Today (December 9), the three major stock indexes of A-Shares opened up and down differently. At the beginning of the market, the stock index differentiated. After the Shanghai index opened slightly higher, it gradually fluctuated upward, while the gem index weakened rapidly after opening low. Then it rose and turned red with the Shanghai index. The overall trend of A-Shares was strong. From the disk point of view, the industry and concept plate rose more or fell less, the market of “drinking, taking medicine and buying home appliances” was in full swing, the mini led concept was also popular, and the local profit-making effect soared.
Shanxi Securities Co.Ltd(002500) pointed out that at present, the policy is broad and loose, and the tone is relatively clear. The first and second quarter of next year may be a better window period. The liquidity support of A-Shares is strong, and the probability at the meso level will continue the idea of early structural adjustment. It is suggested to continue to pay attention to the allocation opportunities of high boom growth track. At the same time, under the regulation of counter cyclical steady growth, the winning rate of consumer and financial sectors is relatively high. It is suggested to tap high-quality targets with more attractive valuation.
Under the background of scattered A-share hotspots and intensified plate rotation, possible investment opportunities are hidden. Select some institutional research reports, and let’s see what themes are available for reference.
[theme 1] Mini led
Open source Securities said that the commercialization of mini LED backlight has injected new vitality into the whole industrial chain. Due to the great market potential of mini led, the upstream, middle and downstream enterprises of LED have arranged one after another. Equipment, chip, packaging, backlight module, panel and terminal brand manufacturers have invested a lot of funds and energy in this technology in order to take the lead and occupy the commanding height of the industry, which also promotes the mini LED industry into the lane of rapid growth.
The agency further analyzed that the technology has gradually matured and the cost has decreased. Mini LED has opened the road of commercialization. Manufacturers such as TCL, Xiaomi and Konka have successively released Mini LED backlight products. Samsung, LG and Changhong are expected to launch such products in 2021. The launch of mini led commercialization has injected new vitality into the whole industrial chain, and relevant companies in the industrial chain will benefit from it. Equipment, it is recommended to pay attention to Advanced Micro-Fabrication Equipment Inc.China(688012) , Shenzhen Xinyichang Technology Co.Ltd(688383) ; Chip link, benefit target Sanan Optoelectronics Co.Ltd(600703) , Focus Lightings Tech Co.Ltd(300708) ; Copper clad laminate, it is recommended to pay attention to Shengyi Technology Co.Ltd(600183) , Nanya New Material Technology Co.Ltd(688519) , Aoshikang Technology Co.Ltd(002913) ; Packaging link, benefit target Shenzhen Refond Optoelectronics Co.Ltd(300241) .
In addition, Anxin Securities pointed out that according to experts, research predicts that the mini LED market will start this year, and the output value in the next five years will be dominated by flat panel, TV and vehicle products. Driven by the introduction of Apple products and Samsung and other high-end TV products, the terminal shipment is expected to exceed 10 million units in 2021. The output value of mini backlight chip and mini backlight module will exceed US $100 million and US $500 million respectively. As a new generation of display technology, mini LED has excellent characteristics such as high display effect, low power consumption and high-tech life, and is expected to maintain high-speed growth in the next few years. According to million insights, the global Mini LED market will reach US $5.9 billion in 2025, with an average annual compound growth rate of 86.6%. []
[Topic 2] medical beauty
Boc International (China) Co.Ltd(601696) said to embrace the beauty of light medicine and grasp the industry trend. 1) Optimistic about the light medical beauty track, the market scale is expected to rise further. At present, the scale of China’s medical beauty market leads the world. The growth rate of light medical beauty is higher than that of surgery. In the future, light medical beauty will still grow rapidly. We think it is mainly driven by hyaluronic acid, regenerative filling and botulinum toxin products. It is expected that China’s light medical beauty market will reach RMB 19.2 billion by 2025, with a compound growth rate of 19.7% from 2021 to 2025.
2) Products tend to be cost-effective, and constantly iterate and enrich. The users of light medical beauty market are mainly urban women aged 15-40, and the potential consumer population is large. On the one hand, the needs of consumers are becoming more diversified and refined, driving product iteration and enrichment; In addition, with the change of age structure in the future, generation Z population will become the main force, and the pursuit of cost-effective characteristics is expected to drive domestic substitution.
3) Strict supervision is beneficial to the supply side and the leader of medical beauty. At present, all enterprises basically show an upward trend, and the leading performance of product supply side is particularly excellent. However, there are still non-compliance in all links. With the strengthening of supervision, the industry entry barriers are higher, and the pressure on non-conforming products / institutions is increased, which is conducive to the compliance enterprises in the industrial chain to enjoy a larger market, and the growth of medical beauty leaders at the supply end is more worthy of expectation in the future.
