Hailan House seeks to throw away the middle-aged taste

Hailan House seeks to throw away the “middle-aged taste”
Hailan House is still the leader of the A-share apparel industry, but its performance has been repeatedly challenged.  On the evening of April 28, Hailan House (600398) released its 2019 financial report.The data shows that in 2019, the income of Hailan House will not increase profits, and the operating income will increase by 15.09% to 219.7 billion US dollars, the attributable net profit temporarily decreased by 7.07% to 32.1 billion US dollars, deducting non-net profit from zero7.81% to 30.13ppm, it is planned to distribute a cash dividend of RMB 2 for every 10 shares to all shareholders.80 yuan (including tax).  Although Hailan House tried big IPs such as the joint name Bruce Lee last year, cooperated with the Chinese men ‘s national football team, entered the marketing mode such as live broadcast, and tried to get rid of the “middle-aged taste”, but the company’s inventory remained high.As of the end of the reporting period, the inventory of Hailan House was as high as 90.4.4 billion, a decline of only 4 years.53%, inventory turnover days are 250 days.An expert believes that during the development process from the third- and fourth-tier cities to the first- and second-tier cities, Hailan House needs to change its development strategy. The excessive “asset-light” model will also lead to insufficient motivation for the company in channel improvement.  The net profit gradient and the weak performance show that the financial report shows that in 2019, the attributable net profit of Hailan House will be replaced.07% to 32.1 billion US dollars, deducting non-net profit from zero7.81% to 30.1.3 billion yuan.In fact, in recent years, the net profit growth rate of Hailan House has been weak.  Choice data shows that in 2014 and 2015, Hailan House achieved revenues of 1.2 billion and 158 billion, respectively, and net profit attributable to 23.700 million and 29.5 ten percent, an annual increase of 75.83% and 24.35%.However, since 2016, net profit growth has been weak.From 2016 to 2018, Hailan’s revenue was 17 billion, 18.2 billion, and 19.1 billion, respectively, and the net profit attributable to them increased.74%, 6.60% and 3.78%.  It may be that the annual report shows that at the end of the reporting period, the company has 150 liabilities.5.4 billion, of which the flow resistance is 120.29 trillion, 30 non-current debt.2.5 billion, including 58 accounts payable.USD 9.9 billion and funds received in advance 8.1.6 billion.  Corresponding to the performance is the increase in the main brand of the listed company Hailan House.In 2019, the Hailan House brand achieved operating income of 174.2.2 billion, an annual increase of 13.59%, the operating cost is 103.9.4 billion, an increase of 16.20%, leading to a decline in gross profit margin decreased by 1.34% to 40.34%.From 2014 to 2018, the Hailan House brand achieved revenue of 101, respectively.2.5 billion, 128.7.4 billion, 140.3.1 billion and 151.5.4 billion yuan, a year-on-year increase of 49%.58%, 27.16%, 8.98% and 2.62%.Last year, although the growth rate of the Hailan House brand’s operating income picked up, it was not significant. Cheng Weixiong, a textile and apparel brand management expert and the founder of Shanghai Liangqi Brand Management Co., Ltd., told reporters that the Hailan House brand is mainly developed in third- and fourth-tier cities and is replaced by homogeneous design. Although the brand is not long, it has deteriorated slightly.The previous advantages are declining, and the new advantages have not overlapped, which has led to the controversy of the Hailan House model over the past few years.  Has the development of Hailan House reached the stage of occurrence?Cheng Weixiong, a textile and apparel brand management expert and the founder of Shanghai Liangqi Brand Management Co., Ltd., told reporters that the Hailan House had already reached the stage of occurrence as early as a few years ago. The original Hailan House was mainly developed in third- and fourth-tier cities.The competition pressure of the line is not as great as that of the first and second tier cities, but at present, Hailan House has also entered the first and second tier city markets, and the return cycle may be a long process.  Cheng Weixiong said that the diversification and multi-branding of Hailan’s House also brought some uncertainty in income.Even if we cooperate with some platforms online, but the thunder and rain are small.  The multi-brand development model “to be tested” Hailan House has tried to extend its tentacles to women’s clothing, children’s clothing and other fields, and hopes to cross the border to the home market.In 2018, the company successively acquired two boys’ clothing brands, “Boys and Girls” and “British”, which turned into a home brand Hailan Preferred Living Pavilion.  Hailan preferred, boys and girls, Yingshi and other brands to replace the “other brands” of Hailan House.In 2019, other brands’ revenue was 11.04 trillion, an annual increase of 503.42%, the operating cost is 6.9.5 billion, an annual increase of 617.54%, the 10-year average gross profit margin is 10.02% to 37.00%.  