Huaying Technology: Underestimated "Invisible" Champion in the Field of High Growth Airbags
Source: Huajin Securities
Japan’s Takata’s crisis is indirectly good for the company, and its performance growth is expected to accelerate. Due to the Takata airbag problem, the number of recalled vehicles has accumulated to more than 100 million vehicles. In the aftermath, major auto manufacturers have made large-scale recalls in the North American and Chinese markets, and the “quality gate†has become more and more fierce. Large-scale recalls will have a heavy blow to Takada’s sales and quality, and Japanese automakers have said that they will no longer cooperate. Competitors Autoliv, Trina, Gabriel and domestic Giestel, Shanghai Huitai Jinzhou Jinheng and so on have a good opportunity to grab the market. The top 5 customers of the company are Autoliv, Giestel, Shanghai Huitai, Jinzhou Jinheng and Bailide, which will indirectly benefit and the growth in performance is expected to accelerate.
The increase in safety performance requirements has led to an increase in demand for airbags, and the replacement of core components has been beneficial to the company. Consumers' demand for car safety performance has increased, and the standard law has increased the safety requirements. Both are conducive to the increase in the number of airbags installed in the two bicycles, which is beneficial to the industry in the medium and long term. The proportion of foreign-funded companies in core components is very high. With the gradual and cost-effective advantages of domestic manufacturers, the space for replacement is still large. The industry is good at not replacing the superposition, which provides a guarantee for the company to maintain high growth in the medium and long term.
High industry barriers form a moat. The company's airbag cloth and airbag bag segmentation field has high technical barriers and barriers to stagnation, providing a moat for the moat: new competitors are difficult to break into, and the bargaining power is strong, which is conducive to the stability of the market. Growth is also beneficial to the steady growth of prices and profits.
The profitability is strong, the valuation is lower than the industry and the same type of company, and the value is underestimated. The average net profit growth rate of the company from 2012 to 2015 was 25.69%, and the average value of the second component industry was 8.86%; the average net interest rate was 21.98%, and the average value of the second component industry was 7.98%; the current price-to-earnings ratio was about 32. Double, enter the low two industry average. Compared with different types of companies, the company has strong profitability, low valuation and undervalued value.
China Storage Stock: Chengtong's logistics platform, focusing on reform and catalysis
Source: Shen Wan Hongyuan
The value of logistics land is underestimated, and the performance of the development of rotation is worry-free. China Storage Co., Ltd. 600787, which is rich in warehousing and logistics real estate, is a well-deserved logistics landlord in China and a scarce logistics operator in A-shares. The company has five business divisions in Tianjin, Shanghai, Liaoning, Henan and Shaanxi, with a land area of ​​about 7.27 million square meters, of which about 4.5 million square meters of equity land, all equipped with warehouses, freight yards, railways and other resources. Since the company's land is mostly allocated by the state, the acquisition cost is relatively low, and it is unable to enjoy the benefits brought by the appreciation of the land. In recent years, the company changed its development ideas and actively sought to realize the realization of land assets, and realized the development and sale of two land in Nanjing and Tianjin Nancang respectively. In total, the company can achieve a profit of more than 2 billion, and effectively guarantee the stable performance of listed companies through annual sales.
The introduction of ProLogis to achieve mixed reforms, mergers and acquisitions of HB layout sea diplomatic cutting positions, highlighting the vitality of the enterprise. It is believed that although the Central Reserve is a central enterprise, the overall corporate style is quite dynamic. On the one hand, the company introduced Singapore's logistics real estate giant ProLogis as the company's second largest shareholder, holding 15.39%, ProLogis has 42 million square meters of logistics real estate, and has a complete logistics real estate operation chain, bringing excellent results to the company. The logistics real estate development and management experience will also cooperate in Chongqing, Yangzhou and Zhengzhou to record a total of 3.552 million square meters of logistics real estate; on the other hand, the company acquired a 51% stake in HenryBath & Son Limited for US$60 million and successfully obtained London. The licenses of the Gold Exchange, the Intercontinental Exchange US Futures Office and the Chicago Mercantile Exchange have also made the company the only domestic company with domestic and foreign futures licenses. In the future, if domestic and foreign futures linkages open, it will have a strong first-mover advantage.
