Luxin Venture Capital (600783):
Investment highlights
1. The company's major asset reorganization has been formally completed on February 3, 2010, the direction of the acquisition of Shandong Province, after the acquisition of 100% stake in the High-tech Investment Company Limited, the formation of the Venture Capital investment business, mainly, and the production and sale of abrasives business, which High-tech investment accounted for 90% of the company's assets and nearly 100% of the profit. It is the specialized venture capital platform and the only listed platform under Luxin Group. In the annual ranking of venture capital published by Zero2IPO, the company has been ranked among the top 10 local venture capital institutions for 4 consecutive years.
2. Strategic positioning of the company: The company's development strategy is to be based in Shandong, facing the whole country, and to strengthen and expand the venture capital business. Based on its own capital, the company will rapidly expand the scale of funds under management and build a business operation model that emphasizes both investment of its own capital and fund management. Give full play to the advantages of the company has been listed, the use of capital market platform, to build a professional, group, international first-class venture capital company.
Zhangjiang Hi-Tech (600895): increased leasing and sales in the current quarter, and increased financial equity investment
Investment advice: Benefit from the expansion of the "new three boards", and give a "hold" rating. The company has constructed ten strategic industries, and at the same time implemented the integrated strategy of scientific and technological property development and operation, high-tech industry investment and specialized integrated services. On the eve of the expansion of "New Third Board", the company is expected to gain new growth in PE project investment, property value-added and park service growth. The company's annual report said that it will strive to maintain a certain scale of growth in property rental and sales and ancillary services revenue on the basis of the number realized in 2011. We expect the company's 2012 and 2013 EPS to be RMB 0.35 and RMB 0.41 respectively, corresponding to a RNAV of RMB 10.63. As of April 27, the company closed at 8.59 yuan, corresponding to 2012, 2013 PE were 24.53 times and 20.92 times. Considering the "new three board" market expansion gradually approaching, the company participated in a number of park high-tech enterprises, later is expected to benefit directly. We take 95% of RNAV, i.e. $10.1 as the company's 6-month target price, and maintain the company's "Hold" rating. (Haitong Securities
Tu Lilei Xie Yan)
Suzhou Hi-Tech (600736): sales decline, low performance security
Gross profit margin decline. 2012 quarterly revenue basically remained stable, the main reason for the decline in performance is: 1, gross profit margin decline. Due to the settlement structure, the company's consolidated gross profit margin decreased by 1.6 percentage points year-on-year. 2. Increase in minority shareholders' gains and losses. The company settled more resource cooperation projects in this period, and the minority shareholders' profit and loss amounted to 9.16 million yuan, an increase of 264% year-on-year.
Sales fell sharply, low performance security. In the first quarter, the company received 338 million yuan of cash from the sale of goods and services, down 62.63% year-on-year. As of the end of the first quarter the company's advance receipts amounted to 565 million yuan, a decrease of 222 million yuan compared with the beginning of the year, performance security is poor.
High debt ratio. As of the end of the first quarter of 2012 the company held money funds of 850 million yuan, an increase of 124 million yuan from the beginning of the year, the coverage of short-term liabilities is only 34%, short-term debt service pressure. The true debt ratio after deducting advance receipts was 72.52%, an increase of 1.9 percentage points from the beginning of the year.
Non-real estate business is growing faster. Due to the impact of regulatory policies, the company's real estate business has been impacted to a certain extent, but the non-real estate business still maintains faster growth: tourism business maintains faster growth. 2011 the company completed the acquisition of the equity of the water world, the leisure elements of Suzhou Paradise continues to enrich the value of tourism services to further enhance. Suzhou Paradise received more than 2.18 million visitors in the year, realizing a total income of 236 million yuan from amusement programs, up 29.08% year-on-year.