Although no single brand data was revealed, in 2019, Hailan House made an important decision to 3.The price of 800 million divests some women’s clothing brand Ai Jutu.Hailan House said that the transaction was due to the fact that after many adjustments by Aijutu, the overall operating performance still fell short of expectations.  Aijutu used to be an important step for Hailan House to enter the field of women’s clothing. Even in July 2018, Hailan House publicly issued a US $ 3 billion convertible bond for the development of the Aijutu R & D office building and the logistics park.After the construction of projects such as the informatization upgrade of the industrial chain, Aijutu was repeated, the remaining funds raised.3.4 billion is used as permanent replenishment of working capital by Hailan House.  Founded in 2010, Aijutu confirmed to focus on women’s clothing brands in 2013, and spent a sweet honeymoon with Hailan House.Wind data shows that in 2015, the number of Aijutu stores was only 306, while in 2018 it quickly increased to 1208.In 2018, Aijutu achieved revenue of 16.9.8 billion yuan, net profit realized 3.2.7 billion; and in 2019, Aijutu achieved operating income6.9.8 billion, an annual decrease of 36.40%.  Cheng Weixiong said that men’s clothing and women’s clothing are not the same, men’s clothing styles have not changed much, but women’s clothing requires diversity, fashion and regionality.Although Hailan House has been doing many brands such as women’s clothing and home furnishing for so many years, it has not brought value to listed companies.At present, Aijutu is expected to leave the report of the listed company, but it is not not to do it. It may be that the brand will be able to “replace” one day.  The data shows that in 2019, the research and development expenses of Hailan House are 6774.230,000 yuan, an annual increase of 38.20%, the sales expenses for the same period were 24.6.7 billion, an annual increase of 17.77%, of which the advertising fee is 5.8.8 billion yuan.  Can’t slow down the pace of opening a store In the context of new retail, the expansion of Hailan House has slowed down.The sales channel of Hailan House is divided into offline sales and online sales. Offline sales use direct sales, franchise and joint venture models. Online sales are directly operated by the company, mainly through the settlement of Tmall, Jingdong, Vipshop and WeChatPrograms and other platforms to achieve sales.  Last year, online sales of Hailan House achieved revenue13.2.5 billion yuan, accounting for 6 of the total operating income.19%, compared with 11 in the same period last year.5.1 billion yuan, accounting for 6% of total revenue.14%.  Offline is still the main site of Hailan House, which achieved 200 revenue last year.6.7 billion yuan, accounting for 93% of total revenue.81%, basically the same as in 2018.As of the end of 2019, Hailan’s offline stores are located in 31 provinces (autonomous regions and municipalities) across the country, and the total number of stores covering all brands is 7,254.Last year, Hailan’s home brand opened 655 new stores, 354 closed stores, a net increase of 301, a total of 5,598 stores, including 56 overseas stores.From 2015 to 2018, the total number of stores owned by Hailan House was 3990, 5243, 5792 and 6673 respectively.  Currently, there are 357 directly-operated stores under the Hailan House brand. According to the financial report, the average operating income of the directly-operated stores opened for more than 12 months in a row. There are 161 directly-managed stores that meet the above conditions, compared with 43 in the same period last year.Home, last year achieved operating income of 7.1.3 billion yuan, with an average operating income of 443.110,000 yuan, with revenue in the same period last year3.230,000 yuan, with an average operating income of 751.680,000 yuan.  Why can’t Hailan House slow down the pace of opening a store?Cheng Weixiong said that it may be related to the company’s development of “light mode”, the production was interrupted and expanded, and the increase in stores was mainly franchising. The franchisees were only responsible for paying related operating expenses.Hailan’s focus is on how to build brands and channel operations, but franchisees do not need to participate in the specific operation of franchise stores.  As of the end of 2019, there are 357 directly-operated stores, 5241 franchised stores and affiliated stores, 302 directly-operated stores of other brands, and 1354 franchised stores and affiliated stores.  The company adopts an asset-light operating model to promote rapid replication of stores, which also brings high inventory.As of the end of the reporting period, the inventory of Hailan House was 90.4.4 billion, down by 4 every year.53%, inventory turnover days are 250 days.From 2015 to 2018, the company’s inventory was 97.4.1 billion, 88.6 billion, 86.8.8 billion and 99.1.2 billion.  Sauna, Ye Wang Zhang Zeyan editor Sun Yong proofreading reporter Chen Diyan Email: zhangzeyan @ xjbnews.com

Before the end of August, Denmark bans large-scale gatherings, and the Tangyou Cup has to be postponed?

