Ophie Technology (002456) In-depth Report: Optics Upgrade Leads to a New Round of Rapid Growth

Ophie Technology (002456) In-depth Report: Optics Upgrade Leads to a New Round of Rapid Growth

Key points of investment: Leading domestic optical optoelectronics enterprises, the development of extension and internal expansion to achieve leapfrog development.

In the early days, the company mainly produced infrared filters. Over the past ten years, it has continuously expanded its product line through epitaxy and internal expansion. It has formed a “smart phone + automotive electronics” dual-engine business model. Currently in the imaging system, touch display and bioIdentification and other fields have reached world-leading levels.

The camera module, touch display module and fingerprint recognition module produced by the company have ranked first in the world for many years in a row, and it is a veritable consumer electronics optical optoelectronic faucet.

Performance maintained rapid growth and profitability continued to increase.

The company achieved operating income of 430 in 2018.

400,000 yuan, an annual increase of 27.

40%, net profit attributable to mother 18.

USD 3.9 billion, an annual increase of 123.

64%, the company has a CAGR of 32 in the past three years.

52%, net profit CAGR is 56.

69%, continuous growth of performance growth; the company’s gross profit margin in the first three quarters of 15.

00%, net interest rate is 4.

41%, an increase of 2 each year.

67 and 0.

24pct, improvement of profitability; the company expanded opportunities to expand production through external financing, a higher asset-liability ratio, the completion of the expansion of the conversion line and the gradual volume of products, and the opportunity to improve the debt situation.

The optical track is continuously upgraded, multi-camera, external film, multi-point blossom under the screen fingerprint.

Optical innovation is an excellent track for mobile phone hardware innovation, and the company’s multiple businesses greet excellent possibilities.

The penetration rate of dual-camera / three-camera modules has continued to increase, the company’s market size has expanded, and profitability has increased; flexible OLEDs are becoming standard for 杭州夜网论坛 flagship mobile phones, and the company’s plug-in thin-film touch solution will return to favor;The new fingerprint identification and unlocking method is opened under the fingerprint. The company has a good card position in the field of fingerprint identification under the screen. The fingerprint identification business will usher in a new round of rapid growth.

Four advantages help the company’s long-term development.

The company merged four major competitive advantages.

First, the company independently innovates, continuously expands R & D investment, and masters multiple core technologies. It is at the leading level in the technical reserves of camera modules, touch display, fingerprint recognition and other fields; second, improving the vertical integration layout of optical business,Form economies of scale and upstream and downstream synergies, and effectively reduce costs through automated production; Third, the company’s customers are of high quality and maintain stable cooperation with well-known domestic and foreign mobile phone and auto manufacturers, but do not form excessive dependence on individual customers; fourth, the companyEquity structure is stable, rich experience in participating industries, and strong execution.

Investment suggestion: The company is a domestic consumer electronics optical optoelectronic leader. We expect the company’s EPS for 2018-2019 to be 0.

68/1.

02 yuan, corresponding PE is 21/14 times, so maintain the “recommended” level.

Risk warning: The mobile phone is lower than expected, the dual-camera / three-camera penetration is not as expected, and product prices fluctuate.

Jack Co. (603337): 2018 results increased 40% year-on-year, continue to be optimistic about the long-term value

Jack Co. (603337): 2018 results increased 40% year-on-year, continue to be optimistic about the long-term value

The event company released its 2018 annual report and achieved revenue 41 in 2018.

52 ppm, an increase of 48 in ten years.

98%; net profit attributable to mother is 4.

54 ppm, an increase of 40 in ten years.

18%.

The net profit after deducting non-attribution is 4.

410,000 yuan, an increase of 42 in ten years.

33%.

  A brief review of the company’s revenue and performance growth in 2018 was excellent, with an average value of more than 40%. In comparison, the revenue of one hundred complete machine companies in the industry during the first 11 months of 2018 was 196.

15 ppm, an increase of only 15 a year.

52%, the company’s growth rate far exceeds the industry level.

