the year, the company’s aviation product contract revenue was 67.

86 ppm, an increase of 29 in ten years.

31%; the contract revenue of the fan product segment is zero.

28 ppm, a decline of 7 per year.

88%.

The current contract debt is 42.

9.6 billion yuan, a decrease of 25 from the previous period.

92%, indicating that the United Nations contract has achieved batch delivery in the report.

The revenue of the Harbin branch has increased significantly, and relevant models may be delivered in large quantities.

Specifically, the company’s aviation products, mainly the distribution of aviation products in Harbin, increased, and the operating revenue of the Harbin branch increased by 76.

54% from 10 reported in 2018.

4.9 billion to 18.

520,000 yuan, an absolute increase of 8.

30,000 yuan; the operating income of the Jingdezhen branch also maintained an increase of 10 years.

74% from 43.

08 thousand yuan increased to 47.

710,000 yuan, an increase of 4 in ten years.

6.3 billion.

It has been found that new models of the Harbin branch may have been delivered in large volumes, and the Jingdezhen branch has been growing steadily.

The company actively reduced costs and increased efficiency, sales expenses fell, and net profit grew faster.

In the first half of the year, the company’s selling expenses were zero.

4.5 billion, down 1 year.

12%.

The main companies in the report closely focus on the main line of supply-side structural reforms and adhere to innovation-driven. The company’s operations pay more attention to “improving quality, efficiency, and upgrading.” The company’s products pay more attention to “security, system, and innovation.””Order, service, integration”, the quality and efficiency of the company’s development continue to improve.

Helicopter manufacturing is the absolute main force, and the military aircraft market provides long-term performance support. The civilian aircraft market has gradually opened and Zhongzhi has become the only listing platform, which is the absolute main force of helicopter manufacturing.

AVIC Helicopter Co., Ltd. was formerly known as Hafei Aviation Industry Co., Ltd.

In 2013, AVIC Group injected operating assets related to the production and processing of aviation parts and components of its helicopter business segment into the civilian helicopter business into Hafei. At the end of 2014, the company changed its name to Zhongzhi.After the injection of assets, in the helicopter sector, except for the assembly of armed helicopters, the overall listing has been basically achieved, and Zhongzhi 四川耍耍网 has become the only listing platform.

The company’s core products are helicopters and related components, which have replaced each other in the non-linear helicopter industry.

After the improvement of product structure adjustment and development, the company has gradually completed the replacement of main product models, perfected the helicopter pedigree, and basically formed a good layout of “one machine with multiple types and series development”.

The huge demand for military aircraft provides long-term performance support.

According to WAF statistics, the number of military helicopters before 2017 accounted for about 4% of the world’s total, and there is still a gap with military powers such as the United States.

Frontier operations, amphibious landing operations, cross-border operations, and warship cruises all 成都桑拿网 demand new military helicopters in the future. The number of helicopters needs to be changed quickly.

With the completion of the naval military reform, the Army Aviation Corps has been expanded to 11 Army Aviation Brigade and another Army Aviation Regiment. There is an urgent need for armed helicopters, new general-purpose helicopters and shipboard helicopters.

We believe that the company as a leader in the industry will directly benefit from the huge demand for military helicopters. The annual average growth rate of the company’s military revenue in the next 2-3 years is expected to maintain steady and rapid growth.

Demand for civil aircraft has grown rapidly, and product markets have gradually opened.

The number of Chinese helicopters differs greatly from the expected scale of navigation, and the advancement of low-altitude openness and the explosion of the navigation industry will further open up the company’s long-term growth space (it takes time).

The Zhuhai Airshow Company signed a series of civil aircraft intent agreements that covered almost all the company’s civilian products.

With the gradual opening of domestic and foreign markets for civilian products, driven by the demand for civil aircraft and policy support, civilian products are expected to become a strong support for the company’s performance in the future.

The company is a leading company in domestic helicopters and will benefit directly from the rapid development of the military and civilian helicopter market in the future.