The parent company Chengtong Group is the second batch of pilot reform of state-owned enterprises, and the reform is expected to be strong. Recently, the State-owned Assets Supervision and Administration Commission released the second batch of five state-owned enterprise reform pilot lists. The Zhengtong Group, the parent company of China Storage, is listed, which means that the reform of state-owned enterprises has gradually entered the stage of landing, which is of great significance to the pilot companies. It is expected that the future mixed reform, employee stock ownership and other policies will be the catalyst for the relevant reform of state-owned enterprises. As the first central enterprise to achieve mixed reform, China Storage Stock Co., Ltd. provides an opportunity for further deepening reform in the future, and also reduces the reform The period of running-in is considered to be the fastest and most flexible company in the reform target. On the one hand, it is expected that the improvement of incentive mechanism is expected to enhance the vitality of central enterprises and stimulate the use efficiency of high-quality logistics real estate resources. On the other hand, as one of the central enterprises' integration platforms, Chengtong Group is expected to bring logistics and warehousing related resources acquisition projects to China Storage. The company's business development.
Design shares: endogenous extension accelerates growth, designing dark horses to come out
Source: Huatai Securities
Jiangsu's only comprehensive engineering design level A qualification (highest level), both internal and external accelerated growth: the company's traditional core business is traffic construction engineering survey and design consulting business, after the system reform, the company's business gradually extended upstream to planning research, extending downstream to engineering Supervision and project management. The company has the highest level of engineering design qualification - engineering design comprehensive grade A qualification, is the first design unit in Jiangsu Province to obtain this qualification, and is the only private enterprise among the two transportation design enterprises in the country. The company is currently actively exploring new businesses such as rail transit, railway and pipe network and accelerating the pace of M&A. In 2015, it acquired Ningxia Highway Institute and acquired Yangzhou Survey and Design Institute in 2016. In the future, it will further accelerate multi-disciplinary, full-industry chain and nationalization. layout.
New business such as rail transit/railway/municipal/conduit/UAV is growing rapidly, and PPP/EPC boosts the scale: the company's revenue growth rate has stabilized at around 10% in the past three years, and its main business income in 2015 was 1.4 billion. yuan. In the past three years, more than 60% of the company's revenue comes from Jiangsu Province. In the province, the investment in rail transportation will be 150 billion yuan in the next 3-5 years, and the investment in pan-transport PPP projects will be nearly 200 billion yuan. The company has outstanding competitive advantages in the field of rail transit design and has participated in almost all related projects in Jiangsu Province. Established Jiangsu Railway Design Institute, made a major breakthrough in high-speed rail design, and jointly won the bid for the Nanjing-Changzhou section of the South Yanjiang Line. In terms of integrated pipe corridors, it has won several bids such as Huiming Road in Shijiazhuang (investment of 1.8 billion yuan) and Jidong New City (investment of 300 million yuan). Established a joint venture with Nanjing University of Aeronautics and Astronautics to provide a drone intelligent solution. Promote the transformation of business models such as PPP/EPC, establish a PPP research center, and successfully operate the first consulting project. If there is a breakthrough in engineering projects, it will rapidly increase the scale of revenue.
Mergers and acquisitions are the inevitable path for the integration of the design industry. The benchmark AECOM and Sujiao 300284, the stock, the company's expansion and expansion of the greater engineering design industry is extremely low concentration, the industry is in the integration stage, the traditional institutional design of the design institute is gradually encountering bottlenecks. The old generation design institute urgently seeks the exit route of the capital market, so the company's outreach merger is feasible and inevitable. Comparable in the past few years, the company has accelerated its geographical and business expansion through mergers and acquisitions, and its revenue and valuation have improved significantly. The company is equivalent to Sujiao in terms of business qualification. The qualification of exploration design and planning research is better than that of Sujiao. Although the M&A business is in its infancy, it is higher than the initial starting point of Sujiao. In the future, it will benefit from the performance and valuation flexibility of outsourcing. Bigger. As the company's current market environment and development stage are similar to the initial stage of the Sujiao listing, or will replicate the development path of the Sujiao Branch, and firmly optimistic about the company's extension logic.
