Overview of performance forecast: most companies have achieved rapid growth in performance, and the manufacturing sector is relatively better. Recently, many companies have issued performance forecasts. Most A-share and Hong Kong stock companies have achieved significant growth in performance, some brand enterprises have suffered losses or negative growth in performance, and the overall performance of manufacturing companies is better.
Expectation of key companies: most companies have achieved excellent growth, and some companies have declined in the second half of the year. From 2021, the annual performance of most key companies is bright, mostly exceeding the level before the epidemic. A shares in the fourth quarter of 2021, most companies achieved performance growth, while the performance of some brand enterprises declined under the pressure of epidemic and consumption environment; In the second half of 2021, the performance of most companies in Hong Kong stocks increased, and the companies with declining performance were mostly channel providers, brand companies and some manufacturing enterprises affected by the epidemic.
Detailed explanation of key companies: business improvement, stable fundamentals, endogenous driven growth, strong overall growth of sports brands, Anta performance forecast in line with expectations, Li Ning's outstanding growth, and special step performance forecast in line with expectations; The sales of sports brand retailers taobo and Baosheng have declined recently under the pressure of the external environment; Shenzhou International, the leader of sports OEM, was affected by the epidemic in Vietnam. Its production capacity was Huali Industrial Group Company Limited(300979) strong orders and excellent performance; The performance of Tianhong textile and Bros Eastern Co.Ltd(601339) benefiting from the rise of cotton price increased significantly; The performance of Zhe Jiang Taihua New Material Co.Ltd(603055) , Zhejiang Weixing Industrial Development Co.Ltd(002003) is growing rapidly; Zhejiang Semir Garment Co.Ltd(002563) , Hla Group Corp.Ltd(600398) , Biem.L.Fdlkk Garment Co.Ltd(002832) , Dazzle Fashion Co.Ltd(603587) and Jiangnan Buyi continue to focus on endogenous growth power, with sufficient long-term growth; Anhui Korrun Co.Ltd(300577) short term performance was slightly lower than expected due to the impact of the epidemic; The performance of Winner Medical Co.Ltd(300888) and Ningbo Peacebird Fashion Co.Ltd(603877) declined, pending the inflection point after the base.
Risk tips
\u3000\u30001. Repeated impact of the epidemic; 2. The vicious competition of enterprises intensifies; 3. Exchange rate and raw material price fluctuation.
Investment suggestion: the operating pressure is expected to be gradually relieved. We are optimistic about the blue chip companies to boost market confidence. After the intensive disclosure of performance forecast, the fundamentals of blue chip companies will give the market strong confidence. Since the second half of 2021, the operating environment of consumer companies has been under great pressure, but the overall downward trend has narrowed. In particular, the fundamental advantages of the sports sector are obvious, so they are optimistic about the layout opportunities after the valuation adjustment is in place; Manufacturing enterprises benefit from the situation of sufficient orders and tight supply, the fundamental trend is relatively better, and the leading companies have a strong ability to pass on the pressure of rising costs. We mainly recommend Shenzhou International, Anta sports, Li Ning, Tebu international and Bosideng for Hong Kong stocks, and Huali Industrial Group Company Limited(300979) , Zhe Jiang Taihua New Material Co.Ltd(603055) , Zhejiang Weixing Industrial Development Co.Ltd(002003) for a shares.
