On November 26, the closing price of Jilin Carbon valley of Beijing stock exchange was 69.42 yuan, an increase of more than 60% compared with the closing price of 43.36 yuan on November 18. At that time, Citic Securities Company Limited(600030) research report said that the target price of the stock could be doubled.
This is an epitome of securities companies studying the stocks of the Beijing stock exchange. The reporter noted that more and more research institutes began to pay attention to the individual stock research of the Beijing stock exchange, the coverage of the research institute to the listed companies of the Beijing stock exchange has become wider and wider, and more companies of the Beijing stock exchange have begun to be concerned by the Research Institute.
Each securities firm has been laying out the Beijing stock exchange in terms of team configuration of the Research Institute and selection of research direction. A securities firm said bluntly: “we treat listed companies on the Beijing stock exchange and listed companies on the Shanghai and Shenzhen stock exchanges with the same research standards, screening framework and equal treatment.”
At present, it is difficult to study the business model in exchange for commission in the Beijing stock exchange because the trading volume is too small. The research of Beijing stock exchange can better coordinate with investment, investment banking and other business lines within securities companies.
Citic Securities Company Limited(600030) gives a target price of 85 yuan, with about 100% room for increase
On November 26, the closing price of Jilin Carbon valley was 69.42 yuan, up more than 60% from the closing price of 43.36 yuan on November 18.
Earlier on November 19, Citic Securities Company Limited(600030) published a research report entitled Jilin Carbon Valley: the leader of carbon fiber precursor, based on core advantages and crossing the turning point. The research report directly called out the target price of Jilin Carbon valley of 85 yuan, an increase of nearly 100% compared with the closing price of 43.36 yuan on November 18.
A week ago on November 19, Citic Securities Company Limited(600030) shares that doubled their prices have also risen by more than 60%.
Citic Securities Company Limited(600030) said in the research report that after years of technology research and development, Jilin Carbon Valley has realized the technical breakthrough of carbon fiber large tow precursor, the technology is gradually mature and the cost is continuously reduced. After sustained losses from 2017 to 2019, the company stripped off the acrylonitrile trading business that increased revenue but did not increase profit in 2020, concentrated the main business of precursor, achieved profits and increased profits significantly. The net profit in 2021h1 was almost the same as that in 2020. The company has passed through the difficult period of development, walked out of the low profit, and realized the stable and large-scale production of large tow precursor products. The product structure has developed from the main military grade small tow products to the new situation of joint development of small tow and industrial and civil grade large tow products. At present, the precursor production capacity is 50000 tons, ranking first in the industry.
At the end of the research report, Citic Securities Company Limited(600030) directly called out the target price of 85 yuan. Considering the company’s outstanding capacity and cost advantages and strong R & D strength, it is expected that the company will realize the net profit attributable to the parent company of 248 / 4.51 / 652 million yuan from 2021 to 2023, with a reasonable market value of 27 billion yuan, corresponding to the target price of 85 yuan in 2022. It will be covered for the first time and given a “buy” rating.
Not only Citic Securities Company Limited(600030) , Shenwan Hongyuan Group Co.Ltd(000166) also gave the company a “buy” rating. Shenwan Hongyuan Group Co.Ltd(000166) said that the company’s large bundle carbon fiber precursor business has been successfully promoted, the products continue to be in short supply and maintain the profit forecast. It is estimated that the operating revenue from 2021 to 2023 will be 1.14 billion / 1.58 billion / 1.99 billion yuan, and the net profit attributable to the parent company will be 240 million / 270 million / 350 million yuan, corresponding to 55x, 50x and 38x PE from 2021 to 2023, maintaining the “buy” rating.
the research institute has increased the coverage of individual stocks of Beijing stock exchange
The above is only a description of individual research reports. The reporter noted that with the announcement of the establishment of the Beijing stock exchange and the subsequent opening of the market, the coverage of Securities Research Institute on individual stocks of the Beijing stock exchange is increasing.
According to the data, as of November 26, 74 companies of Beijing stock exchange had been covered by the Securities Research Institute. If the time is pushed forward, the reporter notes that as of October 1, only 18 companies of the Beijing stock exchange have been covered by the Securities Research Institute.
Specifically, beiteri and Liancheng CNC have received the attention of 8 securities companies respectively. There are 8 securities companies that pay attention to beiteri, including Guotai Junan Securities Co.Ltd(601211) , open source securities, Shenwan Hongyuan Group Co.Ltd(000166) , China Securities Co.Ltd(601066) , Zheshang Securities Co.Ltd(601878) , of which 4 securities companies give beiteri the latest rating of “buy”. Among the 8 securities companies that pay attention to Liancheng CNC, 4 also give a “buy” rating.
the research institute is located in the Beijing stock exchange, and the research for commission mode is temporarily unavailable
Whether it is the Stock Research Report of the Beijing stock exchange or the wider coverage of securities companies to the listed companies of the Beijing stock exchange, it reflects that the securities research institute pays more and more attention to the business of the Beijing stock exchange.
The reporter learned in the interview that the business model of the Securities Research Institute that attaches importance to the research of listed companies on the Beijing stock exchange may be slightly different from that of Listed Companies in Shanghai and Shenzhen. The Research Institute’s research on Shanghai and Shenzhen stock markets can exchange research for commission, but this set of research is not feasible for the time being in the Beijing stock exchange.
