Market review this week:
This week (2022.4.18-4.22), the gem index (399006. SZ) fell 6.66% to close at 2297 points, and the turnover rate in the gem range was 19.58%; The total turnover of GEM stocks this week was 748.2 billion yuan, a decrease of 7.2% month on month. The industries with the top three increases were textile and garment (+ 12.42%), light industry manufacturing (+ 1.34%), automobile (+ 0.91%), and the industries with the top three decreases were real estate (- 20.11%), non bank finance (- 11.53%) and building materials (- 7.84%). Kechuang 50 ( Guocheng Mining Co.Ltd(000688) . SH) fell – 3.22% to close at 942, continuing its downward trend. The turnover rate of Kechuang 50 is 11.18%; This week, the total turnover of the science and Innovation Board was 145.6 billion, a decrease of 3.52% month on month. This week, all industries on the scientific innovation board fell.
Listing & fixed growth trend:
Gem: listing: there were 8 newly listed companies on the gem this week (April 18-april 22, 2022). On the first day of listing, C Jiarong (301148. SZ) and C Zhongyi (301150. SZ) broke, and the other 6 rose. Fixed increase: this week (April 18-april 22, 2022) Guangdong Guoli Sci&Tech Co.Ltd(300716) , Qingdao Huicheng Environmental Technology Co.Ltd(300779) issuance of fixed increase plan, Guangdong Wanlima Industry Co.Ltd(300591) , Pony Testing International Group Co.Ltd(300887) fixed increase listing.
Sci tech Innovation Board: listing: this week (April 18-april 22, 2022), there were 6 newly listed companies on the sci tech innovation board. On the first day of listing, except for the rise of nano core micro (688052. SH), the other 5 fell below the issue price. Fixed increase: this week (April 18-22, 2022), the science and innovation board added Beijing Worldia Diamond Tools Co.Ltd(688028) , Kunshan Guoli Electronic Technology Co.Ltd(688103) , Jiangsu Cnano Technology Co.Ltd(688116) , Shanghai Aladdin Biochemical Technology Co.Ltd(688179) , Shan Dong Kexing Bioproducts Co.Ltd(688136) , Shenzhen Yanmade Technology Inc(688312) fixed increase plans, Shanghai Friendess Electronic Technology Corporation Limited(688188) new listed companies with fixed increase shares,
Recent new shares: this week (April 18-april 22, 2022) highlights: National Cable Testing (a21118. SZ): the company is an independent third-party inspection and testing service organization specializing in wires and cables, optical fiber cables and their components. Its main business is the inspection and testing services of wires and cables and optical fiber cables, covering corresponding inspection and testing, equipment measurement, capability verification, etc. The compound annual growth rate of the company’s main business income from 2018 to 2021 was 10.5%. In the future, the company is expected to achieve performance growth by relying on national policy support, high growth of industry demand and the operation of raised investment projects.
Focus on the situation of the underlying stocks: new deep coverage stocks this week: Beijing Infosec Technologies Co.Ltd(688201) ( Beijing Infosec Technologies Co.Ltd(688201) . SH), Ningbo Jifeng Auto Parts Co.Ltd(603997) ( Ningbo Jifeng Auto Parts Co.Ltd(603997) . SH).
Beijing Infosec Technologies Co.Ltd(688201) ( Beijing Infosec Technologies Co.Ltd(688201) . SH): the company is an enterprise focusing on the research and development of commercial password products with password as the core. From 2017 to 2021, the company’s revenue CAGR reached 33.7%, and the net profit attributable to the parent company CAGR was 40.5%. We predict that the operating revenue of the company from 2022 to 2024 will be RMB 729 / 965 / 1304 million respectively, and the net profit attributable to the parent company will be RMB 190 / 253 / 375 million respectively. The PE multiples of the company’s current stock price to the predicted EPS from 2022 to 2024 are 25.8 / 19.4 / 13.1 times respectively. Referring to the valuation of comparable companies, the current valuation of the company is lower than the industry average. Considering the high growth brought by the continuous prosperity of the industry, we raise the company to the “buy” rating Ningbo Jifeng Auto Parts Co.Ltd(603997) ( Ningbo Jifeng Auto Parts Co.Ltd(603997) . SH): the company is a leading supplier of cabin interior decoration in China. After acquiring grammer, the company has built a product matrix of armrests, headrests, seat assemblies and other products, and the value of single vehicle has increased significantly. We expect the company to achieve operating revenue of RMB 18.099 billion, 19.653 billion and 21.424 billion from 2022 to 2024, with a year-on-year increase of 7.53%, 8.59% and 9.01%. The net profit attributable to the parent company was RMB 338, 565 and 871 million, with a year-on-year increase of 167%, 67% and 54%, corresponding to EPS of RMB 0.30, 0.50 and 0.78. Based on the closing price on April 19, 2022, the current market value of the company is 9.177 billion yuan, and the corresponding PE from 2022 to 2024 are 27.2x, 16.2x and 10.5x respectively, slightly higher than the average level of comparable companies. The company is rated as “overweight” for the first time.
This week’s view: in view of the tense epidemic situation in various places and the impact on the economy may exceed expectations, we are more cautious about the overall market in the near future. However, in the near future, some enterprises in Shanghai will begin to resume work and production. It is suggested to observe the economic restoration.
Risk warning: the risk that the information and data used in the research report are not updated in time; Macroeconomic fluctuation risk; The impact of the epidemic, overseas situation and other events on the economy is higher than expected.