Before the end of August, Denmark bans large-scale gatherings, and the Tangyou Cup has to be postponed?
The World Badminton Federation issued an announcement yesterday. Affected by the extension of the Danish “large-scale gathering ban” until the end of August, it is negotiating with the Danish feathers to negotiate a postponement to the final stage of the Tangyou Cup in mid-late August.The 2020 Tang You Cup was originally scheduled for May in Ahus, Denmark, and it is planned to be replaced in the draw ceremony in March.At the end of March, the World Badminton Federation announced that the final stage of the Tang You Cup will be postponed to August 15-23.The Guoyu men’s team is the defending champion of the Cup.Photo / Visual China However, the Danish official announced on Monday that it would extend the “large-scale gathering ban” until the end of August, which is likely to have an impact on the Tangyou Cup.Also affected are the World Badminton Annual Conference and Member Association Forum planned to be held during the event.The World Badminton Federation is in communication with the Danish Badminton Association, the Danish Sports Authority and the city of Aarhus.”We need to consider a lot of situations, but our priority is always the health and safety of all players and their entourage, event-related personnel and fans.”The World Badminton Federation said that any intervention will be announced as soon as possible.Although Guo Yu did not participate in the qualifiers in February, the men’s team as the defending champion, the women’s team participated in the super high world rankings, ranking the No. 3 and No. 2 seeds of the Tangyou Cup final stage.Sauna, Night Net Editor Liu Chen Wang Chunqiu proofreading Li Lijun

[Cold potato eggplant]_Cold salad_How to make

[Cold potato eggplant]_Cold salad_How to make

There are many opportunities for people to eat salads in summer, and salads are more conducive to cooling and make people more appetizing. Among them, salad potatoes and eggplant is a very good choice.
Potatoes can be simply chilled or cooked with eggplants, but both ingredients need to be cooked with heat, especially eggplants, which may take longer to cook, and potatoes can be cut into shreds and simmered in hot water.
Brief introduction of potato and eggplant coriander is also a traditional Chinese medicine, also known as “Hu Zhi”, “芫荽” is a solution of Xin Wen, if the rash develops can help rash.
It can also help digestion and qi, which is also helpful when eating bloating.
Cold chills and pain, stagnation of food and food stalled, coriander helped digest the hot summer climate, steamed eggplant and potatoes mixed with egg sauce and parsley to eat, appetizers and digestion.
Potatoes are rich in potassium, and one potato a day prevents sudden heart death.
It is especially suitable for the elderly and children to eat, because it is steamed, it won’t get angry, and the taste is soft and waxy.
材料茄子2条,土豆2个,鸡蛋3个,生抽或者大豆黄酱(不是普宁豆酱是东北的大豆黄酱),白糖,香菜10颗 香油(可有可无)做法1、土豆洗净,不用Peeling can be divided into two for fast ripening.
2. Put the two eggplants and potatoes in the steamer for 15-20 minutes. If it is a pressure cooker, steam for 10 minutes.
3. Put the oil in the pot, heat the oil and stir in the beaten eggs, pour in the yellow sauce and a small amount of sugar.
(If you have green peppers, you can put some green peppers) 4. Fried egg sauce, or release soy sauce, the amount is more, put a little sugar.
Add soy sauce without sauce, slightly more, add a small amount of sugar 5, mix fried egg sauce with steamed eggplant and potatoes.
6. Pour the parsley cut into sections and mix well. You can add salt and add a few drops of sesame oil according to your taste.
Tip 1. The egg sauce should be slightly salty, because it’s mixed with steamed eggplant potatoes.
2. It is recommended to put more coriander.
3. The hotness of the freshly steamed potatoes and eggplant can blanch the parsley to 5-6 minutes.
4 做炸酱和酱油类的菜都要放少量糖,是为了中和豆制品的苦涩5 如果喜欢肉酱可以按照如下方法做肉酱:材料 五花肉适量 姜 蒜 大豆黄酱 八角1颗 糖适量1 五花肉Diced, not chopped 2 Put a small amount of oil in a hot pan and wait for the oil to warm, pour the pork belly and stir fry until it changes color 3 Pour in ginger and garlic and continue to sauté 4 Pour in yellow sauce, add an appropriate amount of water, add an anise 5 When the sauce becomes sticky, add an appropriate amount of sugar, and you can add MSG or chicken essence according to your taste. 6 Note that when fried pork, if pork belly has skin, pay attention to protective measures, otherwise there will be oily skin on the face.scald.
7 The sauce will also splash during the frying process, so be careful not to burn yourself

[Home-made practice of jujube]_how to do_how to do

[Home-made practice of jujube]_how to do_how to do

Jujube, as the name suggests, is jujube that uses jujube as a raw material prototype.

