[Securities Star Editor's Note] Statistics show that during the National Two Sessions every year, as relevant policies or policy expectations follow, related concept stocks are always subject to market speculation. At present, with the gradual deepening of reform expectations, th

[Securities Star Editor's Note] Statistics show that during the two sessions of the country every year, as relevant policies or policy expectations follow, related concept stocks are always subject to market speculation. At present, with the gradual deepening of reform expectations, the integration of Beijing, Tianjin and Hebei and the concept of free trade zones have become the focus of institutional attention, and many funds have already deployed related concept stocks in advance. (The stock market is risky, so investment needs to be cautious. The individual stocks mentioned in the article are for reference only and are not intended as buying and selling advice.)

Reform is expected to deepen the institutional layout of Beijing-Tianjin-Hebei and free trade zone concept stocks

After the Spring Festival, it is March in the blink of an eye, and the National Two Sessions are about to begin held. Statistics show that during the National Two Sessions every year, as relevant policies or policy expectations follow, related concept stocks are always subject to market speculation. At present, with the gradual deepening of reform expectations, the integration of Beijing, Tianjin and Hebei and the concept of free trade zones have become the focus of institutional attention, and many funds have already deployed related concept stocks in advance.

In the opinion of industry insiders, with the advancement of Beijing-Tianjin-Hebei integration and the free trade zone, it will bring benefits to related concept stocks, especially as the two sessions of the country are approaching, it is expected that further policies will be introduced. Since Tianjin enjoys double benefits, the opportunities will be relatively greater. Founder Securities believes that policy breakthroughs in the Beijing-Tianjin-Hebei and Free Trade Zones are expected, and strategic opportunities will continue, because from a policy perspective, the Tianjin Free Trade Zone will fully draw on the successful experience accumulated in the Shanghai Free Trade Zone in practice, and Tianjin will The free trade zone pays equal attention to manufacturing and commercial logistics, and its area is larger than that of Shanghai. It has relatively larger development space.

Regarding Tianjin concept stocks that have benefited from the convergence of favorable policies, Founder Securities believes that first of all, we can focus on port shipping, and Tianjin Port and Tianjin Shipping will benefit; secondly, land appreciation, finance and park development, Tianjin Songjiang, Bohai Leasing, etc. will benefit; and finally, Tianjin's emerging industries, Sugon, Jiu'an Medical, etc. will benefit.

statistics show that Beijing-Tianjin-Hebei integration and free trade zone-related concept stocks have continued to receive financial attention since their launch. In February and March 2014, after the Beijing-Tianjin-Hebei integration was proposed, related concept stocks began to soar. China Land Development, Rongsheng Development, Wantong Real Estate, etc. all soared. Among them, Langfang Development in just over two months It has soared nearly twice, and Tangshan Port has nearly tripled since then. Judging from the market performance in the past year, the overall growth rate of the Beijing-Tianjin-Hebei integration concept has been as high as 60%.

It can be seen from the 2014 quarterly reports of public funds that among more than 700 public funds, more than 200 funds mentioned the reform of state-owned enterprises, the integration of Beijing-Tianjin-Hebei and the concept of free trade zones in the fund managers' market outlook for this year. Some fund managers said that with the strong promotion of the country's top leaders, it means that it serves as an indicator of policy tilt and development direction, and the investment opportunities arising from it are self-evident.

According to the fund’s fourth quarter report last year, the Beijing-Tianjin-Hebei concept stock China Land Development ranked 15th among the fund’s most heavily held stocks, with 140 million shares held by 46 funds. Among the top 50 newly added concept stocks, Vantone Real Estate ranked 15th. Ranked 23rd, the market value of the holdings of the two funds is as high as 224 million yuan. Judging from the layout of related listed companies,

is also frequently deploying around the historical opportunities brought by the free trade zone. Taking Tianjin Songjiang as an example, in September 2014, a wholly-owned subsidiary, Tianjin Songjiang Hengtai Real Estate Development Co., Ltd., was established in the Bonded Port Area; in October 2014, Tianjin Hengtai Huijin Financial Leasing Co., Ltd. was established in the Tianjin Dongjiang Bonded Port Area. . In recent times, with the successful completion of the recent private placement, financial pressure has been relieved and it has begun to make frequent efforts. It not only revised the company's articles of association, but also increased capital for many of its subsidiaries. The holding subsidiary Hengtai Huijin Financial Leasing Company has also launched Sale and leaseback financial leasing business, etc.(Shanghai Securities News)