Affected by rising raw 杭州桑拿网 material prices, the company’s gross profit margin in 2018 was 28.

08%, ranking 2 down in 2017.

65 averages with a net margin of 10.

97%, a decrease of 0.

65 units.

The best ROE is 19.

81%, an increase of 2.

97 units.

  In terms of business, sewing machine business revenue was 35.

34 ppm, a 55-year increase.

15%; bed cut income is 5.

00 ppm, an increase of 22 per year.

28%; shirt and denim automatic sewing equipment revenue is 1.

14 billion.

In 2018, the company’s industrial sewing machine sales were 188.

960,000 units, an increase of 41 in ten years.

15%.

Cutting bed and spreader sales were 1350 units, an increase of 50 per year.

67%.

Sales of 946 shirts and denim automatic sewing equipment.

Look at domestic regional income by region20.

850,000 yuan, an increase of 72 in ten years.

00%; overseas region income 20.

63 ppm, an increase of 31 in ten years.

19%.

  In the fourth quarter of 2018, the single-quarter revenue growth rate met the standards, and the performance was slightly worse than expected.

The company’s revenue for the fourth quarter of 2018 was 9.25 ppm, an increase of 37 in ten years.

78%.

Net profit to mother is 0.

8.4 billion, a decline of 7 per year.

01%.

The main reason was the increase in raw material costs and the recovery of domestic business growth, which led to a reduction in gross profit margin. The overall gross profit margin in 4Q18 was 27.

5%, down 2 from the previous month.

16 units.

  Continue to be optimistic about the company’s long-term development under high R & D investment.

In recent years, with the supply-side reform, the market concentration of the sewing machine industry has increased rapidly, and the development trend of intelligence and automation is obvious.

In 2018, the company continued to advance technology mergers and acquisitions: It acquired Italian Verbima (Cowboy Automation Equipment Company) for  22.8 million in July 2018.51 shares.

00%.

  The company’s R & D expenses reached 2 in 2018.

50,000 yuan, R & D investment accounted for 4% of total operating income.

94%, far above the first level.

  Performance forecast: We have always predicted that Jack will be a long-term growth-driven company. Although the peak of the sewing equipment industry at this stage has passed, the company’s growth is far better than the industry’s performance.Is 5.

8.8 billion yuan.

  Risk reminder: Downward pressure on the sewing equipment industry cycle exceeds expectations

Will whitening products thinn the skin?

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Will whitening products thinn the skin?

Q: Most whitening products contain keratin peeling and threshing. Will it make the skin thinner and thinner?

  Answer: Unless the concentration is more than 5% of fruit acid or 1% or more of salicylic acid, it may cause skin damage. For low concentration of fruit acid or salicylic acid, it will not cause the skin to become thinner and thinner.The skin itself also has its adaptability to typical acidic ingredients. After recombination, it can tolerate relatively high concentrations of the product.

  The keratin peeling and threshing contained in some whitening products has the effect of helping to remove the dead skin cells on the top layer of the skin, which can help to even out the skin tone to a certain extent, remove the pigmentation that has formed, and lighten the skin color as a whole.

Accelerating the process of skin metabolism is actually an important change in whitening. The skin is growing every day, and the skin is exfoliated moderately. The growth rate of the skin can keep up without worrying too much.

However, excessive exfoliation will not only thin the cuticle of the skin, but also damage the skin’s barrier function and cause excessive skin sensitivity.

Therefore, moderate exfoliation is a problem that must be paid attention to.

  Song Ping, deputy chief physician of the Department of Dermatology, Guang’anmen Hospital, China Academy of Chinese Medical Sciences, reminded specifically: what exactly is exfoliation?

In fact, just follow the instructions to use it.

As long as the product manual states that it can be used daily, then you can even rest assured.

  If you use it twice a week, don’t use it every day.

In addition, do not use products that have the same exfoliating effect. For example, you can use the exfoliating facial cleanser to eliminate the scrub step.

