Zhongxin Travel: Revenue growth of 42%
2016-08-19 00:00:00 Author: Zhang Yi Source: Soochow Securities
Event: The company released the 2016 semi-annual report. In the first half of 2016, the company achieved operating income of 4.453 billion yuan, an increase of 41.99% over the same period of the previous year; the net profit attributable to the company was 75.205 million yuan, an increase of 28.41%; the net profit after deducting was 73,936,900 yuan, an increase of 34.98 over the same period of the previous year. %.
Outbound travel business grew by 51% overall, wholesale grew by 59%, and retail sales grew by 22%. In the first half of 2016, the income from outbound travel business was 4.146 billion yuan, a year-on-year increase of 50.99%. Among them, the wholesale business realized revenue of 3.426 billion yuan, a year-on-year increase of 59.03%, Zhuyuan consolidated, destinations in the Americas, Australia, Southeast Asia, etc., second-tier cities started charter flights, especially Southeast Asia short-term product growth, and wholesale further to third- and fourth-tier cities. Shen is the main reason for growth. The retail business revenue was 720 million yuan, a year-on-year increase of 21.73%. The increase was mainly due to the expansion of retail outlets, member sales and participation in the online fairs such as the Expo and the leisure network.
The synergy effect of the scale increase shows that the gross profit margin of each business has increased. Wholesale gross profit margin was 7.93%, up 0.18% year-on-year; retail gross margin was 13.57%, up 1.88% year-on-year; consolidated marketing gross margin was 10.07%, up 1.03% year-on-year.
The cost has increased rapidly and the net profit margin has declined. During the reporting period, the company's expense ratio was 6.86%, which was 1.47 percentage points higher than the same period of last year. Although the gross profit margin was 9.57% higher than 8.71% in the same period of last year, the cost increase led to a decline in net profit margin to 1.84%, which was lower than 2.04 in the same period of last year. %Level. Among them, the sales expenses increased by 59.90%; the administrative expenses increased by 81.90%; due to the increase in interest expenses and the decrease in exchange income due to exchange rate fluctuations, financial expenses increased by 388.80%.
Investment suggestion and profit forecast: It is estimated that the company's EPS for 2016-2018 is 0.45, 0.68, 0.89 yuan, and PE (2016E) is 43.63 times, maintaining the “Buy†rating.
Risk warning: M&A is lower than expected risk; market competition exacerbates risk; exchange rate fluctuation risk; force majeure risk Huangshi Group: Participation in Wanda commercial privatization or another layout
2016-08-19 00:00:00 Author: Liu Yan Source: Southwest Securities
Event: Recently, Hong Kong stock Wanda Commercial (03699.HK) announced the privatization. One of the investment groups called RedFortuneGloBAlLimited will participate in the privatization of Wanda Commercial, and the Huangshi Investment Fund of the Royal Group is the investor of “RedFortuneGlobal Limitedâ€. One, that is, the Huangshi Group will participate more or less in the privatization of Wanda Commercial.
The game leads Huang. In September 2015, Huangshi Group and Shanghai Saiyan Capital jointly established the Xi'an Industrial Equity Investment Fund, which has a scale of 1 billion yuan, of which the Huangshi Group invested 510 million and the competition capital contributed 490 million.
The main goal of its establishment is to further integrate the company's resources.
Participating in the privatization of Wanda Commercial will be another layout of the company's early childhood industry. According to the announcement of the Huangshi Group when it established the competition to lead the Huangshi Investment Fund, the main objective of the fund is not financial investment, but focuses on promoting the company's core strategy (child care ecosystem), strategic investment and industrial chain integration, and participation. Mergers and acquisitions of quality projects, etc. On the other hand, the culture of the Huang Group is more focused on industrial integration, and the tendency for pure financial investment is not too high. In summary, we believe that the Huangshi Group is involved in the privatization of Wanda Commercial or another layout and exploration under the online ecosystem of its children: Wanda Commercial has very strong offline resources, and the Huang Group will be selling derivatives in the future. Whether it is real entertainment, offline education and other business aspects, it is possible to form a huge space for cooperation with Wanda Business.
The company will look at the future. We have long been optimistic about the development of the Huangshi Group: 1) The company's early childhood ecosystem service system is gradually full, whether it is visual intelligent service equipment, functional wearable equipment, nutrition solutions, early childhood education content, film and television related content, online platform system, etc. Steady progress; and the channel network of “video content + satellite channel + terrestrial channel†has been basically completed, and the ecosystem of multi-dimensional coverage of institutions, children, parents, teachers and service organizations has taken shape; 2) the company’s basic performance is stable, This year, the profit scale of about 400 million is expected, and the valuation advantage is obvious. 3) The Internet finance business represented by Perfect Online next year will further enrich the company's business system and performance level.
Earnings forecasts and investment advice. It is estimated that the EPS of the company from 2016 to 2018 will be 0.49 yuan, 0.74 yuan, and 0.92 yuan respectively, and the corresponding PE will be 31 times, 21 times, and 17 times. The valuation is extremely advantageous, and the future ecological system imagination is huge, maintaining the previous period. Buy" rating.
Risk warning: The decline in dairy products exceeds the expected risk, the risk of policy changes, and the impact of the relevant layout is less than expected.
Haishun New Materials: Profitability continues to improve
2016-08-19 00:00:00 Author: Lin Yang Source: Dongxing Securities
event:
The company released its semi-annual report on August 8. The report shows that in the first half of 2016, the company achieved operating income of RMB 142,793,856.05, down 7.66% year-on-year; net profit attributable to shareholders of listed companies was RMB 33,438,439.39, Increased by 1.80%.
The main points:
1. Strategic adjustment of revenue and continuous improvement in profitability.
In the first half of 2016, the company's operating income decreased by 7.66% compared with the same period of last year, which was mainly affected by two factors: on the one hand, the overall development trend of the industry, this year is the first year of China's “13th Five-Year†development plan, and the reform of pharmaceutical industry And the progress exceeds expectations, which increases the compliance cost of downstream pharmaceutical companies. As a result, the requirements for R&D testing and independent innovation capability of pharmaceutical packaging materials manufacturers are getting higher and higher, prices are becoming more sensitive, and industry growth rate is further slowing down. On the other hand, the company actively adjusts its sales strategy in response to changes in the industry, appropriately reduces sales of customers who are more sensitive to price and lower gross profit margin, increases production and sales of high-margin customers, and achieves adjustments in customer structure and profitability. Net profit increased by 1.80% year-on-year.
2. The gross profit margin of each product has increased and the competitiveness of the industry has gradually emerged.
In the first half of 2016, the cold stamping of the product structure in terms of product structure was 6.97% lower than that of the same period of last year, and the gross profit margin increased by 2.33%. The operating income of SP composite film products increased by 1.87% compared with the previous year, and the gross profit margin increased by 3.92%. The operating income of PTP aluminum foil products decreased by -23.50% compared with the same period of last year. Gross profit margin increased by 3.98%. At present, the domestic solid pharmaceutical packaging market is relatively scattered, but as downstream pharmaceutical companies have higher and higher requirements for R&D testing and independent innovation capabilities of pharmaceutical packaging materials manufacturers, the competition of manufacturing enterprises in the pharmaceutical packaging industry will gradually be priced by price competition. Turning to all-round competition in technology, brand and service, the continuous improvement of the gross profit margin of the company's products reflects the leading edge and strong competitiveness of the company's products in the industry.
in conclusion:
We believe that the company, as a leader in the segment industry, is expected to gain the future growth dividend of the industry by virtue of its own brand and technology. At the same time, we are optimistic that the company is the most likely industry integrator in the more dispersed pharmaceutical packaging market in China, and it is expected to gradually increase the market in the future. Share, achieving rapid growth in revenue. We expect the company's operating income from 2016 to 2018 to be 309 million yuan, 477 million yuan and 646 million yuan respectively. The net profit is 0.66 billion yuan, 106 million yuan and 148 million yuan respectively. The earnings per share are 1.23 yuan and 2.00 yuan respectively. 2.77 yuan, corresponding to PE is 98 times, 61 times and 44 times. Give a "strongly recommended" rating.
Su test: test service business grows rapidly
2016-08-19 00:00:00 Author: Fan Haibo, Liu Lei Source: Cinda Securities
Event: Su trial test recently released 2016 semi-annual report. In the first half of 2016, the company realized operating income of 167 million yuan, an increase of 24% year-on-year; realized net profit attributable to shareholders of the parent company of 19.6121 million yuan, an increase of 15.79% over the same period of last year. The company's net profit was 18.75 million yuan, a year-on-year increase of 30.24%; the corresponding EPS was 0.16 yuan, in line with our expectations.
Comments:
In the first half of the year, revenue and net profit increased rapidly. In the first half of 2016, the test equipment business of the Su trial test realized a revenue of 92.78 million yuan, a year-on-year increase of 10.31%, and the test service business realized a revenue of 69.04 million yuan, a year-on-year increase of 54.09%, in line with our previous “stable equipment growth and rapid service growthâ€. expected. From the perspective of revenue structure, the test equipment business and the trial service business currently account for about 6:4 of the revenue, and the proportion of revenue from the test service business is gradually increasing. We believe that with the gradual deepening of the transition from the trial test to the manufacturing service industry, the future revenue ratio of the trial service business (nearly 70%) is expected to exceed the equipment business, and the income structure adjustment will further enhance the company's Profitability.
