At present, the A-share market is difficult to do. In fact, it is difficult to do in the global capital market. The ups and downs caused by the regional situation make many investors at a loss. Insiders pointed out that at present, it is the disclosure period of the annual report of A-share listed companies in 2021, and it is the first choice to find enterprises with excellent annual report performance for medium and long-term investment. From the perspective of listed companies that have disclosed the 2021 annual report and performance forecast, although the differentiation between sectors continues, the overall growth of A-Shares remains stable, and the growth of some industries is prominent. Some analysts pointed out that in the recent sharp market shock, the safety margin of high performing industries is high. It is suggested that investors can allocate from the perspective of performance growth sustainability, and it is suggested to pay attention to non-ferrous metals, medicine, household appliances and other industries.
\u3000\u3000A
non ferrous metals: industrial metals are expected to remain strong
For the non-ferrous metal enterprises that have disclosed the 2021 annual report and performance forecast, more than 70% of the non-ferrous industry companies are expected to have good performance and continue the growth pattern. In terms of the impact of short-term events, the regional situation is difficult to calm in the short term. With Europe and the United States increasing sanctions against Russia, the metal supply is restricted again. Under the influence of trade restrictions and energy crisis, industrial metal prices are expected to remain strong.
In addition to the event boost, from a fundamental point of view, some people in the industry pointed out that with the establishment and maturity of the carbon trading market, carbon emission rights have gradually evolved into an important asset of the enterprise, and carbon assets may have a greater and greater impact on the profits of the enterprise. The metal industry is an important field of carbon emission and carbon emission reduction. The expansion of carbon assets will bring new sustainable investment opportunities to the industry. The layout of carbon assets will become an important investment main line of the metal industry. After this round of correction, the non-ferrous metal industry has declined significantly under the background of continuous growth, and there are clear opportunities for valuation repair.
European and American sanctions against Russia have been further increased, among which swift sanctions may form a certain restriction on Russian metal exports. Specifically, Russia exported 3.48 million tons of aluminum in 2021. In 2021, Russia exported 460000 tons of copper. When the settlement system may be restricted, Russian aluminum exports may be disturbed in the short term, further affecting the global metal supply pattern. Overall, before the situation in Russia and Ukraine eases, the prices of industrial metals represented by aluminum, zinc and copper are expected to remain high. Pay attention to upstream enterprises with resource advantages, and it is recommended to pay attention to Yunnan Aluminium Co.Ltd(000807) , Henan Shenhuo Coal&Power Co.Ltd(000933) , Yunnan Chihong Zinc & Germanium Co.Ltd(600497) , Shenzhen Zhongjin Lingnan Nonfemet Co.Ltd(000060) , etc.
potential stock selection
\u3000\u3000 Yunnan Aluminium Co.Ltd(000807) Yunnan Aluminium Co.Ltd(000807)
the company adheres to the alloying development strategy, improves the marketization level and efficiency creation ability of the alloy production line, and effectively enhances the added value of the company's products and the overall profitability. The company expects the net profit attributable to the shareholders of the listed company to be RMB 3280 million to RMB 3400 million in 2021, with a year-on-year increase of 263.41% - 276.71%. Focusing on the alloying strategy, the company vigorously promoted the development of new alloy products, successfully developed master alloys such as aluminum manganese and aluminum chromium, and tested and developed new products such as 8111 high-end soft wrapped aluminum foil and 8021 cold formed medicinal aluminum foil. Galaxy Securities pointed out that as the leader of hydropower and aluminum industry, the company continues to layout a complete industrial chain and has a large number of high-quality hydropower resources, which is in line with the needs of the era of carbon neutrality. Under the strong aluminum price, the company's performance is expected to continue to explode.
\u3000\u3000 Henan Shenhuo Coal&Power Co.Ltd(000933) Henan Shenhuo Coal&Power Co.Ltd(000933)
the company expects to realize a net profit attributable to the parent company of 3.11 billion yuan in 2021, with a year-on-year increase of 767%; The net profit attributable to the parent company after deduction was RMB 3.14 billion, a year-on-year increase of 3503%. In 2021, the high prosperity of coal and aluminum dual main industries led to a high increase in annual performance. Excluding impairment factors, the actual performance of the company may reach more than 5 billion yuan, and the performance elasticity of coal and aluminum has been greatly released. Considering the upward movement of the price center of coal and aluminum and the centralized impairment to optimize the asset quality, the company's high profit is expected to continue. Kaiyuan Securities pointed out that according to the company's announcement, Yunnan hydropower aluminum project is gradually put into operation, contributing an increase of 400000 tons. In terms of price, although the aluminum price fell in the fourth quarter of 2021, the average price of a single quarter remained basically the same as that of the third quarter, maintaining a high level. The company's electrolytic aluminum adopts the market-based pricing model to fully benefit from the dividend of high aluminum price.
