Gold stock portfolio in May 2022
\u3000\u30001. Inner Mongolia Yili Industrial Group Co.Ltd(600887) ( Inner Mongolia Yili Industrial Group Co.Ltd(600887) . SH): Food and beverage industry
Reasons for recommendation
1) the company’s annual revenue in 2021 is expected to slightly exceed the target at the beginning of the year, the health demand supports the high growth rate of normal temperature white milk, and the data viewing atmosphere from January to February continues;
2) short term attention: high-end product category superimposed promotion slows down the decline of superimposed milk price and improves the company’s gross profit margin;
3) medium term focus: high-end white milk, milk powder, cheese and other high gross profit categories make efforts to promote the increase of net interest rate.
Risk tips
The risks of intensified industry competition, rising raw milk prices and less than expected new product incubation.
Recommender: Chen Mengyao
\u3000\u30002. Kweichow Moutai Co.Ltd(600519) ( Kweichow Moutai Co.Ltd(600519) . SH): Food and beverage industry
Reasons for recommendation
1) high channel profits superimposed on recent pricing return to rationality, resulting in price increase expectations;
2) actively develop direct sales channels, increase ton price and increase profits;
3) “133” brand strategy force series liquor is expected to open up a new growth pole, and Maotai 1935 is expected to be in large quantities next year;
4) the appointment of the new chairman brings the expectation of improving corporate governance.
Risk tips
The expansion of direct sales channels is less than expected, the growth of series liquor is less than expected, and food safety risks.
Recommender: Chen Mengyao
\u3000\u30003. Shandong Sun Paper Co.Ltd(002078) ( Shandong Sun Paper Co.Ltd(002078) . SZ): light industry manufacturing industry
Reasons for recommendation
1) the company is the leader of cultural paper, with excellent management mechanism, forward-looking layout of production capacity and structure, and steady improvement of market share and roe;
2) the price of cultural paper industry is down, and the profit per ton is expected to improve;
3) the company has deep barriers to Forest Pulp integration. Under the background of China’s increasingly strict capacity expansion, product optimization and quality improvement, cost is expected to further decline, and profitability and market share are expected to rise to a higher level.
Risk tips
The prices of cultural paper and wrapping paper fell sharply.
Recommended by: Rong Zeyu
\u3000\u30004. G-Bits Network Technology(Xiamen)Co.Ltd(603444) ( G-Bits Network Technology(Xiamen)Co.Ltd(603444) . SH): Media Industry
Reasons for recommendation
1) high-quality game R & D operators benefit from the trend of high-quality and diversified games in the industry;
2) unique R & D process of “fast running in small steps”, with strong ability to produce explosive funds;
3) the flow of core products / categories is stable, and the reserve of agent games is sufficient, among which the performance of mobile game Obi island is expected;
4) stable cash flow and low valuation.
Risk tips
The distribution of game version number is less than expected, the online process of Xinyou is less than expected, and the risk of intensified industry competition.
Recommended by: Zhou Chenhao
\u3000\u30005. Chongqing Zhifei Biological Products Co.Ltd(300122) ( Chongqing Zhifei Biological Products Co.Ltd(300122) . SZ): Biomedical Industry
Reasons for recommendation
1) strong marketing ability;
2) HPV vaccine batch issuance has increased steadily, and children’s vaccine is expected to recover gradually;
3) covid-19 vaccine booster injection is expected to continue, and the sequential vaccination will be implemented, which will become a stable cash flow in the future;
4) the pipeline of independent vaccine research and development is abundant, and the micro card has started to work this year;
5) the largest employee stock ownership plan, deeply binding core employees.
Risk tips
Risk of changes in national epidemic prevention and control policies; Trade friction exceeded expectations; Policy risk.
Recommended by: Wu Yachun
\u3000\u30006. China National Nuclear Power Co.Ltd(601985) ( China National Nuclear Power Co.Ltd(601985) . SH): power equipment and new energy
Reasons for recommendation
1) the stock of nuclear power units benefited from the increase of market transaction electricity price and realized the increase of power generation income;
2) the development intensity of new energy remains high. It is estimated that the installed capacity of nuclear power / new energy will increase from 22.5/8.9gw in 2021 to 26 / 30.3gw in 2025. The company is transforming from a nuclear power operator to a comprehensive green power operator;
3) in line with the investment main line of steady growth and new infrastructure in 2022, it is the preferred direction of the current market style under the incremental support of new energy;
4) the executive meeting of the State Council approved 6 units of 3 projects, 2 units of Sanmen 3 and 4 of the company were approved, and the nuclear power business maintained continuous growth.
Risk tips
The construction progress of nuclear power projects is less than expected; Increasing policy uncertainty; Upstream raw material supply problems.
Recommended by: he Zhaohui
\u3000\u30007. Suzhou Sushi Testing Group Co.Ltd(300416) ( Suzhou Sushi Testing Group Co.Ltd(300416) . SZ): mechanical equipment industry
Reasons for recommendation
1) high downstream prosperity, focusing on military industry, semiconductor and automotive electronics;
2) temporarily affected by the epidemic situation in Shanghai, there is no change in the short term and strong downstream demand in the long term.
Risk tips
The competition for experimental services intensified, the income of raised investment projects was poor, and the M & A did not meet expectations.
Recommended by: Zhang Xu
\u3000\u30008. China Telecom Corporation Limited(601728) ( China Telecom Corporation Limited(601728) . SH): Communication Industry
Reasons for recommendation
1) benefiting from 5g co construction and sharing and smart home business, traditional business has grown steadily.
2) cloud network has obvious advantages in resources, and industrial digitization is growing rapidly. In 2021 and 2022, Q1 revenue and performance maintained double-digit growth year-on-year, and continued to maintain high-quality growth.
Risk tips
Industry policy risk, increased market competition risk, 5g development is less than expected risk.
Recommended by: Sun Shuming
\u3000\u30009. Shandong Taihe Water Treatment Technologies Co.Ltd(300801) ( Shandong Taihe Water Treatment Technologies Co.Ltd(300801) . SZ): Chemical Industry
Reasons for recommendation
The main business pattern has improved, the profit margin has increased significantly, the production capacity has continued to expand, and the company’s entry volume and profit margin have both increased;
With the help of managed chlor alkali project, it is expected to realize upward integration and further consolidate the cost advantage
Lithium battery materials is expected to be put into operation in 22q4, becoming the second growth pole.
Risk tips
The risk that the business expansion of lithium battery materials is less than expected; The operation of chlor alkali project is less than expected.
Recommended by: Chai Qinhu
\u3000\u Doushen(Beijing) Education&Technology Inc(300010) . Wuxi Nce Power Co.Ltd(605111) ( Wuxi Nce Power Co.Ltd(605111) . SH): reasons for recommendation in the electronics industry
1) the share of medium and high-end MOSFETs and IGBTs continues to rise, and 12 inch 1200V high-frequency low saturation voltage drop IGBT products are produced in stable mass production and applied to photovoltaic inverters; The preliminary development of 650V high-density grooved gate IGBT has been completed; Small batch production of several IGBT modules;
2) constant increase promotes the research and development of the third generation SiC / GaN semiconductor power devices and power modules, the streamer verification is smooth, and many performances reach the advanced level in China;
3) fabless production mode has high flexibility. It cooperates with Huahong strategically to ensure the supply of wafer capacity, and the independent sealing and testing capacity is continuously improved.
Risk tips
Macroeconomic fluctuation risk, supplier dependence risk, new product R & D progress less than expected and other risks.
Recommended by: Xiong Jun, Wang Ye