Equity investment began to results. 2011 the company added a new equity investment enterprise (Nanjing Jinpu garden), Jinpu garden has completed the share reform, start listing plan. The company's participation in the Dong Wu Securities has been listed on December 12, 2011, the cost of 3 yuan / share, according to the current share price of more than 7 yuan, has realized a higher capital premium. The company currently participates in equity investment enterprises *** 9, 2011 contributed investment income of 15.71 million yuan.
Earnings forecast and investment rating: we expect the company's 2012-2013 EPS of 0.22 yuan, 0.24 yuan, to yesterday's closing price of 6.34 yuan, the dynamic price-earnings ratio of 29 times and 26 times, maintaining a "neutral" investment rating.
Dunhuang seed industry (600354): obvious changes in fundamentals target price of 38 yuan
Investment highlights:
Valuation and investment rating: hold. The company announced its interim report on August 28, EPS was 0.0063 yuan, basically consistent with our expectations (0.01
yuan). But the company's fundamentals are changing significantly: the controlling subsidiary (51%) - Dunhuang Pioneer - the first jade 335 continued to sell, is expected in 2010 the area of seed production reached 75
million acres, an increase of 68% year-on-year, and there is the expectation that continue to raise prices; is expected to reduce the second half of the parent company's losses, performance growth is expected to be clear. It is expected that 2010-2012 according to the existing 185.97 million shares, EPS
0.43/0.96/1.18 yuan, fully diluted EPS 0.37/0.83/1.02 yuan, we give the company 40 times PE valuation (corresponding to the 2011
forecast un-diluted EPS 0.96 yuan), the target price of 38 yuan. Investment rating: hold.
Dunhuang Pioneer hot corn seed seed production scale continues to increase. Dunhuang pioneer hybrid corn seed sales market is mainly "spring corn" planting areas (Northeast Province, Xinjiang, Ningxia, Gansu, Inner Mongolia), potential market capacity of 228
million kilograms, according to 30% market share, Dunhuang pioneer sales scale of up to 68 million kilograms. To this end, Dunhuang Pioneer accelerated expansion, with the completion of the processing base in Ningxia, the annual processing seed scale of 56,000 tons (or 60
million tons). We expect Dunhuang Pioneer 2010-2012 hybrid corn seed production area were 75,000 acres, 95,000 acres and 115,000 acres, seed production reached 29.25 million kilograms, 36.1
million kilograms and 41.8 million kilograms. In the market hot sales and the reality of price increases (seed prices are expected to rise in the fourth quarter of 2010), Dunhuang Pioneer performance continued rapid growth is worth looking forward to (2010 income tax halved).
The company's main business improved, loss reduction. The company's headquarters business is mainly hybrid corn seed production (entrusted seed production and self-propagation), agricultural products processing (tomato paste (powder), dehydrated vegetables (onions), cotton (ginning), cottonseed processing (cottonseed oil). These businesses are also on the mend: stock of hybrid corn seed is basically digested, agro-processing with the fund-raising investment in competitiveness and profitability, cotton business losses are expected to decrease.
Catalysts for the performance of the stock price: hybrid corn seed sales "price rise in volume", the state introduced relevant policies.
Core assumptions risk: ① hybrid seed sales seasonality of the company's performance quarterly fluctuations (the second and third quarter is usually no sales), the three-quarter results are not very satisfactory. ② lower than expected improvement in the earnings of the company's headquarters, resulting in lower than expected results in the consolidated statement. ③ 2010
July temperatures in July led to the company's corn seed pollination and fruiting is poor, seed production and sales may be lower than expected, and the cost of seed production has also risen. (Shenyin Wanguo Zhao Jinhou)
Lumping Hi-Tech (000998): Profitability of main business greatly improved, asset structure continues to be optimized
1, half-yearly performance data seems to decline, but the profitability of the main business is actually greatly improved. The first half of the revenue of 594 million yuan, an increase of 55%. Half-year net profit of 20.61 million yuan, down 31% year-on-year, but net profit after non-recurring gains and losses of 29.73 million yuan, a sharp increase of 1107% year-on-year.
