Many institutions interviewed believe that the market in April is expected to be difficult to have universal opportunities under uncertain factors, and the structural market is still the main tone. At the operational level, investors should pay attention to position control at the bottom stage of market shock. It is the best policy to keep a low position and wait-and-see before the market makes a directional choice. In terms of subject matter, institutions and securities companies are generally optimistic about opportunities in banking, national defense and military industry, photovoltaic new energy and other sectors.
bank a
valuation repair worth looking forward to
The fundamentals of the banking industry are sound. At present, the valuation of bank shares is generally lower than that of other industries, and it is also near the lowest valuation level in history. As the bank sector enters the intensive disclosure period of 2021 annual report, the valuation repair market of the bank sector is worth looking forward to. Wei Dapeng, an analyst at China Post securities, pointed out that the steady growth policy in the second quarter will become the driving force for the performance of the banking industry in the next stage. Relevant stocks with high growth, high-quality assets and deep business moat are expected to receive more market attention.
For the banking sector, industry insiders generally believe that there are valuation repair opportunities for bank stocks at the bottom of valuation Dongxing Securities Corporation Limited(601198) analyst Lin Jinlu pointed out that from a fundamental point of view, the industry performance is uncertain, the potential adverse pressure is small, and the accelerated transformation of financial management business will contribute to new profit growth points. From the perspective of capital, the proportion of institutional heavy positions held in the sector is at a historically low level, and there is little room for further reduction. We believe that the credit easing policy continues to work, and the valuation repair market of the banking sector is worth looking forward to.
Northeast Securities Co.Ltd(000686) analyst Chen Yulu also said that in the short term, affected by the fluctuation of capital in the early stage, some leading bank stocks fell seriously, and the valuation has fallen to the level when the epidemic hit the hardest in March 2020. In the medium and long term, we are optimistic about the coordinated development of follow-up monetary policy, fiscal policy and industrial policy. With the development of infrastructure and the correction of real estate deviation, wide credit will come substantially. The bank is optimistic about the performance of credit, and the price is supplemented by the amount of credit; In terms of asset quality, wide credit will optimize asset quality and reverse market concerns about bank asset quality. Superimposed on the current valuation level of the historical bottom of the banking sector and the catalysis of the good performance of many banks, we are optimistic about the valuation repair of the banking sector. It is suggested to pay attention to China Merchants Bank Co.Ltd(600036) , Ping An Bank Co.Ltd(000001) , Bank Of Jiangsu Co.Ltd(600919) , Bank Of Nanjing Co.Ltd(601009) , etc.
potential stock selection
\u3000\u3000 China Merchants Bank Co.Ltd(600036) China Merchants Bank Co.Ltd(600036)
the company has maintained rapid growth in many businesses. Although the credit impairment has rebounded, it is concentrated in non credit fields to enhance the ability of risk offset, which has a limited impact on the performance. Many factors have driven the continuous double-digit high growth of the company’s overall revenue and net profit. The non-performing rate of the company continued to decline, and the proportion of concerned loans was at a low level as a whole. The quality of the company’s assets remained excellent and the ability of risk offset was enhanced. Zhang Yiwei, an analyst at Galaxy Securities, pointed out that the company has obvious advantages in retail business, strong profitability and better return on net assets than its peers; The asset side expanded steadily and the structure was optimized. The demand deposits on the liability side accounted for more than 60% and had a significant cost advantage; The quality of assets is excellent, and the provision coverage rate ranks at the forefront of the industry; The company actively promoted the transformation of light banks, built a financial technology bank, built a value cycle chain of large wealth management, and further enhanced its differentiated competitive advantage.
\u3000\u3000 Ping An Bank Co.Ltd(000001) 00000 7
the company’s profit contribution in the first three quarters is split, and the contribution of the expenditure side is greater than that of the income side. On the income side, the net interest income maintained a steady growth under the increase in volume and price; Non interest income increased rapidly, mainly benefiting from the rapid growth of wealth management and credit card service fees Dongxing Securities Corporation Limited(601198) pointed out that the company has carried out strategic transformation of retail business since 2016. With the support of group resources and the support of technology and finance, the retail transformation has achieved remarkable results. This year Ping An Bank Co.Ltd(000001) upgraded the retail transformation, put forward the “five in one” new model, integrated retail financial services such as comprehensive bank, AI bank, remote bank, offline bank and open bank, strengthened the scientific and technological empowerment and realized a new leap in retail business. Under the new playing method of retail business, the sustainability and profitability of retail business expansion have been further improved.
