\u3000\u3 China Vanke Co.Ltd(000002) 142 Bank Of Ningbo Co.Ltd(002142) . SZ
Bank Of Ningbo Co.Ltd(002142) retail corporate loans and personal loans are growing rapidly, and the wealth management business is expected to continue to develop.
\u3000\u3 Shengda Resources Co.Ltd(000603) 236 Quectel Wireless Solutions Co.Ltd(603236) . SH
1) the high boom of the module industry continues, the high-speed module is expected to continue in large quantities, and the beta industry continues to maintain boom;
2) since last year, the company has released a number of new generation 5g intelligent modules, with application scenarios focusing on Intelligent cockpit, CPE, live broadcasting equipment and edge gateway, so as to effectively hedge the downside risk of gross profit margin;
3) the company recently released its first equity incentive plan, which aims to achieve a compound growth rate of 28% in the next four years, higher than the industry average, reflecting the improvement of the company’s operation and management and confidence in its own future development
\u3000\u30 Zhongyan Technology Co.Ltd(003001) 22 Chongqing Zhifei Biological Products Co.Ltd(300122) . SZ
1) the company continues to operate steadily, “self research + agency” to create a rich pipeline of vaccine products
Relying on abundant R & D capital investment and strong marketing team, the company has built a rich pipeline of non immune planning vaccine products, including 6 self-developed products: 4-valent meningococcal polysaccharide vaccine, AC meningococcal conjugate vaccine, Hib vaccine, wechat, Yika (EC) and recombinant covid-19 vaccine (conditional listing); 5 agent products: HPV4, hpv9, oral pentavalent rotavirus vaccine, 23 valent pneumonia vaccine and hepatitis A vaccine.
2) the company is the sole agent of methadone HPV vaccine and other products. The batch issuance of HPV vaccine in 2022q1 has increased rapidly, and the annual agency income may exceed 20 billion yuan.
The company obtained the exclusive agency rights of four price and nine price HPV vaccines in China in 2017 and 2018 respectively. Since then, the sales revenue of the company’s agent products has rapidly expanded from 274 million yuan in 2017 (accounting for 20.41% of the total revenue) to 13.955 billion yuan in 2020 (accounting for 91.87% of the total revenue). It is estimated that the company’s agency business revenue will grow at a compound growth rate of more than 25% from 2020 to 2023, and exceed 25 billion yuan in 2023.
As of March 17, 2022, a total of 20 batches of 9-price HPV were issued, and only 2 batches were issued in the same period in 2021; There are 12 batches of 4-price HPV, and there are 8 batches in the same period in 2021. The rapid growth of batch issuance of agency products in the first quarter shows that the company’s performance is further improved.
3) the self-developed multi-dimensional product matrix is expected to contribute more than 10 billion yuan to create the second growth curve.
In 2022, the recombinant covid-19 vaccine was officially approved, which is conducive to further promotion and superimposed on the sea business. Covid-19 business will continue to contribute a lot of cash flow to the company.
The overall revenue of self-developed products other than covid-19 vaccine is expected to exceed 4 billion yuan in 2023: ① the new batch of micro card indications are the first in the world to prevent pulmonary tuberculosis among people with latent infection of Mycobacterium tuberculosis. It is one of the key promotion points of the company in 2022. The publicity force can be seen in the first quarter of 2022. EC and wechat are jointly promoted at the detection end and prevention end. It is estimated that the total sales will exceed 1 billion yuan in 2022 and 4.5 billion yuan in 2025; ② The arrangement of the follow-up pipelines for the series of meningococcal vaccine products and Hib vaccine adapts to the current transformation trend of meningococcal vaccine from bivalent to tetravalent, from polysaccharide to combination, and from single vaccine to combined vaccine. The total sales scale is expected to exceed 1.2 billion yuan in 2025. ③ In addition, 23 valent pneumococcal polysaccharide vaccine, influenza virus split vaccine, human diploid crazy vaccine, tetravalent meningococcal conjugate vaccine and other heavy vaccine products are expected to be approved successively in the next 2-3 years, which will continue to contribute to the second growth curve of income.
\u3000\u3 Guocheng Mining Co.Ltd(000688) 122 Western Superconducting Technologies Co.Ltd(688122) . SH
1) high melting point alloy composition control and batch production quality stability are leading in China;
2) the large deformation processing technology of high strength and high hardness metal materials is internationally leading;
3) powder metallurgy is expected to become a new brand of metal forming technology in the future. “
\u3000\u3 Bohai Water Industry Co.Ltd(000605) 007 Quzhou Wuzhou Special Paper Co.Ltd(605007) . SH
At the industry level, specialty paper is a typical niche market, which is still in the stage of rapid growth. It has the attributes of strong know-how and small and beautiful. Compared with bulk paper, it has the characteristics of high barriers and independent pricing. Food packaging paper is the subdivision paper with the largest track and the highest prosperity among special paper. The market scale is 2.054 million tons in 2019 and is expected to reach 4.8 million tons in 2025. The future growth will be driven by paper instead of plastic, consumption upgrading and domestic substitution.
At the company level, the company is a leader in the food packaging paper industry, with a current production capacity of 1.35 million tons (780000 tons of food cards). Years of intensive industry cultivation have made the company have double barriers at the production and sales side. Production side: the company has formed a model of specific paper machines producing specific products, with both scale and flexibility. At the same time, the company has an all-round technical transformation team with the founder as the core, and has a cost advantage that is difficult to replicate through the transformation of second-hand paper machines (the cost is only 20% of the new machines); Sales side: the company’s main customers are brand customers such as food and beverage, with high concentration, high requirements for supplier quality and stability, long certification cycle, customized production and high requirements for after-sales service; In addition, European and American high-end customers also require more stringent FSC certification, which naturally excludes some enterprises. After the new production capacity of the company is reached, the customer structure is further optimized and enriched, and the current production and marketing structure is good.
Tracking: the company 22q1 has carried out two rounds of price adjustment for its products, including 300 yuan / ton for food card and 1000 yuan / ton for grasin paper, which fully covers the increase range of raw materials. In addition, 22q1 is the peak sales season. The company’s 500000 ton capacity climbs faster and the volume and price rise together. The performance of 22q1 is expected to be bright, and the growth rate in the short and medium term is expected to be significantly higher than that of the industry.
Long term: the company’s Hubei 4.49 million ton pulp and paper integration project was officially started at the beginning of the year, which points out the driving force and direction for long-term development under the background of scarce production expansion indicators.