At present, the company's shareholding is relatively scattered, and the company's corporate governance structure is expected to improve in the future: At present, the company's total share capital of A shares is 208 million shares, of which 126 million shares are tradable, accounting for 60.58%. The largest shareholder of Zhongke Huitong holds only 5.43%. The company's shareholding structure is scattered and there is no actual controller. Considering the current market effect of Vanke and the CSRC's focus on equity-distributed companies, the company believes that the company has the incentive to concentrate its equity through further capital operations and optimize governance.
Song Lisi (603808): The brand matrix has become more and more popular, and the fashion group has emerged.
Source: CITIC Securities
Consumerization is personalized and operational grouping. Nowadays, after 80/90, it has gradually become a new generation of fashion. They are fashion trends that pursue individuality and quality. In recent years, the new and distinctive brand has risen against the trend (Gentle Monster/Philipp Plein/Thom Browne, etc.), and the classic brand of design innovation reproduces the vitality (FENDI Little Devil/GUCCI Bacchus/MOSCHINO Super Mario Explosion, etc.) Interpretation of the new trend of personalized consumption. Taking this as a background to see brand operation, single-brand (especially trend brand) operations are more volatile. Group-based diversification can spread single-brand volatility and capture consumer's individualized demand. It is a more effective and more suitable brand operation model. If a multi-faceted collaboration such as channel/marketing/supply chain can be formed, the group's operational effectiveness will be greater.
It is in the upward cycle and the performance is ready to go. The brands acquired by the company are in the rising cycle of operation: 1.Ed Hardy brand has distinct personality (Hutou/Tattoo/Embroidery), which meets the demands of fashion consumption. In 2016, it has sold brilliantly and achieved a net profit of about 50 million yuan. More than expected; EdHardy Skinwear will enter a period of rapid expansion in 2017, Baby Hardy is expected to launch, and is expected to contribute a net profit of approximately 8,000/100,000 yuan in 2016/2017. 2. IRO develops domestic territory, and overseas growth is worth looking forward to. 3.Laurèl opened the rebranding of the Chinese market, and the store expansion has steadily advanced (seven open stores have been opened), and it is expected to break even in 2017. At the same time, the main brand Ge Lisi 603808, the stock is solid, in 2016, although the growth is hindered by the continued sluggish consumption, but the terminal sales rate is still high (about 70%), the channel operation is good, the 2016 revenue is expected It has declined, and it is expected to resume growth in 2017. The comprehensive forecasting company expects to achieve a performance of 260 million yuan in 2017, an increase of 47%; multi-brand landing will hope to bring sustained growth.
Earnings forecast, valuation and investment rating. Under the new trend of fashionable personalized consumption, the company's group strategy promotes high efficiency, brand positioning is accurate and is in a fast growth cycle, and the short-term growth of performance, long expectations to promote the company to become China's leading fashion group. Considering the operation of the main brand and the growth of multi-brand performance, it is estimated that the net profit for 2016 will be 177 million yuan, corresponding to EPS of 0.71 yuan (excluding the promissory performance of the consolidated time of about 228 million yuan, corresponding to EPS 0.92 yuan), up 2017/ The EPS forecast for 2018 is 1.05/1.22 yuan (originally predicted to be 0.92/1.01 yuan). Combined with DCF and relative valuation method, the company's reasonable price is 35.21 yuan, corresponding to 2016/2017 PE38/34 times (refer to the pro forma performance), the first "Buy" rating.
Hekang frequency conversion: powertrain and truck pile operation are gradually perfecting
Come with: Huajin Securities
Deeply cultivated new energy car powertrain business, coordinated development of vehicle pile operation: In the field of new energy vehicles, the company uses the intelligent charging network and car rental network as a platform to build the Hekang new energy vehicle ecosystem. Relying on the advantages of Hekang Powerful Vehicle Controller, it has entered the mainstream bus factory and currently has high-quality customers such as Zhongtong, Beiqi Foton, Shuchi and Jinlong. In addition, the company has entered the field of new energy car rental. At present, there are about 300 electric cars in Wuhan, mainly passenger cars, and about 500 cars in Beijing, mainly bus. The 2000 logistics vehicles signed by Wuhan Chang are expected to pick up the vehicles before the end of 2017. In 2015, the company achieved a main business income of 808 million yuan and a net profit of 5,192,430 yuan. Among them, the new energy vehicle assembly and operating industry contributed a profit of 30.01%. In the first quarter, the new energy vehicle assembly and operating orders reached 154 million yuan, a year-on-year increase of 217 times, the future new energy vehicle industry chain will gradually become the company's core business, contributing more profits to the company.