Yoga new tricks to become a thin beauty in 10 minutes

Yoga new tricks to become a thin beauty in 10 minutes

Everyone who has done yoga feels incredible.

This great exercise can contract and tighten your muscles at the same time.

For both beginners and those who have learned rehabilitation yoga, adding balls and straps when doing yoga is a new way of doing yoga.

I added balls and straps to my favorite yoga poses, such as: fighting style, mermaid style and so on.

  You can do an exercise in this order. The whole process takes 10 minutes, and each exercise lasts up to 1 minute.

You can also increase the intensity of your exercise, keeping each posture continuous or doing more than 10 minutes of exercise.

Can tighten and smooth your lower abdomen can make your thighs more symmetrical Improve your balance Tighten and adjust your legs Improve your core strength ball Can help you stay in this challenging posturebalance.
  Tip, place the ball 2 feet in front of you.

Press your right palm on top of the ball.

Turn your body’s center of gravity into your right foot, raise your left leg at the same time, exhale, while your right foot is trying to lean forward, grab your left foot with your left hand and step on it. When your left leg touches your hip,Inhale.

Hold this motion for 30 seconds, breathe normally, then relax, and start again on the other side.

What kind of love wins your heart

What kind of love wins your heart

Test Question: What is your favorite way?

  a. The bustling and prosperous city avenue, the crowd is crowded and colorful.

  b. The long and distant peasant trail is refreshing.

  c. Silence on the empty road, let your thoughts fly.

  d. The winding mountain roads have a wonderful scenery.

  Analysis of the results: The person who chooses you to be lively and cheerful on the surface of A is actually the one who always hides her mind in her heart.

Your interpersonal relationship is good, you have a lot of friends, and you are especially good at dealing with strangers, but your heart is always suffering from no one’s understanding and loneliness.

You’ve always longed for a wonderful taste, but this day has not appeared in your life, how can you not be disappointed?

Try to show your heart to your friends, or take the initiative to open your heart to the opposite sex you like, and you will find that love does not have to be earthshaking!

  Option B You have a childlike heart, and you are always childish. You are not only unwilling to hurt others, but you have tolerance and generosity.

For love, you look sublime and sacred, and never take it all in your body and mind.

However, we want to remind you to learn to protect yourself moderately, and don’t let the fragile heart be hurt from time to time, you will definitely be more popular!

In fact, protecting yourself is a sign of maturity and must not be ignored.

  Choosing C, you have unique personality and elegant taste, and you never want to associate with worldly people!

The lover you like must have the same unique taste as you, mysterious temperament, although it may not be famous, but it must be outstanding!

Noble and special you, I’m afraid you often have to endure the pain of “there is no cold in heights, no one knows your heart”?

!!
I urge you to treat love with a normal heart. Sometimes people who really deserve everything may be in the ordinary people.

  Choice D is curious, likes you constantly changing, and always likes to stimulate novelty.

Because of your strong resilience, the friends who are with you will feel safe; but as your lover, you will be in the clouds by the crazy behaviors that come from time to time, and think you are a “danger”Lover.

For love, it is better to be cautious, give the lover a clear message, and let him or her understand your mind.

Is it more efficient for men to jump up and work out?

Is it more efficient for men to jump up and work out?

It ‘s hard to find men ‘s clothing. When you approach the gym or morning exercise, you will find a phenomenon: Many female bodybuilders dance aerobics with passionate music, while on the other side are barbells, dumbbells and other equipment.Men tossing around.

There are very few men, or none at all.

  Some male bodybuilders who participated in fitness stated that the exercise choreography of the aerobics was overly choreographic, more feminine, and less masculine.

“My lover often does aerobics at home by herself. I also jumped and moved with her encouragement, but always felt like a dance performance without a sense of strength.

“” Women are doing aerobics, how can there be a man? ”

I feel uncomfortable even if I want to jump.

“Mr. Zhao, who is exercising in the gymnasium of the Provincial Gymnasium, tells some men’s minds.

