After the festival, the popularity of institutional research dropped sharply, and less than 80 companies in Shanghai and Shenzhen disclosed the records of investor relations activities. Among them, Beijing Supermap Software Co.Ltd(300036) has attracted the most attention, with 289 institutions participating in the research.
after the festival, the popularity of institutional research decreased
In the first trading week of the year of the tiger (February 7-11), the institutional research heat plummeted, and less than 80 companies in Shanghai and Shenzhen disclosed the records of investor relations activities. Basically in line with the pace of the market, the surveyed stocks rose more or fell less as a whole. Nearly 70% of the stock price rose one week after the festival, but the differentiation was significant.
In the institutional research list, a total of 22 companies were investigated by more than 20 institutions. Beijing Supermap Software Co.Ltd(300036) received the most attention, with 289 institutions participating in the research; Huadong Medicine Co.Ltd(000963) was surveyed by 243 institutions, ranking second in the list; Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Syoung Group Co.Ltd(300740) and others were investigated by 202 and 139 institutions respectively. In terms of the number of institutional research, Guangdong Haomei New Materials Co.Ltd(002988) institutional research is the most intensive, with a total of 3 investigations. The research of Shenzhen Guohua Network Security Technology Co.Ltd(000004) , Guangdong Chj Industry Co.Ltd(002345) and other institutions is also intensive, and they have been investigated twice by institutions. In addition, institutional investors paid attention to Shenzhen Emperor Technology Company Limited(300546) , Hunan Goke Microelectronics Co.Ltd(300672) and other companies with large stock price fluctuations.
On February 10, 20 institutions including Cinda Australia Bank and CAITONG fund conducted a telephone survey on digital currency concept stocks Shenzhen Emperor Technology Company Limited(300546) . Recently, the market has paid great attention to the digital currency track. On February 9, the four ministries and commissions jointly issued the 14th five year plan for the development of financial standardization. Boosted by the implementation of the financial standardization plan, the digital currency concept sector strengthened. Shenzhen Emperor Technology Company Limited(300546) last week, the share price soared by nearly 54% to 39.08 yuan / share, and the current market value is about 5.3 billion yuan.
The main business of Shenzhen Emperor Technology Company Limited(300546) is mainly divided into two directions: smart government and smart bus. In early January this year, the company said in the interactive easy response to investor inquiries that the company has been actively studying digital currency technology and participating in the pilot work of digital RMB. The company's terminal products can support the use of digital RMB in bus, subway and other application scenarios. Since the beginning of the year, Shenzhen Emperor Technology Company Limited(300546) share price has doubled, with a cumulative increase of about 120%.
However, in the latest research activities, Shenzhen Emperor Technology Company Limited(300546) did not disclose the relevant business progress in detail. The company said that the application scenario of digital RMB business in the field of bus payment will answer the relevant questions in detail in the reply to the attention letter of Shenzhen Stock Exchange.
On February 7, the chip leading Hunan Goke Microelectronics Co.Ltd(300672) reception organization replied to some of the problems that the market paid more attention to. On the rumors of R & D personnel leaving, Hunan Goke Microelectronics Co.Ltd(300672) said that there was no significant loss of R & D personnel, especially the technical backbone was relatively stable. Since its listing, the company has implemented two rounds of restricted stock incentive plan. The scale of the second round of incentive plan has doubled compared with the first round, and the incentive effect is good.
According to the performance forecast of 2021, Hunan Goke Microelectronics Co.Ltd(300672) the fourth quarter net profit fell month on month compared with the third quarter. The organic organization asked whether there were differences with the market. In response to this, Hunan Goke Microelectronics Co.Ltd(300672) reported a large increase in operating performance in 2021, which is being further sorted and analyzed internally. Product delivery and upstream and downstream linkage are determined by the company's business model. Up to now, the cooperation at the production and manufacturing end is normal and has not been materially affected.