Energy-saving equipment manufacturing, photovoltaic and environmental protection business grew steadily, and more flowers: In the traditional business, the company gradually formed a full range of inverter products including high, medium and low voltage and explosion-proof inverters, forming a relatively complete inverter product production line. At present, the market has 10,000 sets of high-voltage inverters. In addition, the company cut into the photovoltaic industry. At present, the 40MW photovoltaic power station project invested and constructed by Yuping Huitong has been completed, and the grid power generation can be realized. At the end of 15th, the company issued shares to collect 100% equity of Huatai Runda, expanding the field of energy conservation and environmental protection. Huatai Runda promised to achieve a net profit of 246 million yuan and 56 million yuan respectively after 16 years and 17 years. The company expects Huatai Runda to achieve a profit of 50 million this year. As a long-term policy of the country, the company is expected to usher in new growth after this round of industry screening.
Yawei shares: share shares with high technology, strengthen the layout of automotive laser business
Source: Ping An Securities
Matters: The company announced that it intends to jointly invest with Suzhou Qingyan Automobile Industry Venture Capital Enterprise, and participate in the same high-level advanced manufacturing technology (Taicang) Co., Ltd., in which the company invested 8 million yuan with its own funds, accounting for 10% of the same high technology. Equity; Suzhou Qingyan invested 8 million yuan, accounting for 10% of the shares of high technology.
Ping An's point of view: Participate in the same high-tech and strengthen the layout of the automotive laser business. The same high-tech mainly provides complete sets of laser welding system production lines for automobile manufacturers. The main products include high-precision sheet metal laser welding workstations, flexible laser/cutting welding systems for automotive parts, and heavy-duty industrial laser hybrid welding robots 300024. High-power high-power laser hybrid welding robot system. With the high-tech performance commitment to achieve a net profit of 8 million, 11 million yuan in 2016-2017.
The layout of the company's automotive industry chain will be further improved. The company's participation in high technology will help seize the opportunity of transformation and upgrading of the automobile industry, enrich the product line of the laser and robot business, enter the field of automobile vehicles, expand market share and influence in the automotive industry, and form a synergistic collection of multi-service platforms. exhibition.
The strategic layout promotes transformation and upgrading, and endogenous and extensional synergies are collected. The company's strategic positioning is based on sheet metal forming high-end, intelligent host and automated complete system business, with the advantage of capital market, through investment and other means to collect other high-end intelligent equipment, emerging industries. At the end of 2015, the company's monetary capital assets amounted to about 700 million yuan. He participated in the investment in Suzhou Qingyan Automobile Venture Capital Investment Co., Ltd., and cooperated with Hejun Yuying Assets to expand the expansion space.
Earnings forecast and investment suggestion: The company's traditional machine tool business is expected to maintain a stable exhibition, and new businesses such as robotics and automation, laser equipment are in a fast-reaching period. It is estimated that the company's net profit for 2016~2018 is 0.83 billion yuan, 97 million yuan, 114 million yuan, EPS is 0.22 yuan, 0.26 yuan, 0.31 yuan, and it is expected that the performance will maintain steady and rapid growth in the next three years. The company has transformed into high-end equipment such as automation and intelligence, and there is still room for extension and exhibition, maintaining the “recommended†rating.
Boschke (300422): Full coverage of environmental protection platform, soaring is just around the corner
Source: Huachuang Securities
Committed to building environmental protection industry chain service providers.
The company has continuously signed large orders, enhanced the company's comprehensive competitiveness and sustainable profitability in the environmental protection industry, enriched the company's on-hand orders, and further enhanced the company's water pollution control, water investment operations, urban water supply and drainage integration, The industry market position in the field of solid waste disposal has accumulated experience for the company to accelerate the landing and operation of PPP projects, and its acquisition of Guangxi Academy of Environmental Sciences has comprehensively enhanced the core competitive advantages of the company's environmental protection industry chain.
