[Restoration of the mechanical industry, industrial robots and the semiconductor industry should become the focus areas of attention] End-of-demand recovery: In 2017, industry revenue increased by 15.36% year-on-year, and net profit attributable to mothers increased by 82.85% year-on-year. Both revenue and profits have hit a new high in the past five years. Among them, the growth rate of net profit far exceeded the growth rate of revenue, mainly due to the small base of net profit. The net profit of the machinery industry has been declining year by year since 2013 and reached its lowest point in 2016. The growth rate of net profit in 2017 has been negative. 2018Q1 industry revenue increased by 16.34% year-on-year, and net profit attributable to mothers increased by 21.44% year-on-year. Revenue and net profit growth declined year-on-year but remained at a higher level, and the recovery continued.
2017 The profitability and operating conditions of the machinery industry have improved significantly. The overall gross profit margin increased by 1.37 pct year-on-year, and the net profit rate increased by 1.88 pct year-on-year, the highest in nearly four years. The overall inventory turnover rate of the industry increased by 7.41% year-on-year, and the turnover ratio of accounts receivable increased by 5.06% year-on-year. Steady growth, showing the continuous increase in the proportion of operating cash flow in revenue, the current period increased by 0.78 pct.2018Q1 industry business improvement continued. The overall gross profit margin slightly decreased by 0.16 pct year-on-year, and the net profit rate increased by 0.26 pct year-on-year. The overall inventory turnover rate of the industry remained stable, and the accounts receivable turnover rate increased by 3.93% year-on-year. The industry’s cash creation capacity continued to improve, which was a year-on-year increase of 2.66 pct.
The subdivision industry has obvious differentiation in cycle machinery, and new industries continue to grow rapidly. From the aspects of growth rate, profitability, operating capacity, and cash creation ability, the booming sector has traditional cycle machinery represented by construction machinery, coal machinery and printing and packaging machinery, and new energy automotive equipment, 3C. Emerging industries represented by equipment and semiconductor equipment; sub-sectors with significant improvement in booms include railway equipment, basic components and nuclear equipment, and their profitability has steadily increased, and cash flow creation capacity has improved to a certain extent.
Investment Strategy: Investment in Machinery New Economy, Nuclear Power, Industrial Robot Components and Semiconductors
Nuclear power industry: Big power equipment, AP1000 approved for loading, and third-generation units expected to restart
On April 25th, Liu Hua, Vice Minister of the Ministry of Ecology and Environment and Director of the National Nuclear Safety Administration, issued Sanmen Nuclear Power Co., Ltd. with the “Demonstration Approval for the First Loading of Unit 1 of Sanmen Nuclear Power Plantâ€. Sanmen Nuclear Power Unit 1 as the world’s first AP1000 III generation nuclear power unit that began to be charged, there are no technical obstacles on the critical path for follow-up, according to past experience in nuclear power projects, high probability of commercial power generation by the end of 18 years, especially the unit in heat After the trial was completed, it began to charge at the interval of nearly 10 months. This means that the safety and reliability of the AP1000 have been evaluated and approved, and there will be no major policy factors affecting the development of the Sanmen nuclear power plant. After nuclear power has been put into operation for 168 hours of grid-connected power generation, new nuclear power projects using AP1000 technology are expected to be approved. We believe that this charging has released a very positive policy signal and has a leading role in the follow-up of the three generations of generating units. Its charging has greatly strengthened the expectations for the restart of nuclear power. Nuclear power equipment companies may usher in the spring and recommend Taihai Nuclear Power, Jiangsu Shentong, Yingliu shares.
Industrial robots: Industrialized opportunities for self-controllable, import-substitution of core components
China is the world’s largest industrial robot market. According to IFR statistics, global industrial robot sales reached US$13.2 billion in 2016, an increase of 14% year-on-year; China’s industrial robot sales reached approximately US$5.99 billion in 2016, an increase of 31% year-on-year. According to the IFR calculation, the annual growth rate of global industrial robot sales will exceed 11% in 2016-2020 and is expected to reach US$19.9 billion by 2020. The average annual compound annual growth rate of Chinese industrial robots from 2016 to 2020 is about 15%, and it is expected to reach 5.89 billion US dollars by 2020.
Foreign brands occupy a dominant position: foreign companies represent global robot “four families†(abb, KUKA, FANUC, Yaskawa), with a total market share of over 60% in China, and a share of more than 60% of robots with more than six axes. Is in an absolute monopoly position. In the field of downstream applications, foreign robots account for 84% of the most difficult and most widely used welding fields in the world. High-end applications are concentrated in the automotive industry, with foreign companies accounting for 90% of the total. At the same time, benefiting from the decline in the cost of robots, foreign giants began to lower product prices to further increase market share.