It is precisely these recognitions that have made it hard to find male exercisers in the ranks of aerobics.

  Aerobics is gender-neutral. The definition of health means that it is in a perfect state in all aspects of body, psychology, and society, but just without disease, and fitness is to make us healthier.

“In daily life, many people have different fitness consciousness and fitness concepts, so blindly divide fitness programs into genders. In fact, almost all fitness programs are genderless.

Coach Changsheng told reporters that aerobics is a fitness method that combines physical and mental, and is a kind of aerobic exercise with rich rhythm.

By prolonged (more than 15 minutes) continuous exercise, the cardiopulmonary function is fully enhanced, and large muscle groups are also exercised, which has a good weight loss and shaping effect, and is also a good exercise for physical coordination.

The equipment training is an anaerobic training, its role is to build muscle and strength.

Therefore, if a male friend wants to exercise comprehensively, he must combine aerobic training with anaerobic training. Equipment training plus aerobics is a good combination.

  In fact, in terms of body structure, Chinese men are often more suitable for aerobics, and their suppleness and coordination are not very good, while aerobics can exercise flexibility and coordination well.

“I hope more male friends can join the aerobics and dance happily.

“It shouldn’t be too long to start, and aerobics may seem simple. In fact, everything should follow all fitness principles.

“Aerobics is particularly motivating, so many people often start with too much activity and activity time, and then start reducing activity time, which is obviously wrong.

“In the beginning, you should take steps and don’t be too careful to allow enough time for your body and lower limbs to adapt.

The starting time should not be too long, and 20 minutes is appropriate.

It is very important to warm up and exercise a part of the exercise before exercise, especially moderate compression of the lower limbs.

Beginners are advised to use two to three times a week, and then increase the number as appropriate.

“Don’t exercise indiscriminately because of freshness at the beginning, know that fitness is a long-term process.

“When doing aerobics, you should try to wear a sweat-fitting fitness suit. Change your sweaty clothes after exercise to avoid cold.

After exercise, do some contraction exercises before taking a shower.

“People who often do aerobics should pay attention to their feet, pay attention to the toenails, and pay attention to keeping the skin of the feet dry to prevent sweat from remaining in the toe seams and allowing bacteria to breed.

Thirty beauty tips for collectors_1

30 beauty tips worth collecting

Many of these 30 beauty tips can be done at home or can be found around you, which is convenient and low-carbon. If you have tried many skin care products and even medicines, you ca n’t solve your skin problems.Try these beauty tips, maybe you will be pleasantly surprised!

  First, whitening articles: 1, honey pearl powder mask: fully mix honey and pearl powder, be careful not to pour honey too much, adjust to paste.

Before using, apply the hot hair to the face, and then apply the adjusted mask evenly on the wooden board. After 20 minutes, wash it off, and you can immediately feel the skin becomes smooth and tender.

  2. Whitening method of sweet wine: Sweet wine is a kind of sweet rice wine fermented with steamed glutinous rice and fermented by fermentation.

The sweet wine was poured into a clean container and even the rice was poured out.

Crush the rice a bit, then put the masking paper into the container and suck a sufficient amount of wine, and leave it on for eight to ten minutes.

Then wash your face with the same water, the normal skin care procedures can be.

  3, lemon juice whitening method: use mask paper in fresh lemon water to fully soak, and then put on a wooden board, remove about 15-20 minutes.

Or apply a slice of fresh lemon directly to the face for 15-20 minutes to remove and wash the face.

Once a day, seven days is a course of treatment. It integrates good whitening and astringent pores. Long-term adherence can delay skin aging.

  4, vinegar and egg whitening: take one fresh egg, wash and dry it, add 500 ml of high-quality vinegar and soak it for one month.

After the eggshell is dissolved in the vinegar, take a small tablespoon of the solution and mix it with a cup of boiling water. Stir and take one cup a day.

Taking vinegar and egg liquid for a long time can make the skin smooth and delicate and remove all dark spots on the face.