Grab the field of soil remediation, and force the Hechi heavy metal processing market.
Soil restoration benefits "Ten Shi": "Ten Shi" officially landed this year. Guangxi, Hunan and other places as a major province of China's rare earth mineral resources, also left more pollution problems, Guangxi Hechi, Hunan Zhuzhou Qingshuitang and other places are included in one of the country's six soil treatment demonstration areas. The company cooperates with relevant universities and enterprises, actively relies on its own technical reserves and related performances, and actively carries out the layout and expansion of heavy metal pollution control. It has project experience in Hechi in Guangxi and Qingshuitan in Hunan. The technology has been verified. The company relies on PPP. The future of the model will greatly benefit from the rise of heavy metal treatment and environmental remediation markets in Guangxi.
Investment suggestion: The company's front-end control of chlorine dioxide preparation system sales is expected to move forward steadily. The annual industrial water treatment related orders are expected to reach more than 1 billion, and the municipal environmental protection PPP project is actively deployed. The company is based in Guangxi Province and Hunan Province, where sewage treatment and soil pollution are severely affected. It is expected to benefit from the municipal sewage treatment, soil remediation and heavy metal pollution control market. This year, the soil remediation and PPP orders have successively indicated that the company's pre-layout layout has officially entered the harvest period. Coupled with the synergy brought by the layout EIA business, it is expected that the annual order will continue to double. It is estimated that the company's net profit in 16-17 years is 0.68 billion yuan, 124 million yuan, EPS is 0.53, 0.98, corresponding to PE 63 times, 34 times, the first coverage, giving a recommendation rating.
Hals: Management improvement, year-round performance growth without worry
Source: Guojin Securities
In the first half of 2016, the company realized operating income, operating profit and net profit attributable to shareholders of listed companies of 523 million yuan, 37.476 million yuan and 31.384 million yuan, an increase of 55.16%, 105.27% and 118.94% respectively. Achieving a fully diluted EPS of 0.12 yuan / share, in line with expectations. The company's allocation plan for the first half of 2016 is to transfer 0.5 yuan (including tax) for every 10 shares.
Business analysis: management improvement, gross profit improvement. In order to realize the "three four five" development strategy and enhance its core competitiveness, the company continued to promote the reform of the management model. Through continuous introduction of lean production concepts, the company can be further optimized and improved in terms of production efficiency, quality management level and internal processes of the company, thereby effectively controlling costs and raising the level of gross profit margin. The improvement of quality management and the improvement of production and sales services also led to the unexpected growth of the company's international business. In the future, as the company's management reform process continues to deepen, the company's overall profitability and core competitiveness will continue to increase.
Hangzhou Hals 002615, the stock bar business is expected to achieve a turnaround in 2016, the second half of the SIGG business will accelerate the integration and gradually start the Chinese market business, while combining the best selling of Disney products, optimistic about the company's long-term profit and market value growth space. Maintain the company's 2016-2018 EPS to 0.27/0.35/0.45 yuan/share (three-year CAGR49.5%), corresponding to PE's 67/52/40 times, maintaining the company's "overweight" rating.
Hengtong Optoelectronics: Elephants dance, the performance of optical communication leader continues to shine
Source: Guotai Junan
Maintain "overweight" with a target price of 20.22 yuan. The company announced that its 2016H1 performance will increase by 150-200%, exceeding market expectations, indicating that the company still has the potential for sustained high growth in the optical communications industry. It is believed that the big logic of the surge in Internet traffic demand and the explosive growth of Internet infrastructure in the next two years will still be established. The company's performance is expected to continue to rise, and the company's 2016-2018 EPS forecast will be raised to 0.82 (+30%)/1.03 (+33%). /1.15 (+28%) yuan, maintaining the target price of 20.22 yuan, corresponding to only 20 times PE in 2017.