Tags: Beijing-Tianjin-Hebei

China Fortune Land Development: Refinancing helps Beijing-Tianjin-Hebei leader take off, maintain buy rating

China Fortune Land Development 600340

Research institution: Guosen Securities Analysts: Ou Ruiming, Zhu Honglei Writing date: 2015-02-16

Matters:

Company announcement: Plans to non-publicly issue shares to specific targets (no more than 10 people), with the number of shares not exceeding 168 million, the issue price not less than 41.75 yuan/share, and the total amount of funds raised not If the amount exceeds RMB 700,000, the shares issued this time shall not be transferred within 12 months from the date of completion of issuance. After deducting the issuance costs, it will be invested in the Gu'an Peacock City Cambridgeshire Phase 7 project, the Gu'an Peacock Lake View Garden project, the Gu'an Queling Mansion project, the Gu'an Peacock City British Palace Phase 2.7 project, and the Dachang Chaobai River Shaofu New Residential Project. , Dachang Chaobai River Peacock City Yijing Garden Project, Dachang Chaobai River Peacock City Yachen Garden Project, Dachang Chaobai River Peacock City Yaqin Garden Project and repayment of bank loans.

comments:

fixed increase significantly reduces leverage, opens up debt space, and further enhances the ability to extract resources. As of the third quarter report, the company's net debt ratio reached 89.0%, ranking 89th among 143 listed companies covered by the real estate index; this time the fixed increase After the increase is completed, the net debt ratio will be reduced by 33.9%, which will be better than the industry average. If calculated based on the equity after the private placement is completed and the net debt ratio returns to 89%, the company's new debt space will be approximately 6.2 billion yuan, which will further enhance its ability to capture resources.

Industrial New City Integrated Operation Service Provider: Dominant Model, Stunning Operating Performance Once again emphasizes our core understanding of the company: the company is not a "real estate stock", real estate is only part of the "X" in the company's "Industrial New City + X" model .

's "Industrial New City + , capital, information and other business resources, and timely access to various new value-added service formats according to the city and industrial development stage and user consumption needs, creating a symbiotic and win-win urban business ecosystem. Since this model comprehensively addresses the government's core demands and common interests, namely finance and taxation, employment, city image, social harmony, etc., it meets the basic requirements of comprehensively deepening reform and accelerating the transformation of economic development methods, and provides a solid foundation for the development of regional real economy and industrial transformation and upgrading. It provides a driving force for development. From the perspective of maximizing interests, any government will be very willing to maintain long-term cooperation with the company. With the real estate industry as a whole showing a tightening trend, the advantages of this model are even more highlighted.

is optimistic about the company's strong resource acquisition and integration capabilities, as well as its first-mover advantage in the "Industrial New City + The X” model has a first-mover advantage that is difficult for rivals to imitate and surpass. The EPS in 2014-16 is expected to be 2.87/3.83/4.94 yuan respectively, corresponding to PE of 16.2/12.2/9.4X, maintaining the highest rating - "Buy".

Rongsheng Development: Focus on Beijing-Tianjin-Hebei, Financing and Growth

Rongsheng Development 002146

Research institution: GF Securities Analysts: Le Jiadong, Guo Zhen Date of writing: 2015-02-11

Core point of view:

Refinancing is expected to bring high growth increase.

company announced a non-public issuance plan: it plans to issue an issuance price of no less than 13.58 yuan per share, non-public issuance of no more than 420 million company shares, and raise funds of no more than 5.7 billion yuan, which will be used for the construction of four projects and supplementing working capital. Three of the projects raised are located in the Beijing-Tianjin-Hebei region, which will help the company enjoy the development dividends of the integrated Beijing-Tianjin-Hebei region. The controlling shareholder's participation in this private placement enables the actual controller to still have absolute control over the company, ensuring the continuation of strong management and control capabilities.

sales rose against the trend, and its scale ranking achieved another success.