Downstream demand is strong, and trial services are actively expanding production capacity. Benefiting from the strong demand for testing services in the downstream sector, the subsidiaries with trial services as the main industry achieved rapid growth during the reporting period: Nanjing Guangbo and Chongqing Guangbo revenue doubled; Suzhou Guangbo revenue increased by 32%; Chengdu Guangbo was second after construction The year is profitable. In addition, Beijing Chuangbo's production capacity is saturated, the new plant will increase from 2,000 square meters to 12,000 square meters; Hunan Guangbo has purchased 20,000 square meters, will complete the laboratory project construction in the form of self-built factory; Susie test has completed Xi'an, The research activities in Songshan Lake and other places in Dongguan have fully prepared for the new laboratory project. We believe that the trial service company represented by Suzhou Guangbo has been recognized by the market, and it is expected that the future trial test will increase investment and establish more companies in key areas in China.
Obtain secondary confidentiality and lay the foundation for opening up the military market. Suzhou Guangbo and Beijing Chuangbo Laboratories under the Su trial test all have secondary confidentiality qualifications. During the reporting period, Nanjing Guangbo applied for secondary confidentiality and has passed the on-site audit. About 50% of the company's operating income comes from military-related fields. We believe that the Su-test will continue to benefit from the national military-civilian integration policy.
Earnings forecast and rating: We estimate that the net profit of the company's returning test from 2016 to 2018 will be RMB 60 million, RMB 76 million and RMB 93 million respectively. According to the latest share capital, the corresponding EPS is 0.48 yuan/share, 0.60. Yuan/share and 0.74 yuan/share. We maintain our “overweight†rating on the trial test.
Risk factors: The manufacturing industry continued to slump, and the demand for mechanical testing decreased; the progress of new equipment research and development was less than expected; as the company's operating scale expanded, accounts receivable and inventory increased, and the risk of bad debts increased.
Shengyu Mining: Industrial chain financial services rapid growth investment cobalt processing project cut into the new energy industry chain
2016-08-19 00:00:00 Author: Fan Haibo, Wu Yi, Ding Shitao, Wang Wei Source: Cinda Securities
Event: On August 16, 2016, Shengyu Mining released the 2016 mid-year report. In the first half of the year, the company achieved operating income of 4.653 billion yuan, an increase of 92.76% over the same period of last year; net profit attributable to shareholders of the parent company was 54.118 million yuan, up 50.23% year-on-year; basic earnings per share was 0.036 yuan.
Comments:
Metal industry chain financial services developed rapidly, and revenues tripled year-on-year. In the first half of the year, the company continued to focus on non-ferrous metal mining and metal industry chain financial services, and vigorously developed metal industry chain financial services business. From January to June, the company's metal industry chain financial business achieved operating income of 3.113 billion yuan, an increase of 242.13% over the same period of the previous year; gross profit reached 209 million yuan, an increase of 206.22% over the same period of the previous year. The comprehensive trade business realized a total income of 1.445 billion yuan, a year-on-year increase of 7.51%. Affected by the fall in metal prices, the mining and mining business achieved revenue of RMB 95 million, down 40.69% year-on-year; gross profit margin was 51.36%, a decrease of 17.08 percentage points from the same period of the previous year. In the first half of 2016, the company's consolidated gross profit margin was 5.60%, which was lower than the 7.89% gross profit margin at the end of the previous year.
Issued a plan to expand the financial services business. In March of the same year, the company issued a plan to increase the total amount of funds raised to no more than RMB 3.688 billion. After deducting the issuance expenses, the net amount of funds raised will not exceed RMB 3.658 billion. It is intended to be used to “increase capital and enrich the metal industry. Factoring business, “increasing capital, Shengyu Metal, expanding metal supply chain financial businessâ€, “increasing capital, financial services, Emma financial services, expanding gold leasing businessâ€.
It is planned to invest in the Congo (gold) cobalt processing project and cut into the new energy industry. The company plans to establish “Shengyu Cobalt Source New Material Co., Ltd.†(tentative name) in Xiamen with Shenzhen Shengyu Rare Materials Co., Ltd., a wholly-owned subsidiary of Shenzhen Shenghao Group Co., Ltd., and invest in Africa Congo (Golden Congo) ) Annual production of 3,500 tons of cobalt, 10,000 tons of copper comprehensive utilization projects. The project is located in the northern part of the Kolwezi region of the Democratic Republic of the Congo. The project is under construction for 13 months. Cobalt source new material registered capital of 60 million US dollars, of which Shengyu Mining holds 51%, Shenzhen Shengyu rare materials holding 49%. The new energy vehicle (Aiji, net worth, information) industry is booming, and the future will be the main growth point for stimulating cobalt consumption. The company's investment not only provides rapid access to cobalt resources in the DRC region at this stage, but also provides conditions for the future integration of upstream mine resources.
Earnings Forecast and Rating: We will not consider the impact of this non-public offering on the company's performance. According to the latest share capital, we expect the company's earnings per share for 16-18 years to be 0.09 yuan, 0.10 yuan and 0.15 yuan respectively. According to the closing price of 16-08-17, the corresponding PE is 97, 83, 56 times, maintaining the company's “Buy†rating.
Risk factors: Metal industry chain financial services expansion is not up to expectations; metal prices have been sluggish for a long time; the rapid development of metal supply chain business has led to cash outflows.
Confidence Electric: High performance growth, the future hopes to benefit the carbon market
2016-08-19 00:00:00 Author: Huang Shouhong Source: Securities
The performance growth exceeded expectations: The company issued a mid-year report, achieving an operating income of 2.969 billion yuan, a year-on-year increase of 25.02%. The net profit of returning to the mother was 200 million yuan, a year-on-year increase of 209.93%, and the non-net profit of the parent deduction was 359.22%. The company's high performance growth, the main reasons are: 1) national distribution network transformation to increase investment, in 2015 the State Grid distribution variable tenders more than 500,000 units, the company won the bid of 72,400 units, the winning rate of 13.85%, most orders in In the first half of the year, delivery in the first half of the year, in the case of low raw material costs, promote rapid growth in performance; 2) energy engineering project and service revenue increased by 156.92% year-on-year; Wuhan NARI new material primary equipment revenue increased by 61.23%. The operation and maintenance business increased by 346.03% year-on-year; 3) The performance base in the first half of last year was low.
The unified carbon market is just around the corner, and the carbon asset business is expected to grow: the nationwide large-scale carbon market quota allocation work will start in October this year, and the transaction will be carried out before the second quarter of next year. The Climate Development Department of the National Development and Reform Commission estimates that the annual transaction volume in the initial stage of 2016-2020 will be about 1.2 billion to 8 billion yuan. After 2020, the offshore and futures trading will be further developed. The transaction volume is expected to reach 600-400 billion yuan. Recently, the carbon quota system for new energy vehicles has been introduced, and the scale of the carbon asset market has been expanded, which is expected to increase the liquidity of the carbon trading market and the sustainability of transactions. The company is the first carbon asset management company of the State Grid to participate in the carbon market transaction. A large number of project resources are in hand. It has taken the lead in developing two greenhouse gas emission reduction methods for “electric vehicle charging station and charging pile†and “transmission lineâ€, and participated in Shanghai carbon market design, China's voluntary emission reduction trading management measures, and other work, has a wealth of industry experience. In 2015, the company's carbon assets were valued at 83.57 million yuan, and the profit was 38.34 million yuan, accounting for 8%. The future is expected to benefit from the full launch of the carbon trading market.
Energy-saving projects are progressing steadily, and orders are expected to be rolled in: In 2014, the company reached a cooperation agreement with State Grid Zhejiang Electric Power Company. In the next three years, the company will contribute RMB 6 billion to cooperate with Zhejiang Electric Energy to develop energy-saving and construction projects in Zhejiang. Businesses in the fields of industrial energy conservation and renewable energy development were temporarily put on hold. Recently, the company announced that it signed the "Guidelines for Equipment and General Service Purchase of State-owned Zhejiang Power Company Equipment Leasing Project" with NARI Group. The total contract amount is tentatively set at 1.045 billion yuan, accounting for 16.38% of the operating revenue in 2015. Future energy-saving project orders are expected to continue. Landing, helping the company's performance growth. Through the acquisition of Wuhan NARI, the company has strong R&D capabilities, which significantly enhances the operation and maintenance service business on the one hand, and enriches the equipment product category and energy-saving business content on the other hand.
Amorphous transformers have been consolidated, and the complete set of bidding policies has been issued with stable performance growth: Confidence is a leading company in the production of amorphous transformers. With the future replacement of amorphous alloy strips for traditional silicon steel transformers (recommended by the national publishing proposal to 60%), the company's business is expected to grow steadily. In the first half of this year, the bidding for Amorphous Transformer of State Grid was reduced by 76.7% year-on-year, but the reason was that nearly 40% of the 220,000 amorphous transformers tendered in 2015 were delivered this year, and even for the first time, the supply of amorphous ribbons was in short supply. Therefore, the actual national amorphous transformer promotion efforts remain, and the second half is still optimistic.
Investment suggestion: As a leading manufacturer of amorphous transformers, the growth of distribution network investment helps the company's performance to be stable. At the same time, the company actively deploys energy-saving projects, and the carbon asset management business is well-developed. In the future, it will benefit from the comprehensive launch of the national unified carbon market. It is estimated that the EPS of the company from 2016 to 2018 will be 0.39 yuan, 0.45 yuan and 0.53 yuan respectively; the initial coverage will give an investment rating of -A, and the price will be 13.8 yuan for 6 months.
