Since April, the focus on the “stable growth trend” of enterprises has turned to the “stable growth trend” of relevant institutions.
According to the statistics of the reporter of red weekly, manufacturing industries such as Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , real estate industry chain such as Shenzhen Overseas Chinese Town Co.Ltd(000069) , pharmaceutical enterprises such as Tofflon Science And Technology Group Co.Ltd(300171) , have become companies actively investigated by institutions. Since April, a total of 326 companies have been concerned by well-known institutions, including 19 companies, which have won the common attention of more than 100 institutions.
4 early institutional research direction multi-point flowering
“domestic substitution” high performance companies are favored
Data show that since April, a total of 326 companies have been investigated by institutions, and 70 companies have been investigated by more than 20 institutions. Among them, 19 companies have been investigated by more than 100 institutions, and the five companies with the largest number of institutions are Cha Cha food, Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , Tofflon Science And Technology Group Co.Ltd(300171) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Guangdong Huate Gas Co.Ltd(688268) . The companies with the largest number of institutional investigations are Moon Environment Technology Co.Ltd(000811) (6 times), Beijing Infosec Technologies Co.Ltd(688201) (6 times), Angang Steel Company Limited(000898) (5 times) and Anhui Honglu Steel Construction(Group) Co.Ltd(002541) (5 times).
According to statistics, there are more than 30 surveyed companies in the three major industries of electronics, medicine and mechanical equipment, and more than 20 surveyed companies in the four industries of computer, power equipment, basic chemical industry and non-ferrous metals. In addition, more than 10 companies in construction materials and decoration companies, national defense and military industry, automobile, food and beverage, agriculture, forestry, animal husbandry and fishery and other industries have also attracted attention. On the whole, it shows a multi-point flowering trend, in which “stable growth” and “high performance” related companies are the focus of institutions.
Table 1 companies with more than 30 institutional surveys since April
Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) obtained research from 334 institutions. With the early recovery of China’s manufacturing industry and the continuous improvement of CNC rate of machine tools, the superimposed epidemic affects the limited production capacity of overseas tool companies, and there is a strong demand for domestic cemented carbide CNC blades. The 2021 annual report of the company shows that the operating revenue is 485 million yuan, with a year-on-year increase of 55.51%; The net profit attributable to shareholders of listed companies was 162 million yuan, a year-on-year increase of 82.41% Soochow Securities Co.Ltd(601555) believes that with the deepening of import substitution, the recognition of domestic large terminal enterprises for domestic cutting tools has gradually increased, and the demand for domestic cutting tools will continue to be optimistic. In the long run, the prosperity of the industry will continue to be strong.
The high growth of performance has attracted the attention of institutions. Recently, famous private equity firms such as Gao Yi, Jinglin, Xiangju and ningquan have conducted intensive research Zhuzhou Huarui Precision Cutting Tools.Co.Ltd(688059) , and overseas investment institutions such as BlackRock, Horizon Capital and brilliance capital have also participated.
In the manufacturing industry, security leader Dongguan Yutong Optical Technology Co.Ltd(300790) has also recently become a “good heart” of institutions. Data show that 141 institutions have recently investigated the development of the company. Yang Ruiwen, manager of Jingshun Great Wall Fund, appeared among them. According to the 2021 annual report, among the funds managed by Yang Ruiwen, the environmental protection advantages of Jingshun Great Wall appear in the top ten circulating shareholders of Dongguan Yutong Optical Technology Co.Ltd(300790) with a shareholding ratio of 2.81%, Jingshun Great Wall preferred mixed holding of 1.62%, and Jingshun Great Wall innovative growth holding of 1.42%. Through these three funds, Yang Ruiwen holds Dongguan Yutong Optical Technology Co.Ltd(300790) 13116000 shares, accounting for 5.85% of the total share capital.
In addition, the well-known institutions on the research list include Ruiyuan fund, private placement of Jinglin assets, Henan Qingshuiyuan Technology Co.Ltd(300437) investment, Minghe investment, etc.
Benefiting from the high prospect of downstream demand, Dongguan Yutong Optical Technology Co.Ltd(300790) released the annual report for 2021, which showed that the company’s main revenue in 2021 was 2.062 billion yuan, an increase of 40.11% year-on-year; The net profit attributable to the parent company was 243 million yuan, a year-on-year increase of 91.44%; Deduct non net profit of 235 million yuan, an increase of 101.3% year-on-year. According to the contents of the annual report, Dongguan Yutong Optical Technology Co.Ltd(300790) is the largest production supplier of security monitoring lens in the world, and its business scope covers markets outside China. At present, the security lens market has entered the era of localization. Under the influence of international trade friction and covid-19 epidemic, the dominance of Chinese optical lens manufacturers will be stronger and the industry concentration will be further improved.
steady growth policy plus
real estate and large infrastructure construction industry chain received key attention
The infrastructure industry is also one of the sectors that have performed well since the second quarter. In the first week of April, the infrastructure sector of the A-share market ushered in a comprehensive outbreak. The branches of its industrial chain, such as cement, water conservancy and construction machinery, received a large amount of capital inflows, leading the increase. Individual stocks in the sector staged a wave of daily limit one after another.