According to CRIC data, the company's sales area and sales scale rose against the trend in 2014. It is expected that as the market gradually improves and with sufficient goods value, the company's sales scale growth rate in 2015 is expected to reach 20%.

follows the pace of acquiring land and strengthens its layout in the Beijing-Tianjin-Hebei region.

Company became more cautious in acquiring land in 2014, acquiring 2.55 million square meters of land for construction, a year-on-year decrease of 56%. However, since 2014, it has expanded its layout in the Beijing-Tianjin-Hebei region to ensure the company's stable development in the future.The company began to seek diversified land acquisition methods, involving tourism, commerce and other fields.

adjusts the credit structure and seeks diversified financing.

's high financial leverage has led the company to seek capital market financing channels such as the issuance of medium-term notes and refinancing. In addition, the company actively adjusts its credit structure to reduce financial costs.

predicts that the company's EPS in 2014 and 2015 will be 1.89 and 2.01 yuan respectively, maintaining a "buy" rating. As a leading real estate company deeply involved in Beijing, Tianjin and Hebei, it will fully enjoy the development dividends of the integration of Beijing, Tianjin and Hebei. Once this private placement is successfully implemented , will lay the foundation for the company's future high growth, and its involvement in commercial tourism and other fields will also provide the company with a broader development space.

risk warning.

The company's refinancing progress was lower than expected, and sales performance was affected by the urban market.

Tianjin Port: A leading port service that benefits from the free trade zone + Beijing-Tianjin-Hebei strategy

Tianjin Port 600717

Research institution: Hongyuan Securities Analysts: Qu Yongzhong, Liu Pan, Wang Tao Date of writing: 2014-12-10

Investment points:

The company is the leading port in the north. As the core A-share listed company of Tianjin Port Group, it will fully benefit from the group's business innovation and asset integration development strategy in the future, and there is considerable room for upward profit flexibility; at the same time, in Under the background of the Beijing-Tianjin-Hebei integration strategy, the approval of the Tianjin Free Trade Zone is expected to be implemented and implemented, boosting the company's future development expectations. It is recommended to pay active attention and focus on promotion.

Report summary:

As the leader of northern ports, it will fully benefit from the group's innovative development and asset integration in the future. Tianjin Port is located at the core of the Bohai Rim. In 2013, its throughput exceeded 500 million tons and its container throughput exceeded 13 million TEU. Tianjin Port Co., Ltd. owns about 50% of the group’s high-quality asset business. The resources and business profits of A-share listed companies occupy the group’s share. Half of the overall profit will fully benefit from the advancement of the group's business innovation (sales business, financial business, integrated logistics service business and containers) and asset integration (injection after the new business matures or the integration of the group's overall assets) in the future, and there is room for upward profit flexibility.

The port has entered into stable development, and reform and increase in loading and unloading rates are the keys to endogenous growth. As the downward pressure on the domestic economy increases, domestic trade business is affected, and international trade will continue to recover slowly in the future. Overall, the port industry throughput growth rate will remain in single digits in the future; domestic port loading and unloading rates are relatively at 1% of those overseas. /4-1/3, as the competition and cooperation pattern stabilizes in the future, there is still room for upside. Another potential catalyst for improving industry profitability is the reform of state-owned enterprises. Mixed ownership (employee stock ownership, etc.) is expected to promote industry efficiency improvement and profitability. good.