\u3000\u3000 Yunnan Chihong Zinc & Germanium Co.Ltd(600497) Yunnan Chihong Zinc & Germanium Co.Ltd(600497)
company has outstanding advantages in lead-zinc resources. The company has more than 32 million tons of resources, including 5.39 million tons of lead-zinc resources in China and 26.9 million tons of control level and inference level lead-zinc metals in selwin project in Canada, with significant advantages in lead-zinc resources. With the completion of the equity transfer of Yunnan SASAC, the actual controller of the company was changed to the SASAC of the State Council, and became the key layout of the lead-zinc business segment of Chinalco. The group formulated the plan of "100 billion Lead Zinc Germanium industry platform", promised to inject high-quality assets, expand the company's resource advantages, further integrate and optimize the company's upstream resources, and start high-quality development. Debang Securities pointed out that with the gradual release of the production capacity of the company's mining projects and the injection of advantageous projects of the group company, while benefiting from the positive rise of lead-zinc prices, the profitability will be significantly improved in the future.
\u3000\u3000 Zijin Mining Group Company Limited(601899) Zijin Mining Group Company Limited(601899)
The company announced plans to increase the production capacity of kala copper mine. Based on the commissioning of phase II project in April this year, it is planned to increase the design capacity of phase I and phase II concentrators from the original total ore processing capacity of 7.6 million tons / year to 9.2 million tons / year, and the annual copper output from the original 400000 tons to more than 450000 tons, becoming the fourth largest copper producing mine in the world. Minsheng Securities pointed out that in the copper sector, the three world-class copper mines will contribute a large increment in 2022, of which kamoa plans to produce 29 Digital China Group Co.Ltd(000034) 0000 tons of copper. According to our calculation, under the assumption of copper price (including tax) of 65000 yuan / ton, kamoa kakula, Timok and Julong copper mines may contribute net profits attributable to the parent company of 2.53 billion yuan, 7.47 billion yuan and 1.65 billion yuan respectively in 2022. In 2022, several projects of the company will contribute to the output increment.
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medicine: expected restoration of deposit valuation
The pharmaceutical industry has fluctuated greatly with the epidemic in the past two years. The pharmaceutical sector has entered the normal development stage after the epidemic since 2022. Therefore, high performance growth may become a leading indicator Guolian Securities Co.Ltd(601456) analyst Zheng Wei pointed out that the pharmaceutical industry, as a national life and health security system to solve people's livelihood, is one of the most concerned focuses of the two sessions, and the attention has increased since covid-19. The 2022 government work report also specifically proposes to improve the capacity of medical and health services, make up for the shortcomings of medical services such as maternity, children and the elderly, and promote the development of traditional Chinese medicine. The subdivided industries are expected to continue to benefit from the policy catalysis and usher in rapid development.
Han Meng, an analyst at Ping An Securities, is clearly optimistic about the current opportunities in the traditional Chinese medicine sector. Han Meng said that heavy support policies continue to be implemented to enhance confidence. For example, at the end of 2021, the guidance on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine was issued to enhance the support of medical insurance for traditional Chinese medicine. The attitude of medical insurance towards traditional Chinese medicine has changed from previous restrictions to support, which has greatly improved market confidence. In addition, brand OTC Chinese medicine has independent pricing power. It is basically not affected by the cost control of medical insurance. Recently, many enterprises have raised the price of products and improved their profit expectations. In the subdivided field of medicine, the valuation of traditional Chinese medicine industry is cost-effective. At present, the overall valuation of Shenwan traditional Chinese medicine sector is lower than that of CXO, medical services, medical equipment, blood products, API and other sectors in the mainstream market, and the valuation of some high-quality targets is less than 20 times.
In terms of stocks, the Korean League has suggested that investors should focus on the aspect of the Korean League, and the League of the Korean League recommends that investors focus on the Hongda Xingye Co.Ltd(002002) 603 , Guizhou Sanli Pharmaceutical Co.Ltd(603439) etc.
potential stock selection
\u3000\u3000 Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603)
the popularity of Lianhua Qingwen products during the epidemic period is expected to promote the long-term product penetration. Referring to the recommended entry guide for Lianhua Qingwen during the pandemic of influenza A (H1N1) in 2009, the sales of Lianhua Qingwen series products increased from 75 million yuan to 1.703 billion yuan in the following 10 years, with an average annual compound growth rate of 41.48% Dongxing Securities Corporation Limited(601198) pointed out that based on the exclusive collateral disease theory, the company has built a large variety of Chinese patent medicine product lines such as core cardio cerebrovascular series products and Lianhua Qingwen series products, and the second and third line products are also well distributed. Channel sales and terminal promotion capabilities are also the unique advantages of the company. The refinement of terminal coverage and grass-roots market expansion are expected to promote the continuous improvement of the market penetration of the whole line of products. On the whole, covid-19 epidemic promoted the opening of Lianhua Qingwen sales space, and the optimization and reform of marketing system promoted the continuous growth of the company's product line.
