As of January 18, more than 40 listed companies have released the annual report performance express for 2021, more than 500 listed companies have released the annual report performance forecast, and some blue chip stocks have surfaced. However, the reporter observed that although the performance of some companies increased significantly year-on-year, they became the object of “shipment” of fund institutions one after another.
In this regard, people from fund institutions said that the perspective of looking at the fundamentals of individual stocks should be that “heavy potential” is more important than “weight”, that is, it is necessary to observe the momentum and potential energy of performance changes, especially under the background that the valuation probability can not be expanded significantly in 2022.
many companies have good performance
According to the data, as of January 18, China Coal Xinji Energy Co.Ltd(601918) , Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , Lier Chemical Co.Ltd(002258) , Shanghai International Port (Group) Co.Ltd(600018) , Ruitai Materials Technology Co.Ltd(002066) and other more than 40 listed companies have released the annual report and performance express of 2021. Among them, many listed companies have handed over beautiful “answers” and become blue chip stocks.
For example, China Coal Xinji Energy Co.Ltd(601918) announced a few days ago that the company expects an operating revenue of RMB 12.457 billion in 2021; The total profit is expected to be 3.277 billion yuan, a year-on-year increase of 99.06%; The net profit attributable to the shareholders of the listed company is expected to be 2.429 billion yuan, a year-on-year increase of 186.70%. The main reason for the sharp increase in the company’s profits is due to the increase in the sales volume of commercial coal and the rise in coal prices.
Leshan Giantstar Farming&Husbandry Corporation Limited(603477) recently announced that in 2021, the company made great efforts to develop the breeding business and achieved an annual operating revenue of 2.994 billion yuan, a year-on-year increase of 108.03%; The total profit was 289 million yuan, a year-on-year increase of 165.95%; The net profit attributable to the shareholders of the listed company was 269 million yuan, a year-on-year increase of 111.06%. There are two reasons behind the performance growth: first, the company completed the acquisition of 100% equity of Leshan Giantstar Farming&Husbandry Corporation Limited(603477) Co., Ltd. in July 2020, and only the company’s statements from July to December of that year will be included in the scope of the company’s consolidated statements in 2020; Second, during the reporting period, with the expansion of the company’s breeding scale and the increase of pig slaughter, the company’s performance increased significantly compared with the same period in 2020.
On the whole, most of the “first” to disclose the annual transcripts are “excellent students”. Among the more than 40 listed companies that have disclosed their annual performance letters, 37 companies achieved year-on-year growth in net profit attributable to their parents in 2021, with an average increase of 34.18%.
institutions reduce some blue chip stocks
These blue chip stocks that disclose their performance first naturally have a lot of fund institutions.
For example, Lier Chemical Co.Ltd(002258) with outstanding annual performance in 2021, among the top ten circulating shareholders at the end of the third quarter of 2021, there are institutional investors such as Hong Kong Central Clearing Co., Ltd., national social security fund 101 portfolio, Citic Securities Company Limited(600030) excellent growth two-year holding hybrid, Southern Blue Chip growth stocks, holding 19469900 shares, 8343300 shares, 3705500 shares and 3537300 shares respectively.
Similarly, Zheshang Development Group Co.Ltd(000906) with a good annual report card is also the object of the layout of fund institutions. The announcement shows that at the end of the third quarter of 2021, institutional shareholders such as national social security fund 502 portfolio, e fund Chengtong financial holding No. 1 single asset management plan, social security fund 17021 portfolio, social security fund 423 portfolio and e fund Keyi hybrid fund appeared in the list of the top ten circulating shareholders, holding 13283100 shares, 8544100 shares, 5.5 million shares 5 million shares and 4.8428 million shares.
However, after the disclosure of beautiful annual results, many blue chip stocks did not have a particularly prominent performance, and even some blue chip stocks suffered a correction in the secondary market. Combing through the changes of institutional shareholders of some individual stocks, many institutional holdings will be reduced in 2021. Taking Citic Pacific Special Steel Group Co.Ltd(000708) with good annual performance in 2021 as an example, the data show that the shareholding of Boshi theme industry hybrid fund (LOF) decreased in the first quarter, second quarter and third quarter of 2021.
“The performance of some blue chip stocks has strong certainty, and the rhythm of performance release has also been studied and judged in advance. With the gradual implementation of performance, some profit taking can be made in investment. Moreover, after the outbreak of performance in some cycle industries and commodity industries in 2021, it is difficult to maintain high-speed growth. Although the absolute number is still considerable, the growth potential has changed.” A public fund manager said.
“weight”
At present, when fund institutions look at blue chip stocks, the trend of “weight” is more “momentum” is obvious.
“It is difficult to have a large expansion effect on Valuation in 2022. The driving force of stock price rise comes from the improvement of fundamentals, so the requirements for fundamental growth are more strict. It is estimated that only sustained high growth can continue to be sought after by market funds.” The aforementioned fund manager said.
The macro strategy Department of GF said that recently, the situation of heavy institutional positions, overvalued and high boom stocks significantly losing undervalued stocks has eased, because after early adjustment, the high-end manufacturing sectors represented by electric vehicles and photovoltaic are more cost-effective in terms of valuation and transaction structure. Therefore, driven by the disclosed performance exceeding expectations, the high-end manufacturing sector began to rebound in the second half of last week.
In the specific direction, considering the prosperity, valuation and transaction structure, the macro strategy Department of GF believes that the current high-end manufacturing sector is still in the high prosperity direction. Considering the combination of steady growth and high-end manufacturing, industry opportunities can be explored along two main lines: first, the investment side benefits from the direction of steady growth, including green power, distribution network transformation, photovoltaic, wind power, energy storage, UHV, consumer building materials, etc; Second, the direction of steady growth at the consumer end, including auto parts, auto electronics, etc.
Furong Fund pointed out that it is recommended to explore cost-effective stocks from the bottom up, and it is recommended to be relatively balanced in industry allocation. It is suggested to pay attention to the real estate chain, new and old infrastructure, undervalued consumption and financial sectors; In addition, focus on stocks with better than expected performance in automotive electronics, military industry, photovoltaic and other industries.
Hu Yaowen, fund manager of Haifutong fund, pointed out that the market style switching will be more frequent this year. Looking at it for a long time, the opportunity of growth direction is relatively certain. In the short term, if there are no policies and data exceeding expectations in the future, the growth style may return to strength. In the coming month, the growth performance of some track stocks may be significantly better than that of traditional cycle stocks, which will be reflected in the annual report and the first quarterly report.