Risk Warning: The carbon trading market started lower than expected, and the distribution network investment was lower than expected. Oceanwide Holdings: Increased holding of Minsheng Bank to build a pan-sea gold control
2016-08-19 00:00:00 Author: Zhao Xianghuai Source: Securities
The major shareholders are rich in resources and increase their holdings in Minsheng Bank. China Oceanwide Group and its subsidiaries currently cover a wide range of businesses including real estate, infrastructure, banking, insurance, securities, pawn, energy, strategy and venture capital, culture, asset management and capital management. China Oceanwide Group increased its holdings of Minsheng Bank A shares through the secondary market and block trading system. As of July 15, 2016, China Oceanwide Holdings Group held 4.61% of the total number of shares issued by Minsheng Bank. Lu Zhiqiang's strong capital operation capability, rich financial and industrial resources make the future development of Oceanwide Holdings promising.
The transformation speed has increased, forming a blueprint for “real estate + finance + investmentâ€. At the beginning of 2014, Oceanwide Holdings put forward the strategic goal of “three years of foundation and ten years of successâ€, and the company's transformation was launched in full swing. At present, Oceanwide Holdings has realized the construction of financial business platform with Minsheng Securities, Asia Pacific P&C Insurance and Minsheng Trust as the main body. At the same time, the company applied for the establishment of Asia Pacific Reinsurance, Asia Pacific Internet Life Insurance, and applied for the establishment of Minsheng Fund, Minjin Institute and Minsheng Finance Guarantee Co., Ltd. . In addition, the company strategically invests in Wanda Films, Qingdao Wanda Films and other high-quality companies, as well as investment groups such as China Minsheng Investment Co., Ltd., and merges with Hutchison Hong Kong and uses Zhongpan Holdings to invest in Huiyuan Juice, CITIC, GF Securities, Indonesia Power Plant, etc. .
The quality of core financial assets is of high quality. (1) The business space will be opened after the expansion of Minsheng Securities Capital. In 2015, Minsheng Securities achieved an operating income of 3 billion yuan, a year-on-year increase of 93%, and a net profit attributable to the parent company of 1.2 billion yuan, a year-on-year increase of 199%. At the end of 2015, the company increased its capital on Minsheng Securities with its own funds, and increased the capital of Minsheng Securities to approximately 4.581 billion yuan. The supplementary capital has an obvious effect on the performance improvement of small and medium-sized brokers. (2) To build a full insurance license platform. The company owns Asia Pacific P&C Insurance, and participates in the establishment of Asia Pacific Reinsurance and Asia Pacific Internet Life. It is expected to realize the comprehensive layout of the insurance sector for the coordinated development of property insurance, life insurance, reinsurance and Internet insurance, and become a fully licensed gold control platform for the insurance industry. . (3) The Minsheng Trust maintained a high-speed development momentum after its resumption of business. In 2015, the company achieved operating income of 1.08 billion yuan, an increase of 131% over the same period of last year; net profit of 390 million yuan, an increase of 109%. The growth rate is much higher than the industry average.
The real estate business accelerated the release of the stock value of the land. The real estate business is still the main source of income for the company. In 2015, the company's real estate business income was 9.4 billion yuan, accounting for 74%. However, with the expansion of the financial landscape, the company's real estate business accounted for a decline in revenue. By optimizing sales strategies, the company innovated and implemented “project sales†to accelerate the release of the value of existing projects. The company's land project reserves are in domestic first- and second-tier cities as well as overseas areas. The reserve project resources are scarce, so the company's real estate business development is still sustainable.
Financial industry executives were elected to the board of directors and the construction of financial control accelerated. Among the new members of the board of directors, the company's actual controller Lu Zhiqiang came out behind the scenes as the company's chairman, in addition to the new board members, six financial professionals were selected. The increase in the number of executives in the financial sector also reflects the importance of finance in the future development of the company, and the construction of financial control is accelerating.
We will increase our capital strength and achieve multiple industries. The total amount of funds raised by the company for non-public issuance does not exceed 15 billion yuan, of which 4 billion will be used to increase the investment in Asia Pacific P&C insurance, and 11 billion will be used to build 5 real estate projects in Wuhan Central Business District. After the completion of this capital increase, the registered capital of Asia Pacific P&C will increase from the current 2 billion yuan to 10 billion yuan, which will benefit the business development of Asia Pacific P&C and the improvement of investment capabilities. In terms of real estate projects, the investment in fixed-raising funds will be accelerated in the context of real estate accelerated destocking.
Investment suggestion: Buy-A investment rating, 6-month target price of 13.91 yuan. We expect the company's business revenue from 2016 to 2018 to be 18.1 billion yuan, 26.3 billion yuan, and 38.4 billion yuan, a year-on-year growth rate of 43%, 45%, and 46%, respectively. The corresponding EPS is 0.42 yuan, 0.61 yuan, and 0.90 yuan.
Risk warning: macroeconomic downturn risk; M&A risk; operational risk Jinyuan shares: non-public issuance to enter the dangerous and waste field
2016-08-19 00:00:00 Author: Wang Yi Jia, Lijun Song, Wan Wei Source: CSC
The growth rate of the traditional cement industry has declined, and the Golden Circle is still a regional leader.
Since 2015, cement has experienced a decline in both volume and price, and the overall performance of cement companies has been poor. In March 2016, due to the increase in construction start-up area, there was a seasonal rebound, but it was still lower than the price level of the same period last year. Qinghai Province has close geographical advantages in Tibet, Xinjiang, Gansu and other places. In the largest cement consumption market in Qinghai Province such as Xining and Golmud, the company has 9 cement companies, accounting for 27.3% of the province's total production capacity, ranking first. The company's current performance is mainly derived from the contribution of cement and commercial concrete related industries. In 2015, the company's operating income was approximately 1.865 billion, an increase of 35.8% over the same period. The net profit attributable to shareholders of listed companies was approximately 264 million yuan, an increase of 103.9% over the same period.
The hazardous waste industry has a high degree of prosperity and a broad market space.
With the development of China's economy and the improvement of industrialization level, the output of industrial solid waste has also shown a rapid increase. According to the statistics of 2014, the annual output of industrial solid waste in China increased from 1.36 billion tons in 2005 to 3.29 billion tons in 2014, with a compound annual growth rate of 9.28%, of which the compound annual growth rate of hazardous waste reached 12.08%.
China's legislation in the field of hazardous waste has not exceeded 10 years, and it has begun to become stricter in the past five years. The two-year high judicial interpretation and the new environmental protection law have become an important catalyst for the accelerated development of the industry. We expect China to maintain a compound growth rate of 15% in the next five years, which will increase from 42.2 million tons in 2015 to 88.88 million tons in 2020, which will double the market space and exceed 100 billion.
Non-public increase and release of the Bureau of hazardous waste industry, and the development of the cement industry.
Recently, the company announced a non-public offering plan, and plans to issue no more than 157 million shares in a non-public offering of no less than 8.65 yuan per share. The total amount of funds raised is no more than 1.362 billion yuan for the acquisition of Jiangxi Xinjinye Industrial Co., Ltd. 58 % of equity (all transferred by cash payment method), and Jiangsu Jinyuan, Guannan Jinyuan, Hongyang Environmental Protection 3 self-built environmental protection project investment, and repayment of part of the loan. The additional issuance accelerates the company's layout of hazardous waste areas and promotes the company's transformation. It will open up the company's dual main business and develop a huge profit margin.
The first coverage is given a buy rating with a target price of $16.
The special location advantage of the company's traditional cement business makes its profitability far higher than the industry average. According to the latest 2016 semi-annual performance forecast, the company's profit forecast for the first half of the year is 75.1 million yuan - 80.6 million yuan, an increase of 555.90% - 603.93% This was mainly due to the fact that during the reporting period, the company increased its market development efforts in Tibet, where cement prices were relatively high, and the synergy effect of Shangyu, which was acquired in August last year. At present, the company is seeking a new profit-driven engine outside the traditional cement industry. We are optimistic that it is positioned in a hazardous waste field that has a certain synergy with the cement industry, and the additional acquisitions and new projects are located in areas where there is a serious shortage of hazardous waste capacity. There is sufficient guarantee for future profitability. Regardless of the additional issuance, we expect the company's net profit for 2016–2018 to be 3.21, 3.68, and 410 million yuan, equivalent to EPS 0.46, 0.53, and 0.59 yuan. The first coverage will give the company a buy rating with a target price of 16 yuan.
Jingwei shares: performance is in line with expectations, the prospects for new energy vehicles are promising
2016-08-19 00:00:00 Author: Peng Yong Source: BOCI Securities
The performance is in line with expectations. The development prospect of new energy vehicles is promising. The company issued a mid-year report. In the first half of 2016, it achieved operating income of 2.22 billion yuan, up 28.8% year-on-year; net profit attributable to shareholders of listed companies was 200 million yuan, down 15.4% year-on-year; The gain was 0.27 yuan, which basically met our expectations. The first half of the year's revenue growth was mainly due to the consolidated performance of Jilin Huayi. The decline in profit was mainly due to the loss of the participating company Shenzhen Wuzhoulong due to factors such as the new energy vehicle policy. New energy is the inevitable development direction of the automobile. The company plans to acquire a 35% stake in Jiangsu Kawei. It has previously acquired a 48% stake in Shenzhen Wuzhoulong and subscribed for a 35% stake in Changchun New Energy. The controlling shareholder Zhonghuan Investment acquired a 75% stake in the German Stuttgart electric vehicle. The energy automobile industry has a sound layout and a bright future. Electric logistics vehicles are expected to enter the promotion catalog in the second half of the year, and sales are expected to break out. Wuzhoulong and Jiangsu Kawei have a variety of electric logistics models, which are expected to receive a large number of orders, which will promote the rapid growth of the company's performance.
