1. Shenzhen Sunnypol Optoelectronics Co.Ltd(002876) (002876. SZ): pioneer of polarizer localization
Reasons for recommendation
1. The panel production capacity is transferred to the mainland, driving the localization process of upstream polarizers; 2. PVA film and TAC at the material end increase with the cost control force; 3. The products have been verified by many PVA manufacturers, and the mass production capacity has been continuously improved.
Risk statement
Risks such as intensified competition and concentrated supply of raw materials in the polarizer industry.
Recommended by: Wang Ye
2. Shanghai Aiko Solar Energy Co.Ltd(600732) (600732. SH): high efficiency battery tap
Reasons for recommendation
1. The company focuses on the link of battery chips. The export volume of battery chips has long ranked second in the world, and the head position is stable; 2. The company leads large-size and n-type batteries, and the large-size production capacity accounts for more than 90%. In 2022, the large-scale battery demand will be increased by the implementation of the new energy foundation;
3. In 2022, the profits of the industry will be redistributed. Under the background of gradual price reduction of silicon materials, the performance of battery will hit the bottom and rebound.
Risk statement
The capacity expansion was less than expected, and the new downstream installed capacity was less than expected.
Recommended by: he Zhaohui
3, Kweichow Moutai Co.Ltd(600519) (600519.SH): high-end Baijiu
Reasons for recommendation
1. High channel profits superimposed on recent pricing return to rationality, resulting in price increase expectations; 2. Actively develop direct sales channels, improve ton price and increase profits;
3. “133” brand strategy force series liquor will open up a new growth pole, and Maotai 1935 is expected to be in large quantities next year; 4. The appointment of the new chairman brings the expectation of improving corporate governance.
Risk statement
The price increase expectation failed, the expansion of direct sales channels was less than expected, and the sales volume of series liquor was less than expected.
Recommender: Chen Mengyao
4. China Tourism Group Duty Free Corporation Limited(601888) (601888. SH): giant in tax-free industry
Reasons for recommendation
1. The tax-free industry has broad medium and long-term space and clear pattern. As the industry leader, the company has significant competitive advantages. The capacity expansion in the next three years is expected to drive the compound growth rate of performance to exceed 30%; 2. Q4 peak season sales pick up and profitability is significantly improved. It is expected that the repair trend of Q1 profit in 22 years will continue, which is expected to reverse the pessimistic expectations of the market.
Risk statement
The repeated impact of the epidemic exceeded expectations, and the recovery progress of profitability was less than expected.
Recommended by: Gu Ximin
5. Unisplendour Corporation Limited(000938) (000938. SZ): ICT industry leader
Reasons for recommendation
1. The fundamentals of the company are good. The performance inflection point appeared, and the profit growth rate was significantly higher than the revenue growth rate. 2. The storm of the parent company’s bidding and investment work in the early stage triggered market sentiment fluctuations. At present, the stock price has entered the undervalued range, and the stock price will return after the event subsides.
Risk statement
Systemic risk, downstream demand does not meet expectations and competition intensifies.
Recommended by: Sun Shuming
6. Jiangsu Sanfame Polyester Material Co.Ltd(600370) (600370. SH): polyester bottle chip faucet
Reasons for recommendation
1. The consumption of polyester bottles and chips rebounded rapidly, and the inventory of the industry decreased continuously in the off-season; 2. The company maintains the advantage of low cost with advanced technology and cost reduction transformation, superimposes the continuous expansion of upstream PX and MEG capacity, and the processing price difference continues to expand;
3. Under the pattern of industrial oligopoly, the company’s subsequent production expansion plan is expected to build the company into a global leader and further enhance the voice of the industry.
Risk statement
The repeated impact of the epidemic exceeded expectations, and the project promotion was less than expected.
Recommended by: Wu Cheng
7. Guangdong Rifeng Electric Cable Co.Ltd(002953) (002953. SZ): recommended reason for the company to equip cable faucets
1. The company is equipped with cable leaders, with an increase of nearly 50% in the first three quarters. The company has gradually cut from home appliance cables to communication base station cables and new energy charging pile high-voltage cables. Downstream customers have strong consumption and scientific and technological attributes (major customers Gree, Midea, Huawei and ZTE).
2. At present, it is expanding production. On the one hand, the revenue of traditional business is expected to expand from 1.5 billion in 2020 to nearly 6 billion in 2023, with obvious scale effect, 100 billion market of the industry and large long-term space. On the other hand, the company has cut into the high-voltage line of new energy vehicles and super charging pile cable to enter the market with higher barriers. At present, the company has entered the inflection point of revenue and net profit, which is expected to increase both valuation and performance.
Risk statement
The expansion of production is less than expected, and the R & D of new products is less than expected.
Recommended by: Zhang Xu
8. Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760. SZ): recommended reasons for leading enterprises in the field of polymer medical consumables
1. Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) as a stock we have tracked for 12 years, we have a deep understanding. Global white horses are scarce in the pharmaceutical industry. The valuation in the same period before the epidemic is about 50-55 times that of the next year. The fundamentals have changed fundamentally after covid-19. With the improvement of China’s support for domestic brands and the ability of its own products, it will be the only target of the fastest real globalization.
Risk statement
Covid-19 epidemic situation is repeated; Trade friction affects overseas expansion; Industry competition intensifies.
Recommended by: Zheng Wei
9. Zhejiang Gongdong Medical Technology Co.Ltd(605369) (605369. SH): polymer consumables faucet
Reasons for recommendation
The company is a leading enterprise of medical polymer consumables. It has been deeply engaged in the industry for more than 30 years. Its downstream applications include traditional medical end, IVD supporting business, medical packaging material business, and overseas OEM / ODM export business. The company’s core growth logic lies in:
1. IVD supporting business has entered a large-scale period and will continue to be large-scale in the next 2 ~ 3 years.
2. The pharmaceutical packaging business is expected to replicate the growth path of IVD supporting business.
3. After the construction of the company’s new production capacity, OEM / ODM is expected to increase in volume next year.
Risk statement
The release of new capacity is lower than expected; Market development is lower than expected; Policy risk; Trade friction risk.
Recommended by: Zheng Wei
10. Shandong Denghai Seeds Co.Ltd(002041) (002041. SZ): recommended reasons for leading in hybrid breeding industry
1. The corn seed inventory is low, and the corn inventory consumption ratio is about 40% in 2021, close to the lower limit of the inventory safety line;
2. The pig stock is still high, the demand for corn feed continues, and high-quality varieties usher in both volume and price increases; 3. The approval method for genetically modified varieties has been implemented, and the industry ceiling reconstruction + concentration has been improved. In the long run, China’s corn CR3 is expected to be increased to 50%;
4. China’s hybrid corn leader creates a high-yield road for China’s corn. In the future, the demand for transgenic can play a role by superimposing on high-quality hybrids, and high-quality hybrid corn leaders can enjoy both volume and price.
Risk statement
Seed reseller risk, peer rejection risk and corn price fluctuation risk.
（ Guolian Securities Co.Ltd(601456) ）
