\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 128
The latest quarterly report of the company is excellent. In the long run, with the deepening of the strategy of becoming small and scattered, the competitiveness of small and micro enterprises continues to increase. Considering that the company’s provision coverage is at a high level and the need for significant provision in the future decreases, it is expected that the roe center is expected to rise.
\u3000\u3 Ping An Bank Co.Ltd(000001) 914
1. Since the reorganization and listing of the company, the Department integration has progressed smoothly, gradually walked out of the painful period of integration, and the business structure has been continuously improved. The property management revenue accounted for 94% in 2021.
2. The parent company has outstanding comprehensive strength and has maintained stable sales growth and land acquisition in recent years. The company will benefit from the strong support of zhaoshe for the property sector in the future, and the growth certainty of the management area is guaranteed.
3. The company is a leader in the non residential field, with balanced business layout and high contribution of non residential income. With the maturity of the company’s business structure and the improvement of operating efficiency, as well as the continuous delivery of new residential buildings and the continuous expansion of high gross profit non main business forms in the future, the company’s profitability has great room for improvement.
4. The company’s first M & a project since integration will not only benefit from the resource advantages of the parent company of large and medium-sized state-owned enterprise developers, but also benefit from the reconstruction of the industry pattern, and benefit from fresh project resources as a “credit intermediary”.
5. The divestiture procedure of the company’s heavy assets is started. If the company’s heavy assets are revalued after being realized according to the book value, the current valuation level of the company is at the low level of the industry.
\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 888
1) the pressure on 22h2 base is expected to be gradually relieved, and projects such as Haikou international duty-free city and Sanya phase I site 2 are expected to be launched.
2) from the perspective of the middle line, in the future, the company will be based on the first global tax exemption and the continuous strengthening of supply chain capacity after channel expansion and optimization; 3) Second, the deepening of Omni channel layout and the potential tapping and diversified realization of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) flow; 4) Third, under the internal and external competition, the subjective driving force of central enterprises continues to strengthen, from scale to quality, seek benefits from management, and better cope with the diversified and changing market environment in the future through the improvement of core competitiveness
\u3000\u3 China Vanke Co.Ltd(000002) 840
1. Core logic: Huatong is a typical target of beta and alpha. Beta lies in the timing of the pig cycle; Alpha lies in the company’s production capacity, and the production capacity of pigs in Zhejiang is scarce, which is the core asset of agricultural breeding, so it continues to be recommended.
2. It will be released in 2022 and gradually realized, and there is enough space for valuation and repair. At present, the company has built an integrated self breeding capacity of nearly 2.5-2.6 million buildings. According to the company’s launch in March, the continuous high growth month on month proves the company’s breeding capacity again. It is expected that the launch will be about 500000 in the first half of 2022 and about 700000 in the second half of 2022. The monthly growth of the whole year is expected to maintain a rapid growth. Considering that the pig cycle is expected to reverse before 2023, the average market value of the company’s head in 2023 is less than 3000 yuan / head, and there is enough space for valuation and repair.
3. The advantages of building pig breeding are obvious, and the excess return of Zhejiang pigs is obvious. The breeding mode of the company is self breeding and self raising building pig breeding, and the whole process breeding survival rate is close to 90%, which reflects the obvious advantages of building pig breeding. With the increase of breeding volume in 2022q1, the breeding cost is expected to decrease significantly. In addition, according to the monthly report published by the company in March, the sales price of the company’s commercial pigs is 13-14 yuan / kg; The sales price is significantly higher than muyuan’s 11.64 yuan / kg and Wen’s 12.17 yuan / kg, and the single head has obvious excess income. In addition, there are almost no farmers in Zhejiang, which belongs to a natural breeding epidemic free area and has natural advantages in the prevention and control of African classical swine fever and other diseases. Considering that the company is currently a scarce large-scale breeding listed company in Zhejiang Province, the company’s pig production capacity should have a higher head average market value.