The core components of industrial robots are controlled by people: Industrial robots are mainly composed of precision reducer, servo motor, control system and main body. The speed reducer is used to improve and ensure the working accuracy of the robot; the servo motor is mainly used for feedback and correction of position, speed, etc. Parameters; the control system sends command signals to the drive system and the actuator according to the input program and controls them. Domestic robot companies still have a large gap between control systems and speed reducers. The gap in technology makes the distribution of value amounts unbalanced and the profit rate of reducers is the highest. Focusing on the industrialization opportunities of self-controllable + import substitution, it is recommended to focus on Estun and double-ring transmission.
Semiconductor industry: China is the world's largest semiconductor consumer market. With the gradual shift of production capacity to China, upstream semiconductor equipment usher in import substitution opportunities, superimpose the favorable policy environment created by the country's support, and companies in the Chinese semiconductor equipment industry chain usher in great opportunities. The development opportunities, the future of the local semiconductor equipment manufacturers, there is a huge alternative space, it is recommended to pay attention to the North Huachuang, Jingsheng Electrical, Changchuan Technology and to pure technology.
Traditional Cycle Machinery: This round of recovery cycle is an update cycle, 2018 point of view in the flexibility of profitability
The core reason is that the balance sheet needs time to clear. Based on the business model of credit sales, the balance sheet of construction machinery companies needs to be cleared. The typical indicator is the decline in accounts receivable, and the increase in the provision rate of bad debts. Therefore, in the first year of recovery, corporate performance could not keep up with income growth rate. Looking ahead to 2018, after the balance sheet is cleared, the flexibility of the profitability will be released. Under the background of demand growth passivation (based on the logic of updating demand), the elasticity of profitability will become the core strength of the dominant stock price. This may not be applicable to the logic of volume and price trend of cycle goods. This is also a feature of construction machinery stocks in 2018 and beyond that is different from that of 2017. It is recommended to pay attention to Sany Heavy Industry and Eddy Precision.
Antenk manufactures a wide range of application specific board stacking connectors which were designed and built to specific customer requirements. Our experienced staff has developed custom products in a variety of contact styles, pitches and stacking heights. Our designs range from new concepts to duplicating existing market products identically or with improvements. Many desigsn are produced using automated manufacturing processes to increase reliability and provide significant cost savings
Board to Board Connector
Board-to-board (BTB) connectors as the name indicates is used for connecting circuits board together. This kind of connectors are suitable for stacking circuits boards one over another. Flat flexible cables can be avoided using these kinds of connectors; moreover it makes the entire unit more compact. The commonly used BTB connectors are SMT connectors and Berg Strip. We will discuss about them in detail in the following section.
SMT CONNECTOR
Surface Mount Technology (SMT) connector is a commonly found board-to-board connector in advanced circuit boards. As the name indicates this connector is available only in surface mount model. It is carefully mounted on to the solder pads on the surface of the PCB.
SMT connectors are ideal candidate for miniaturization due to their small area of occupancy and stacking height. They are suitable for double layered or multilayered PCBs. They are designed for high performance and reliability.
They commonly found in advanced circuit boards in networking equipment, telephones, mobile phones, computers and other consumer electronics.
Board-to-board (BTB) connectors are used to connect printed circuit boards (PCB), electronic components that contain a conductive pattern printed on the surface of the insulating base in an accurate and repeatable manner. Each terminal on a BTB connector is connected to a PCB. A BTB connector includes housing and a specific number of terminals. The terminal is made from a conductive material (mostly copper alloy), and plated to improve conductivity and antirust. Terminals transmit the current/signal between PCBs connected by BTB; the housing is made of insulating material (mostly plastic).
The basic types of Board to Board Connector
Broadly speaking, board to board connectors are manufactured in the following types:
Pin Header
Elevated Pin Header
Socket
Elevated Socket
Shrouded Header
Box Header
The way mount Board to Board Connectors on a PCB
board to board connectors are available in through hole (TH) and Surface Mount (SMT) variants.
Locating pegs (also referred to as locating posts, alignment pins or board locks) are used to assist alignment of connectors to the PCB. Locating pegs are particularly useful when using surface mount components.
board to board connectors are available in the following pitches: 04mm/0.5mm/0.8mm/1.0mm/1.27mm/2.54mm/3.96mm/4.0mm
For experienced hardware designers choosing board to board connectors is second nature, for the uninitiated it can be daunting. We offer design support and will help guide you through the options available. If you need help with your board to board connector design, contact antenk. Where required antenk also offer non standard pitches.
0.4mm Board To Board Connectors,0.5mm Female Board To Board Connector,0.8mm 1.0 mmPcb Board To Board Connector,Board To Board Terminal Connectors
ShenZhen Antenk Electronics Co,Ltd , https://www.antenkcon.com