Estun (002747): Domestic robot leader with perfect industrial chain layout is ready to go

Estun (002747): Domestic robot leader with perfect industrial chain layout is ready to go

Key points of the report: Leading companies in the intelligent equipment industry, following the transformation of manufacturing companies, started with the CNC system business and developed into a full industrial chain intelligent equipment manufacturer and solution provider covering core components, robot bodies, and system integration.

The company’s CNC system has the largest market share in the domestic metal forming machine tool field; it promotes the complete solution of TRIO + ESTUN in motion control and servo to move to the mid-to-high-end market; it is the first echelon in the field of industrial robots, and it covers metal processing downstream.Energy and other industries.

In 2018, the company’s industrial robots and complete equipment revenues7.

3.5 billion, accounting for more than 50%, has become the main source of income, with a compound growth rate of over 20% in the past three years.

Since 2014, the company’s R & D investment accounted for about 10% of its operating income, and in 2018 it reached 11.


The localization trend of industrial robots is gradually emerging, and the core component market has huge potential. Global industrial robot sales in 201838.

40,000 units, entering a stable stage; the Chinese market accounts for about 1/3, making it the world’s largest market.

Foreign brands rely on their core component advantages to occupy the global market. Four leading companies, KUKA, ABB, Yaskawa, and Fanuc account for more than half.

In the domestic market, the proportion of sales of independent brands in 2018.

15%, the proportion is still allowed, but in recent years there has been an upward trend.

Favorable policies in the field of intelligent equipment frequently appear, increasing aging and rising labor costs have stimulated industry demand; in areas such as numerical control systems, servo systems, domestic production has huge room for improvement.

Double-wheeled, dual-core, endogenous and extended, develop the competitiveness of the entire industry chain.

The company promotes the “robot +” strategy and forms a “general + subdivision” development direction.

The autonomy rate of the key parts of the robot body reaches 80%, and the servo, controller and some reducers are almost self-produced.

Through deferred mergers and acquisitions in components and downstream integrated applications to accelerate growth, the acquisition targets include machine vision, motion control, micro servo, AC servo, and automation system integration.

We believe that the company is still in the industrial chain layout stage. At this stage, the profit margins, ROE and other financial indicators have approached or exceeded those of KUKA, Yaskawa, ABB and other international leading companies. In the future, the company’s integration through the company’s industrial chain will have a significant effect and profitability is expectedImproving significantly improves and surpasses international leading companies.

Earnings forecast and investment recommendations We expect that the company 2019?
2021 will achieve operating income of 15 respectively.

71, 20.

06, 无锡桑拿网 25.

1.7 billion, realizing net profit attributable to mothers1.

18, 1.


9.5 billion.

Taking into account the broad application scenarios of industrial robots and the company’s entire industrial chain layout, it is covered for the first time and given a “buy” rating.

Risks suggest that market competition is intensifying; downstream demand for industrial robots is less than expected; the synergistic integration effect of company mergers and acquisitions is not obvious.

Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Event: The company announced the third quarter report of 2019, and the first three quarters achieved operating income17.

00 ppm, an increase of 28 per year.

17%, net profit attributable to mother-0.

800 million, a decrease of 6 every year.

03%, budget gain -0.

11 yuan.

Opinions: (1) The company’s operating income in the first three quarters increased significantly28.

17%, the first is the increase in the number of aviation products delivered by the company’s core business.

Q3 achieved operating income of 5.

7.4 billion, down slightly by 1.

53%; (2) The company’s net profit attributable to its mother in the first three quarters of the year decreased by 6.

03%, of which Q3 attributed net profit to -0.

29 ppm, a reduction of 5 per year.


The growth rate of net profit attributable to motherhood is lower than the growth rate of revenue mainly including:

15%, mainly due to the increase in interest paid by the company to obtain bank borrowings in the current period; b) the report caused the company’s management expenses to increase by 20.

18%, mainly due to the adjustment of the performance salary distribution model, which caused increased wage costs and increased repair costs; (3) In terms of assets and liabilities, a) the company and Hongdu Group replaced related assets, resulting inEarly early total assets decreased by 32.

