In the first month of the year of the tiger, fund companies were busy with research.
Since the opening of the market after the Spring Festival holiday, fund companies have been constantly investigating listed companies and have a lot to watch. The fund company that received the most research was Luxshare Precision Industry Co.Ltd(002475) the leader of the "fruit chain" with a market value of 300 billion. Within half a month, 109 fund companies investigated the stock, and a group of top fund managers such as Fu Pengbo, Xie Zhiyu and Zhu Shaoxing appeared.
In addition to Luxshare Precision Industry Co.Ltd(002475) , Chow Tai Seng Jewellery Company Limited(002867) , Foryou Corporation(002906) , Ganyuan Foods Co.Ltd(002991) , Beijing Supermap Software Co.Ltd(300036) have also received high attention from institutions. More than 60 public offering surveys have been obtained since the year of the tiger. From the investor relations activity record released by listed companies, the recent research on public offering mainly focuses on the fields of consumption, electronics, computers and so on.
Luxshare Precision Industry Co.Ltd(002475) became a hot research
a number of public offering top streams came out together
Since February, Luxshare Precision Industry Co.Ltd(002475) has been the most popular stock in institutional research. For fund companies alone, 109 have investigated the stock in less than three weeks after the Spring Festival.
From 9 p.m. to 10:30 p.m. on February 22, Luxshare Precision Industry Co.Ltd(002475) accepted the survey of 161 institutions in the form of teleconference. Among them, there are 82 fund management companies, 27 asset management companies, 21 investment companies and 11 insurance asset management companies, including Castrol fund Guikai, Ruiyuan fund Fu Pengbo, Bank of communications Schroeder fund he Shuai, Boshi fund Xiao Ruijin and other high-profile fund managers.
In addition to public funds, private funds are also very concerned about this research. Renqiao assets, Xitai investment, yuanlesheng assets, Yingfeng capital and so on have appeared in the research list.
In this survey, Luxshare Precision Industry Co.Ltd(002475) chairman and general manager Ms. Wang Laichun explained the raising and investment project of the non-public offering plan in 2022. Wang Laichun said that the company's raised investment project involves an amount of 13.5 billion, of which 9.95 billion has planned specific projects, and 3.55 billion is used for replenishment.
In the interactive communication between the company's management and investors, in view of the difference between the automotive market and the consumer electronics market, the company responded that the safety level of automotive products may be second only to aerospace products. Unlike many consumer electronics products, the development cycle of automotive products is longer. In addition, customers in the automotive business are also more dispersed than those in consumer electronics.
Luxshare Precision Industry Co.Ltd(002475) also introduces the layout idea of precision components of the company's intelligent mobile terminal. From the overall development logic of Lixun over the years, for the production and manufacturing of precision parts and components, the company focuses more on taking the underlying technology as the support and constantly improving the processing technology, material technology and process technology, which is only the hardware level of the whole production system. With the help of intelligent manufacturing technology, we can output more business performance for the company, which is also an important means for us to maintain the long-term competitiveness of manufacturing technology and products.
In addition, the meeting also introduced the current development of the company's communication business, the explanation on the return on investment of automobile business, the prospect of the company's subsequent roe, the raised investment project of intelligent mobile terminal display module, and the background of the company's joint venture with Chery to establish ODM company.
On the research list on February 11, Fu Pengbo and GUI Kai were also impressively listed. At the same time, Zhu Shaoxing, Wang Zonghe, Xie Zhiyu, Han Chuang, fan Yan and other well-known new and old fund managers appeared on the research list. Among them, there is also a team of fund companies, with more than 15 researchers. In addition, BlackRock, UBS assets, Whitney fund and other foreign institutions also participated in the survey.
In the survey, the research parties launched questions on the relationship between Luxshare Precision Industry Co.Ltd(002475) and Chery, including the reasons and mode of choosing Chery cooperation, the main customers and market advantages of the newly established joint venture, as well as the reasons for large shareholders purchasing Chery, and subsequent arrangements.
big moves
joined hands with Chery to build cross-border cars and released a fixed increase of 10 billion
Luxshare Precision Industry Co.Ltd(002475) has recently become a hot topic in institutional research, mainly due to its continuous big moves. On February 21, Luxshare Precision Industry Co.Ltd(002475) announced the non-public offering plan for 2022. The company plans to raise no more than 13.5 billion yuan. In addition to investing in smart wearable devices and smart mobile terminals, it also involves the field of new energy vehicles and smart vehicles.