This jujube is sweet to eat, and jujube is made from red dates, so eating jujube can also nourish qi and nourish blood, which is very good for women’s health.

The practice of jujube is actually very simple.

Usually you can make some common date jujubes at home. Let’s take a look at the common practices of date jujubes.

Materials: 1.

1 cup of warm water, 1 teaspoon of dry yeast powder, 1 teaspoon of sugar, 1/4 teaspoon of fine salt; 2.

3. 3 cups of unbleached plain flour, 1 teaspoon of baking powder; 3.

Seedless sweet jujube 1/2 cup diced.

Face: a.

Add 3 cups of flour and 1 teaspoon of flour to the basin and mix well; b.

Add 1 cup of warm water to the measuring cup, add 1 teaspoon of dry yeast powder, 1 teaspoon of sugar, 1/4 teaspoon of salt, take a tablespoon of flour from the basin and add it to the water cup. Stir well and let stand for 15 minutes. See aboveWith a lot of bubbles, you can meet.


Pour the fermented water into the basin slowly, remembering to stir while mixing to make the flour into a cotton floc. At this time, you can soften and evenly form the dough; d.

Put the dough in a large bowl, put it back on the yogurt machine, cover it with a transparent lid, and the dough will grow into a pair in about an hour and a half.

Method 1: Take out the dough and knead it on the panel for 1-2 minutes. Cover the basin and let it rest for about 5-10 minutes. 2. Roll out the dough with a long thick dry noodle to a moderate thickness.Spread large slices, spread red dates that are evenly cut into diced shapes, and then roll them along. Use a knife to face a long roll to plan the marks of several steamed buns, and then cut the number of steamed buns with a knife., Add a little bit of temperature, put the cut jujube head embryos into a layer of drawers, put them on a slightly warm steamer and cover the lid noodles for 20 minutes, can also be called the second fermentation.

After 4,20 minutes to see the steamed buns become bigger, just open and steam for 20 minutes.

[Does the crispy persimmon peel?]_ How to eat_How to eat

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Tesla’s attack on cobalt-free ternary lithium batteries out of favor?

Tesla’s attack on cobalt-free ternary lithium batteries out of favor?

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Diversified battery technology. Tesla, which sits on the throne of global new energy vehicle sales, uses a series of batteries, which has attracted much attention.

  Recently, the power battery giant Ningde Times said that it is discussing with Tesla on the use of cobalt-excluded power batteries on domestic Tesla models.

As soon as the news came out, it once triggered the previous limit of the merger of the cobalt industry enterprises.

“Cobalt-free” batteries are considered lithium iron phosphate batteries of the Ningde era.

However, Tesla pointed out that “cobalt-free” may have multiple technical routes.

  At least, the energy density and related parameters of BYD’s first Han EV model equipped with a “blade” lithium iron phosphate battery were also disclosed. Ningde Times also introduced CTP battery management control technology.

  The game between power batteries such as lithium iron phosphate and ternary lithium is becoming increasingly fierce.

Yu Qingjiao, the secretary general of Zhongguancun New Battery Technology Innovation Alliance, believes that the trend of “benefits and weaknesses” of power batteries for different technology routes is becoming increasingly apparent.

  Tesla’s “cobalt-free” road is claimed by Puritan. At present, the two main technical routes of the power battery industry are lithium iron phosphate batteries and ternary lithium batteries. The former has reduced costs and relatively good stability, and is mainly used in commercial vehicles., And the relative energy density is relatively high, mainly used in passenger cars has already begun.

  Absolutely. Panasonic that cooperates with Tesla is a ternary lithium battery in the NCA (nickel-cobalt-aluminum) mode. LG Chem, which Tesla cooperated with recently, also has a ternary lithium battery.Technical route of nickel ternary lithium battery.