The two major strategies of Tianjin Free Trade Zone and Beijing-Tianjin-Hebei have boosted future development expectations. Under the background of the national high-level consensus to accelerate the strategic promotion of the free trade zone, as the economic and shipping center of the north, the Tianjin Free Trade Zone can be expected to be implemented. Future innovative features may be in the financial field (establishing a financial organization system and financial market that are more in line with the requirements of a market economy. system, financial regulatory system and financial ecological environment); at the same time, driven by the Beijing-Tianjin-Hebei integration strategy, Beijing will strengthen its capital function, and Tianjin, as one of the two cores, is expected to take on more functional positions in the future.

expects net profits from 2014 to 2016 to be 1.17, 1.3.0 and 1.45 billion yuan respectively, with year-on-year growth of 9.7%, 10.7% and 11.7%, corresponding to EPS of 0.70 and 0.7 respectively. 7 and 0.86 yuan, corresponding to the current stock price of 27.5x14PE and 24.9x15PE, the valuation is higher than that of the reference port. Considering that the Tianjin Free Trade Zone is expected to be approved in the near future and the future asset integration is expected, the "overweight" rating is maintained.

Tianjin Shipping

The company's industry is maritime transportation, and its main business is international offshore container liner transportation, domestic coastal container liner transportation, shipping agency and freight forwarding services. The company has a complete international near-ocean container transportation network, operating and managing international direct ocean shipping routes with Tianjin and Shanghai as the basic ports to Japan, South Korea, Hong Kong, Taiwan and other countries and regions, and can also use two-way ships. The company's transshipment provides container transportation services to all parts of the world; it also operates domestic coastal north-south transportation routes with Tianjin as the basic port and Guangzhou.

Tianjin Songjiang

company takes comprehensive real estate development as its leading industry and has accumulated rich experience in market operations. It also focuses on quality development and customer service, emphasizes the standardization of operation management, and pursues the establishment of long-term service relationships with customers. The company is actively committed to the national development strategy and has formed the concept of "taking Tianjin as the core and business radiating across the country". It has developed in Tianjin, Inner Mongolia and Guangdong including Xi'an International, Shui'an Mansion, Shui'an Jiangnan, Lily Spring, Various high- and mid-range projects including Lily Sunshine, Golf Town, Songjiang City, Canal City, Tianjiao Realm, Sunshine Noka, Left and Right City, Zuoting Youyuan, East Lake Town, Ningyue Garden, and Patio. In the process of development, the company's project development level has been continuously improved by improving design, planning, construction, service and other links. At the same time, the company also actively participates in the construction of real estate supporting industries, and enhances the added value of products through the construction of supporting facilities in the developed product areas. By participating in Meijiangnan International Club, Songjiang Country Club, Songjiang Golf Club, Meijiangnan Dadao Restaurant, The construction and development of various supporting industries such as Tianjin Yaohua Binhai School, Nankai Xiangyu Middle School, and Tianjin Ruijin International School have improved product quality.

Zhongke Shuguang: The dawn of domestic servers

Zhongke Shuguang 603019

Research institution: Great Wall Securities Analysts: Zhou Weijia, Liu Shen Date of writing: 2015-02-03

Investment advice

As an information system and service provider backed by the Chinese Academy of Sciences and possessing the two key resources of processors and operating systems, Sugon has been gradually marginalized by foreign manufacturers while domestic manufacturers are strong Under the rising market environment, the company is expected to achieve accelerated growth in the domestic high-end computer market. The increase in the volume of domestic information systems has just begun, and the company's acquisition of new customers and new orders are both high-probability events. Since there is no obvious growth acceleration signal in the current performance, we conservatively predict that the company's EPS in 14/15/16 will be 0.40/0.47/0.52 yuan, corresponding to the current stock price PE of 124/105/95 times. The company's stock price has risen sharply after its listing. The market value is basically in line with the company's current market position. Considering that the company will deeply benefit from the huge domestic demand for domestically produced high-end computers and accelerated growth is only a matter of time, we give the company a "recommended" rating.