\u3000\u3000 Guiyang Xintian Pharmaceutical Co.Ltd(002873) Guiyang Xintian Pharmaceutical Co.Ltd(002873)
company has a number of mature products, all of which have a perfect system of clinical efficacy literature and have entered a number of use guides. The company pays attention to the technology and clinical efficacy of modern traditional Chinese medicine preparations, and continues to invest in research and development. In addition, the company's three new innovative traditional Chinese medicines, namely, shuyutong granule, LongQin pelvic Shu granule and Kue Jieyin capsule, have completed three phases of clinical research, including post-operative treatment of digestive tract, sequelae of pelvic inflammation and bacterial vaginosis. All of them have completed clinical research and have a promising prospect. It is expected that the peak sales of new products will exceed 3 billion yuan Huaan Securities Co.Ltd(600909) said he was optimistic about the large amount of coverage from clinical end to OTC end brought by the clinical efficacy of the company's original products, the pipeline revaluation brought by the completion of phase III clinical approval of the company's three innovative traditional Chinese medicine drugs, the gradual clarity of the results brought by the company's continuous efforts in the modernization of traditional Chinese medicine, and the enthusiasm of employees promoted by the equity incentive of the company.
\u3000\u3000 6 Tangshan Jidong Equipment And Engineering Co.Ltd(000856) 00085
company is a famous time-honored brand in the traditional Chinese medicine industry. It is a product company integrating production, sales, scientific research and distribution. The company has 22 production lines with quality certification outside China, which is an important window for Beijing Tongrentang Co.Ltd(600085) external display. The company's revenue and profit side performed well and its operation recovered rapidly. In addition to the controlled epidemic and economic recovery, the main reason is that the company continued to deepen marketing reform, shorten the sales chain, optimize dealer management, continuously improve the internal control system and organizational structure, and improve the operation quality Everbright Securities Company Limited(601788) pointed out that the company focuses on the large variety strategy to make the refined medicine sector. Since 2021, the company has continuously deepened the marketing reform, improved the terminal coverage and control of products, and further consolidated the core competitiveness of brands and varieties. With the deepening of fine management, the ability of cost control has also been improved.
\u3000\u3000 China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999)
company 39 has high brand awareness, and there is still room for price increase in the future. At the same time, CHC business continues to expand the market boundary, with a compound growth rate of more than 10% in recent years and broad long-term space. Explore the transformation of prescription drug business, in which the revenue of traditional Chinese medicine formula particles has reached 3 billion, which is expected to continue to accelerate growth and become a new growth point Southwest Securities Co.Ltd(600369) pointed out that the company has made great efforts to develop the business of traditional Chinese medicine formula granules and has become a leading enterprise of traditional Chinese medicine formula granules. In 2020, it accounted for more than 10% of the market of traditional Chinese medicine formula granules and can produce more than 600 varieties of single formula granules. The market space of formula particle business is large. The formula particle business needs the ability of the whole industry chain, strict industry supervision and high entry barriers. As a first mover, the company has great advantages in product layout and product quality, and is expected to lead the industry in the future.
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household appliances: welcome the peak consumption season
At present, China's stock market is still dominated by stable growth. Marginal changes in policies will continue to promote the steady growth of demand in the real estate industry, and the household appliance industry is expected to benefit. From a fundamental point of view, with the continuous decline of raw material prices and the effective transmission of complete machine manufacturers to downstream costs, leading enterprises optimize product structure and improve efficiency and control fees, increase demand elasticity under the superposition of low base, and gradually improve the profitability of household appliances industry. From the perspective of listed household appliance companies that have issued annual reports and performance forecasts, more than 80% of the company's performance is expected to be happy.
At present, the overall household appliance industry is still at a relatively low valuation level, and the phased configuration cost performance is still high.
The stabilization of raw material prices has improved the profit side of the household appliance industry, and the recovery of real estate will help to promote the improvement of household appliance sales Everbright Securities Company Limited(601788) analyst Hong Jiran said that 17 traditional household appliance stocks with high attention were selected to calculate the valuation level of their overall P / E ratio relative to the market. The data show that the current relative P / E ratio is 0.97, which is lower than the historical average. With the national "two sessions" further clarifying the layout of this year's economic work, the policy of "stable growth" may be further strengthened, China's macro-economy will obtain basic support, and there is no need to be pessimistic about the changes in the future prosperity of the industry.