  Tesla’s founder Musk stated in June 2018 that he was committed to reducing the amount of cobalt. At that time, the cobalt content of high-nickel batteries was about 3%. In the replacement model, the cobalt element was completely removed from the raw material list.
  An engineer who asked for anonymity from a foreign battery company explained to First Financial reporter that Tesla, as an earlier company that converted from lithium cobalt oxide batteries to ternary lithium batteries, has always adopted the same technical standards as other battery companies.This approach has brought Tesla a certain technological advantage, but also caused Tesla’s cost to increase.

  At present, ternary lithium batteries are mainly divided into two modes: NCM (nickel cobalt manganese) and NCA (nickel cobalt aluminum).

In the NCA mode, the content of aluminum is very small, so it can be understood that it is close to binary materials. Aluminium (transition metal) is used instead of manganese. Nickel cobalt cobalt manganate is modified by ion substitution and surface substitution to replace reinforcing materialsStability, improve the cycling performance of the material.

  ”Although some of the battery components have been reduced, aluminum in the NCA mode is amphoteric metal, and it is not easy to precipitate, and it is not easy to produce pure substitute materials. Therefore, the cost of precipitation is higher.Existing biology also leads to the fact that only a very small number of companies such as Panasonic are producing NCA batteries, which cost nearly 20% higher than other power batteries of the same energy density. This is a problem for Tes, which is currently in a shortage of battery supply.Pulling instead becomes unacceptable.

However, the above engineers also said that the NCA mode can effectively reduce the amount of cobalt. Comparing the Tesla ModelS in 2012 and Model3 in 2018, the former used lithium cobaltate had a cobalt content of 11kg, while in NCAThe remaining cobalt content produced after the model has matured has been reduced to 4.

5 kg.

  In the view of Deng Yongkang (Jin Qilin analyst), chief analyst of New Energy Automotive of Anxin Securities, the most fundamental reason behind the reduction in the use of cobalt is the rapid growth of cobalt prices.

With the rise of 5G and other emerging things, this will lead to a sharp increase in the supply and demand gap of cobalt in 2020, and the rising cost of cobalt mining will also continue to distort the price of cobalt.The cost of Tesla assumes that it is not a good choice.

  Automotive industry analyst Zhang Qiang also believes that the purpose of Tesla’s establishment of a factory in China is greatly related to further cost savings. Although the use of new batteries will increase the design cost, the design cost is a one-time cost.After the design of the low-end version, due to changes in the price of battery materials, the reduction in the amortized cost of Tesla is far greater than the increase in the design cost.

  In fact, Tesla does not have a specific technical route for a “cobalt-free” solution, but alternatives have been developed that can keep the amount of cobalt at the same level as NCA.

The above engineers believe that there are currently two technical routes that Tesla is expected to choose. One is to use lithium iron phosphate batteries that do not use cobalt; the other is to use NCM811 high nickel batteries to NCMA (nickel cobalt manganese aluminum).The advanced route of the battery, and gradually replace the cobalt with other processed alternative elements in the process, but the former will lead to a decrease in energy density, which has potential safety risks.

  ”At present, a compromise between the two has also emerged. For example, the NCM622 ternary lithium battery is provided to the low-profile version. The cruising range is maintained at about 400km, which can reduce costs and reasonably control safety risks.Pull immediately reduced the cost by 20% of demand, but this would also lead to a decline in the value of the Tesla brand.

Said the engineer.

  How to avoid the shortcomings at the moment, betting on that power battery technology line is not the trouble of the Tesla family, the power battery field is generally experiencing such damage.

  Power battery companies Ningde Times and BYD are constantly seeking breakthroughs.

Ningde Times launched CTP batteries. Starting from lithium iron phosphate, it will expand to high nickel ternary lithium batteries in the future, focusing on the innovation of battery systems.

BYD mainly promotes blade battery technology. It uses lithium iron phosphate battery as the basis and pays attention to process innovation.

In the view of Zuo Weifeng, a researcher at the Institute of Lithium Power Engineering, both sides have their own advantages, but they also have their own shortcomings.

  CTP technology is expected to maximize the volume of battery packs, which can reduce the cost of nearly 30% by reducing the number of parts; blade batteries are innovative in terms of technology, which can effectively reduce energy costs and improve efficiency by 30%.Zuo Weifeng believes that both have solved the defects of their own technology to a certain extent.

  Recently, the Minister of Industry and Information Technology of the People’s Republic of China Miao Wei said at the forum that subsidies for new energy vehicles will not decline significantly in 2020.