This is Luxshare Precision Industry Co.Ltd(002475) the third round of fixed increase financing since its initial listing in 2010. It is also the largest financing in the history of the company.
According to the Luxshare Precision Industry Co.Ltd(002475) announcement, after deducting the issuance expenses, the raised funds will be used for the following projects: the construction and technology upgrading project of intelligent wearable device product line (RMB 3.5 billion), the construction project of intelligent mobile terminal precision parts and components product line (RMB 2.7 billion), the construction project of new energy vehicle high-voltage connection system product line (RMB 1.5 billion) Semiconductor advanced packaging and testing product production line construction project (950 million yuan), intelligent mobile terminal display module product production line construction project (2.05 billion yuan), intelligent vehicle connection system product production line construction project (500 million yuan), and supplementary working capital (3.55 billion yuan).
Luxshare Precision Industry Co.Ltd(002475) disclosed the calculated rate of return and investment payback period of the above-mentioned major projects in the announcement. Among them, the highest rate of return is the new energy vehicle high-voltage connection system product production line construction project, with an after tax internal rate of return of 30.47%, and the after tax static investment payback period (excluding the construction period, the same below) is 4.03 years, followed by the intelligent vehicle connection system product production line construction project, with an after tax internal rate of return of 25.97%, and the after tax static investment payback period is 4.82 years.
For the purpose of this fixed increase fund-raising, Luxshare Precision Industry Co.Ltd(002475) said that there are three main considerations: first, comply with national policies and industry development trends, and improve the company's R & D strength and production capacity in downstream application fields such as consumer electronics and smart cars; Second, grasp market opportunities, enrich and expand product layout; Third, replenish working capital, optimize the company's financial situation and lay a foundation for the company's sustainable development.
With the help of OEM for apple, Luxshare Precision Industry Co.Ltd(002475) performance has risen all the way. However, the risk of the company's deep binding with apple is also more focused. After the significant decline in performance growth in 2020, the company's net profit in the first three quarters of last year almost stood still, with a year-on-year decline of 25.28% in the third quarter. From the performance of the secondary market, the data showed that as of February 23, Luxshare Precision Industry Co.Ltd(002475) had a cumulative decline of more than 12% in the year, and the latest total market value was 304.1 billion yuan.
On February 11, Luxshare Precision Industry Co.Ltd(002475) announced that the company signed the strategic cooperation framework agreement with Chery holdings, Chery shares and Chery new energy, and officially became a strategic partner.
Moreover, the controlling shareholder of Luxshare Precision Industry Co.Ltd(002475) Lixun Co., Ltd. also spent 10 billion to buy 19.88% equity of Chery holdings, 7.87% equity of Chery shares and 6.24% equity of Chery new energy from Qingdao Wudaokou new energy automobile industry fund enterprise (limited partnership), the largest shareholder of Chery holdings.
In recent research, the research parties have launched questions on the relationship between Luxshare Precision Industry Co.Ltd(002475) and Chery, including the reasons and mode of choosing Chery cooperation, the main customers and market advantages of the newly established joint venture, as well as the reasons for major shareholder's purchase of Chery, and subsequent arrangements.
The relevant person of Luxshare Precision Industry Co.Ltd(002475) explained that the company has worked deeply in the field of consumer electronics for many years, has deep industrial accumulation and ODM ability, and is familiar with the operation and management mode of ODM. Chery has rich experience in the field of traditional vehicles and has a strong technical foundation. The cooperation between the two sides is a good opportunity.
The reason for choosing to cooperate with Chery is that Chery's management and the company have the same concept and consensus on the development trend of the automobile industry. For the ODM car manufacturing business model that may be developed in the future, the two sides will have a lot of collaborative cooperation. In addition, through cooperation, it will provide cutting-edge R & D and design, mass production platform and access to the sea for Luxshare Precision Industry Co.Ltd(002475) auto core parts business, and is committed to realizing the company's medium and long-term goal of becoming a leading manufacturer of auto parts tier 1.
With regard to the return rate of the company's investment in the automotive business, Luxshare Precision Industry Co.Ltd(002475) responded that the company had invested in some automotive related products as early as 2008. From tier2 to Tier1, the company invested in the form of "bell mouth", that is, the initial investment was large, but only small output.
However, in the long run, from the calculation of the company's existing businesses and projects, the return on investment and other financial indicators of the company's Tier1 business will be better than the overall average of the company.
274 companies have received public offering research since the year of the tiger
focus on consumption, electronics, computers and other fields
According to the data, a total of 274 companies have been investigated by public funds since February 7.