Investment Points

Domestic servers are booming. Since the outbreak of the "Prism Gate" incident, domestic servers have developed rapidly with strong support from policies. According to the latest data released by Gartner, global server shipments increased by 1% year-on-year in the third quarter of 2014, while China's server market shipments increased by 15.63% year-on-year during the same period, which is 15 times the global market growth rate, becoming The source of global growth, the share of local companies led by Inspur and Sugon has increased significantly during this period. The combined shipments of the two domestic servers increased by 43.8% year-on-year, nearly three times the average growth rate of the domestic server market.

Shuguang has an impressive record in hard power competition. Let’s talk about numbers. So far, Sugon has won the top 100 high-performance computing system share in my country for six consecutive years. In the global high-performance computing TOP500 list, the Sugon "Nebula" supercomputer participated in the development of Sugon was ranked second in the world with a measured Linpack (Linear system package) performance of 1,271 trillion operations per second, and ranked among the top ten. It has held the position for nearly two years, which is currently the best result achieved by a domestic listed company.

is backed by the Chinese Academy of Sciences and has two key resources: processors and operating systems. The most critical and technically difficult parts of autonomous servers are the processor and operating system, and Sugon is the only company that directly relies on the two key resources of processor (Loongson Zhongke) and operating system (Institute of Software, Chinese Academy of Sciences). , in a market environment where foreign manufacturers are gradually marginalized and domestic competitors are competing against each other, there is a clear competitive advantage, and the probability of performance exceeding expected growth is high.

Risk warning: The demand for domestic servers is lower than expected, and the development of the company's server business is hindered.

Jiu'an Medical: Ihealth continues to grow rapidly overseas, and domestically joins hands with Xiaomi, ready to go

Jiu'an Medical 002432

Research institution: China Investment Securities Analyst: Zhang Lei Date of writing: 2014-12-15

Ihealth series overseas sales have formed a scale, Rapid growth will continue in the future. After overseas market promotion from 2010 to 2013, the ihealth series has entered mainstream overseas channels such as Bestbuy and Apple stores. In recent years, large-scale investment in manpower and material resources and overseas expansion experience accumulated through many trials and errors form the core of the company. competitiveness. In 2013, the overseas sales of the ihealth series exceeded US$10 million. Sales are expected to double this year, and rapid growth is expected in the future.

teamed up with Xiaomi to develop ihealth in the domestic market and jointly create a popular product in the mobile medical field in the domestic market. After the successful sales of the Ihealth series in overseas markets were verified, the company launched the first ihealth series product in the domestic market in July this year and began domestic market promotion. In September this year, Xiaomi Investment introduced a strategic investment of US$25 million, and Xiaomi Investment holds 20% of the shares of ihealth.Inc. Companies in the cooperation can enjoy Xiaomi's e-commerce channel resources for free and jointly create popular and cost-effective products. This cooperation is expected to quickly open up the domestic market for the ihealth series.

The mobile medical industry has huge space, and the company is the first to explore various cooperation methods. The global mobile medical and health market size will reach 23 billion US dollars in 2017. In 2014, the size of my country's mobile medical and health market was approximately 2.84 billion yuan. It is expected to exceed 12.5 billion yuan in 2017, with a compound annual growth rate of approximately 64%. The company is a leader in the mobile medical field and is expected to share the rapid growth of the mobile medical industry.

has made a fixed investment in the mobile medical peripheral ecosystem to ensure the company's future development. The company plans to raise no more than 810 million yuan in funds to invest in mobile medical peripheral ecology and hardware research and development bases, product experience centers, etc.

is covered for the first time and given a "strongly recommended" rating. Considering the broad prospects of the mobile medical industry in which the company is located, as an industry leader, the company will share the rapid growth of the industry. Although the short-term performance does not meet expectations, it is recommended to continue to pay attention. We estimate that the EPS from 2014 to 2016 will be 0.02, 0.04, and 0.12 yuan respectively. . Risk warning: the risk of lower-than-expected promotion of the ihealth series, the risk of RMB appreciation, and the risk of intensified competition among domestic companies