2, Tunyu consolidation brought corn revenue growth, the impact of recent flooding is limited. Rice seed revenue 240 million yuan, an increase of 8.6% year-on-year, corn seed revenue 169 million yuan, an increase of 587.1% year-on-year,, revenue growth because of the consolidation of Beijing Tunyu. Dried chili products revenue 138 million yuan, an increase of 153.7%, revenue growth due to the low base of business in 2009, while this year's export conditions rebound. This year, the southern region of the floods on the industry seed production has a certain impact, but the actual impact on the company's production is limited.
3, rice seed price increases push up the rice seed business gross profit. Rice seed gross margin of 36.5%, an increase of 9 percentage points, gross margin increase mainly because of this year's rice seed prices generally rise. Corn seed gross profit margin of 18.6%, down 22 percentage points year-on-year, because of the merger of Beijing Tunyu just sales link assets, lower gross profit margin. The company's previous announcement that Tunyu's production assets will be acquired in the future. We judge that the company's actual corn seed gross margin is still about 30%.
4, rice seeds and corn seeds are performance-driven double engine. The company's rice seed this year, the main push of two varieties Y two excellent 1, last season's seed production of 1 million kilograms, the promotion of an area of 1 million mu, this season's seed production area of about 4 million mu, the promotion of the area is expected to reach more than 3 million mu. Corn varieties Lihe 16 this year is still in the introduction period, is expected to release the fastest growth in 2011. From the revenue structure and profit contribution, corn and rice seed is the company's performance-driven double engine.
5, the asset structure continues to sort out, industry policy is expected to strengthen. The company is currently doing all aspects of asset integration: the sale of Jiuhua Science and Technology Expo Park, the acquisition of the remaining shares of the Super Hybrid Rice Engineering Research Center. The first half of the company's stock fund investment loss of 9.76 million yuan, we believe that the company in the next year will be completely out of the secondary market investment, a full return to the main business. The company in 2008 proposed equity incentive program also announced the cessation, we understand that the company in preparation for the launch of a new equity incentive program. The Ministry of Agriculture is recently investigating the basic situation of the seed industry, the next year the introduction of industry policy is expected to enhance the industry policy is expected to make the integration of breeding and promotion of enterprises to benefit greatly.
6, short-term PE valuation is expensive, investment value will be reflected in the long term. Slightly upward earnings forecast, the company is expected to 10 years EPS0.21 yuan, 11 years EPS0.34 yuan, corresponding to 10 years PE99 times, 11 years PE61 times. Seed industry competition environment will benefit from the introduction of policies to improve greatly, the company's fundamentals to improve the trend is certain, long-term investment value gradually reflected. The second half of inflation is expected to enhance, the company also exists in defense of inflation investment opportunities. Maintain "short-term _ recommended, long-term _ A" investment rating.
Qingdao Soft-control (002073): the acquisition of Qingdao Koget to enhance the hardware capacity to increase
Qingdao Koget has core competitiveness in the field of robotics automation technology applications: has a rich, experienced senior design team, and a number of well-known robotics automation technology research institutes, design institutes, universities and schools and international equipment suppliers to establish various forms of technical partnerships. Technology partnership, the company set up under the robot automation assembly testing and packaging, logistics systems, robot application engineering, widely used in basic business, automobiles and parts, industrial appliances, electronic communications, food and beverage, medical care, daily chemical, home appliances and other industrial areas of factory or process automation.
Automation processing capabilities related to the quality of the company's hardware and equipment, excellent software with high-quality hardware to enhance the bargaining power of the product: the company's earliest technological strength embodied in the software level, the past three years, the software products have been maintained at more than 90% of the level of high gross profit margins, but with the advancement of the company's products to the molding machine from the dosing system to the production of tires and other processes, the quality of the product began to be subject to the hardware Equipment constraints, hardware equipment supporting capacity appears more and more critical, so the company acquired Qingdao Yanshan machinery and equipment and Qingdao Yanshan pressure vessel two companies into the field of machinery production and processing in 2008, the acquisition of Qingdao Kejie is the company's strategic intent of the further implementation of the above, we believe that this will further enhance the company's hardware equipment processing and manufacturing capacity, reversing the decline in the previous gross profit margins of the equipment manufacturing, and thus improve the company's overall profitability. In turn, it will enhance the overall profitability of the company.