According to the overall national energy subsidy policy for passenger cars based on energy density, ternary lithium batteries can easily cross the 140Wh / kg mark, while lithium iron phosphate batteries have been difficult to achieve, but according to the first model equipped with the first generation bladeLooking at the energy density of the battery’s Han EV, lithium iron phosphate batteries are also expected to break through the supplemental “passing 北京夜生活网 line”, which will also regain the attention of lithium iron phosphate batteries, while blade batteries are made longer and thinner to achieve the same volumeUnder the battery, it can ensure that the cruising range is increased to a level that can compete with the ternary lithium battery.

  However, both have weaknesses.

The lithium iron phosphate battery led by the blade battery still has to face the cost increase caused by the cell length and the test of resistance to temperature alignment. For the high nickel batteries equipped with CTP technology, especially for Tesla, etc.For OEMs with a more obvious modularization trend, the overall systemization will lead to higher maintenance difficulties.

Therefore, the former mainly focuses on BYD’s upcoming division of the power battery sector, and through BYD’s application in commercial vehicles, it will be promoted to passenger car companies.

The Ningde era shifted the promotion of CTP technology to local car companies that lacked the systematic integration of technology, while foreign car companies with complete module mixes mainly adopted Tesla’s customized battery production policy.

  Some South Korean battery companies and a small number of domestic companies such as Honeycomb have begun to explore the advanced route from high-nickel ternary batteries to NCMA quaternary battery soft packs.The First Financial reporter learned that the NCMA quaternary battery concept was introduced in 2016 and was jointly proposed by Hanyang University in South Korea and local Korean power battery companies. The route is directed to the incorporation of some aluminum elements in the materials of nickel-manganese ternary batteries to suppress aluminumElemental impurities are unstable to form, thereby significantly increasing the cycle life of the material.

  However, NCMA batteries have not yet entered the market application stage, and power battery companies are still mainly focusing on ternary batteries. Even so, the 590 soft pack module represented by LG Chem still has technical advantages in terms of module systemization, not energy.The density can reach 180Wh / kg, and the production cost under the same conditions can be lower than that of most domestic enterprises.

Jinguang Zhou, CEO of the power battery market research organization SNEResearch, said that although the current Ningde era can produce power batteries of up to about 178Wh / kg, its production costs are still high at the same energy density.

  Tesla broke the situation of relying entirely on Panasonic power batteries, added LG Chem and Ningde Times joint partners, and began to explore the branch path of power batteries. In the future, whether ternary lithium batteries or lithium iron phosphate will prevail, which will followThe technological breakthrough of the power battery and the cost of electric vehicles and better safety at the same time.

NavInfo (002405) 2018 Annual Report and 2019 First Quarterly Report Review: Accumulated and ready to go

NavInfo (002405) 2018 Annual Report and 2019 First Quarterly Report Review: Accumulated and ready to go

The company released the 2018 annual report and the 2019 first quarter report, and achieved operating income of 21 in 18 years.

3.4 billion, down 1 year.

06%; net profit attributable to mother 4.

79 trillion, an increase of 80 in ten years.

65%; deduct non-net profit -10.

57 trillion, down 581 a year.


The first quarter of 2019 is expected to achieve operating income5.

22 trillion, a simultaneous increase of 15.

25%; net profit attributable to mother 4202.

650,000 yuan, an annual decrease of 42.


Comment: Goodwill risks are fully released, ready to go in 19 years.

1) The company’s operating income in 2018 decreased by 1 year-on-year.

06%, affected by the decline in passenger car sales, the traditional navigation business revenue7.

75 ppm, a ten-year average of 17.

64%; and operating income of connected car business5.

42 ppm, an increase of 14 in ten years.

26%; chip business operating income 5.

7.9 billion, an annual increase of 11.

92%; operating income of advanced assisted driving and autonomous driving business was 5,292.

810,000 yuan, an increase of 24 in ten years.


2) Net profit attributable to mothers increases by 80 per year.

65%, mainly affected by the following factors: First, because the Bar VI completed the settlement in the fourth quarter of 2018, achieving an investment income of about 10.

7.6 billion; Second, because Jiefa Technology’s operating performance exceeds performance commitments, counterparties need to pay cash compensation6.

1.6 billion.

At the same time, the company accrued goodwill impairment on Jiefa Technology.

86 ppm, the impairment of goodwill, the total amount of performance compensation matters reduced the company’s net profit2.