13%, net assets attributable to shareholders of listed companies decreased by 21.

18%, 72% reduction in fixed assets.

69%; b) the end of the accounts receivable decreased by 59 compared with the beginning of the period.

05%, mainly due to the company’s receipt of payment from customers and acceptance of bills of exchange; (4) in terms of cash flow, a) the company’s net cash flow from operating activities decreased by 175.

09%, mainly due to the increase in cash paid for the company’s purchase of goods in the current period; b) the company’s net cash flow from investment activities decreased by 36.

04%, mainly due to the decrease in cash paid for the company’s purchase and construction of long-term assets in the current period; c) The company’s net cash flow from financing activities increased by 91 each year.

35%, mainly due to the company’s annual increase in bank borrowings.

Air and sea equipment has created new requirements for L15, and multifunctional integration has adapted to new requirements.

L15 trainer is the company’s core product. According to basic training and entry combat scenarios, it is divided into various models such as L15 AJT and L15 LIFT.

In the future, the types of fighters of our army in the air and sea category (J-10 / 20/11/16, etc.) will be gradually installed. The gradual demand for flight training tasks will drive the growth of the company’s trainer business.

In addition, some L15 models have broken through the traditional flight training positioning, only supersonic speed, weapon plug-in and precision guided weapon capabilities, replacing air combat missions, and it is expected to become a supplementary model of naval aircraft carrier aircraft in the future.

Add missile assets to increase revenue from main businesses.

On May 31, 2019, the company and Hongdu Group merged the “Asset Replacement Agreement”, and the company put out the parts manufacturing business and the missile business.

Issuing new assets instead of enhancing the company’s main business profitability, while improving the asset structure, also in line with the development requirements of the future development of trainer models, and enhance the long-term competitiveness of the company.

Investment suggestion: Considering the continuous development of the company’s trainer business, the future trend will continue to grow, 深圳桑拿网 and the company’s missile business will increase the overall profitability. We predict that the company’s EPS in 2019/20/21 will be 0.



47 yuan, corresponding to PE is 56/41/30 times, the first coverage, giving the company an “overweight” rating.

Risk warning: L15 production capacity is lower than expected, and the integration of missile business is slow.

Britain officially Brexit: Farewell, EU!Farewell, Britain!

Britain officially Brexit: Farewell, EU!Farewell, Britain!
Xinhua News Agency, London, January 31st. On the night of January 31st, the electronic clock was projected on the black brick wall of the Prime Minister’s House at 10 Downing Street in London.At 23:00 local time, Britain officially withdrew from the European Union.  At this moment, Brussels on the other side of the English Channel is midnight.Outside the European Parliament building, the British rice flag, which has been flying for 47 years, will no longer be raised.For the first time, the EU, which has been enlarged several times since its establishment, has reduced its workforce.  Tonight, Britain bids farewell to an era.In his address to the country, British Prime Minister Boris Johnson said: This is the moment of dawn and the time of the curtain.In his speech, he called the EU a friend.And EU leaders said: This is a day worth reflecting and feeling.  In 1973, the British celebrated with beer and fireworks when they applied to join the European Economic Community three times before.Former Prime Minister Churchill’s European dream of regional warfare to prevent war has finally come true.  At this moment, there are no gorgeous fireworks in London.The Brexit fireworks application was not approved, and the big ben under repair failed to ring for Brexit.  Ten giant rice flags were specially raised on Parliament Square in London.Under the Churchill statue, the crowd waved flags and shouted slogans to say goodbye to the EU.  Tonight, the biggest political crisis in Britain after World War II comes to an end.After a referendum in 2016, Britain decided to withdraw from the European Union with a slight advantage.However, Brexit is difficult to resolve, and Johnson’s two predecessors have resigned sadly due to Brexit.  Tonight, some people rejoice and some worry-this will be the beginning of another journey full of expectations, contradictions and uncertainty.  At the moment, the transitional period for Brexit begins and Britain loses EU membership, but it still needs to abide by EU rules and pay EU budget fees.The two sides will negotiate on future relations.  Rogers, the former British ambassador to the EU, predicts that the negotiations will continue for several years, Britain will face huge uncertainty, and London’s status as a world financial center will be 苏州桑拿网 affected.Today is just the beginning of Brexit, not the end.  At the border between the United Kingdom and the Republic of Ireland, Brexit will cut Rinagan ‘s farm into two parts, the EU and non-EU. The British part of the farm will lose EU agricultural subsidies.Rinagan told Xinhua News Agency: After all, it happened and no one can stop it. We can only try to adapt to the new life in the post-Brexit era.  Albrao, a member of the British Academy of Social Sciences, one of the pioneers of the concept of globalization, believes that Brexit will not hinder the process of European integration.  This change in European geopolitics is just a striking scene in a world that has not changed for a century.As the world gets smaller and smaller, farewell, perhaps the beginning of the next encounter.(Reporter Gui Tao Gu Zhenqiu) (Participants: Zhang Dailei, Li Zhizhi) Original title: Farewell, 杭州夜网论坛 EU!Farewell, Britain!