We expect the company's 2016-2018 earnings per share to be 1.06 yuan, 1.11 yuan and 1.27 yuan, giving the company 20 times 2017 P/E, reasonable target price of 21.60 yuan, maintaining the Buy rating.
Main points of support rating
The business trend is improving, and there is no worry about high-speed growth throughout the year. In the first half of the year, electric logistics vehicles failed to enter the promotion catalogue, and the company's performance was affected. With the gradual clarification of the new energy vehicle policy, the company's performance is expected to be gradually realized. It is expected to achieve substantial growth in the third quarter, and there is no worry about high-speed growth throughout the year.
The new energy vehicles are fully deployed and the development prospects are promising. New energy is the future development direction of the automobile. The company plans to acquire a 35% stake in Jiangsu Kawei. It has previously acquired a 48% stake in Shenzhen Wuzhoulong and subscribed for a 35% stake in Changchun New Energy. The controlling shareholder Zhonghuan acquired a 75% stake in the German Stuttgart electric vehicle. The energy automobile industry has a sound layout and its development prospects are promising.
Electric logistics vehicles are expected to enter the promotion catalogue, Wuzhou Dragon and Jiangsu Kawei fully benefit. In the first half of the year, due to industrial policy adjustments, electric logistics vehicles failed to enter the promotion catalogue, resulting in a downturn in terminal sales. It is expected that electric logistics vehicles are expected to enter the promotion catalog in the second half of the year, and sales are expected to break out. Wuzhou Long and Jiangsu Kawei, which are participating in the company, have a variety of electric logistics models, and are expected to obtain a large number of orders, which will promote the rapid growth of the company's performance.
Key risks to rating
1) The business development of internal and external trims was lower than expected; 2) The development of new energy auto business was lower than expected.
Valuation
We expect the company's 2016-2018 earnings per share to be 1.06 yuan, 1.11 yuan and 1.27 yuan, giving the company 20 times 2017 P/E, reasonable target price of 21.60 yuan, maintaining the Buy rating.
More love: authorized by the famous animation IP to enter the children's home textile Nuggets IP derivatives to create integrated operation service providers
2016-08-19 00:00:00 Author: Zhang Wei Source: Soochow Securities
I like it more and more, it is a rookie in the textile and apparel market. It creates a HBDIY platform and provides personalized customization related products. It is cut into T-shirts and gradually expanded to cups, guarantees, mobile phone cases, shopping bags and other products with higher standardization to meet consumer personalization. Customized requirements. In the marketing and sales channels of products, it is expected to cooperate with Internet video programs and developers with their own traffic to provide supply chain support and operation related services, expand the channels of realization and achieve a win-win situation.
The company has obtained the authorization of famous animation IP such as cherry pellets and submarine column, and is a producer of children's home textiles earlier in China. The domestic children's home textile market is expected to usher in an inflection point. The 10 billion market is yet to be developed. It is hoped that the author will make full use of the authorization of related animation IP and create home textile products that are popular among parents and children.
Based on the full use of well-known animation IP to develop derivative home textiles and apparel products, the company is expected to become an IP authorized operation service provider. In the IP derivatives industry chain, link IP copyright parties, design developers, manufacturers, etc., to provide integrated services for IP authorized operations, Nuggets IP derivatives licensing market.
Investment Advice.
The market for children's home textiles and IP derivative consumer goods is huge. The company has a first-mover advantage and is expected to become an IP authorized operation service provider. It is expected that the EPS for 16-18 years will be 0.38, 0.40, 0.42 yuan respectively, corresponding to PE of 121,115,108. Long-term development prospects, the first coverage gives a buy rating.
Samsung Medical: medical insurance fixed point to help incubate Mingzhou rehabilitation medical assets injection is expected to speed up
2016-08-19 00:00:00 Author: Yang Yun Source: Zhejiang Securities
The opening of the provincial medical insurance is expected to further shorten the break-even cycle of rehabilitation hospitals.
Since its opening in March this year, Zhejiang Mingzhou Rehabilitation Hospital has successively opened Hangzhou Medical Insurance and Zhejiang Medical Insurance. While greatly increasing the hospital's ability to handle patients and market competitiveness, it will also be designated as a private hospital through the medical insurance. Credit endorsement. At the beginning of this year, the Ministry of Human Resources and Social Security added 20 new medical rehabilitation projects to the scope of basic medical insurance payment, and further increased the impact of medical insurance on the profitability of rehabilitation hospitals. It is expected that the opening of the provincial medical insurance will further shorten the break-even cycle of rehabilitation hospitals.
The existence of merger and acquisition expectations is conducive to increasing the profits of listed companies.
At present, Zhejiang Mingzhou Rehabilitation Hospital is still in the group's industrial M&A funds, and has not been injected into listed companies. According to the company's strategic planning, medical services will be an important growth driver in the future. Putting the profitable medical service targets into listed companies is the main way to rapidly improve the quality and scale of listed companies' medical assets and increase profits. We expect rehabilitation hospitals under the light asset model to be profitable next year with the support of medical insurance, and the pace of loading into listed companies is expected to accelerate.
Mingzhou Rehabilitation will gradually open the curtain of medical assets mergers and acquisitions.
Zhejiang Mingzhou Rehabilitation Hospital will be listed in the future as a prelude to the listing of medical assets in listed companies. Currently, the medical industry fund of Samsung Medical is still affiliated to the International Affiliated Hospital of Zhejiang Second Affiliated Hospital and a new high-end profitable hospital in cooperation with Huzhou First Hospital. A number of specialist hospitals such as ophthalmology, rehabilitation and oral cavity are expected to be listed in listed companies in the next few years. At the same time, the industry fund will also hatch more high-quality targets, and the future market value space is very imaginative.
Earnings forecast and valuation.
The company is in the early stage of building a medical service group platform, and its future growth space and industrial chain have great potential for extension. The growth of the main business is stable, the growth rate of financial leasing is relatively fast, and the endogenous and extended medical services are concurrent. The EPS of the company is expected to be 0.57, 0.78, and 1.00 yuan/share in 2016-2018, up 43.83%, 37.00%, and 27.87% year-on-year.
Kangsheng shares: hand in Guoxuan High-tech layout new energy vehicle power battery industry
2016-08-19 00:00:00 Author: Yang Yun Source: Zhejiang Securities
event
Signed an investment cooperation agreement with Guoxuan Hi-Tech to enter the investment key point of the new energy vehicle power battery market
Hand in Guoxuan, invest in the power battery industry
The company announced that it will jointly establish a joint venture company with Guoxuan Hi-Tech, specializing in the R&D and production of new energy power batteries. The registered capital is 200 million yuan. The company will invest 70 million yuan and hold 35% of the shares. In the future, the company will enter Guoxin High-tech Zone in Zhangzhou High-tech Zone. Investing in the construction of production and R&D bases, it is estimated that the total investment will be RMB 3 billion and the total production capacity will be 1 billion ampere. The project will be constructed in two phases, of which the first phase will be RMB 1 billion. After the project is completed, it will reach an annual output of 300 million amps. Time.
Invest in the battery industry to fill the last piece of the new energy vehicle business
Previously, the company has laid out three major core parts business of new energy automobile motor, electric control and electric air conditioner by purchasing large shareholders to cultivate assets in vitro. We believe that the signing of the joint venture agreement will realize the company's new energy vehicle battery, The complete industrialization of the four core components of electric motors, electronic control and electric air conditioners is conducive to enhancing the business synergies between the various industries of the company, giving full play to the advantages of integrated business and improving economic efficiency. At the macro level, this foreign investment cooperation project is also in line with the national macro strategy and industrial development orientation, in line with the company's strategic development needs, and is conducive to the company's long-term development.
Zhongzhi Xinneng has won large orders and the asset injection is expected to be strong.
Zhongzhi Xinneng Automobile official website recently announced that Zhongzhi Xinneng Automobile signed a sales agreement with Cathay Pacific Blue Sky and Hangzhou Lutian. The number of contracts is 7,600 and 4,000 respectively. The models include pure electric buses, buses and logistics vehicles. The region is located in Zhejiang, Jiangsu, Hubei, Hunan, Guangdong, Sichuan, Hainan and other provinces. These large orders have greatly improved the profitability of Zhongzhi Xinneng. It is expected to trigger the equity transfer clause in the short term and initiate the injection plan.
Earnings forecast and valuation
It is estimated that the company's net profit attributable to listed company shareholders in 2016-2018 will be 2.43, 3.57 and 530 million yuan respectively, up 168.77%, 46.97% and 48.57%, corresponding to EPS of 0.21, 0.31 and 0.47 yuan/share, corresponding to current stock valuation. It is 46, 32 and 21 times. Considering the gradual delivery of orders for Zhongzhi New Energy Vehicles in the future, profitability will continue to increase, triggering asset injection clauses to drive the company's performance to explode, and we maintain a “Buy†rating.
