Gold stock portfolio in February 2022
1. Guangdong Aofei Data Technology Co.Ltd(300738) (300738. SZ): Data Center Industry
Reasons for recommendation
1) the shelf rate of stock cabinets continued to increase, the gross profit margin remained stable, and the overall shelf rate of stock data centers exceeded 73%. Net profit increased significantly.
2) the cabinet scale continues to expand, the EBITDA increases steadily, and the number of cabinets will increase in the future.
3) liquidity easing expectation is conducive to the improvement of IDC valuation.
Risk tips
Systemic risk, liquidity risk, and the risk that the delivery and launch of new projects are not as expected.
Recommended by sun Shuming
2. Boe Technology Group Co.Ltd(000725) (000725. SZ): optical optoelectronic industry
Reasons for recommendation
1) the performance forecast released that the net profit attributable to parent company / deducted non net profit of Q4 in a single quarter was 5.8/5.3 billion respectively. Combined with the prediction that the panel price Q1 bottomed out and Q2 began to reverse, it is estimated that BOE’s annual performance in 2022 is more than 20 billion, corresponding to only 9 times of the current market value.
2) in terms of demand, the global demand for TV panels declined slightly in 2021. It is expected to return to the level of previous years in 2022 with the decline of panel prices, smooth logistics channels and ease of core shortage; In terms of supply, the leading pattern of BOE and TCL has been established, and the leading can respond to the changes of market supply and demand by adjusting the pace of production expansion. Samsung has determined to withdraw from the LCD technology path, and the supply side has been transferred to China’s leading for a long time.
3) from the perspective of technology path, the mainstream technology of large-size panel is still LCD, the yield cost of OLED limited process is still high, and it is predicted that LCD will still be the most mainstream technology within 5-8 years. At the same time, miniled new technology is also a strong supplement to LCD, making up for the competitiveness of LCD in high-end applications. As a display leader, BOE ranks first in LCD production capacity in the world, and OLED is second only to Samsung and LG. Miniled, microled and other technologies have layout, and its leading position is stable.
Risk tips
The ramp up of production capacity is less than expected; The downstream market demand is lower than expected; Increased competition led to a decline in the price of products.
Recommended by: Wang Ye
3. Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760. SZ): medical device industry
Reasons for recommendation
1) multi category, multi market and multi-level comprehensive instrument leaders will continue to maintain relatively stable growth and adjust to the bottom range of multi-year valuation, benefiting from the construction of public health system.
Risk tips
Risk of centralized purchase exceeding expectations; Risk of recurrent outbreaks; Overseas expansion risk; Risk of failure in research and development of new products.
Recommended by: Zheng Wei