Do you have a personal mental profile

Do you have a “personal mental profile”

Each of us has different personality and psychological characteristics, and will also show different characteristics in the process of recognizing objective objects.
Ability, temperament, and personality characteristics constitute a psychological difference in people, that is, individual psychological characteristics.
  Take the temperament type as an example. According to the traditional classification, it can be divided into the following four typical types: multi-blood (active type): quick and easy to move, easy to adapt to the environment.
It is characterized by enthusiasm and significant work efficiency, quick response, strong adaptability, good attention transfer, and obvious extraversion.
  Bile quality (excitatory type): has high excitability and weak inhibition process.
Therefore, they show imbalance in behavior. They are straightforward, enthusiastic, and energetic, but they are irritable, emotional, impulsive, provocative, and have strong mood changes and extraversion.
  Mucus (quiet type): They have poor flexibility and slow response; their outstanding characteristics are quiet, stable, balanced, and strong. They can restrain themselves better, follow order, be patient, and have difficulty in exposing their emotions.
  Depressive (weak): Can’t tolerate too much or too little nervousness.
The emotional experience is rich, they are sensitive, delicate, and introverted.
  Temperament does not play a decisive role in people’s activities, but it affects a person’s suitability for a certain profession.
Therefore, when selecting and training staff, temperament should be measured, which is conducive to improving work efficiency and avoiding wasting talent.
For example, when selecting firefighters and flight personnel, pay attention to testing their tolerance; when selecting public security and reconnaissance personnel, pay attention to testing their emotional stability and sensitivity.
  Modern managers have two important tasks, one is decision-making, and the other is employment.
To correctly select, assign and promote personnel, it is necessary to have a comprehensive understanding of personnel personality and psychology.
How can we comprehensively understand a person’s personality and psychological characteristics?
 At present, professional psychological counseling service agencies, or full-time psychological research institutions in various schools, can provide psychological counseling and psychological assessment services to individuals in society, provide psychological guidance to students at school, and establish “personal psychological files.”
In this way, with a personality psychological file and personalized psychological guidance, everyone can have a scientific understanding of their personality psychological characteristics, personality psychological growth and development process, and trends.
  The “personal psychological file” has important guiding significance for students’ career choice.
The “personal psychological files” established by the school for students can, on the one hand, match the family’s and subject’s personality psychological characteristics to develop personalized education; on the other hand, when students go to society, the “personal psychological files” can realize theScientific understanding of your own personality and psychological characteristics, according to your personality and psychological characteristics, choose a career that suits you and meets your personality and psychological characteristics, and establish your correct development direction.
  ”Individual psychological files” is also of great significance to human resource management of enterprises.
Human resource management is the management of human qualities and abilities as a resource, so that people can make the best of their talents, so that their qualities and abilities can be fully exerted in their job positions.
However, at present, our human resource management is more a kind of personnel management. In the selection and training of talents, it is mainly based on the position and specialty of the employee, and rarely considers the individual psychological characteristics of the employee and the occupation and work that he is engaged inWhether the position is commensurate.
If we introduce “personal psychological files” into the category of corporate human resources management, we can easily grasp the personal characteristics of corporate employees, more effectively arrange jobs based on their professional and personal psychological characteristics, and optimize employee training planning.
This has a positive significance not only for the employer, but also for the development of the employees themselves.
  The modern enterprise advocates people-oriented, in fact, it is more based on “psychological characteristics”.

