The market ended in the first quarter, and the path of securities companies' research on listed companies was also clear.
According to the data, in the first quarter of this year, a total of 1161 A-share listed companies were investigated by domestic and foreign securities companies, most of which came from the main board of Shenzhen stock market. In the first quarter, the enthusiasm of securities companies for the investigation of gem and science and Innovation Board companies also increased significantly; In terms of style, brokerage research companies are concentrated in the manufacturing industry, and a considerable part of the companies surveyed are from the new energy industry chain.
Although the share prices of most companies have significantly corrected since the beginning of the year, from the perspective of the prosperity of the industry and the favorable policies issued, institutions still dig out many structural investment opportunities.
new energy industry chain, medicine and biology have attracted frequent attention
After reaching a new high at the end of November 2021, the Qingdao Gaoce Technology Co.Ltd(688556) share price fell and continued to fluctuate, but it was still the listed company with the most attention from securities companies in the first quarter, receiving 107 securities companies for research. As a leader of slicer whose products are mainly used in silicon wafer manufacturing in photovoltaic industry, securities companies pay more attention to whether Qingdao Gaoce Technology Co.Ltd(688556) has production expansion plan, construction progress of slicing service project, equipment orders of the company in 2022, etc.
Data show that a total of 1161 A-share listed companies received brokerage research in the first quarter of this year, which is almost the same as that in the same period last year. In addition to Qingdao Gaoce Technology Co.Ltd(688556) , Thunder Software Technology Co.Ltd(300496) also received more than 100 securities companies to investigate in the first quarter. The top listed companies also include Shenzhen Inovance Technology Co.Ltd(300124) \ -u, etc.
the number of merchants receiving research coupons in the first quarter ranked among the top listed companies
From the perspective of the market sector, in the first quarter of this year, securities companies conducted the most research on Shenzhen Main Board companies, and their enthusiasm for research on GEM and Sci-tech Innovation Board companies also increased significantly; In terms of style, in the first quarter of this year, brokerage research companies were concentrated in the manufacturing industry, and their industries covered industrial machinery, semiconductor products, electrical components and equipment. A considerable part of the top companies receiving brokerage research came from the new energy industry chain.
Although the secondary market trend of coal, real estate and other sectors was good in the first quarter, securities companies did not conduct many investigations on relevant companies; In contrast, the performance of the pharmaceutical and biological sector has improved, but more than 100 companies have been investigated by securities companies in several related fields such as medical and health care equipment, western medicine, traditional Chinese medicine and drug retail.
pay attention to the impact of raw material price rise
What problems do securities companies pay more attention to listed companies in the first quarter? It is found that considering the rising prices of upstream raw materials in many industries, how to deal with them has become a frequent problem in the research of securities companies.
Ningbo Ronbay New Energy Technology Co.Ltd(688005) is mainly engaged in the research and development, production and sales of cathode materials for lithium batteries. During the research, the company was asked by securities companies whether the rising lithium price would make downstream customers more willing to switch from the iron lithium route to the ternary route, and whether the rising nickel price could lead the company to the downstream smoothly. In combination with the fundamentals, some securities companies raised questions to Ningbo Ronbay New Energy Technology Co.Ltd(688005) about how to keep the gross profit margin stable in 2021 when the price of upstream raw materials continues to rise.
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) in the survey, the manufacturer of medical equipment research and development was also asked whether the recent rise in commodity prices would affect the company's production costs. Since July 2021, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) share price has continued to fall after reaching a record high. In the survey, some securities companies also asked whether the company's two large-scale repurchase means full confidence in the future trend of share price.
It is found that some companies of Beijing stock exchange also received the research attention of securities companies in the first quarter Changhong energy, a Sichuan Changhong Electric Co.Ltd(600839) subsidiary and alkaline battery enterprise, received a survey of 13 securities companies in the first quarter. According to the survey minutes disclosed by the company, the company's competitive advantage and the impact of rising materials on the gross profit of lithium battery were asked by securities companies. As a Beijing stock exchange company, whether there will be a board transfer plan has also become one of the focuses of securities companies in the research.
focus on structural layout opportunities
With the overall market correction since the beginning of the year, the share prices of a considerable part of the above-mentioned stocks investigated by securities companies also fell. However, in the view of insiders, many industries benefit from tight supply and demand and favorable policies in the future, and there are still opportunities for investment layout.
Taking the semiconductor sector as an example, Wanlian Securities believes that since the second half of 2020, affected by the epidemic, geopolitics and other factors, the global semiconductor supply has continued to be tight, and the long verification cycle and high technical barriers of vehicle specification and industrial grade MCU and power products have also become a major obstacle to supply side expansion. According to the current capacity construction plans of major semiconductor enterprises, it is expected that the semiconductor business cycle may continue in 2022. From the perspective of valuation, the PE (TTM) of Shenwan electronics sector is also significantly lower than the peak level in the 4G construction cycle, and the industry valuation level gradually enters a lower range.
In terms of new energy, Chuancai Securities believes that the overall valuation of the lithium battery industry chain has gradually fallen back to the median level, and the high outlook of the industry is expected to continue in 2022. It is suggested to pay attention to the battery links whose profitability is expected to be repaired in 2022; Under the guidance of the national carbon neutral goal, the total installed capacity of scenery is expected to rise further during the 14th Five Year Plan period. In the photovoltaic field, it is suggested to focus on the silicon industry chain benefiting from the continuous tension of supply and demand pattern.
A few days ago, the "14th five year plan" for the development of traditional Chinese medicine was released, which deployed 10 key tasks and arranged 44 major projects in 11 categories Shanxi Securities Co.Ltd(002500) believes that the implementation of the plan further increases the high-quality development of traditional Chinese medicine from the policy level, and opens up the space for the long-term development of the traditional Chinese medicine industry. We are optimistic about innovative traditional Chinese medicine, the development of children's proprietary Chinese medicine, the whole industrial chain of traditional Chinese medicine, traditional brand traditional Chinese medicine and other main lines.