Chen Meng, an analyst at capital securities, said that he was firmly optimistic about raw materials and real estate. Under the background of easing the edge of real estate, the leader of household appliance segmentation accelerated the breakthrough. In terms of subdivided fields, it is suggested that investors should pay attention to Haier Smart Home Co.Ltd(600690) , Midea Group Co.Ltd(000333) ; It is suggested to pay attention to Hangzhou Robam Appliances Co.Ltd(002508) , Marssenger Kitchenware Co.Ltd(300894) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ; It is suggested to pay attention to Zhejiang Supor Co.Ltd(002032) , Joyoung Co.Ltd(002242) , Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) and others, Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) ; Electricians are advised to pay attention to Gongniu Group Co.Ltd(603195) , Opple Lighting Co.Ltd(603515) .
potential stock selection
\u3000\u3000 Haier Smart Home Co.Ltd(600690) Haier Smart Home Co.Ltd(600690)
the company plans to withdraw 708 million yuan of incentive fund to participate in the A-share ESOP and 90 million yuan of incentive fund to participate in the H-share ESOP. The shares come from the shares to be repurchased in the special securities account for Haier Smart Home Co.Ltd(600690) repurchase Haitong Securities Company Limited(600837) pointed out that the company realized the consolidation of Hong Kong shares of Haier electric appliances and further optimized the governance structure of a + H with the same shares and rights. The core employee stock ownership plan for 20212025 is launched this time, and the governance optimization continues. We believe that it is also expected to continue to roll out the employee stock ownership plan in the future, bind interests and strengthen incentives. In the medium and long term, the Chinese market continues to promote high-end packaged sales, the layout of Casati three winged bird is leading, the layout of independent brands in overseas markets is perfect, and the production and marketing coordination continues to optimize the product structure. With the continuous expansion of the company's revenue scale, the profitability under digital fine operation is expected to continue to improve.
\u3000\u3000 Hangzhou Robam Appliances Co.Ltd(002508) Hangzhou Robam Appliances Co.Ltd(002508)
the company mainly produced home appliance parts in the early stage, and began to enter the fields of gas stove, disinfection cabinet, supporting small household appliances, dishwasher, integrated stove and so on in 2000. The company is expected to take off again with the strength gathered in many aspects such as product channels. On the product side, the company continues to increase investment in product R & D, accelerate the iteration and innovation of single products, and constantly establish the benchmark of integrated and intelligent product upgrading in the industry; On the channel side, the construction of multi-channel network has achieved remarkable results, and retail, e-commerce, engineering and innovation all channels work together. Capital Securities pointed out that the company is a leading enterprise in China's high-end kitchen electricity. It has strong production, R & D and brand strength in the field of kitchen electricity. New categories such as dishwashers and integrated stoves have opened up new growth space, retail channels have been continuously optimized and upgraded, the structure of bulk customers has been continuously optimized, and its long-term development strength is strong.
\u3000\u3000 Zhejiang Supor Co.Ltd(002032) Zhejiang Supor Co.Ltd(002032)
the company's performance achieved good growth. First, due to the successful implementation of the transformation strategy from domestic sales to online channels, the optimization of online product sales structure led to the growth of domestic sales revenue; Second, the rapid growth of the company's export SEB order transfer has driven the rise of overseas demand. In October 2021, the company announced that it would increase the amount related to SEB transactions in 2021 to 7.028 billion yuan, which is expected to increase by 5.44% over the beginning of the year.. With the joint efforts of domestic and foreign sales, the company's overall revenue grew steadily. Capital Securities pointed out that the company is an advantageous enterprise of small household appliances in China, and the new category expansion and channel optimization continue to empower the company. The order transfer of SEB is expected to drive the stable growth of the company's overseas revenue, and the company has strong long-term development strength. On the whole, the reform of domestic sales channels is becoming more and more effective, and sufficient export orders are expected to drive the release of performance flexibility.
\u3000\u3000 Ecovacs Robotics Co.Ltd(603486) Ecovacs Robotics Co.Ltd(603486)
the company has built strong channel layout and industry scale leading brand advantages for more than 20 years. In the form of online leading offline experience, it has maintained strong control over market sensitivity and rapid promotion ability. Combined with its self-developed and self-produced rapid innovation response and explosive awareness, it has quickly cut in and shone brilliantly in the early stage of the current tide of sweeping innovation, Cases such as the explosion of its self-cleaning product N9 + and the upgrade and binding of the additional washable machine have proved its synergy and first mover advantage. At a time when the track function technology is changing rapidly and the brand market has not been finalized, the company's rapid market capture and strong momentum building ability deserve high attention. Huachuang Securities pointed out that under the background of the rapid release of the demand for clean appliances, the company has created a huge and long-term incremental space with three driving forces: machine replacement, self-cleaning of mopping and increment in overseas regions. Its channel operation is self-developed and self-produced, which brings higher certainty to maintain its advantage under the market reform.