Among the 300036 {companies surveyed in the week, the most popular ones are}. On February 9 and 10, 278 institutions including Gaoyi assets, Harvest Fund, China International Capital Corporation Limited(601995) and ICBC Credit Suisse investigated Beijing Supermap Software Co.Ltd(300036) . Beijing Supermap Software Co.Ltd(300036) revealed the progress of metauniverse in the research. The company said that it had corresponding product planning and application scenario planning. At present, these products and tools supporting or supporting metauniverse are under research and development, and some products will be released successively this year. In addition, this year won the bid for a meta universe project - Fuxia airport VR project.
institutional research trace
Xi'An Manareco New Materials Co.Ltd(688550) : optimistic about VC and FEC projects
research organization: combined with the natural growth of the industry and the increase of the company's market share, is it expected that LCD will have double-digit growth next year?
Xi'An Manareco New Materials Co.Ltd(688550) : the company's LCD sector grew rapidly last year. We expect that this year's growth may not be as good as last year. This judgment is based on two points: first, the size of LCD panel has a certain natural growth every year; second, with the increasing market share of Chinese LCD panel manufacturers, there are more and more domestic purchases of mixed crystals, The company is the core supplier of three major mixed crystal manufacturers in China. These two points will bring some growth to the company's LCD sector, but I don't think it can reach more than double digits.
research organization: is there price pressure on the LCD sector in the future?
Xi'An Manareco New Materials Co.Ltd(688550) : the price of basic chemical raw materials rose sharply last year. Since the fourth quarter, there has been a single discussion on the sale of products and customers greatly affected by the price rise of raw materials. At present, the gross profit margin of our LCD products is not high, and there is no room for price reduction.
research organization: will OLED grow at a high speed from the industry level?
Xi'An Manareco New Materials Co.Ltd(688550) : the company is optimistic about the growth of OLED business. First, due to the growth of the industry, with the growth of OLED panel shipping area, the company's products have a relatively optimistic growth; Second, the company's unique deuterated blue light products are growing more rapidly, and the green deuterated materials have been verified by customers.
research organization: which is the largest OLED customer in China?
Xi'An Manareco New Materials Co.Ltd(688550) : at present, China's OLED material industry is still in its infancy, and our procurement volume is not large.
research organization: how about the reserves of pharmaceutical pipelines?
answer: by the end of September, the company had 92 pipelines. There are 30 commercial pipelines, 15 in clinical phase III and post clinical, 13 in clinical phase II, and 33 in clinical phase I and pre clinical. At present, there is still an increase. From the indications of corresponding drugs, there are lung cancer, diabetes, uterine fibroids, antibacterial, gout and so on.
research organization: what are the products that can be shipped in the future in the commercial pipeline?
Xi'An Manareco New Materials Co.Ltd(688550) : two in the short term. One is the intermediate used with pa0045 in the new dosage form of alentinib. The ratio of pa0045 to pa0045 is 0.8:1. It has been verified at present and is expected to pass the verification in the second half of this year. Another is the oral drug of Jusheng pharmaceutical for the treatment of hysteromyoma, which was previously the order of clinical and pilot validation batches. It has applied to the FDA for certification in September last year. If the certification in Europe and America is passed and listed in the second half of this year, there will be production orders.
Through consulting materials and communicating with insiders, I think the effect of this drug is still good.
research organization: will the pattern of suppliers change for large-scale products?
Xi'An Manareco New Materials Co.Ltd(688550) : from the perspective of supply system security, it is normal for a new drug to introduce secondary supply after listing, but it will lag for a period of time. For example, pa0045 was independently supplied by the company when it was listed in 2015, and the second supply was introduced in 2020. At present, the second supply accounts for a small proportion.
research organization: what are the main promising new businesses of the company in the next 2 or 3 years?