2016-08-19 00:00:00 Author: Zhang Yi Source: Soochow Securities
Event: The company released the 2016 semi-annual report. In the first half of 2016, the company achieved operating income of 4.453 billion yuan, an increase of 41.99% over the same period of the previous year; the net profit attributable to the company was 75.205 million yuan, an increase of 28.41%; the net profit after deducting was 73,936,900 yuan, an increase of 34.98 over the same period of the previous year. %.
Outbound travel business grew by 51% overall, wholesale grew by 59%, and retail sales grew by 22%. In the first half of 2016, the income from outbound travel business was 4.146 billion yuan, a year-on-year increase of 50.99%. Among them, the wholesale business realized revenue of 3.426 billion yuan, a year-on-year increase of 59.03%, Zhuyuan consolidated, destinations in the Americas, Australia, Southeast Asia, etc., second-tier cities started charter flights, especially Southeast Asia short-term product growth, and wholesale further to third- and fourth-tier cities. Shen is the main reason for growth. The retail business revenue was 720 million yuan, a year-on-year increase of 21.73%. The increase was mainly due to the expansion of retail outlets, member sales and participation in the online fairs such as the Expo and the leisure network.
The synergy effect of the scale increase shows that the gross profit margin of each business has increased. Wholesale gross profit margin was 7.93%, up 0.18% year-on-year; retail gross margin was 13.57%, up 1.88% year-on-year; consolidated marketing gross margin was 10.07%, up 1.03% year-on-year.
The cost has increased rapidly and the net profit margin has declined. During the reporting period, the company's expense ratio was 6.86%, which was 1.47 percentage points higher than the same period of last year. Although the gross profit margin was 9.57% higher than 8.71% in the same period of last year, the cost increase led to a decline in net profit margin to 1.84%, which was lower than 2.04 in the same period of last year. %Level. Among them, the sales expenses increased by 59.90%; the administrative expenses increased by 81.90%; due to the increase in interest expenses and the decrease in exchange income due to exchange rate fluctuations, financial expenses increased by 388.80%.
Investment suggestion and profit forecast: It is estimated that the company's EPS for 2016-2018 is 0.45, 0.68, 0.89 yuan, and PE (2016E) is 43.63 times, maintaining the “Buy†rating.
Risk warning: M&A is lower than expected risk; market competition exacerbates risk; exchange rate fluctuation risk; force majeure risk Huangshi Group: Participation in Wanda commercial privatization or another layout
2016-08-19 00:00:00 Author: Liu Yan Source: Southwest Securities
Event: Recently, Hong Kong stock Wanda Commercial (03699.HK) announced the privatization. One of the investment groups called RedFortuneGloBAlLimited will participate in the privatization of Wanda Commercial, and the Huangshi Investment Fund of the Royal Group is the investor of “RedFortuneGlobal Limitedâ€. One, that is, the Huangshi Group will participate more or less in the privatization of Wanda Commercial.
The game leads Huang. In September 2015, Huangshi Group and Shanghai Saiyan Capital jointly established the Xi'an Industrial Equity Investment Fund, which has a scale of 1 billion yuan, of which the Huangshi Group invested 510 million and the competition capital contributed 490 million.
The main goal of its establishment is to further integrate the company's resources.
Participating in the privatization of Wanda Commercial will be another layout of the company's early childhood industry. According to the announcement of the Huangshi Group when it established the competition to lead the Huangshi Investment Fund, the main objective of the fund is not financial investment, but focuses on promoting the company's core strategy (child care ecosystem), strategic investment and industrial chain integration, and participation. Mergers and acquisitions of quality projects, etc. On the other hand, the culture of the Huang Group is more focused on industrial integration, and the tendency for pure financial investment is not too high. In summary, we believe that the Huangshi Group is involved in the privatization of Wanda Commercial or another layout and exploration under the online ecosystem of its children: Wanda Commercial has very strong offline resources, and the Huang Group will be selling derivatives in the future. Whether it is real entertainment, offline education and other business aspects, it is possible to form a huge space for cooperation with Wanda Business.
The company will look at the future. We have long been optimistic about the development of the Huangshi Group: 1) The company's early childhood ecosystem service system is gradually full, whether it is visual intelligent service equipment, functional wearable equipment, nutrition solutions, early childhood education content, film and television related content, online platform system, etc. Steady progress; and the channel network of “video content + satellite channel + terrestrial channel†has been basically completed, and the ecosystem of multi-dimensional coverage of institutions, children, parents, teachers and service organizations has taken shape; 2) the company’s basic performance is stable, This year, the profit scale of about 400 million is expected, and the valuation advantage is obvious. 3) The Internet finance business represented by Perfect Online next year will further enrich the company's business system and performance level.
Earnings forecasts and investment advice. It is estimated that the EPS of the company from 2016 to 2018 will be 0.49 yuan, 0.74 yuan, and 0.92 yuan respectively, and the corresponding PE will be 31 times, 21 times, and 17 times. The valuation is extremely advantageous, and the future ecological system imagination is huge, maintaining the previous period. Buy" rating.
Risk warning: The decline in dairy products exceeds the expected risk, the risk of policy changes, and the impact of the relevant layout is less than expected.
Haishun New Materials: Profitability continues to improve
2016-08-19 00:00:00 Author: Lin Yang Source: Dongxing Securities
event:
The company released its semi-annual report on August 8. The report shows that in the first half of 2016, the company achieved operating income of RMB 142,793,856.05, down 7.66% year-on-year; net profit attributable to shareholders of listed companies was RMB 33,438,439.39, Increased by 1.80%.
The main points:
1. Strategic adjustment of revenue and continuous improvement in profitability.
In the first half of 2016, the company's operating income decreased by 7.66% compared with the same period of last year, which was mainly affected by two factors: on the one hand, the overall development trend of the industry, this year is the first year of China's “13th Five-Year†development plan, and the reform of pharmaceutical industry And the progress exceeds expectations, which increases the compliance cost of downstream pharmaceutical companies. As a result, the requirements for R&D testing and independent innovation capability of pharmaceutical packaging materials manufacturers are getting higher and higher, prices are becoming more sensitive, and industry growth rate is further slowing down. On the other hand, the company actively adjusts its sales strategy in response to changes in the industry, appropriately reduces sales of customers who are more sensitive to price and lower gross profit margin, increases production and sales of high-margin customers, and achieves adjustments in customer structure and profitability. Net profit increased by 1.80% year-on-year.
2. The gross profit margin of each product has increased and the competitiveness of the industry has gradually emerged.
In the first half of 2016, the cold stamping of the product structure in terms of product structure was 6.97% lower than that of the same period of last year, and the gross profit margin increased by 2.33%. The operating income of SP composite film products increased by 1.87% compared with the previous year, and the gross profit margin increased by 3.92%. The operating income of PTP aluminum foil products decreased by -23.50% compared with the same period of last year. Gross profit margin increased by 3.98%. At present, the domestic solid pharmaceutical packaging market is relatively scattered, but as downstream pharmaceutical companies have higher and higher requirements for R&D testing and independent innovation capabilities of pharmaceutical packaging materials manufacturers, the competition of manufacturing enterprises in the pharmaceutical packaging industry will gradually be priced by price competition. Turning to all-round competition in technology, brand and service, the continuous improvement of the gross profit margin of the company's products reflects the leading edge and strong competitiveness of the company's products in the industry.
in conclusion:
We believe that the company, as a leader in the segment industry, is expected to gain the future growth dividend of the industry by virtue of its own brand and technology. At the same time, we are optimistic that the company is the most likely industry integrator in the more dispersed pharmaceutical packaging market in China, and it is expected to gradually increase the market in the future. Share, achieving rapid growth in revenue. We expect the company's operating income from 2016 to 2018 to be 309 million yuan, 477 million yuan and 646 million yuan respectively. The net profit is 0.66 billion yuan, 106 million yuan and 148 million yuan respectively. The earnings per share are 1.23 yuan and 2.00 yuan respectively. 2.77 yuan, corresponding to PE is 98 times, 61 times and 44 times. Give a "strongly recommended" rating.
Su test: test service business grows rapidly
2016-08-19 00:00:00 Author: Fan Haibo, Liu Lei Source: Cinda Securities
Event: Su trial test recently released 2016 semi-annual report. In the first half of 2016, the company realized operating income of 167 million yuan, an increase of 24% year-on-year; realized net profit attributable to shareholders of the parent company of 19.6121 million yuan, an increase of 15.79% over the same period of last year. The company's net profit was 18.75 million yuan, a year-on-year increase of 30.24%; the corresponding EPS was 0.16 yuan, in line with our expectations.
Comments:
In the first half of the year, revenue and net profit increased rapidly. In the first half of 2016, the test equipment business of the Su trial test realized a revenue of 92.78 million yuan, a year-on-year increase of 10.31%, and the test service business realized a revenue of 69.04 million yuan, a year-on-year increase of 54.09%, in line with our previous “stable equipment growth and rapid service growthâ€. expected. From the perspective of revenue structure, the test equipment business and the trial service business currently account for about 6:4 of the revenue, and the proportion of revenue from the test service business is gradually increasing. We believe that with the gradual deepening of the transition from the trial test to the manufacturing service industry, the future revenue ratio of the trial service business (nearly 70%) is expected to exceed the equipment business, and the income structure adjustment will further enhance the company's Profitability.