Performance in line with expectations, maintain the "Hold" rating: the company announced on January 23 results show that 09 earnings per share of 0.62 yuan, with our prediction in the previous report of 0.64 yuan gap is not large, in view of the company's annual report has not yet been released, we tentatively maintain the performance forecast of 0.81 yuan in 2010! The closing price of 23.1 yuan on February 1, corresponding to the 2010 dynamic PE
28.5 times. We believe that the company is one of the few companies in the industry with core technology strength, the company will significantly benefit from China's automotive industry's consumption growth and cross-industry expansion of business, we continue to give a "hold" rating. (Rixin Securities)
FengHua High-tech (000636): short-term cost pressure is big, but the main business texture is good
Market space is growing steadily, and the space for technological innovation is relatively small. Global MLCC market capacity of about 40-50 billion yuan, with the increasing use of intelligent terminals, the next three years to maintain a compound growth rate of 10-15%.
Since resistors, inductors and capacitors are already the basic components of the circuit, there is little room for creative destruction. The biggest change in the next 5 years is expected to be in the low-end components in the precious metal (silver) was replaced by base metals (nickel), able to reduce the cost of 30-40%; size, chip capacitors and resistors miniaturized to do 01005 is close to the limit of its demand will not be too large, and at present, only the use of Apple products; but the capacitance capacity is to continue to enhance the breakthrough capacity is mainly a matter of materials, which is also the biggest gap between and the international giants. This is also the biggest gap with the international giants.
The company's downstream customer base is relatively stable. Fenghua and Taiwan enterprises are positioned in the low-end customers, and Taiwan enterprises focus on the PC market is different, Fenghua's global share of about 3%, the main customers in the domestic white goods, the amount of relatively small PC, but there is a price advantage; PC prices are low, it must be the scale advantage; Fenghua's production capacity is not to support a number of large customers, a single volume is not large, relatively stable, the price is higher than the PC field of 10-20% than the close service and response. Guangdong State-owned Assets Supervision and Administration Commission also recognized the development potential of FengHua, support the company bigger and stronger main business, the company is located in Guangdong electronic information capital platform.
After the change of major shareholders to lighten the load, the fundamentals gradually improve, new products accelerate the launch. Previously, the original FengHua group to seize the listed company funds, resulting in 02-07 years of slow development of the company; GuangSheng into the ownership, directly under the guangdong state-owned Assets Supervision and Administration Commission, incentive policies in place, greatly mobilized the enthusiasm of the staff, and at the same time make the company to obtain the 3A credit, restored the ability to raise funds, 09-10 years of the fundamentals continue to improve. 11 years of capital expenditures to reach 400000000 yuan, so that the capacity of the MLCC and chip resistor will be up to respectively 8 billion/month and 10 billion/month, the new capacity is mainly new products 0201MLCC and 01005 chip resistor with international competitiveness, the size reduction will help to reduce costs.
This year's focus is on 0201/high-capacity MLCC and 01005 chip resistor expansion, integration of Yuejing packaging business, integration of soft magnetic ferrite industry, and active layout of LED upstream circuit components. At present, the shareholding ratio of major shareholders has increased to 20%, demonstrating confidence in the development of the company and the importance of the Guangdong electronic information industry capital platform.