Children with colds are prone to five types of inflammation

Children with colds are prone to five types of inflammation

[Introduction]Children with colds are prone to the following five types of diseases: bronchial pneumonia, sinusitis, lymphadenitis, acute glomerulonephritis, and acute otitis media.

  Bronchial pneumonia If the child’s cough symptoms worsen after a cold, wet rales can be heard above or on both sides of the retina; infants do not cough, often hear sputum in their throat, and in severe cases can have a fever of 38 ° C?
At 40 ° C, symptoms such as loss of appetite and restless sleep may be combined with bronchial pneumonia.

  Sinusitis in children with sinusitis can have symptoms such as severe nasal congestion and a large amount of purulent nasal discharge, headaches, decreased sense of smell, and memory loss. It can also spread to adjacent tissues and cause major changes.

Sinusitis affects the orbit and can cause intra-embryonic infection.

Nerve involvement often causes eye movement disorders or vision loss.

Sinusitis can cause encephalitis and brain abscess if it invades the skull, which can be life-threatening in severe cases.

  From the onset of lymphadenitis to inflammation of the lymph nodes, the first visible lymphadenopathy is swelling, redness, fever, and pain. Generally, the body temperature rises to 38 ° C.
40 ° C, if not treated in time, can cause purulent and severe systemic symptoms.

  Acute glomerulonephritis is usually manifested after the symptoms of the acute infection are alleviated or subsided, such as hematuria, edema, hypertension, and recurrence of headaches, nausea, vomiting, fatigue, and loss of appetite and other systemic symptoms.

  Acute suppurative otitis media in children with colds should promptly treat upper respiratory infections and prevent chest tube infections. This is the key to preventing otitis media. Parents should also pay attention to children with or without earache, external ear canal discharge, and postauricular lymphadenopathy.

Advice on dealing with behavioral issues in children with autism

Advice on dealing with behavioral issues in children with autism

There are a lot of ways that parents of children deal with their children’s behavior problems, and I worry about certain practices.


When dealing with children’s behavior problems, they often ignore their legitimate needs and whether they are unwell, and pay attention to them indiscriminately.


When a child has a behavioral problem, the parents do not give proper treatment in time and complain more. They cannot even control their emotions and yell at the child.


Ignore the child’s small and difficult progress, demand too much of the child, and be too anxious.


Can not combine the characteristics of children and their behaviors to choose the appropriate processing method, often “people in a cloud”.


Coaxing threats often requires children to do what they want.


Think of severe punishment as omnipotent and often use corporal punishment.

  Here, I make the following suggestions: 1.

When a child has a behavior problem, we should first consider the cause of the behavior, and then look for the correct method.

If behavior problems occur because the legitimate needs cannot be met, the parents correct severely, it is easy to discourage the child from expressing their needs and anger the child.


When children have behavior problems, parents should adjust their mentality, avoid complaints, more importantly calm their anger, add more “AQ” spirit, and deal with children’s behavior problems rationally and patiently.


Master the principles for dealing with behavioral issues:

Reward good behavior in a timely manner; B does not “unintentionally” reward bad behavior; C.

Fight your child’s bad behavior in a timely manner.


Try to use a gentle approach (isolation, ignore, grandmother principle, etc.).

Be a good example that is not offensive and use punishment sparingly and reasonably.

Avoid corporal punishment, threats, coaxing, severe punishment, threats to make children’s self-esteem, emotional and emotional development blocked, make children become extremely shrinking, reduce aggressiveness, self-harm, and parents will feel guilty after punishment.