Endogenous and extension are the mainstays, and the performance in the first half of the year has grown rapidly. The company expects net profit for the first half of the year to reach 350 million yuan to 420 million yuan, a year-on-year increase of 150-200%. The reason is: business profit of communication network products, marine engineering products and services continued to increase substantially; acquisition of big data analysis and network security company excellent Network technology, communication network design and engineering services company Telecom Guomai, power design and engineering services company Wanshan Power, performance consolidated. It is estimated that the net profit contributed by 2016H1 Youwang Technology (51% of listed companies) will be about 10.2 million yuan; Telecom Guomai (holding 51.9%) will contribute 23.35 million yuan; Wanshan Power (51%) will contribute 9.18 million yuan, so the extension The total increase is no more than 43 million yuan, corresponding to a growth rate of less than 31%, while the remaining 120-170% growth rate comes from endogenous business growth.
The high-definition optical communication is expected to maintain, layout big data and network security plus code value-added services. It is expected that under the background of continuous traffic surge and 5G gradual arrival, optical communication will maintain a high business climate as the network infrastructure; the company will gradually add value-added services such as big data analysis and network security, paving the way for future transformation and upgrading, and is expected to open. Manufacturing "ceiling".
Longma sanitation: equipment large single strength, high-end equipment + high-end sanitation service dual engine
Source: CITIC Jiantou
The company announced that it won the bid for the municipal sanitation equipment procurement project in Bayannaoer, Inner Mongolia: The company announced on July 18 that it won the bid for the clean and hygienic vehicle procurement project of Bayannaoer Municipal Environmental Development Co., Ltd., with a winning bid of 88.9 million yuan.
The order amount accounts for 9% of the environmental protection equipment revenue for 15 years, and the continuous expansion can be expected: the project is the largest purchase amount of the company in the field of environmental sanitation equipment, accounting for 5.8% of the company's operating income in 2015, accounting for the company's environmental sanitation and cleaning equipment revenue in 2015. 9.04%. Longma Sanitation 603686, one of the major suppliers of professional sanitation equipment in China, provides integrated environmental sanitation solutions. The products are mainly located in the middle and high-end sanitation equipment, and the quality level is in the leading position of similar products in China. It is the leading enterprise in the sanitation equipment industry. . The compound growth rate of the company's production in 2011-2015 is as high as 31%, the capacity utilization rate is over 100%, and the average production and sales rate is as high as 96%. In 2015, the company ranked in the top three in the environmental sanitation equipment industry, with a total market share of 6.83%, a significant increase from the market share of 4.54% in 2014. The winning bidding project is large in size and fully reflects the company's strength in the field of high-end sanitation equipment. It is expected that the company may continue to expand orders in Inner Mongolia and other regions in the future.
Longyan promotes the integration of sanitation services and benefits from leading enterprises: On July 1, Longyan Mayor Chi Qiu Na proposed the integration of sanitation and cleaning services in the central city and the implementation of the “Internet +†action plan. The meeting pointed out that accelerating the integration of sanitation and cleaning services in the central area of ​​Longyan is an important part of the supply-side structural reform of the city. To cultivate the leader. Focusing on the development of industrial coupling, supporting and promoting enterprises to cultivate new models, expand new markets, and continuously enhance the leading role of leading enterprises. To guide the promotion. Increase publicity and guidance, strengthen demonstrations, and promote the integration of sanitation and cleaning services to counties, townships, and villages. As the leading local sanitation leader of Longyan, the company's follow-up business expansion is worth looking forward to.
Be the first to create a large-scale sanitation integrated PPP project model: the company put forward a new strategy of “environmental sanitation equipment + service†in 2015, and is committed to becoming the “leader of overall environmental sanitation solutionâ€. The company has recently won two consecutive environmental protection integrated PPP projects. They are the 233 million yuan project in Longhua District of Haikou and the 145 million yuan project in Weinan District of Shenyang, opening the road for development of the new strategy. The company won two bids for two sanitation projects in three months. The total annual turnover accounted for 25% of the company's revenue in 2015, reflecting the company's advantages in expanding the sanitation equipment + service market. Both projects are currently in operation. The environmental protection equipment industry has high barriers to entry. The advantage of Longma Sanitation's expansion of PPP project lies in its high-end sanitation equipment support. It is more flexible than the state-owned enterprise mechanism, and has stronger capital strength than other private enterprises, and has more experience in entering the field earlier.
(Editor: Wang Haochen HF068)Paper Hook,Paper Hook Hangers
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