  5. Cucumber whitening method: When you want to sleep, take the cucumber slices and place them at the ends for a few minutes, then your face will be white and tender for a month.

  Second, acne articles: 1, aloe anti-inflammatory method: aloe has good anti-inflammatory, sedative bactericidal effect, buy fresh aloe in the market, cut small pieces and apply it to the affected area, or peel and squeeze the juice, wash it on the body, and passRinse off in about 30 minutes. Very effective!

  2. Tomato battle “acne marks” method: If you want to eliminate free radical acne, the best way is to eat tomatoes every day, or squeeze tomatoes into tomato juice as a drink, or fry tomatoes with eggs. You should justKeep it on for a week and the acne scars will disappear.

In addition, you can apply propolis liquid to help lighten acne marks.

  3, Apple anti-acne mark: first pour boiling water on an apple, wait for a few minutes until the apple becomes soft.

Take it out of the water and place it on the acne mark when it cools down to warm for 20 minutes.

Then remove it and wash your face with water.

Just use it twice a week, be sure to choose fresh apples.

  4. Purslane purslane acne cure: Purslane purslane (purchasable in Chinese medicine) can be mashed and squeezed into juice and applied directly to the affected area, or added with honey and water as a mask, calledThe effect is remarkable.

  5. Ginger acne acne method: Slice ginger and press your finger on the scar for 15 minutes before going to bed, and wash it off the next morning. For a week, you will find this method is very effective in treating sore scars.

  Third, eye problems: 1, ice method: apply ice pads or frozen towels to the eyes, shrink the blood vessels around the eyes, help the skin around the eyes to swell, and can also suppress congestion.

  2, potatoes to dark circles method: scrape the potato skin, then wash, cut into thick slices about 2 cm.

Lie on your back, lay potato chips on your eyes, wait about 5 minutes, and then wash with water.

Apply at night unless it helps to eliminate tired eyes.

Large potatoes are preferred because the coverage is sticky.

Do not use toothed potatoes, because they are poisonous.

  3. Tea bag method: Drain the soaked tea bag, put it in the refrigerator for a while, and take it out.

Remember to filter dry, otherwise the color of the tea will make the dark circles more visible.

Or you can apply hot compresses and then cold compresses for better results.

  4, Loofah Revitalize and Remove Eye Lines: Take the immature loofah, peel it, remove the seeds, mash it, and apply it on the eye area, it has anti-oxidant and anti-wrinkle effects.

  5. Apply horseshoe and lotus root residue to the eyes: Wash the horseshoe and lotus root, scrape the horseshoe, and then chop the lotus root horseshoe into the sweat press, add 2 cups of water to stir, and separate the water from the residue. Then apply the eyes for 10 minutes.

The squeezed water can be absorbed, and the two-pronged approach works best before bedtime, which can reduce the chance of dark circles.

Lotus root and horseshoe contain a large amount of powder, iron and protein, respectively, which have the effect of removing blood and removing blood stasis.

  Fourth, hydrating articles: 1, soy milk hydration method: apply freshly squeezed soy milk for 15-20 minutes a day, one week you can obviously feel the skin water is tender and tender, the effect of hydration is very significant!

If you don’t want to waste the soybean milk residue left over from the juice, you can also use the soybean milk residue to exfoliate, the skin will become more and more shiny, and the absorption capacity will be better.  2, pure water moisturizing method: a commercially available bottle of pure water (600cc), as long as you wash your face with pure water 3?

4 times, and often apply pure cotton to the face with pure cotton, the face is naturally smooth and beautiful!

  3. The cream is added with vitamin E to be more moisturizing: drop a drop of natural vitamin E in the lotion or cream, and apply it on the parts that need maintenance after mixing.

Long-term persistence can make skin moist and fair. This method is especially suitable for women who work in air-conditioned rooms for a long time.

  4, wonderful use of “water-in-oil”: If you dry quickly after replenishing, it means that the lock is not enough.