\u3000\u3000 Bank Of Jiangsu Co.Ltd(600919) Bank Of Jiangsu Co.Ltd(600919)
the company’s performance express shows that in 2021, the operating revenue increased by 22.58% year-on-year and the net profit attributable to the parent company increased by 30.72% year-on-year. The company’s operating revenue maintained double-digit growth, and the growth rate of net profit reached a new high in recent years. Combined with the data of the third quarterly report, the overall performance of the company is expected to continue to lead listed banks. Galaxy Securities pointed out that the company is deeply rooted in the economically developed regions of Jiangsu, with rich financial resources and broad development prospects. It has obvious service advantages in small and micro enterprises and manufacturing industry, and a number of business indicators rank first in the province. On the asset side, the credit supply continues to increase and the structure is optimized, which helps to improve the interest margin; The intermediary business agency business grew rapidly, the wealth management business developed well, and the profit space was thickened. Accelerate the application of financial technology, implement the intelligent financial evolution project, and comprehensively enable business development and operation management.
\u3000\u3000 Bank Of Nanjing Co.Ltd(601009) Bank Of Nanjing Co.Ltd(601009)
company has gradually cultivated three genes of small and micro finance, retail finance and bond business. In 2020, the establishment of the new management will be completed, which will bring new vitality to the company and effectively boost its performance. In 2020, the company entered the stage of large retail 2.0 reform, and the reform achieved remarkable results. In terms of personal loans, consumer loans account for half of the country, the acquisition of Suning Xiaojin, and the landing of license sector promotes the “re growth” of Xiaojin; Wealth management benefited from the two wheel drive of financial transformation and private differentiated competitive strategy. Retail AUM has increased by 43% since 2018. Minsheng Securities pointed out that the growth rate of the company’s performance has been significantly repaired since 2021, driving the return on net assets to stabilize and rise to 15.84% in the third quarter of 2021, and the third quarter of listed urban commercial banks The performance is high and the boom is expected to continue, supporting the return on net assets to maintain a high level.
B military industry
high prosperity gradually verified
The military industry sector has declined significantly since the beginning of the year, and the valuation is close to the bottom, with a good margin of safety.
Ni Zhengyang, an analyst at deppon securities, pointed out that the recent gradual disclosure of 2021 results has verified the high outlook of the military industry; In recent years, the equity incentive of military enterprises has been continuously implemented, which has mobilized the enthusiasm of senior managers and employees of the company, further guaranteed the company’s performance and endogenous growth of military enterprises; Military enterprises continue to increase and expand production, which reflects the confidence of military enterprises in future order growth and highlights the strong certainty of the industry. Therefore, we firmly believe that the military industry sector has high prosperity and strong certainty, and has good investment value at present.
Since 2022, the equity incentive and fixed increase and expansion of production in the national defense and military industry have been continuously promoted, and the prosperity of the industry has been verified Founder Securities Co.Ltd(601901) analyst Bao Xuebo pointed out that since the beginning of the year, Shanghai Huace Navigation Technology Ltd(300627) , Xi’An Triangle Defense Co.Ltd(300775) , Guizhou Aviation Technical Development Co.Ltd(688239) , Guanglian Aviation Industry Co.Ltd(300900) and Jiangsu Maixinlin Aviation Science And Technology Corp(688685) have carried out equity incentive. In addition, in the first quarter, five companies in the military industry sector disclosed the fixed growth plan, and it is expected to raise a total of 10.1 billion yuan. Actively raising funds and expanding production will help enterprises strengthen their layout and lay a driving force for future growth; At the same time, it also reflects the urgent need to improve the production capacity of the military industry and reflects the sustained high prosperity of the industry.
Looking forward to the future, the high boom in some segments of military industry continues, and the superposition of scale effects and improvement of governance are expected to provide performance flexibility. Bao Xuebo suggested that investors focus on aerospace, national defense informatization and other fields. Aerospace industry chain providers suggest paying attention to Aecc Aviation Power Co Ltd(600893) , Avic Shenyang Aircraft Company Limited(600760) , Aerospace Ch Uav Co.Ltd(002389) , Gaona Aero Material Co.Ltd(300034) , Avic Electromechanical Systems Co.Ltd(002013) , China Avionics Systems Co.Ltd(600372) ; It is suggested to pay attention to Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Glarun Technology Co.Ltd(600562) , etc.
potential stock selection
\u3000\u3000 Aecc Aviation Power Co Ltd(600893) Aecc Aviation Power Co Ltd(600893)
company continues to focus on the main business of aeroengine, and its main products are gradually transitioning from second-generation aircraft to third-generation aircraft. In terms of turbofan engine, ws10 “Taihang” engine product has been very mature, and its performance and service life have been greatly improved compared with the early stage. At present, it has been adopted in large quantities in China’s active fighters, and the number of orders is in the stage of continuous improvement; The research and development of new turbofan engine with large bypass ratio continues to advance, and the downstream replacement demand is also strong China Securities Co.Ltd(601066) Securities pointed out that in terms of turboshaft engine, the company’s turboshaft engine is used for new general-purpose helicopters, and the two aircraft special AVIC Zhuzhou Aviation Power Industrial Park has provided strong capacity support for the volume of subsequent products. We expect that the demand for military aero engines in China will be about 20000 units in the next 20 years, and the market space will be about 250 billion yuan.