This year's cost pressure, small size product expansion is imperative. The current cost structure of the product: 30% of raw materials (metal paste 50-60%,), 20% of labor, electricity 10-15%, depreciation 20%; 20% of the product exports. Over the past 6 months, wages have risen by about 20% and raw materials by more than 30%, raising total costs by about 10%. In the face of greater cost pressures, increasing the proportion of small-sized products is imperative, each generation of product upgrades, can reduce the consumption of raw materials by nearly 50%. At present the company 0201/0402 small size MLCC accounted for 8% / 30%, compared with the global average of 20% / 50% there is still much room for improvement. (Shenyin Wanguo
Wang Hua Mao Ping)
Shanghai Beiling (600171): the company's main point of view is the reorganization of assets
According to CEC's vision, integrated circuits, computer manufacturing and software are CEC's three core businesses in the future, and Shanghai Beiling is expected to become a platform for the integration of CEC's IC design assets. According to an announcement released by Shanghai Beiling, the company has been separated from Huahong Group, and the curtain of integration has been drawn.
CEC, in addition to Shanghai Beiling, also owns China Huada, Shanghai Huahong, Beijing Huahong and other IC design companies. These companies and Shanghai Beiling are more or less the same industry competition, the need to eliminate the same competition through integration, and the integration of the ideal way is to inject the business of these companies into the Shanghai Beiling.
We can't tell exactly how profitable the injected assets are expected to be. But through estimation, we conclude that: China Huada, Shanghai Huahong and Beijing Huahong and other companies' income level should be 5 to 7 times of the current level of income of Shanghai Belling's design business; before and after the integration of the assets of Shanghai Belling's total share capital does not change under the assumption that if the above assets are injected into the listed company in the future, by 2011, Shanghai Belling's EPS is expected to be thickened by more than 0.30 yuan, more than 5 times the original earnings. 5 times the original earnings.
Additionally, through analysis, we found that Shanghai Belling and CEC's other IC design companies are expected to win a number of projects under the Ministry of Science and Technology's "nuclear high base" major scientific and technological special projects. Whether short-term or long-term are good for the company.
Synthesis shares (600770): one body two wings to drive future growth
"One" company overseas solar energy into the harvest period, the decline of the component to improve the gross profit of the turnkey business. 2011, the company's overseas solar energy projects into the harvest period. The total installed capacity developed by the company in 2011 reached more than 70MW, and the decline in component prices is conducive to the company's solar power plant gross profit margin.
"Two wings" venture capital business against the wind soaring. As of April this year, the subsidiary jiangsu high investment exit project 15, the average book return multiples of 34.11 times, has entered a rolling harvest period. 2011 and 2012 quarter, jiangsu high investment respectively realized 486 and 170 million yuan investment income, than in previous years continued to increase.
"Two wings" of the information industry, superconductivity chip multiple force: 2011 superconductivity into the scale of production and application stage, Longxin turn a loss into a profit, Tianyi integration into a number of security areas.
Earnings forecast and valuation
Considering that the company's solar energy business has been discharged, information technology-related businesses have also entered a benign stage of development after the integration, to maintain the "buy" rating. We predict that the company's 2012-2014 fully diluted EPS were 0.80 yuan, 1.15 yuan and 1.52 yuan, corresponding to the 2012-2014 dynamic price-earnings ratio of 18 times, 13 times and 10 times, respectively, to give a 12-month reasonable target price of 24 yuan, corresponding to 30X12PE. (GF Securities
Hui Yulun)
The same party shares (600100): the spin-off of the company's shares, the company's shares, the company's shares, the company's shares, the company's shares, the company's shares, the company's shares. 600100): Successful mode of spin-off and firm pace of market value management
Conclusion: In the past few years, the company has tried to lay out along the defense line of the industrial chain and gradually invested in some emerging fields, so although the revenue has been growing, the growth of profit has not kept pace, but we think the company's continuous layout will be rewarded one day, and as the company will gradually explore clearly the mode of spin-off, the company's market value will be improved, and the company's market value will be improved. As the company will spin off the listing model gradually explore clearly, the company's dream of market value management will be closer and closer, we predict that the company's 2011-2013 eps were 0.43 yuan, 0.66 yuan and 0.82 yuan, corresponding to the pe were 24 times, 15 times and 12 times, maintain the "highly recommended" investment rating.