Glycerin, petroleum jelly, and urea proteins have good moisturizing properties, but they are more greasy in summer; sugars, amino acids, collagens, placenta and refined plant essence oils have obvious moisturizing effects, as well as help to repair cells and supplement nutrients, May wish to identify these ingredients when buying.

  5. Homemade Pu’er “Fairy Water”: Put a teaspoon of honey into Pu’er tea water and put it into a moisturizing spray. Pu’er has a good moisturizing and anti-oxidant effect. It can be replenished whenever you carry it!

  Five, anti-aging and wrinkle articles: 1, deep-sea fish oil anti-aging: deep-sea fish oil contains a large amount of ve ingredients.

It is widely recognized that it has been widely used in anti-aging, and it is believed that it can eliminate the deposition of lipofuscin in cells, improve the normal function of cells, and slow the aging process of tissue cells.

Delays aging of cells due to oxidation and maintains youthful appearance.

Many cosmetic companies have increased the percentage of vitamins in their skincare products.

The direct application method can directly act on the skin where it is needed.

  2, a handful of raisins every day: raisins are rich in nutrients, many nutrients are higher than grapes, it contains 15 times the iron content of fresh grapes, and raisins can promote digestion and promote detoxification.

It usually contains flavonoids, which have antioxidant effects and anti-aging.

  3, Tremella fine lines method: use Tremella and a little bit of water to cook for about an hour, it is best to cook into a thick soup, and then apply it to the eyes, you can put it in the refrigerator if you ca n’t use it for a long time.excellent results.

MM with fine lines on the eyes can be tried, it is quite useful.

Of course you have to cook it in advance and it spreads quickly.

  4, rice balls to wrinkle: When the fragrant rice in the home is ready, pick some soft, warm and not too hot rice, knead into a ball, gently rub on the face, and remove the oil from the skin pores, dirtThe objects are sucked out, until the rice balls become greasy and dirty, and then washed off with water, so that the skin can breathe and reduce wrinkles.

  5, beer wrinkle: beer has less alcohol content, contains acid, bitter acid can stimulate appetite, help digestion and clearing heat.

Beer also contains a lot of vitamin B, sugar and protein.

Adding beer in moderation can strengthen your physique and reduce facial wrinkles.

  Six, other beauty coups: 1, honey-natural after-sun repair: summer is easy to get sunburned, like yogurt, honey is also a natural after-sun repair.

Scientists have confirmed that honey has been found to contain all trace elements in Mendeleev’s periodic table!

The ability to repair the skin is extraordinary.

Moreover, it contains 3/4 of the total sugars, and is the most abundant in B vitamins and vitamin C. Therefore, it repairs sunburn and whitens the skin. I am afraid many people haven’t thought of it?
  2. Salt has the function of controlling oil: For local areas, you can use fine salt on the pre-aligned skin, gently massage and rest for 3 minutes, and then use the middle fingertips to open from the bottom to the upper part of the pores on both sides of the nose.Squeeze massage.

For the T-shaped part with strong secretion of oil, the “oil amount” will really become your persistence and reduce production.

  3. Orange juice makeup remover: Soak the orange juice with a face towel and wipe the skin. After fully absorbing for 5 minutes, wash with clean water, which can remove makeup and thoroughly clean the dirt and oil on the face, exerting a deep cleansing effect.

Use it with confidence even on sensitive skin.

However, it is especially reminded to avoid exposure to the sun after cleansing with orange juice.

  4, cherry cosmetology method: do not record records of famous doctors, eat cherry, make people good color, beauty.

Cherries have a high iron content. Frequent eating can increase the hemoglobin content, making people’s face red and moisturized; and hulein and vitamin D can help whiten and moisturize the skin and make the skin elastic.

  5. Overnight tea can increase eyelashes: Allow the tea left to dry to cool. Before bedtime or the next morning, you can use a cotton swab to stain the eyelashes, which can increase the eyelashes. Try it!

Guaranteed to be the most expensive and economical “Eyelash Enhancer”!