\u3000\u3000 Avic Shenyang Aircraft Company Limited(600760) Avic Shenyang Aircraft Company Limited(600760)
company is subordinate to AVIC group. It completed major asset restructuring and achieved overall listing at the end of 2017. It has become the only listing platform for A-share fighters, with obvious scarcity. Guosheng Securities pointed out that at present, China’s military manufacturing industry is in a period of great development opportunities. The transformation of modern war mode, the needs of our military’s strategic transformation and the changes in the surrounding situation have increased and accelerated the demand of the Navy and air force for advanced fighters. The technology of the company’s main models J-11, 15 and 16 in production has become mature, and we expect to form a stable and increasing output. Taking into account the greater certainty of the company’s order demand, the higher certainty of the company’s phased performance due to the active promotion of balanced production, and the gradual operation of raised investment projects, the production capacity is expected to continue to expand.
\u3000\u3000 Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267)
the company achieved a revenue of 2.403 billion yuan in 2021, a year-on-year increase of 41.36%, and a net profit attributable to the parent company of 827 million yuan, a year-on-year increase of 70.09%. The company has established good cooperative relations with more than 1000 customers, covering many key industries, and some products of the company are produced in the mode of “small batch customization”, so the risk of sharp price reduction is small Founder Securities Co.Ltd(601901) pointed out that in 2021, the company’s revenue from self-produced products was 1.348 billion yuan, a year-on-year increase of 52.07%, and the revenue from agency products was 1.043 billion yuan, a year-on-year increase of 29.13%. The gross profit margin of self-produced products reached 80.83%, a year-on-year increase of 0.93%, and the gross profit margin of agency products reached 13.14%, a year-on-year increase of 3.06%. On the whole, the production and marketing of the company’s self-produced products are booming, and the profitability is further improved.
\u3000\u3000 China Zhenhua (Group) Science & Technology Co.Ltd(000733) China Zhenhua (Group) Science & Technology Co.Ltd(000733)
the company’s annual performance express in 2021 showed that the annual operating revenue was 5.656 billion yuan, a year-on-year increase of 43.2%, and the net profit attributable to the parent company was 1.493 billion yuan, a year-on-year increase of 146.6% The Pacific Securities Co.Ltd(601099) Securities pointed out that during the “14th five year plan” period, the company’s downstream key weapons and equipment in the fields of aviation, aerospace, electronics, weapons, shipbuilding and nuclear industry gradually increased, the process of national defense information construction accelerated, the downstream demand was strong, the domestic substitution space was expanded, and the growth certainty of high-end electronic component enterprises was strong. As an upstream enterprise of military supplies, the company will accelerate the growth of beneficiary orders, and the sales of high value-added products such as new electronic components business will increase year-on-year. Focusing on “building an ecological chain of electronic components industry”, the company strives to promote high-quality development and continuously improve its business performance.
C photovoltaic
industry data expected to exceed expectations
The government work report pointed out that it is necessary to orderly promote carbon peak and carbon neutralization, promote the transformation of low-carbon energy, promote the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources, improve the consumption capacity of the power grid for renewable energy power generation, and promote the transformation from “dual control” of energy consumption to “dual control” of total carbon emission and intensity. Some analysts pointed out that the policy level will provide support for the photovoltaic construction in 2022, which is expected to accelerate the release of production capacity in the tense links of supply and demand and alleviate the pressure of downstream costs.
Southwest Securities Co.Ltd(600369) analyst Han Chen pointed out that the introduction of the 14th five year plan for modern energy system continued the previous new energy development plan, and the carbon emission reduction remained unchanged, ensuring China’s new installation demand. We believe that in the short term, the probability of photovoltaic data in the first quarter is higher than expected. With the continuous release of new silicon production capacity, the supply side is gradually abundant, which is expected to drive the growth of downstream demand. In the long run, the global PV installed capacity is expected to exceed 200GW in 2022, with a year-on-year increase of more than 30%. At present, there are investment opportunities for the whole photovoltaic sector.
From the perspective of the industry, in the first quarter of 2022, the output of the photovoltaic industry increased month on month, the off-season was not light, and the tone of the high prosperity of the whole year was laid. The performance of the industrial chain company in the first quarter may exceed expectations.