Beautiful brown, knead out in 4 simple actions

Beautiful brown, knead out in 4 simple actions

Women want straight breasts, with a variety of breast creams, and some plastic surgery . but it takes too much effort, and the results are not necessarily good.

Some massage methods have been arranged according to the theory of traditional Chinese medicine. Maybe try to let breast enhancement work between your fingers.

Come and try it!

  Tighten black muscles 1.

Place your hands under your arms and perform a circular massage on the distal tibia.


With both hands, pull up from the breast to the left and right, up to the position of the clavicle.


Spread your hands over the areola for a spiral massage.


Each action is repeated 8-10 times.

  Efficacy: Tighten the muscles of black hair, strengthen the support force, and make your chest more and more firm

  Stimulate leather tissue1.

With both fingers, circle the entire breast tissue for 3 seconds each time.


Open your hands and block them from the cleavage down to the breasts.


Do a figure 8 massage between the breasts.


Each action is repeated twenty times.

  Efficacy: Stimulates breast tissue and allows breasts to grow.

  Raise the chest curve 1.

After standing upright, raise your right hand, straighten it up, and tilt your right foot down.


After five seconds, change your left hand and left foot gradually, trying to straighten your body.


Press left and right for about five times each.


Each action is repeated 8-10 times.
  Efficacy: Fully straighten the muscles from the lungs under the arms to the lungs, stimulate the chest, and increase the curve of the chest.

  So that Brown won’t slacken.

Start a circle from the center of the breast and go up to the collarbone.


Starting from breast aid, do a spiral massage in a small circle.


Grasp the breasts on both sides with both palms and pull up slightly, but don’t pinch too hard.


Each action is repeated 8-10 times.  Efficacy: Prevents the skull from sagging.

How to prevent autumn depression?

How to prevent autumn depression?

Autumn depression, as the name suggests, is depression that attacks in the fall.

Mental health experts warn that the high incidence of depression in autumn, especially when the temperature difference between day and night increases, the temperature is getting lower and lower, and the depression is more likely to cause high incidence of autumn depression.

So, how to prevent autumn depression, are there some good ways?

   Experts on the cause of autumn depression point out that the main cause of the high incidence of autumn depression is due to the change in the time of light.

Medical research has found that when the light time is shortened and the sunlight intensity is reduced, the pineal gland is excited, and the thyroid hormone controlled by it, the adrenaline secretion is reduced, and the concentration in the blood is reduced.

Thyroxine and epinephrine can stimulate cell excitement. When they are reduced, cell excitability is reduced, and people will be in a state of depression, feeling depressed, and always feel tired.

  In addition, indoor work has also become one of the reasons people suffer from autumn depression.

People who work indoors all year round, especially those who are physically weak or rarely participate in physical exercise, and people who are usually more sensitive to cold, are more likely to suffer from autumn depression than the average person.

Medical research also found that autumn depression usually starts in adulthood, with an average age of onset of 23 years and four times as many women as men.

Autumn depression prevention experts suggest that the following measures must be taken to prevent depression in the fall:

Go to bed early and get up early, eat a nutritious breakfast, and dress up neatly.


It is not advisable to continue working throughout the day, except at noon, 10 am and 3 pm should stop working, have a cup of tea, take a break.

It is not advisable to work overtime for more than two hours a day, otherwise it will lead to chronic fatigue, and as long as the day goes on, you will be prone to fall depression.


After lunch, it is advisable to take a walk or go shopping, for a short period of time, and to dance in the park in the evening.


Expand your life circle, make more friends outside of work, cultivate hobbies, and relieve stress at work.


Mountain climbing is the most interesting way to fight autumn depression.

Traditional Chinese medicine has long recognized that mountain climbing is a cure for autumn depression.

China’s traditional habit of ascending the mountain is to give a shot of fall depression.

   In short, autumn depression is always for a reason. If you don’t pay attention to daily self-regulation, you can easily fall into depression.

Experts remind that if you have symptoms of depression in autumn, you must seek psychological treatment in time to prevent the disease from worsening.

3 weight loss small recipes obesity


3 weight loss small recipes obesity

Guide: For those who are too greedy, not to lose weight, but the enemy is too strong, always can not stand the temptation of food.