From a long-term perspective, under the support of the steady growth policy, the infrastructure industry may become the “offensive” sector since this year. Institutions have also conducted intensive research on relevant companies recently. Anhui Honglu Steel Construction(Group) Co.Ltd(002541) received intensive research from institutions for 4 times, and Hou Jie of China Merchants Fund and Lao Jie of huitianfu fund participated in the research. According to the company’s 2021 annual report, the performance grew rapidly, the operating revenue and net profit attributable to the parent company increased by 45% and 44% year-on-year, and the revenue increased by 56% in the fourth quarter alone Anhui Honglu Steel Construction(Group) Co.Ltd(002541) in response to investors’ questions, the company said that the new production capacity of the company was put into operation in an orderly manner, and the output of steel structures increased steadily. The total number of new contracts signed throughout the year was about 22.832 billion yuan, an increase of 31.46% over the same period in 2020, all of which were material orders; The output of steel structure products is about 3386700 tons, an increase of 35.15% over the same period in 2020. Benefiting from the steady growth policy in 2022, the steel structure output and net profit per ton are expected to continue to realize and push up.
It is worth noting that Shenzhen Overseas Chinese Town Co.Ltd(000069) as the double leader of tourism real estate has also attracted the attention of nearly 100 institutions. China’s head quantitative private placement magic square and many well-known private placement institutions such as Shanghai Chongyang, Xiangju and Henan Qingshuiyuan Technology Co.Ltd(300437) have appeared in the research list. Since mid March, under the policy of relaxing control in many cities across the country, especially some second tier and provincial capital cities, the A-share real estate sector has continued to rise against the trend, with an increase of more than 30% as of April 6. However, at present, the real estate fundamentals are still in the doldrums. The land auction and commercial housing sales market data in March are still at the bottom, and the pessimism within the industry has not changed significantly. It is expected that under the tone of strengthening the steady growth policy, more cities will relax the real estate control due to urban policies in the future.
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Guangdong Kinlong Hardware Products Co.Ltd(002791) said in the investigation that the introduction of the “three red lines” of the new regulations on real estate asset management in the early stage, as well as the operating problems of real estate enterprises, epidemic situation and other factors, led to the shortage of funds in the industry. With the introduction of relevant policies, the capital status of real estate is getting better, and the funds stored in the project are slowly revitalized, which alleviates the pressure on the construction unit and ensures the delivery.
Table 2 companies surveyed in building materials, building decoration and real estate industry since April
covid-19 high performance of related companies
Boji Medical Technology Co.Ltd(300404) and other companies have attracted the attention of Ruiyuan and BlackRock
Recently, under the pressure of the epidemic in Shanghai, covid-19 related companies have attracted institutional attention again. A total of 15 pharmaceutical companies have obtained intensive institutional research, second only to the electronics industry with the largest number of surveyed companies (18). Among them, Tofflon Science And Technology Group Co.Ltd(300171) obtained 318 institutional surveys, including 82 public fund companies, 36 private institutions, 20 insurance companies and 16 overseas companies.
Tofflon Science And Technology Group Co.Ltd(300171) 2021 annual report shows that the company’s revenue in 2021 was 4.192 billion yuan, the net profit attributable to the parent was 827 million yuan, and the net profit not attributable to the parent was 760 million yuan, with a year-on-year increase of 54.83%, 78.59% and 92.00% respectively. Driven by covid-19 demand, the company’s covid-19 vaccine business opened a window of development, and its overseas revenue nearly doubled. In 2021, the company’s overseas revenue reached 1.040 billion yuan, a year-on-year increase of 97.79%, accounting for 25% of the total revenue. The company will also accelerate its overseas layout, and the high growth of overseas revenue is expected to continue. When replying to investors about the direction of M & A, the company said that the field of medical equipment and consumables was mainly looking for overseas targets, and there had been cooperation and exchange before; In the field of bioengineering, the direction of M & A is to improve the product line and build global business.
Another outstanding company is Boji Medical Technology Co.Ltd(300404) , which has been investigated twice by 71 institutions. Ruiyuan, Xiangju, Qingshuiquan and other well-known investment institutions have appeared, among which BlackRock, an overseas investment giant, has also appeared in the research list. The net capital inflow of the company in the past five days exceeded 100 million yuan, reaching 134 million yuan, and the net capital inflow of the main capital ranked first. The company’s performance forecast shows that the net profit attributable to the shareholders of the listed company from January to December 2021 is 37 million to 48 million, with a year-on-year change of 117.79% to 182.54%. The company said that the main reason for the significant increase in performance was the steady progress of research projects and the increase of main business income over the same period of last year. In response to investors’ questions, the company said that the clinical business has always been Boji’s most advantageous and competitive business. In the clinical business, the company focuses on the development of liver disease, digestion, tumor and traditional Chinese medicine business. The company will develop the competitive advantages in subdivided fields based on the clinical business and cooperate to develop preclinical and cdmo business.
In addition, the company said that traditional Chinese medicine has always been the characteristic field of the company. About 20 clinical projects of traditional Chinese medicine are under research every year, and the income of traditional Chinese medicine accounts for about 20% of the total. With the increase of national support for traditional Chinese medicine, the enthusiasm of traditional Chinese medicine research and development has increased. In 2022, the company will also strengthen the undertaking of traditional Chinese medicine projects. It is believed that orders will increase.
Table 3 pharmaceutical companies surveyed since April