Deng Yongkang, an analyst at Minsheng securities, suggested that investors should pay attention to the integrated component enterprises Longi Green Energy Technology Co.Ltd(601012) , Jingke energy, Ja Solar Technology Co.Ltd(002459) , Trina Solar Co.Ltd(688599) , inverter enterprises Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) , Ningbo Deye Technology Co.Ltd(605117) , Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , wo Mai, etc., which benefited from the booming demand and increased year-on-year shipments; In addition, the curtain of battery technology reform is opened, and relevant manufacturers are expected to enjoy the technology premium. Jingke energy, Longi Green Energy Technology Co.Ltd(601012) , Hainan Drinda Automotive Trim Co.Ltd(002865) , Jolywood (Suzhou) Sunwatt Co.Ltd(300393) , etc. are recommended. At the same time, the supporting facilities of other links of the industrial chain are also very important. Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Kbc Corporation Ltd(688598) , Qingdao Gaoce Technology Co.Ltd(688556) , etc. are recommended.
potential stock selection
\u3000\u3000 Longi Green Energy Technology Co.Ltd(601012) Longi Green Energy Technology Co.Ltd(601012)
company continues to invest in research and development to promote technological progress. In terms of hjt battery research and development, the Research Institute of Cecep Solar Energy Co.Ltd(000591) Research Institute in Hamelin, Germany, tested and announced that Longji hjt battery has made another major breakthrough; In the field of TOPCON batteries, the company’s two models of batteries have also achieved the highest conversion efficiency in the world. At the same time, the company actively arranges BIPV and photovoltaic hydrogen production business, which is expected to open more application scenarios. The company has laid out new photovoltaic battery technology through multiple technology paths, with positive and steady performance and stable leading position. Century Securities pointed out that in the short term, although the sharp rise in the price of upstream silicon material has led to the imbalance of the industrial chain, the company, as the leader of vertical integration, has stronger pressure resistance. In the long run, the company continues to invest in R & D and promote technological progress. The vertical integration strategy has achieved remarkable results. The advantages of scale, technology and brand will ensure that the company will continue to benefit from the long-term development of the photovoltaic industry.
Jingke energy (688223)
company started from silicon wafer and turned to photovoltaic module production and operation, creating technical, channel and brand barriers in related fields. At present, the company has established a vertically integrated production capacity from pull rod / ingot, silicon wafer production, cell wafer production to photovoltaic module production. Among the top photovoltaic manufacturers in the world Everbright Securities Company Limited(601788) pointed out that through the cycle, the company has become a global head component manufacturer. Compared with comparable companies, the company’s sales expense rate is higher, mainly due to the international production and sales strategy. The company has excellent management and operation level and low management expense rate. Attach importance to scientific and technological innovation, and the R & D expense rate is higher than that of comparable companies. After the listing of a shares, it is expected to solve the short board of capital shortage and further reduce the financial expense rate. At the same time, the company is stepping up efforts to make up for the short capacity of battery chips, which is expected to alleviate the shortage of battery chips to a great extent.
\u3000\u3000 Trina Solar Co.Ltd(688599) Trina Solar Co.Ltd(688599)
the company takes the lead in the industry and unswervingly lays out the distributed market. The shipment volume of “Trina Solar Fuga” original household system increased by more than 300% year-on-year in the first half of 2021. At the same time, it also released the BIPV product “tiannengwa” to further improve the product layout in the field of distributed photovoltaic. The sales of distributed business increased significantly in 2021, making a strong contribution to the growth of the company’s performance in 2021 Everbright Securities Company Limited(601788) pointed out that the company’s PV module shipments rank among the top in the world. The advance layout of large-scale products will ensure that the company can obtain excess returns under the background of price reduction in the industrial chain. The distributed and energy storage business is expected to become a new performance growth point. On the whole, the sales of large-scale products and distributed businesses of the company have been significantly improved, and the profit advantages of large-scale and differentiated products are expected to be further highlighted in the future.
\u3000\u3000 Tianjin Zhonghuan Semiconductor Co.Ltd(002129) Tianjin Zhonghuan Semiconductor Co.Ltd(002129)
company officially launched 210 large-size silicon wafers in 2019. After increasing the size of silicon wafers, on the one hand, it can reduce the non silicon cost in all production links, on the other hand, it can significantly increase the module power, reduce the BOS cost, and finally reduce the photovoltaic kwh cost. Guosheng Securities pointed out that since 2021, the industrial chain supporting 210 high-power components has been gradually improved. The market share of 210 products has reached 17%, and is in a stable growth trend. 210 silicon wafers remain in short supply. The company actively expanded its production capacity. The crystal output of the company exceeded 20000 tons and the annual output exceeded 60GW, two months ahead of the original plan. Among them, the annual output of G12 single crystal reached 27GW / year, accounting for 45%. 210 silicon wafer is expected to bring strong support to the company’s performance this year.