Xi'An Manareco New Materials Co.Ltd(688550) : one is VC and FEC projects. At present, the products of the laboratory are compared with similar products in the market. All indicators meet the requirements, and the quality and cost have certain advantages. The company believes that after the formal production in the second half of this year, the performance should be good in 2023. Another is the company's API project. According to the company's project plan, the workshop construction will be completed in the middle of this year, the hardware will meet the requirements of trial production, and the relevant system will be built. We will strive to obtain the pharmaceutical production license through the validation batch in the second half of the year, and apply for GMP certification in 2023. This certification process will take about one and a half years. Some customers have communicated that they want to transfer some API production lines to the company, and the company will also apply for FDA certification at the same time. The certification time will be much shorter than that of GMP.
Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) : plan and develop power distribution, comprehensive energy and new energy business
research organization : if the Three Gorges group mainly purchases the company's shares through the secondary market to become a major shareholder, what is the positioning of the company in the Three Gorges group?
Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) : the company's strategic positioning in the Three Gorges group is "the only listing platform for the subordinates of the Three Gorges group whose main business is power distribution". According to the clean energy development strategy of the Three Gorges group and the development orientation of the company, the company has formulated the "14th five year plan" development plan and defined the industrial directions of power distribution, comprehensive energy and new energy.
research organization: Why did the acquisition of united energy and Changxing Power have a high premium?
Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) : the company completed a major asset restructuring in 2020 and acquired the controlling stake of united energy and 100% equity of Changxing Power. According to the asset appraisal report issued by the appraisal company, the total equity value of United Energy shareholders is 6312.65 million yuan and the appreciation rate is 9.28%; According to the asset-based method, the total asset appraisal value of Changxing Power is 1285.515 million yuan, with a value-added rate of 12.49%.
research organization: the historical origin, next planning and current operation of the company's Electrolytic Manganese business? How many assets and liabilities does this sector currently account for?
Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) : the company completed a major asset restructuring in 2020 and acquired the controlling stake of united energy and 100% equity of Changxing Power. Manganese ore mining and electrolytic manganese production, processing and sales business are from the manganese industry sector under Wujiang Industrial Company, which belongs to the restructuring target united energy. At present, Chongqing Wuling Manganese Industry Co., Ltd., a subsidiary of the company, has applied for shutdown and withdrawal due to local policy reasons. The production and operation of 80000 tons of electrolytic manganese in phase I of Guizhou Wuling Manganese Industry Co., Ltd. is normal. In the first half of 2021, the output of electrolytic manganese will reach 43700 tons. The volume of electrolytic manganese business segment is small, and the total assets and liabilities account for a small proportion of the overall scale of the company.
research organization: the company's future proposed projects, development direction and capital arrangement?
Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) : during the 14th Five Year Plan period, the company will plan and develop power distribution, comprehensive energy and new energy businesses with high quality under the guidance of "double carbon" and "double control" and in accordance with the general idea of "consolidating the basic market and expanding new space". First, deep cultivation, extensive expansion and large-scale development of power distribution business. The company will unswervingly implement the major decisions and arrangements of the state on deepening the reform of the power system, actively expand the power distribution business, and promote the high-quality development of the main business of power distribution with the focus on deepening the stock business operation, expanding the industrial scale and breaking through the market area; Second, highlight advantages and expand comprehensive energy business with characteristics. The company will concentrate advantageous resources to build a comprehensive energy development platform, focus on deep market exploration, demonstration and characteristic development, and expand the comprehensive energy industry in the advantageous segments of the company's power supply area, market-oriented power sales area, coastal economically developed areas and "Yangtze River Economic Belt" and other key areas; Third, precise layout, focusing on cooperating with the new energy industry of the Three Gorges group, and exploring the road of "differentiated" development of new energy business.
Research Institution: why is the current debt structure short-term?
Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) : since the company completed major asset restructuring in May 2020, the company's debt structure is formed by the history of each company before restructuring. At present, the long-term and short-term debt structure is at a reasonable level.