In fact, weight loss can not be so painful, because eating can also lose weight.

Kelp, seaweed and seaweed have the reputation of 鈥渁 few scavengers鈥? They can clearly understand the excesses accumulated in the body and will sweep away too much.

Take a quick look at how these scavengers work.

銆€銆€Turn ordinary food into a delicious and weight-loss food, why not!


Kelp method materials: wet kelp 100g, ginger 1 piece, garlic 2, salt amount.

銆€銆€How to use: Cut the kelp, cook it, then chop the ginger garlic, mix well with the cooked kelp and add salt.

銆€銆€Use time: with 1 bowl of millet porridge, you can eat instead of dinner.

銆€銆€Tip: Friends who are in trouble can also use ready-to-eat kelp with mung bean porridge.


Laver method: ready-to-eat laver 5g, tomato 1, 1/2 cucumber, and boiling water.

銆€銆€How to use: Wash and peel the tomatoes and cucumbers, slice them, put them in a bowl with ready-to-eat laver, add seasoning, brew with boiling water and simmer for 5 minutes.

銆€銆€Use time: instead of Chinese food or dinner.


Seaweed method materials: 2-3 instant seaweed, 4 buckwheat crackers or 2 whole grain breads.

銆€銆€How to use: Put the ready-to-eat seaweed between two buckwheat biscuits for consumption.

銆€銆€Use time: with 1 cup of milk / yogurt, can be eaten instead of breakfast.

銆€銆€Effect: Kelp has the effect of lowering blood pressure and blood lipids.

Seaweed is rich in protein, carotene, vitamins, choline, amino acids and some trace elements, which have the effect of clearing heat and reducing cholesterol enzymes.

Seaweed has the effect of expelling toxins and diuresis, so it is very suitable for toxin-type obesity and edema-type obesity.

Xiaobian’s message: MM who love to eat and want to lose weight, usually pay attention to eat more food that can clear fat, so that it will not let obesity find you.

Chinese medicine sleep health regime


Chinese medicine sleep health regime

Sleep is an important means to balance the yin and yang of the human body. It is the best energy saving, and it is also the best reserve and charging. It is also the first way to restore fatigue and get out of the sub-health.

銆€銆€The sleep mechanism of Chinese medicine is: yin qi is sputum (sleeping), yang qi is 瀵?(waking up).

Therefore, the night should go to bed before the child (21-23 o’clock), and enter the best sleep state when the child.

Because according to the “Yellow Emperor’s Internal Classic” sleep theory, the night is the yin and yang meeting, when the fire is on the Thai side, it is called “heyin”, which is the heaviest time of the day, the yin is quiet, so the night should sleep.

銆€銆€There are four magic weapons to improve the quality of sleep: the first is to promote sleepy nap.

“Zi, Wu” is the time when the human body is “yin” and “heyang”, which is conducive to nourishing yin and nourishing yang.

It is best to fall asleep before 11 pm.

Because this time to rest, the most able to raise yin, sleep best, can do more with less.

In the afternoon, you only need to rest for 30 minutes at noon (11:00-13), because it is “Heyang” time, and the yang is strong, so the work efficiency is the best.

銆€銆€Also, slow down the breathing rhythm before going to bed.

You can sit still, walk, watch slow-paced TV, listen to low-pitched music, etc. before going to bed, so that your body will gradually calm down, while you will be yin and yin, it will be better to lie in bed for a few minutes to do qigong.Spiritually guarded.

銆€銆€Before going to bed, you can eat something that raises your heart and yin, such as rock sugar lily lotus seed, millet red jujube porridge, lotus root starch or dried longan meat. Because the heart is still working hard after sleeping, the heart is the hardest in the five internal organs, so appropriateIt will be good for you to replenish your heart.

銆€銆€Patients with insomnia should not forget to use warm water to soak their feet before going to bed, which can promote the intersection of heart and kidney.

The intersection of heart and kidney means the combination of water and fire, and promotes the combination of yin and yang. The yin and yang are combined and the sleep is of course the best.