Downstream demand is strong, and trial services are actively expanding production capacity. Benefiting from the strong demand for testing services in the downstream sector, the subsidiaries with trial services as the main industry achieved rapid growth during the reporting period: Nanjing Guangbo and Chongqing Guangbo revenue doubled; Suzhou Guangbo revenue increased by 32%; Chengdu Guangbo was second after construction The year is profitable. In addition, Beijing Chuangbo's production capacity is saturated, the new plant will increase from 2,000 square meters to 12,000 square meters; Hunan Guangbo has purchased 20,000 square meters, will complete the laboratory project construction in the form of self-built factory; Susie test has completed Xi'an, The research activities in Songshan Lake and other places in Dongguan have fully prepared for the new laboratory project. We believe that the trial service company represented by Suzhou Guangbo has been recognized by the market, and it is expected that the future trial test will increase investment and establish more companies in key areas in China.
Obtain secondary confidentiality and lay the foundation for opening up the military market. Suzhou Guangbo and Beijing Chuangbo Laboratories under the Su trial test all have secondary confidentiality qualifications. During the reporting period, Nanjing Guangbo applied for secondary confidentiality and has passed the on-site audit. About 50% of the company's operating income comes from military-related fields. We believe that the Su-test will continue to benefit from the national military-civilian integration policy.
Earnings forecast and rating: We estimate that the net profit of the company's returning test from 2016 to 2018 will be RMB 60 million, RMB 76 million and RMB 93 million respectively. According to the latest share capital, the corresponding EPS is 0.48 yuan/share, 0.60. Yuan/share and 0.74 yuan/share. We maintain our “overweight†rating on the trial test.
Risk factors: The manufacturing industry continued to slump, and the demand for mechanical testing decreased; the progress of new equipment research and development was less than expected; as the company's operating scale expanded, accounts receivable and inventory increased, and the risk of bad debts increased.
Shengyu Mining: Industrial chain financial services rapid growth investment cobalt processing project cut into the new energy industry chain
2016-08-19 00:00:00 Author: Fan Haibo, Wu Yi, Ding Shitao, Wang Wei Source: Cinda Securities
Event: On August 16, 2016, Shengyu Mining released the 2016 mid-year report. In the first half of the year, the company achieved operating income of 4.653 billion yuan, an increase of 92.76% over the same period of last year; net profit attributable to shareholders of the parent company was 54.118 million yuan, up 50.23% year-on-year; basic earnings per share was 0.036 yuan.
Comments:
Metal industry chain financial services developed rapidly, and revenues tripled year-on-year. In the first half of the year, the company continued to focus on non-ferrous metal mining and metal industry chain financial services, and vigorously developed metal industry chain financial services business. From January to June, the company's metal industry chain financial business achieved operating income of 3.113 billion yuan, an increase of 242.13% over the same period of the previous year; gross profit reached 209 million yuan, an increase of 206.22% over the same period of the previous year. The comprehensive trade business realized a total income of 1.445 billion yuan, a year-on-year increase of 7.51%. Affected by the fall in metal prices, the mining and mining business achieved revenue of RMB 95 million, down 40.69% year-on-year; gross profit margin was 51.36%, a decrease of 17.08 percentage points from the same period of the previous year. In the first half of 2016, the company's consolidated gross profit margin was 5.60%, which was lower than the 7.89% gross profit margin at the end of the previous year.
Issued a plan to expand the financial services business. In March of the same year, the company issued a plan to increase the total amount of funds raised to no more than RMB 3.688 billion. After deducting the issuance expenses, the net amount of funds raised will not exceed RMB 3.658 billion. It is intended to be used to “increase capital and enrich the metal industry. Factoring business, “increasing capital, Shengyu Metal, expanding metal supply chain financial businessâ€, “increasing capital, financial services, Emma financial services, expanding gold leasing businessâ€.
It is planned to invest in the Congo (gold) cobalt processing project and cut into the new energy industry. The company plans to establish “Shengyu Cobalt Source New Material Co., Ltd.†(tentative name) in Xiamen with Shenzhen Shengyu Rare Materials Co., Ltd., a wholly-owned subsidiary of Shenzhen Shenghao Group Co., Ltd., and invest in Africa Congo (Golden Congo) ) Annual production of 3,500 tons of cobalt, 10,000 tons of copper comprehensive utilization projects. The project is located in the northern part of the Kolwezi region of the Democratic Republic of the Congo. The project is under construction for 13 months. Cobalt source new material registered capital of 60 million US dollars, of which Shengyu Mining holds 51%, Shenzhen Shengyu rare materials holding 49%. The new energy vehicle (Aiji, net worth, information) industry is booming, and the future will be the main growth point for stimulating cobalt consumption. The company's investment not only provides rapid access to cobalt resources in the DRC region at this stage, but also provides conditions for the future integration of upstream mine resources.
Earnings Forecast and Rating: We will not consider the impact of this non-public offering on the company's performance. According to the latest share capital, we expect the company's earnings per share for 16-18 years to be 0.09 yuan, 0.10 yuan and 0.15 yuan respectively. According to the closing price of 16-08-17, the corresponding PE is 97, 83, 56 times, maintaining the company's “Buy†rating.
Risk factors: Metal industry chain financial services expansion is not up to expectations; metal prices have been sluggish for a long time; the rapid development of metal supply chain business has led to cash outflows.
Confidence Electric: High performance growth, the future hopes to benefit the carbon market
2016-08-19 00:00:00 Author: Huang Shouhong Source: Securities
The performance growth exceeded expectations: The company issued a mid-year report, achieving an operating income of 2.969 billion yuan, a year-on-year increase of 25.02%. The net profit of returning to the mother was 200 million yuan, a year-on-year increase of 209.93%, and the non-net profit of the parent deduction was 359.22%. The company's high performance growth, the main reasons are: 1) national distribution network transformation to increase investment, in 2015 the State Grid distribution variable tenders more than 500,000 units, the company won the bid of 72,400 units, the winning rate of 13.85%, most orders in In the first half of the year, delivery in the first half of the year, in the case of low raw material costs, promote rapid growth in performance; 2) energy engineering project and service revenue increased by 156.92% year-on-year; Wuhan NARI new material primary equipment revenue increased by 61.23%. The operation and maintenance business increased by 346.03% year-on-year; 3) The performance base in the first half of last year was low.
The unified carbon market is just around the corner, and the carbon asset business is expected to grow: the nationwide large-scale carbon market quota allocation work will start in October this year, and the transaction will be carried out before the second quarter of next year. The Climate Development Department of the National Development and Reform Commission estimates that the annual transaction volume in the initial stage of 2016-2020 will be about 1.2 billion to 8 billion yuan. After 2020, the offshore and futures trading will be further developed. The transaction volume is expected to reach 600-400 billion yuan. Recently, the carbon quota system for new energy vehicles has been introduced, and the scale of the carbon asset market has been expanded, which is expected to increase the liquidity of the carbon trading market and the sustainability of transactions. The company is the first carbon asset management company of the State Grid to participate in the carbon market transaction. A large number of project resources are in hand. It has taken the lead in developing two greenhouse gas emission reduction methods for “electric vehicle charging station and charging pile†and “transmission lineâ€, and participated in Shanghai carbon market design, China's voluntary emission reduction trading management measures, and other work, has a wealth of industry experience. In 2015, the company's carbon assets were valued at 83.57 million yuan, and the profit was 38.34 million yuan, accounting for 8%. The future is expected to benefit from the full launch of the carbon trading market.
Energy-saving projects are progressing steadily, and orders are expected to be rolled in: In 2014, the company reached a cooperation agreement with State Grid Zhejiang Electric Power Company. In the next three years, the company will contribute RMB 6 billion to cooperate with Zhejiang Electric Energy to develop energy-saving and construction projects in Zhejiang. Businesses in the fields of industrial energy conservation and renewable energy development were temporarily put on hold. Recently, the company announced that it signed the "Guidelines for Equipment and General Service Purchase of State-owned Zhejiang Power Company Equipment Leasing Project" with NARI Group. The total contract amount is tentatively set at 1.045 billion yuan, accounting for 16.38% of the operating revenue in 2015. Future energy-saving project orders are expected to continue. Landing, helping the company's performance growth. Through the acquisition of Wuhan NARI, the company has strong R&D capabilities, which significantly enhances the operation and maintenance service business on the one hand, and enriches the equipment product category and energy-saving business content on the other hand.
Amorphous transformers have been consolidated, and the complete set of bidding policies has been issued with stable performance growth: Confidence is a leading company in the production of amorphous transformers. With the future replacement of amorphous alloy strips for traditional silicon steel transformers (recommended by the national publishing proposal to 60%), the company's business is expected to grow steadily. In the first half of this year, the bidding for Amorphous Transformer of State Grid was reduced by 76.7% year-on-year, but the reason was that nearly 40% of the 220,000 amorphous transformers tendered in 2015 were delivered this year, and even for the first time, the supply of amorphous ribbons was in short supply. Therefore, the actual national amorphous transformer promotion efforts remain, and the second half is still optimistic.
Investment suggestion: As a leading manufacturer of amorphous transformers, the growth of distribution network investment helps the company's performance to be stable. At the same time, the company actively deploys energy-saving projects, and the carbon asset management business is well-developed. In the future, it will benefit from the comprehensive launch of the national unified carbon market. It is estimated that the EPS of the company from 2016 to 2018 will be 0.39 yuan, 0.45 yuan and 0.53 yuan respectively; the initial coverage will give an investment rating of -A, and the price will be 13.8 yuan for 6 months.