\u3000\u3 Shengda Resources Co.Ltd(000603) 369
The successful start was achieved, and the contribution of Guoyuan series increased steadily. Focus on V-series tackling difficulties and breakthroughs outside the province, and steadily upgrade the product structure. We are optimistic about the gradual improvement of the potential of Guoyuan brand and the large-scale potential of V-series, and the growth can be expected inside and outside the province.
\u3000\u30 Jinzai Food Group Co.Ltd(003000) 15
The company is a leading company in the field of ophthalmic medical services in China. It has expanded rapidly through the hierarchical chain model, and “endogenous + extension” jointly supports the performance growth. In addition to the impact of the epidemic in 2020, the net profit attributable to the parent increased by more than 30% year-on-year for seven consecutive years, the brand influence continued to increase, a perfect medical teaching and research system and talent training mechanism have been formed, and the “Second Entrepreneurship” has been steadily promoted in the new decade. With the enhancement of the expectation of repair after epidemic control, the bottom of bad policies, and the successive implementation of medical service price adjustment schemes in all provinces, it is expected to promote the increase of service price and the expansion of the application coverage of innovative technologies. The current valuation is attractive.
\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11
The integrated stove industry has achieved sustained and rapid growth, with both volume and price rising. It is expected that the industry will still have more than doubled growth space; In 2021, the sales volume of the integrated stove industry increased by 41% and the sales volume increased by 28% Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) technology accumulation is deep, and products continue to be promoted; In terms of channels, strengthen the assessment and assistance of dealers, comprehensively stimulate the vitality of dealers, and develop all channels such as engineering, Ka and home decoration; With active investment in marketing, the share of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) city has increased rapidly. In 2021, the company’s revenue increased by 72% and profit increased by 46%, which is expected to continue the strong growth trend.
\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 011
Electricity consumption has entered the off-season. The national development and Reform Commission has made clear the identification standard of illegal coal price, and has strictly investigated the performance of Changxie coal since May. It is expected that the coal price will decline, and the thermal power sector will usher in a performance inflection point; It is expected that the first batch of renewable energy subsidies will be issued soon, which will improve the company’s cash flow.
\u3000\u3 Guocheng Mining Co.Ltd(000688) 777
1. The market share of core products continued to increase. The company’s market share of DCS products in China has increased to 33.8% in 21 years and 28.5% in 20 years, ranking first in China’s DCS market share for 11 consecutive years. Among them, the market share of chemical industry reaches 51.1%, and that of petrochemical industry reaches 41.6%; The market share of SIS system reached 25.7%, ranking second; Advanced process control software (APC) ranks first in China with a market share of 28.6%.
2. The company’s industrial software is growing rapidly and has broad space. In 2021, the company has formed seven types of industrial software systems, including real-time database, digital twin, production management, process optimization, production safety, asset management and supply chain management, with a total of 218 industrial app application development. Industrial software is expected to open a new growth space.
3. The “ground penetration” of 5S store has achieved results, and overseas growth can be expected. The company continues to expand the scale of 5S stores, of which the number of single stores with an income of more than 50 million yuan has increased from 16 to 33. In the past 21 years, the company’s overseas business income was 184 million yuan (+ 53.8%), successfully entered the list of qualified suppliers of BASF, realized the formal application of DCS in its production units, and carried out digital transformation cooperation with many customers in many countries.
China Property Insurance
Investment suggestion: in 2022, the prosperity of China’s property insurance continued to improve: (1) the year-on-year positive trend of auto insurance premium is conducive to improving the overall underwriting profit margin and the leverage of underwriting business; (2) Affected by the catastrophic events in 2021, the non auto insurance business dragged down significant losses. According to industry data, the probability of catastrophic events in 2022 declined, and non auto insurance is expected to contribute profits. Based on the above assumptions, we estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 25.6/28.3/32.1 billion, with a year-on-year growth rate of 14% / 11% / 14%, and diluted eps1.5% 15 / 1.27/1.44 yuan, corresponding to roe12 4% / 12.3% / 12.5%, the current share price corresponds to pb0.5% 64/0.57/0.51x. Maintain the “buy” rating, with a target price of HK $9.6-11.7