We are very optimistic about the company’s future development prospects and predict that the company’s net profit attributable to mothers from 2019 to 2021 will be 6 respectively.

9.5 billion, 8.

3.7 billion, 9.

61 ppm, an increase of 36 per year.

26%, 20.

36%, 14.

85%, the corresponding 19 to 21 years of EPS are 1 respectively.

18, 1.

42,1.

60 yuan, corresponding to the current sustainable PE is 39.

17, 32.

55, 28.

34 times, maintain BUY rating.

Zhonghuan (002129): New silicon wafers smoothly advance mixed reform

Zhonghuan (002129): New silicon wafers smoothly advance mixed reform

Company status We recently visited Zhonghuan Co., Ltd., and summarized the downstream supporting capacity of UV photovoltaic 210 silicon wafers.

In addition, the company announced the new progress of the group’s mixed reform on January 19.

Commentary The expansion of photovoltaic 210 wafers went smoothly, and downstream supporting capacity was released one after another, with a gradual increase expected.

Considering that the first 210mm silicon rod of the company’s fifth phase of Hohhot project was successfully pulled out at the end of 2019, and the subsequent single-crystal furnace deployment speed was faster than the gradual plan, we raised the company’s total silicon wafer production capacity by the end of 2020 to 55 GW (of which traditional silicon wafers)Keep 30 GW, G12 large silicon wafers reach 25 GW).

Based on the projected ramp-up of production capacity, we expect the G16 large wafers to be scheduled at around 16 GW.

According to our current statistics, the 5 GW capacity of the downstream battery company Aixu Yiwu, the 5 GW capacity of Tongwei Meishan, the 3 GW capacity of JA Solar’s expansion, and the 5 GW capacity of Central compared to Dongfang Huansheng have been achieved.Compatible with 210mm large silicon wafer capacity, so in 2020 16 GW replacement is expected to get redundant packages.

The expansion of semiconductor silicon wafers has progressed smoothly, and the 南京夜网论坛 pace of additional issuance has not changed the progress of commercialized mass production.

With reference to the company’s disclosed progress, we estimate that the internal company’s 8-inch semiconductor silicon wafer production capacity has reached the level of 420,000-450,000 wafers / month (300,000 wafers / month in Tianjin, and the rest is Yixing). At the same time, the company has confirmed that the 2020 production expansion process will have unlimited additional issuance progress.The impact of the adjustment is that we expect 8-inch throughput to reach more than 720,000 pieces / month by the end of the year, and 12-inch will also achieve 20,000 pieces / month mass production and sales by the end of the first quarter as scheduled.

The group’s mixed reform has taken a key step and waits for the company’s vitality to be further released.

The company announced on the evening of January 19 that the Tianjin State-owned Assets Supervision and Administration Commission (SASAC) has allocated 100% of Central Shares Co., Ltd. (the controlling shareholder of Central Shares) to Tianjin Public Equity Exchange Center for public transfer.

We believe that although there is still uncertainty as to whether the public listing can finally complete the transfer, the underlying equity structure will gradually advance the company’s decision-making methods and enhance its competitiveness.

It is recommended to consider that in 2019, semiconductor wafers are still subject to industry pressure, and we have lowered our 2019 profit forecast1.

6% to 10.

800 million.

Taking into account that the expansion of photovoltaic large silicon wafers will accelerate the improvement of gross profit margin in 2020, offsetting the impact of potential declines in traditional silicon wafer prices on revenue, we raised our profit forecast for 20204.

3% to 18.

$ 900 million, with a profit forecast of 2021 dated 24.

500 million.

Based on the segment total estimation method in 2020, we raise the company’s target price by 27% to 18.

17 yuan, maintain outperform industry rating, compared with the previous 19% upside, corresponding to 26.

8 and 20.

7 times 2020 and 2021 PE ratios.

The current priority corresponds to 22.

5 times and 17.

4x P / E ratios in 2020 and 2021.

Risks Overseas PV demand is less than expected.

The progress of large-scale silicon wafer production was less than expected.