Risk Warning: The carbon trading market started lower than expected, and the distribution network investment was lower than expected. Oceanwide Holdings: Increased holding of Minsheng Bank to build a pan-sea gold control
2016-08-19 00:00:00 Author: Zhao Xianghuai Source: Securities
The major shareholders are rich in resources and increase their holdings in Minsheng Bank. China Oceanwide Group and its subsidiaries currently cover a wide range of businesses including real estate, infrastructure, banking, insurance, securities, pawn, energy, strategy and venture capital, culture, asset management and capital management. China Oceanwide Group increased its holdings of Minsheng Bank A shares through the secondary market and block trading system. As of July 15, 2016, China Oceanwide Holdings Group held 4.61% of the total number of shares issued by Minsheng Bank. Lu Zhiqiang's strong capital operation capability, rich financial and industrial resources make the future development of Oceanwide Holdings promising.
The transformation speed has increased, forming a blueprint for “real estate + finance + investmentâ€. At the beginning of 2014, Oceanwide Holdings put forward the strategic goal of “three years of foundation and ten years of successâ€, and the company's transformation was launched in full swing. At present, Oceanwide Holdings has realized the construction of financial business platform with Minsheng Securities, Asia Pacific P&C Insurance and Minsheng Trust as the main body. At the same time, the company applied for the establishment of Asia Pacific Reinsurance, Asia Pacific Internet Life Insurance, and applied for the establishment of Minsheng Fund, Minjin Institute and Minsheng Finance Guarantee Co., Ltd. . In addition, the company strategically invests in Wanda Films, Qingdao Wanda Films and other high-quality companies, as well as investment groups such as China Minsheng Investment Co., Ltd., and merges with Hutchison Hong Kong and uses Zhongpan Holdings to invest in Huiyuan Juice, CITIC, GF Securities, Indonesia Power Plant, etc. .
The quality of core financial assets is of high quality. (1) The business space will be opened after the expansion of Minsheng Securities Capital. In 2015, Minsheng Securities achieved an operating income of 3 billion yuan, a year-on-year increase of 93%, and a net profit attributable to the parent company of 1.2 billion yuan, a year-on-year increase of 199%. At the end of 2015, the company increased its capital on Minsheng Securities with its own funds, and increased the capital of Minsheng Securities to approximately 4.581 billion yuan. The supplementary capital has an obvious effect on the performance improvement of small and medium-sized brokers. (2) To build a full insurance license platform. The company owns Asia Pacific P&C Insurance, and participates in the establishment of Asia Pacific Reinsurance and Asia Pacific Internet Life. It is expected to realize the comprehensive layout of the insurance sector for the coordinated development of property insurance, life insurance, reinsurance and Internet insurance, and become a fully licensed gold control platform for the insurance industry. . (3) The Minsheng Trust maintained a high-speed development momentum after its resumption of business. In 2015, the company achieved operating income of 1.08 billion yuan, an increase of 131% over the same period of last year; net profit of 390 million yuan, an increase of 109%. The growth rate is much higher than the industry average.
The real estate business accelerated the release of the stock value of the land. The real estate business is still the main source of income for the company. In 2015, the company's real estate business income was 9.4 billion yuan, accounting for 74%. However, with the expansion of the financial landscape, the company's real estate business accounted for a decline in revenue. By optimizing sales strategies, the company innovated and implemented “project sales†to accelerate the release of the value of existing projects. The company's land project reserves are in domestic first- and second-tier cities as well as overseas areas. The reserve project resources are scarce, so the company's real estate business development is still sustainable.
Financial industry executives were elected to the board of directors and the construction of financial control accelerated. Among the new members of the board of directors, the company's actual controller Lu Zhiqiang came out behind the scenes as the company's chairman, in addition to the new board members, six financial professionals were selected. The increase in the number of executives in the financial sector also reflects the importance of finance in the future development of the company, and the construction of financial control is accelerating.
We will increase our capital strength and achieve multiple industries. The total amount of funds raised by the company for non-public issuance does not exceed 15 billion yuan, of which 4 billion will be used to increase the investment in Asia Pacific P&C insurance, and 11 billion will be used to build 5 real estate projects in Wuhan Central Business District. After the completion of this capital increase, the registered capital of Asia Pacific P&C will increase from the current 2 billion yuan to 10 billion yuan, which will benefit the business development of Asia Pacific P&C and the improvement of investment capabilities. In terms of real estate projects, the investment in fixed-raising funds will be accelerated in the context of real estate accelerated destocking.
Investment suggestion: Buy-A investment rating, 6-month target price of 13.91 yuan. We expect the company's business revenue from 2016 to 2018 to be 18.1 billion yuan, 26.3 billion yuan, and 38.4 billion yuan, a year-on-year growth rate of 43%, 45%, and 46%, respectively. The corresponding EPS is 0.42 yuan, 0.61 yuan, and 0.90 yuan.
Risk warning: macroeconomic downturn risk; M&A risk; operational risk Jinyuan shares: non-public issuance to enter the dangerous and waste field
2016-08-19 00:00:00 Author: Wang Yi Jia, Lijun Song, Wan Wei Source: CSC
The growth rate of the traditional cement industry has declined, and the Golden Circle is still a regional leader.
Since 2015, cement has experienced a decline in both volume and price, and the overall performance of cement companies has been poor. In March 2016, due to the increase in construction start-up area, there was a seasonal rebound, but it was still lower than the price level of the same period last year. Qinghai Province has close geographical advantages in Tibet, Xinjiang, Gansu and other places. In the largest cement consumption market in Qinghai Province such as Xining and Golmud, the company has 9 cement companies, accounting for 27.3% of the province's total production capacity, ranking first. The company's current performance is mainly derived from the contribution of cement and commercial concrete related industries. In 2015, the company's operating income was approximately 1.865 billion, an increase of 35.8% over the same period. The net profit attributable to shareholders of listed companies was approximately 264 million yuan, an increase of 103.9% over the same period.
The hazardous waste industry has a high degree of prosperity and a broad market space.
With the development of China's economy and the improvement of industrialization level, the output of industrial solid waste has also shown a rapid increase. According to the statistics of 2014, the annual output of industrial solid waste in China increased from 1.36 billion tons in 2005 to 3.29 billion tons in 2014, with a compound annual growth rate of 9.28%, of which the compound annual growth rate of hazardous waste reached 12.08%.
China's legislation in the field of hazardous waste has not exceeded 10 years, and it has begun to become stricter in the past five years. The two-year high judicial interpretation and the new environmental protection law have become an important catalyst for the accelerated development of the industry. We expect China to maintain a compound growth rate of 15% in the next five years, which will increase from 42.2 million tons in 2015 to 88.88 million tons in 2020, which will double the market space and exceed 100 billion.
Non-public increase and release of the Bureau of hazardous waste industry, and the development of the cement industry.
Recently, the company announced a non-public offering plan, and plans to issue no more than 157 million shares in a non-public offering of no less than 8.65 yuan per share. The total amount of funds raised is no more than 1.362 billion yuan for the acquisition of Jiangxi Xinjinye Industrial Co., Ltd. 58 % of equity (all transferred by cash payment method), and Jiangsu Jinyuan, Guannan Jinyuan, Hongyang Environmental Protection 3 self-built environmental protection project investment, and repayment of part of the loan. The additional issuance accelerates the company's layout of hazardous waste areas and promotes the company's transformation. It will open up the company's dual main business and develop a huge profit margin.
The first coverage is given a buy rating with a target price of $16.
The special location advantage of the company's traditional cement business makes its profitability far higher than the industry average. According to the latest 2016 semi-annual performance forecast, the company's profit forecast for the first half of the year is 75.1 million yuan - 80.6 million yuan, an increase of 555.90% - 603.93% This was mainly due to the fact that during the reporting period, the company increased its market development efforts in Tibet, where cement prices were relatively high, and the synergy effect of Shangyu, which was acquired in August last year. At present, the company is seeking a new profit-driven engine outside the traditional cement industry. We are optimistic that it is positioned in a hazardous waste field that has a certain synergy with the cement industry, and the additional acquisitions and new projects are located in areas where there is a serious shortage of hazardous waste capacity. There is sufficient guarantee for future profitability. Regardless of the additional issuance, we expect the company's net profit for 2016–2018 to be 3.21, 3.68, and 410 million yuan, equivalent to EPS 0.46, 0.53, and 0.59 yuan. The first coverage will give the company a buy rating with a target price of 16 yuan.
Jingwei shares: performance is in line with expectations, the prospects for new energy vehicles are promising
2016-08-19 00:00:00 Author: Peng Yong Source: BOCI Securities
The performance is in line with expectations. The development prospect of new energy vehicles is promising. The company issued a mid-year report. In the first half of 2016, it achieved operating income of 2.22 billion yuan, up 28.8% year-on-year; net profit attributable to shareholders of listed companies was 200 million yuan, down 15.4% year-on-year; The gain was 0.27 yuan, which basically met our expectations. The first half of the year's revenue growth was mainly due to the consolidated performance of Jilin Huayi. The decline in profit was mainly due to the loss of the participating company Shenzhen Wuzhoulong due to factors such as the new energy vehicle policy. New energy is the inevitable development direction of the automobile. The company plans to acquire a 35% stake in Jiangsu Kawei. It has previously acquired a 48% stake in Shenzhen Wuzhoulong and subscribed for a 35% stake in Changchun New Energy. The controlling shareholder Zhonghuan Investment acquired a 75% stake in the German Stuttgart electric vehicle. The energy automobile industry has a sound layout and a bright future. Electric logistics vehicles are expected to enter the promotion catalog in the second half of the year, and sales are expected to break out. Wuzhoulong and Jiangsu Kawei have a variety of electric logistics models, which are expected to receive a large number of orders, which will promote the rapid growth of the company's performance.