Zheshang Securities Co.Ltd(601878) mentioned that medical beauty and cosmetics policies continue to increase, which is good for the leader. The main investment line still focuses on the leading enterprises with excellent fundamentals. In addition, there are still many vicissitudes of “low valuation and excellent fundamentals” in the track. It is suggested to actively explore the opportunities of small tickets with high elasticity. We suggest the key layout: 1) the leader with high certainty of performance growth, fast compound growth in the next two years and fast digestion of valuation. Medical beauty and cosmetics are the leaders with strong fundamentals. The PE of the leading target is usually between 70-120 times this year. It is recommended to choose the leader with fast performance growth, high certainty and fast digestion of valuation in the next year. 2) The small ticket with low value and high elasticity has fast performance growth and good growth, and is in the “small lotus only exposed sharp corner” in the industry. []
[Theme 3] home appliances
Sinolink Securities Co.Ltd(600109) mentioned that due to weak terminal demand and rising raw material prices, the traditional household appliance sector has experienced a double kill in performance and valuation since 2021. Looking forward to 2022, the marginal improvement space of the plate is clear, and it is expected to usher in an upward turning point. In addition, Baidian leader grasped the favorable opportunity of Baidian reshuffle period, accelerated channel reform, optimized intelligent manufacturing, improved terminal price, collectively repurchased shares in the capital market, strengthened employee incentive and demonstrated development confidence. It is recommended to pay attention to the Haier Smart Home Co.Ltd(600690) of Suite + scene sales driven by the accelerated layout of three winged birds, which conforms to the needs of consumption upgrading and has been preparing for high-end tracks for many years.
Huaan Securities Co.Ltd(600909) it is expected that the capital turnover dilemma of the real estate industry will be gradually alleviated and the pattern will be accelerated and optimized. Feed back to the end of the household appliance sector and believe that the “dark moment” of the sector may have passed, and the reasonable and orderly release of rigid demand and improved house purchase demand will form a strong support for the growth of the sector. In the stage of stock competition, white electricity and kitchen electricity leaders with outstanding advantages in products and efficiency and continuous optimization are expected to take the lead in valuation repair.
The agency further pointed out that it is recommended to pay attention to the white power leaders Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) , Gree Electric Appliances Inc.Of Zhuhai(000651) whose competition pattern is continuously optimized and whose profitability is expected to be repaired in the second half of the year. It is recommended to focus on the integrated stove leader Marssenger Kitchenware Co.Ltd(300894) with continuous optimization of product structure and steady expansion of multiple channels, as well as the integrated stove leader Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) that comprehensively promotes the improvement of products, brands, channels and management. It is recommended to pay attention to the Siasun Robot&Automation Co.Ltd(300024) leader Ecovacs Robotics Co.Ltd(603486) of sweeping with outstanding comprehensive advantages and building the second growth pole with the help of intelligent life appliances, as well as the Siasun Robot&Automation Co.Ltd(300024) leader Beijing Roborock Technology Co.Ltd(688169) of sweeping with deep technical barriers and rapid expansion of overseas channels.
According to China Galaxy Securities Co.Ltd(601881) securities, the price pressure of raw materials is expected to weaken marginally in December, and the profitability of the industry will improve marginally. The valuation of the superimposed household appliance sector has been callback more this year, which has been below the historical average, and the allocation value is high. It is suggested to pay attention to two main lines: first, the traditional household appliance leader benefiting from the improvement of fundamentals; 2、 Focus on the leading industry segments with high prosperity. []
[theme four] Baijiu
Baijiu securities Baijiu Baijiu said that the liquor industry boom is still at a high level, the development logic is clear, stock prices experienced a long time after the callback, the valuation entered a reasonable interval, the three quarter performance high-end and popular liquor generally meet expectations, the second high-end is not lack of bright eye performance, the symbolic event catalysis will drive the plate to start the repair market, we are optimistic about the 2022 liquor plate. Focus on investment opportunities for high-end and high-end baijiu.
Sealand Securities Co.Ltd(000750) mentioned that Baijiu will welcome the overall rebound at the end of the year, and the upward trend in 2022 will be clearer. The industry is in a vacuum of performance, but the Baijiu plate has been rising for three consecutive weeks. In addition to the valuation switching market at the end of the year, the recent rise of the sector is mainly due to 1) the recent volume and price adjustment of leading liquor enterprises, such as the large-scale volume of 1600 tons in Maotai commercial supermarket channel, the comprehensive payment price of puwu increased to 969 yuan, and the ticket price of Jiannanchun crystal sword increased by 20 yuan; 2) Accelerate the implementation of equity incentive, such as Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) completing equity repurchase and Laojiao equity incentive passing the approval of SASAC; 3) Beijing Shunxin Agriculture Co.Ltd(000860) promote the catalysis of events such as stripping the real estate business.
Boc International (China) Co.Ltd(601696) believes that Baijiu is still the best sub sector of growth certainty. Although some companies controlled goods in the fourth quarter, which may have an impact on the report performance, from another point of view, these companies will make a good start to the Spring Festival in 2022. Because of the change of income structure, the ratcheting effect of Baijiu consumption and the trend of concentration increasing, Baijiu consumption shows strong toughness, especially the high-end liquor. []