Liu Jing, chief analyst of Shenwan Hongyuan Group Co.Ltd(000166) research small and medium-sized companies Department, told reporters that after the establishment of the Beijing stock exchange, there is more room for research services for small and medium-sized enterprises, but the traditional secondary market model of exchanging research for commission is still difficult to work in the research of small and medium-sized companies of the Beijing stock exchange. First, the companies of Beijing stock exchange come from the innovation layer. Unless the research team can achieve early coverage, it will be preempted; Second, the market value of some of these companies is small and the transaction commission is difficult to support. Therefore, only when the securities companies attach great importance to the new third board business, regard the research as the support and Coordination Department of investment, investment banking and other business lines, and dare to make long-term investment, can it really be done.
“we treat the listed companies on the Beijing stock exchange and those on the Shanghai and Shenzhen stock exchanges with the same research criteria, screening framework and equal treatment”, Citic Securities Company Limited(600030) a relevant person from the research department told reporters.
The reporter learned that at present, the Citic Securities Company Limited(600030) research department has set up a theme strategy team to focus on some research of the Beijing stock exchange. At present, the theme strategy team has mainly launched some interpretation reports on the system and rules of the Beijing stock exchange, including the comparison of the Beijing stock exchange, the science and innovation board and the gem, the historical evolution of the new third board, the comparison of the Beijing stock exchange to NASDAQ and the stock exchange, etc. The theme strategy team also covers the research of some individual stocks of Beijing stock exchange. The research department already has industry analysts in various fields, and these industry analysts will also cover companies listed on the Beijing stock exchange in their respective fields. At present, the Research Report on individual stocks of Beijing stock exchange has been released.
The China Securities Co.Ltd(601066) Research Institute said that since the introduction of the system of the Beijing stock exchange, the Institute has taken the lead in releasing in-depth research reports in many industries such as machinery, building materials, military industry and new electricity. For example, the special research on “little giant” in the building materials industry and the special research on helping small and medium-sized enterprises in the manufacturing industry to take off have attracted extensive attention in the capital market.
At present, China Securities Co.Ltd(601066) Research Institute has covered the research field of Beijing stock exchange in the whole industry, and the enthusiasm of all staff to participate in the research of the new third board is gradually increasing, especially the research on selected layer concept enterprises is gradually increasing. At the same time, this year, the Institute is also increasing talent reserve and expanding team construction.
The Shenwan Hongyuan Group Co.Ltd(000166) Securities Research Institute told reporters that after the establishment of the Beijing stock exchange, Shenwan Hongyuan Group Co.Ltd(000166) research will continue to increase research investment in the new third board, organize a large-scale “specialized and special new” research team in the industry, release the “specialized and special new” industry research index, and continue to guide social capital to help the development of “specialized and special new” enterprises. As the first research institution covering small and medium-sized enterprises and the new third board in the whole market, Shen Wanhong research has continued to layout the new third board since the establishment of the full-time research post of the new third board in 2010, and has profound research strength and brand influence.
Shenwan Hongyuan Group Co.Ltd(000166) the Institute has established an industrial research team specializing in the national strategic development direction and “specialization and innovation”; Launch “specialized and special new” characteristic consulting services for small and medium-sized enterprises, launch “specialized and special new” series of in-depth research reports, and intensively carry out teleconference on policy interpretation of Beijing stock exchange; It is planned to hold a series of Shenwan Hongyuan Group Co.Ltd(000166) service “specialized and special new” special strategy meetings for small and medium-sized enterprises in Beijing and the area where “specialized and special new” enterprises are concentrated, so as to provide a professional communication platform for the majority of small and medium-sized enterprises and investment institutions.
“From the publicly released investment research reports, the number of companies covered by the Beijing stock exchange ranks first, and the number of in-depth reports is also the largest. The team has also focused on research for one of the longest time since the end of 2014. From the foundation layer and innovation layer of the new third board to the Beijing stock exchange, we have full chain research and coverage,” a relevant person of Anxin Securities Research Institute told reporters.
It is reported that Anxin securities has also begun to pay attention to joint coverage with industry researchers for listed companies on the Beijing stock exchange. By year-on-year comparison with listed companies in Shanghai and Shenzhen, Anxin securities has deeply explored the industry fundamentals and found the growth flash point. On this basis, Kexin team will also pay more attention to the special and new attributes and strengthen research on small and medium-sized growth stocks with small market value but long-term potential. In addition, it will not give up the basic layer and innovation layer of the new third board and extend the industrial research thinking forward, in which there are still a large number of gold mines to be excavated.
Zhu Haibin, chief analyst of the technology innovation board and the new third board of Anxin securities, has a team of five to six people, and has maintained this scale since 2015. The full name of the team is Kexin team, which includes both the science and technology Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) team and the science and Innovation Board team. In addition, it also studies the new third board. The team did not lose personnel due to the lack of the new third board in previous years, nor did it immediately increase significantly due to the hot market. The most important thing is to move forward steadily and carefully select stocks. The team insists on front-line research, and more than 82 companies of the Beijing stock exchange have investigated 60% and 70% of them.
Anxin securities issued an in-depth Encyclopedia of 82 companies on the Beijing stock exchange. Some of the reports were written earlier than some big securities companies. Like beiteri, Changhong energy, Jilin Carbon Valley, etc., Anxin securities has been promoting tickets for a long time.
(brokerage China)