We expect the company's 2016-2018 earnings per share to be 1.06 yuan, 1.11 yuan and 1.27 yuan, giving the company 20 times 2017 P/E, reasonable target price of 21.60 yuan, maintaining the Buy rating.
Main points of support rating
The business trend is improving, and there is no worry about high-speed growth throughout the year. In the first half of the year, electric logistics vehicles failed to enter the promotion catalogue, and the company's performance was affected. With the gradual clarification of the new energy vehicle policy, the company's performance is expected to be gradually realized. It is expected to achieve substantial growth in the third quarter, and there is no worry about high-speed growth throughout the year.
The new energy vehicles are fully deployed and the development prospects are promising. New energy is the future development direction of the automobile. The company plans to acquire a 35% stake in Jiangsu Kawei. It has previously acquired a 48% stake in Shenzhen Wuzhoulong and subscribed for a 35% stake in Changchun New Energy. The controlling shareholder Zhonghuan acquired a 75% stake in the German Stuttgart electric vehicle. The energy automobile industry has a sound layout and its development prospects are promising.
Electric logistics vehicles are expected to enter the promotion catalogue, Wuzhou Dragon and Jiangsu Kawei fully benefit. In the first half of the year, due to industrial policy adjustments, electric logistics vehicles failed to enter the promotion catalogue, resulting in a downturn in terminal sales. It is expected that electric logistics vehicles are expected to enter the promotion catalog in the second half of the year, and sales are expected to break out. Wuzhou Long and Jiangsu Kawei, which are participating in the company, have a variety of electric logistics models, and are expected to obtain a large number of orders, which will promote the rapid growth of the company's performance.
Key risks to rating
1) The business development of internal and external trims was lower than expected; 2) The development of new energy auto business was lower than expected.
Valuation
We expect the company's 2016-2018 earnings per share to be 1.06 yuan, 1.11 yuan and 1.27 yuan, giving the company 20 times 2017 P/E, reasonable target price of 21.60 yuan, maintaining the Buy rating.
More love: authorized by the famous animation IP to enter the children's home textile Nuggets IP derivatives to create integrated operation service providers
2016-08-19 00:00:00 Author: Zhang Wei Source: Soochow Securities
I like it more and more, it is a rookie in the textile and apparel market. It creates a HBDIY platform and provides personalized customization related products. It is cut into T-shirts and gradually expanded to cups, guarantees, mobile phone cases, shopping bags and other products with higher standardization to meet consumer personalization. Customized requirements. In the marketing and sales channels of products, it is expected to cooperate with Internet video programs and developers with their own traffic to provide supply chain support and operation related services, expand the channels of realization and achieve a win-win situation.
The company has obtained the authorization of famous animation IP such as cherry pellets and submarine column, and is a producer of children's home textiles earlier in China. The domestic children's home textile market is expected to usher in an inflection point. The 10 billion market is yet to be developed. It is hoped that the author will make full use of the authorization of related animation IP and create home textile products that are popular among parents and children.
Based on the full use of well-known animation IP to develop derivative home textiles and apparel products, the company is expected to become an IP authorized operation service provider. In the IP derivatives industry chain, link IP copyright parties, design developers, manufacturers, etc., to provide integrated services for IP authorized operations, Nuggets IP derivatives licensing market.
Investment Advice.
The market for children's home textiles and IP derivative consumer goods is huge. The company has a first-mover advantage and is expected to become an IP authorized operation service provider. It is expected that the EPS for 16-18 years will be 0.38, 0.40, 0.42 yuan respectively, corresponding to PE of 121,115,108. Long-term development prospects, the first coverage gives a buy rating.
Samsung Medical: medical insurance fixed point to help incubate Mingzhou rehabilitation medical assets injection is expected to speed up
2016-08-19 00:00:00 Author: Yang Yun Source: Zhejiang Securities
The opening of the provincial medical insurance is expected to further shorten the break-even cycle of rehabilitation hospitals.
Since its opening in March this year, Zhejiang Mingzhou Rehabilitation Hospital has successively opened Hangzhou Medical Insurance and Zhejiang Medical Insurance. While greatly increasing the hospital's ability to handle patients and market competitiveness, it will also be designated as a private hospital through the medical insurance. Credit endorsement. At the beginning of this year, the Ministry of Human Resources and Social Security added 20 new medical rehabilitation projects to the scope of basic medical insurance payment, and further increased the impact of medical insurance on the profitability of rehabilitation hospitals. It is expected that the opening of the provincial medical insurance will further shorten the break-even cycle of rehabilitation hospitals.
The existence of merger and acquisition expectations is conducive to increasing the profits of listed companies.
At present, Zhejiang Mingzhou Rehabilitation Hospital is still in the group's industrial M&A funds, and has not been injected into listed companies. According to the company's strategic planning, medical services will be an important growth driver in the future. Putting the profitable medical service targets into listed companies is the main way to rapidly improve the quality and scale of listed companies' medical assets and increase profits. We expect rehabilitation hospitals under the light asset model to be profitable next year with the support of medical insurance, and the pace of loading into listed companies is expected to accelerate.
Mingzhou Rehabilitation will gradually open the curtain of medical assets mergers and acquisitions.
Zhejiang Mingzhou Rehabilitation Hospital will be listed in the future as a prelude to the listing of medical assets in listed companies. Currently, the medical industry fund of Samsung Medical is still affiliated to the International Affiliated Hospital of Zhejiang Second Affiliated Hospital and a new high-end profitable hospital in cooperation with Huzhou First Hospital. A number of specialist hospitals such as ophthalmology, rehabilitation and oral cavity are expected to be listed in listed companies in the next few years. At the same time, the industry fund will also hatch more high-quality targets, and the future market value space is very imaginative.
Earnings forecast and valuation.
The company is in the early stage of building a medical service group platform, and its future growth space and industrial chain have great potential for extension. The growth of the main business is stable, the growth rate of financial leasing is relatively fast, and the endogenous and extended medical services are concurrent. The EPS of the company is expected to be 0.57, 0.78, and 1.00 yuan/share in 2016-2018, up 43.83%, 37.00%, and 27.87% year-on-year.
Kangsheng shares: hand in Guoxuan High-tech layout new energy vehicle power battery industry
2016-08-19 00:00:00 Author: Yang Yun Source: Zhejiang Securities
event
Signed an investment cooperation agreement with Guoxuan Hi-Tech to enter the investment key point of the new energy vehicle power battery market
Hand in Guoxuan, invest in the power battery industry
The company announced that it will jointly establish a joint venture company with Guoxuan Hi-Tech, specializing in the R&D and production of new energy power batteries. The registered capital is 200 million yuan. The company will invest 70 million yuan and hold 35% of the shares. In the future, the company will enter Guoxin High-tech Zone in Zhangzhou High-tech Zone. Investing in the construction of production and R&D bases, it is estimated that the total investment will be RMB 3 billion and the total production capacity will be 1 billion ampere. The project will be constructed in two phases, of which the first phase will be RMB 1 billion. After the project is completed, it will reach an annual output of 300 million amps. Time.
Invest in the battery industry to fill the last piece of the new energy vehicle business
Previously, the company has laid out three major core parts business of new energy automobile motor, electric control and electric air conditioner by purchasing large shareholders to cultivate assets in vitro. We believe that the signing of the joint venture agreement will realize the company's new energy vehicle battery, The complete industrialization of the four core components of electric motors, electronic control and electric air conditioners is conducive to enhancing the business synergies between the various industries of the company, giving full play to the advantages of integrated business and improving economic efficiency. At the macro level, this foreign investment cooperation project is also in line with the national macro strategy and industrial development orientation, in line with the company's strategic development needs, and is conducive to the company's long-term development.
Zhongzhi Xinneng has won large orders and the asset injection is expected to be strong.
Zhongzhi Xinneng Automobile official website recently announced that Zhongzhi Xinneng Automobile signed a sales agreement with Cathay Pacific Blue Sky and Hangzhou Lutian. The number of contracts is 7,600 and 4,000 respectively. The models include pure electric buses, buses and logistics vehicles. The region is located in Zhejiang, Jiangsu, Hubei, Hunan, Guangdong, Sichuan, Hainan and other provinces. These large orders have greatly improved the profitability of Zhongzhi Xinneng. It is expected to trigger the equity transfer clause in the short term and initiate the injection plan.
Earnings forecast and valuation
It is estimated that the company's net profit attributable to listed company shareholders in 2016-2018 will be 2.43, 3.57 and 530 million yuan respectively, up 168.77%, 46.97% and 48.57%, corresponding to EPS of 0.21, 0.31 and 0.47 yuan/share, corresponding to current stock valuation. It is 46, 32 and 21 times. Considering the gradual delivery of orders for Zhongzhi New Energy Vehicles in the future, profitability will continue to increase, triggering asset injection clauses to drive the company's performance to explode, and we maintain a “Buy†rating.
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