Summary:
1, Internet insurance: Internet insurance has strengthened the level of competition for insurance products, the core play is the flow and scene, there are mutual plan, Internet medical insurance and
2, the city land shares: IDC industry late show, the traditional business of piling, 18 years of transition layout data center, the business includes IDC solutions, IDC system integration, IDC value-added services, cabinet size reached 19,000, subsidiary Xiangjiang Technology on hand orders of about 2.3 billion yuan. strong> orders in hand of about 2.3 billion yuan , to protect the 20-year performance, 2019 and 2020 first quarter net profit growth of 359% and 208% , into the performance of the outbreak period, the current PE (TTM) is 24 times, lower than the industry average .
3, Tongkun shares: private polyester leader, with 3.2 million tons of PTA production capacity and 5.7 million tons of filament production capacity, to achieve 72% of the raw material self-sufficiency, in the Yangtze River Delta Economic Zone, with regional advantages + cost advantages, the company's capacity to continue to expand, Rudong project is expected to contribute to the full production of 1.5 billion yuan of annual net profit, growing stable cyclical stock.
Stable growth of the cyclical stock, the first half of the performance risk has basically been released, the low valuation advantage highlights .
Full text:
1, the rise of Internet insurance, what is the impact on traditional insurance? (Huatai Securities)
① The impact of Internet insurance on traditional insurance
The impact of Internet insurance on traditional insurance: One is the extension of the channel of the insurance company, the second is the sprouting of new products, new models, and the third is the construction of the industry hierarchical competition pattern.
The potential of Internet traffic is considerable, the current insurance companies have weak control over Internet channels, mainly relying on third-party channels, such as Alipay.
The Internet insurance participation model includes B2B2C, B2C, 2A and other structures, the core game is the flow and scene , for example, the water drop mall to build the "fundraising + mutual aid + insurance" closed loop, ZhongAn online layout scene operation, the establishment of its own platform. The company's products have been developed to meet the needs of the market, and the company's products have been developed to meet the needs of the market.
② Multi-level product competition: mutual plans, Internet medical insurance and Internet critical illness insurance
Alipay relies on the flow advantage of the launch of the mutual treasure network mutual plan, the core advantage of the price is low , high reach frequency to enhance the user's viscosity, along with the accumulation of user base, the future form of protection has a greater expansion. The next step is to make sure that you have a good understanding of what you are doing.
Internet medical insurance is mostly positioned as a customer acquisition product, the current growth momentum is strong, but still mainly price competition.
Internet critical illness insurance is also based on low price competition, cost-effective products frequently become a hit, complex product sales rely on a perfect customer service system.
③ head insurance companies still have the advantage
comprehensive insurance companies can set up their own Internet company, relying on the advantage of resources to master the core competitiveness of the recommended focus on the Ping An of China, China Life, Xinhua News Agency .
2, the next Aofei data! IDC industry's dark horse, net profit doubled + low valuation (Northeast Securities)
City land shares traditional business for the pile foundation, and Poly, Evergrande, Vanke, Jindi and other real estate enterprises to establish long-term cooperation off, 18 years of transition layout data center business, performance growth, Net profit in the first quarter of 2019 and 2020 increased by 359% and 208% respectively .
①Strategic layout of new infrastructure IDC, cabinet scale reached 19,000
Subsidiary Xiangjiang Technology in Shanghai Pudong New Area construction and operation of Shanghai Unicom Zhoupu IDC Phase II project, *** counting 3,649 cabinets; Subsidiary Shanghai Keith Cloud Computing Shanghai Economic and Information Commission 3,000 cabinets refers to the project, is expected to be in 2021 By the end of June 2021 operation; Hutai Wisdom Cloud Valley digital technology industrial park project, the first phase of the project cabinet size of 6,000.
Thanks to the IDC business, the company's gross profit margin increased significantly, reaching 27.28%, of which the IDC solutions gross profit margin of 37%, IDC equipment and integration business contributes to the main income .
② IDC integration business orders full
Provide high and low voltage distribution cabinets in the data center room, intelligent data bus and other equipment, the current research and development of data center energy saving technology, intelligent operation and maintenance technology and intelligent control technology of the base station power supply, the base station power to solve the pain point of the number of 5G base station and the exponential increase in power consumption.
香江科技目前在手订单合计23亿亿，集成业务和EPC业务订单充裕，仅2019年12月两次披露数据中心集成订单约15亿亿，为20年业绩提供保障。
③ cloud market scale continues to grow, IDC industry boom upward
2019 China's public cloud market scale reached 71.6 billion yuan, an increase of 63.7% year-on-year, and is expected to reach 230.8 billion yuan in 2024. IDC as a cloud computing infrastructure, the long term benefit from the high boom of cloud computing.
At present domestic data center gap is still large, the new IDC scale in 2020 is close to 40 billion yuan, an increase of 18% compared with 2019; 2021 industry is expected to reach 52.8 billion yuan of new scale, an increase of 33% compared with 2020.
④ The current PE (TTM) is 24 times, lower than the industry average
3, private polyester leader! Low-valued growth stocks, raw materials and location advantages (Huachuang Securities)
① private polyester leader, with raw materials and location advantages
Tongkun is a private polyester leader, with 3.2 million tons of PTA production capacity, 5.7 million tons of filament production capacity, and 6.4 million tons of polyester chips production capacity (the industry's first).
Tongkun is a private polyester leader with 3.2 million tons of PTA production capacity, 5.7 million tons of filament production capacity, and 6.4 million tons of polyester chips production capacity (the first in the industry).
In terms of raw materials, the company realized a 72% self-sufficiency rate in 2019 through self-built PTA; in terms of location, it belongs to the Yangtze River Delta economic zone, the flow cost is lower than the peers, and the filament gross margin is 3% higher than the peer competitors.
② Development of the core driving force: capacity expansion
Polyester in the industry chain position is low, leading enterprises are basically around the integration and intelligent industrial upgrading, raw material to rate are basically more than 70%, with lower cost advantage.
Tongkun's development core driver from the capacity expansion, Jiaxing Petrochemical Phase II put into operation to make the company's PTA self-sufficiency rate increased significantly to 72%, filament cost end of the emergence of a clear advantage,
In the next three years, the company's production growth is mainly from Hengchao project, Rudong Yangkou Harbor project and the Zhejiang Petrochemical equity investment, Ru Dong project after full production, and Zhejiang petrochemicals. strong> Rudong project is expected to contribute annual net profit of 1.5 billion yuan after full production.
③ Growth of stable cyclical stocks
The company is the growth of stable cyclical stocks, the first half of the performance risk has basically been released, the advantages of low valuation highlights the institutions to give the target price of 18.83 yuan .