In addition to Luxshare Precision Industry Co.Ltd(002475) , another listed company in the field of consumer electronics Lens Technology Co.Ltd(300433) also attracted research from many well-known institutions. Head funds such as Ruiyuan fund, Nanfang fund, Huaxia Fund and Xingquan fund were counted to the market, and well-known investment institutions such as BlackRock, Danshui spring investment and Jinglin assets also appeared in the recent research list. In terms of public offering only, Lens Technology Co.Ltd(300433) has been investigated by 71 fund companies since February.
From the research minutes disclosed by the company, the recent institutional attention to Lens Technology Co.Ltd(300433) is mainly focused on the company's opportunities in the field of new energy vehicles and smart wear.
For the layout in the two business directions, Lens Technology Co.Ltd(300433) responded that the company has confidence in the growth of new energy vehicle business and strives to achieve higher growth in 2022. At present, the main products include central control assembly, B-pillar, instrument panel, charging pile, etc. at the same time, other parts will be developed.
In view of the company's smart watches, AR / VR progress and new product development in smart wear, Lens Technology Co.Ltd(300433) introduced that the company continues to participate in smart watches and AR / VR projects of various customers, and the sales volume of customers' smart wear products is expected to increase significantly in 2022.
The company's main products are ceramics, sapphire, glass structural parts and optical parts, metal, plastic and other material structural parts. In terms of AR business, glass lenses are very difficult and challenging, and have higher value. The demand for smart watches will increase. The company needs to expand production capacity in advance and strive to achieve higher growth in smart wear business in 2022 than in 2021.
Chow Tai Seng Jewellery Company Limited(002867) , Foryou Corporation(002906) , Beijing Supermap Software Co.Ltd(300036) , Ganyuan Foods Co.Ltd(002991) were investigated by more than 60 fund companies; Dongguan Yiheda Automation Co.Ltd(301029) , Iflytek Co.Ltd(002230) , China National Gold Group Gold Jewellery Co.Ltd(600916) , Glodon Company Limited(002410) , Guangdong Chj Industry Co.Ltd(002345) , Huadong Medicine Co.Ltd(000963) , Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) also attracted much attention in February, and were investigated by more than 40 fund companies. Overall, the research of public offering institutions mainly focuses on the fields of electronics, computers, medicine and biology.
It is worth mentioning that Chow Tai Seng Jewellery Company Limited(002867) , Guangdong Chj Industry Co.Ltd(002345) companies mainly engaged in gold jewelry have received more research. In the investigation of Chow Tai Seng Jewellery Company Limited(002867) , the issues concerned by the organization include the growth of consumers' demand for high-quality gold in recent years, the current channels for franchisees to purchase gold, the criteria for selecting provincial agents, the construction of diamond distribution model, etc. In the investigation of Guangdong Chj Industry Co.Ltd(002345) , the concerns of institutions are also relatively similar.
An organization asked, "the demand for gold products has been booming in the past two years. Do you think it is mainly due to the increase in the demand for investment attributes, or the more increase in the demand for consumption pleasing attributes after product innovation? How do you see the later trend?"
Guangdong Chj Industry Co.Ltd(002345) relevant people said that this is not easy to judge, but in recent years, due to the fashion sense of ancient gold and 5g gold technology, it has also driven the growth of gold sales, which is more obvious. Many consumers are willing to wear when they buy enough gold, which is different from the previous gold craze of hoarding without wearing. The driving force of consumer demand is still obvious, but there should also be a certain demand for investment attributes.
"We believe that the subsequent gold boom should continue for some time, and we will continue to pay attention to it, especially the R & D and investment of products with a strong sense of fashion such as 5g, Gufa gold and IP products. On the basis of not affecting the brand's fashion positioning, we will appropriately increase the investment and sales proportion of gold products." These people responded.
China Europe Fund believes that the recent market decline has released the risk of A-share valuation differentiation, and A-share has gradually emerged the opportunity of reallocation. In the financial industry which is more sensitive to the theme of economic stabilization, the recent excess returns in banking, insurance and other related fields are significant. It is suggested to pay attention to the investment opportunities under the main line of China's steady economic growth, It mainly refers to the areas with large incremental elasticity in the infrastructure investment related to steady growth, especially the energy infrastructure and new energy power operators involved in the dual carbon field; Industries with strong profitability and valuation flexibility, such as Baijiu, household appliances and service consumption, are available in alternative consumption.
