Hillhouse Capital bought a new high-growth white horse stock

Hello everyone, my name is Hai Rongjun.

At 10:30 last night, the domestic measurement industry White Horse Stock Radio and Television Metrology issued a fixed increase announcement: Hillhouse Capital 's equity investment fund Zhuhai Xuyuan Nuocheng and secondary market fund Tianjin Liren invested a total of 600 million yuan 18.46 million shares were invested at 32.50 yuan per share. This investment accounted for 3.2% of the total share capital of measured by the radio and television. The price of this fixed increase is 18.7% lower than today's closing price of 39.99. The lock-up period for this investment is is 6 months.

(Data source: Radio and Television Metrology Announcement)

Radio and Television Metrology and CTI testing are the big white horses of in the A share market. Shenzhen Stock Exchange disclosed that foreign investors hold nearly 30% of shares of CTI testing, which is a market consensus. Very optimistic, I also wrote an article in November last year: " A segment of the long-term cattle industry recently investigated by Hillhouse Capital", So I am not surprised that Hillhouse Capital invests in radio and television measurement, it is reasonable one of the investments.

Foreign investment is looking at history. Testing and inspection service company Eurofins Eurofins has risen 187 times since its listing in 1997. Therefore, foreign investors are very optimistic about the domestic and Eurofins benchmarking companies: Radio and Television Measurement and China Testing, Directly increase the shareholding ratio of , the leader in this industry, to 30% in .

The logic of foreign investment and Hillhouse Capital's investment in this industry, I wrote it more clearly in " Hillhouse Capital's recent research on a segment of the long-term cattle industry ", mainly for the following reasons:

1. measures the industry has a high my country's testing industry is expected to grow by 15% annually.
2. The measurement industry belongs to a large industry, but the industry is fragmented, and the market share of subdivision leaders is not high.
3. The measurement industry has high requirements for qualification licenses, and the industry will move from decentralization to a certain concentration in the future.
4. Good cash flow, strong user stickiness, high renewal rate, belongs to the saas-like mode The forward PE of the company has reached 70 times. This industry belongs to with high valuation and with high growth. Is there an opportunity to buy at a reasonable valuation in this industry? is generally more difficult, because the market generally does not easily give a low-risk investment opportunity of 30% per year, that is, the investor who enters later takes the risk of double-killing with high valuation, unless it encounters a bear market or growth occurs certain uncertainty. The leading company in this industry, pony test , is a new stock with good quality. It is expected to have a net profit of 200 million in 2021. Now the market value of 10.3 billion corresponds to 50 times PE, which has a certain valuation advantage. If it can be adjusted to 40 times the valuation in the future, you can pay attention.

   Let’s talk about today’s market:

   1. Liquor is willing to drop the limit today, indicating that the reason is Dong Baozhen reported to the CSRC that is willing to drink , which is essentially a normal stock price adjustment, after all, it has risen so much. After the market closes today, the market value is 65.6 billion. The market expects that the net profit in 2021 will be 1.1 billion, corresponding to a valuation of 60 times PE. The northbound funds disclosed by after the market show that this was done by foreign investors. today bought 2.1 billion LONGi shares and 450 million Sungrow with northbound funds. On fundamentals , is mainly because the photovoltaic industry association held an industry seminar yesterday. At the meeting, downstream companies sued upstream companies for too much silicon material price increase, which led to a decline in the operating rate of the entire industry. There are analysis. Teacher predicts that the price of silicon material will now be the top. The overall long-term logic of the photovoltaic industry is very good, but due to homogeneity, products are cyclical to a certain extent, and there are four major technical paths to choose from. It is recommended to pay attention to the industry leader LONGi and photovoltaic funds.
   2. Today is the 22nd anniversary of iFLYTEK, and iFLYTEK officially issued an open letter " sails to the sea of ​​stars with scientific spirit ", discloses the following information in this letter: ① wisdom education: in Zhengzhou And Wuhan landed, the business increased by about 70%, the learning machine increased by about 200%, and the new product was released in July. ②Consumers: The completion rate of B-side software is over 90% year-on-year, C-side software is over 52% year-on-year, and C-side hardware sales are up 108% year-on-year. ③Smart healthcare: From , Anhui to the whole country, the service covers more than 100 million residents and more than 38,000 primary-level doctors.The country is now carrying out off-campus education and training reforms. It is that benefits and iFLYTEK, which does on-campus business. Off-campus learning is not allowed, and it has been changed to on-campus learning. From the information given above, The business of smart education may be successful. iFLYTEK’s goal is 100 billion revenue, 1 billion users, and trillions of ecosystems. If the goal can be achieved, even if it only gives 6 times the PS, the market value of iFLYTEK is 600 billion. Now the market value is 130 billion, which is more than 4 times. space, I wrote "2 billion real money to bet a 10 times space company" earlier, chairman put together more than 2 billion real money to bet for this goal, iFLYTEK has certain differences, but it is better than Companies that keep reducing their holdings of are much better.

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