700 million.

In addition, the company continued to improve high-precision maps and autonomous driving speeds, and its R & D investment increased to 11.

6.6 billion, accounting for 42% of total revenue.

36% increased to 54.

65%, of which the capitalization ratio is 22.

5% interest rate 6.


High-end maps received the first L3-level production order, and business realization is worth looking forward to.

According to the autonomous driving roadmaps released by major car manufacturers, most car companies are currently at the L1 / L2 level of autonomous driving. The L3 level of autonomous driving technology is focused on 2020-2021.The company ‘s standard level of L3 autonomous driving has passed thousands of 都市夜网 kilometers of real path verification tests. The fine map has completed national highway data collection and product release, and has obtained the country ‘s first L3 level passenger car automated driving volume production order. The benchmarking is significant, New business realization is worth looking forward to.

Jiefa is not fault-tolerant in the scarcity category of the domestic automotive chip field.

With the increasing demand for automotive electronic chips for advanced assisted driving and autonomous driving, and the Chinese market due to national mandatory installation requirements, the development of new chip products such as TPMS has ushered in huge opportunities.

We think that the scarce part of Jiefa in the field of automotive chips cannot be ignored, and it is also an important part of the company’s autonomous driving ecosystem.

In 2018, Jiefa’s automotive-grade MCUs have been mass-produced at the client and won the first orders, marking the first time that domestic MCU technology has achieved zero breakthroughs and broke the monopoly of foreign companies.

At the same time, the TPMS tire pressure monitoring chip has completed sample development, and plans to achieve mass production in 2019.

With the development and launch of new chips such as the new generation of intelligent cockpit IVI chips, the new generation of car networking chips, the new generation of AMP vehicle power electronics chips, and the new generation of MCU vehicle control chips, Jiefa’s performance is expected to graduallyFor the better.

Investment suggestion: Considering the impact of the continued downturn in the passenger car market and the company’s continued growth in the expansion of autonomous driving, we lower the company’s 2019-2020 net profit return to motherhood to 4.

7.4 billion, 5.

8.2 billion (previous forecast was 4).

9.6 billion, 6.

3.1 billion), and at the same time predict that the net profit attributable to mothers will be 7 in 2021.

23 trillion, corresponding to PE is 71 times, 58 times, 46 times, referring to the company’s historical forecast, given the company 85 times PE in 2019, corresponding to a target price of 30.

78 yuan, maintaining the “recommended” level.

Risk warning: the passenger car market is sluggish; the development progress of on-board chips is less than expected; competition in the advanced map market is intensifying.

The newest OL-approved new skincare tricks


The newest OL-approved new skincare tricks

Lead: Face the computer all day, I believe you are also afraid of the harm of the computer radiation to the skin.

Netizens specially brought in the latest and most recognized radiation protection coups by white-collar workers, learn their experience.


hzh {display: none; }  现在的“白骨精”女们每天上班八小时要对着电脑,被电脑包围,下班后又可能“扑”在电脑上玩游戏,日生活、夜生活都以电脑为伴,彻底的变成 “辐射女”了。
Although I am not a “Bone Essence” grade, I am also a little demon who is actively training, and at the same time, I am also training in radiation protection. Recently, I saw a small survey on radiation protection tricks on a website.Moved over.

  The first trick: eating fruit. From this survey, everyone still accepts conditioning from the body to resist radiation.

The best way is to eat more fruits and vegetables every day and add a lot of vitamins, but it is not easy to eat fruits, vegetables and fruits in the office anytime and anywhere.

I and my sisters realized one of my little recipes, that is, drinking Mengniu fruit and vegetable yogurt, which is a perfect combination of pure fruit juice, multiple vegetable juices, and fresh milk. It has a multivitamin supplement and is a multi-nutrientThe scientific ratio will bring comprehensive nutritional assistance to the sisters. When they are healthy, their radiation resistance will become much easier!

I can’t live without this!

Drinking skin is not dry in winter, it is always tender and supple!

  The second trick: wearing radiation-proof clothes is actually quite good. The reason why it is not ranked first is that wearing a coat every day is really inconvenient. Maybe others will mistake you for a pregnant woman.Besides, wearing protective clothing will not protect our faces at all. For us who love beauty, that is a taboo!

Over time, we will still become “yellow-faced women”.

  Third place: Cactus must look at the cacti, big and small, we can see that a lot of “bone spirit” women are still using this trick to fight radiation, I believe everyone thinks this is the easiest way?
Or it will not be included in the top three.

This method is also not advisable, but it is impossible to verify the specific effect.

Advise the little demon who cultivates like me to put cactus on the left side, it is best to put Mengniu fruit and vegetable yogurt on the right side, both inside and outside!

  Fourth place: The reason why I often apply skincare creams is that I can whiten skin and prevent the effect of isolation. Now MMs are getting more and more “lazy”.

Haha, I did the same before. I have to do skin care and isolation work before going online every day, and apply a variety of barrier creams to form a protective film. In fact, it can still effectively block the adsorption of dust and use computersAfter washing your face with water in time, the radiation will be reduced by more than 70%!

I am also constantly trying various products to find this effect.

Do you know the difference between a paper mask and a wash mask?


Do you know the difference between a paper mask and a wash mask?

We know that there are many types of masks, washed masks, paper masks, disposable masks, etc. How do we choose a mask that suits you?

If you choose, I will introduce the difference between a wash mask and a paper mask, so that we can better choose the mask that suits you. To make your skin healthy and fair, skin care skills are really important.

  Washing mask Washing mask is mainly to clean the skin. In daily life, our skin always bets on our skin pores for various reasons, such as dust in the air. Our skin may cause some skin because of poresThe problem.

At this time, we should choose a water-washing mask, because this can better achieve the effect of cleaning the skin and effectively remove the aged cuticle.

  Paper Mask The secret of paper mask to quickly adjust the skin. In many makeup tips of beauty experts, one recommendation is to apply a patch mask with hydration and moisturizing effect before applying makeup. About 10 minutes, yourThe skin will become supple and delicate, and then makeup will be applied, and the reduced base will fit the skin very well, greatly improving the makeup effect.

So before an important date, putting on an “additive film” becomes the mystery of women’s glorious moving out.

  Warm reminder mask is essential for our skin care, because compared with other skin care products, the mask can quickly achieve beauty and skin care effects.

I can immediately feel the change of the skin.

This is the most significant effect of the mask.

This is an effect that other skin care products cannot achieve.

  The fine density and permeability of the ingredients of the mask paper are two indispensable important factors.

If the fine density is not enough, or if the fine density is sufficient, but the penetrating power is not enough, it will affect the absorption and effect of the skin and cause waste.

Most skin care brands attach great importance to the research and development of mask paper, and then carefully choose safe and efficient beauty essence ingredients to stick the cloth mask.

  For example, in the above-mentioned IPSA peak beauty compact whitening mask, picking up high-performance long-fiber non-woven fabrics to make it, the weaving of the mask will affect the degree of displacement to meet the needs of different functions, making the mask compressibleThe elasticity can wrap the pair of chin and chin more tightly, giving the skin a clear upward lifting effect, thus more effectively counteracting sagging and reshaping facial lines, so the skin care skills of the skin are really important.

  New type gel mask material mask, gel film is like a thin fiber membrane with a layer of elastic “jelly”, a “stick” to the skin, and can not leave gaps between uneven pores.

The effect of the non-woven fabric mask can be achieved by laying for at least 10-15 minutes, and even continue to apply, so that the essence in “jelly” is continuously released, providing deep repair for hours.

  The shape of the mask paper and the notch mask are also very important.

Some masks have notches on the eyes, and some masks have eye mask designs.

This is because some masks have a rich texture and no eye mask design, but the eye “gap” is small, which can repair the lower eyelid skin that is easy to relax; meanwhile, dip the essence and apply it on the upper eyelid to achieve a good repairProtective effect; and some masks are carefully designed eye masks because of their lighter and more hydrating texture.

  Regarding the shape of the mask, according to the different needs of the facial skin, the mask is also manufactured in different shapes.

Maybe say that the T-shaped area needs to control the oil and the U-shaped area needs to be pulled up, you need to use a mask for the T-shaped area and the U-shaped area.

Work without decompression

Work without decompression

Research by corporate psychologist Karasek found that employees are most likely to be exhausted when work requirements are high and employees have no decision over the job.

Conversely, when employees have more control, they can even reduce the reduction in requirements, but the employee’s feeling of stress will be greatly reduced.

  Under the influence of this type of research, many companies such as Ford and Telework have increased employees’ decision-making and control over their own work. After adjustment, employee acceptance and the company have improved at the same time.

  It seems that enterprises can decompress their employees by decentralization without causing losses.

As an individual, when facing a job with a comparable workload and salary, you may choose the job with more control.