According to the exclusive statistics of Securities Star, the stocks ranked among the top today's potential rankings, and are accompanied by some recent institutional research reports for investors to refer to.
The top ten sectors with the most potential today
Latest research report for some individual stocks:
Hang Steel Co., Ltd.: High-quality assets injection and steel demand improves, and performance in the first half of the year has improved significantly
Hang Steel Co., Ltd. 600126
Research institution: Changjiang Securities Analyst: Wang Hetao, Xiao Yong Date of writing: 2016-08-29
Report points.
event description.
Hanggang Co., Ltd. released its 2016 interim report today. After retrospectively adjusting the year-on-year base of the company's financial statements, the company achieved operating income of 9.353 billion yuan, a year-on-year decrease of 22.79% during the reporting period; operating costs of 8.509 billion yuan, a year-on-year decrease of 27.80%; net profit attributable to the parent company was 339 million yuan, compared with -254 million yuan in the same period last year; and EPS of 0.23 yuan.
event comment.
The demand for the main steel business has improved, coupled with cost reduction and efficiency improvement, and the performance in the first half of the year has improved significantly: the company completed its asset restructuring and replacement in March this year, and successfully acquired Ningbo Steel 7100% equity, Unisco Environmental Protection 87.54% equity, 97% equity of Recycling Resources and 100% equity of Recycling Technology. The company's performance in the first half of this year has improved significantly compared with last year's traceability adjustment, mainly due to the improvement of terminal demand for steel assets for inferiority and superiority, and the improvement of terminal demand for steel main business combined with cost reduction and efficiency improvement: 1) The overall recovery of manufacturing and construction prosperity this year has been, and the year-on-year growth rate of excavator sales in the first six months is 4.84% year-on-year growth rate compared with the same period last year -41.65%, which is confirmed, thus driving the company's demand for major hot-rolled products to recover; 2) The company actively carried out technological transformation to promote the cost reduction and efficiency improvement strategy to effectively reduce production and operation costs. In March, Ninggang's hot-rolling process cost reached 199 yuan/ton, a decrease of 18.2 yuan/ton from the budget. Therefore, the improvement in hot rolling demand combined with increasing revenue and reducing expenditures has led to a significant increase in gross profit margin of the steel business by 14.02 percentage points year-on-year, and contributed a new year-on-year gross profit of 633 million yuan in the first half of the year, which has become the main reason for the company's performance to turn losses into profits. In addition, although the company's trade businesses such as scrap steel and ore have expanded rapidly, the gross profit of the trade sector's business may have decreased by 32 million yuan year-on-year due to the year-on-year decline in steel ore prices; although the revenue of the environmental protection industry has increased significantly, the decline in gross profit has led to a decrease of 28 million yuan.
"Steel + Environmental Protection + Renewable Resources" is moving forward step by step, and the transformation is steadily advancing: Through this replacement and restructuring, the company's business has thus achieved a transformation from a single steel to a diversified business pattern of "Steel + Environmental Protection + Renewable Resources". Ningbo Steel's main product with a capacity of 4 million yuan is hot-rolled coil, which is a variety of high added value. The company's steel profitability is expected to be improved; while Renewable Resources mainly engages in scrapped automobile recycling and dismantling, scrap metal dismantling and processing, Ziguang Environmental Protection mainly engages in sewage treatment, and Renewable Technology mainly engages in wholesale of recycled metal materials, metallurgical materials, coal, steel and its import and export business, and recycled materials research and development, etc. The cornerstone of the company's transformation into environmental protection has been laid. The steel and environmental protection business pattern has been established. In addition, the company has also invested 200 million yuan to build a metal trade e-commerce platform, committed to accelerating the pace of transformation, and looks forward to the effective opening of the company's future business development space.
is expected to be 0.24 yuan and 0.28 yuan in 2016 and 2017, respectively, and maintain a "buy" rating.
Hide Co., Ltd.: The first private AMC financial holding platform in China
Hide Co., Ltd. 000567
Research institution: Anxin Securities Analyst: Zhao Xianghuai Date of Writing: 2016-10-12
Event: On the evening of October 11,Hide Co., Ltd. issued an announcement stating that the company's subsidiary Haide Asset Management received a notice from the China Banking Regulatory Commission on the announcement of the list of local asset management companies. From the date of issuance of the notice, financial enterprises can transfer non-performing assets to Haide Asset Management in batches, and the company's AMC license is officially implemented.
Company AMC license is officially launched.
(1) Received the notice from the China Banking Regulatory Commission that the AMC license was implemented. On July 3, 2016, Hyde Co., Ltd. issued an announcement stating that on July 1, the company obtained a Tibet local AMC license. As of August 3, 2016, the company had raised 1 billion yuan of funds to complete the actual payment of the registered capital of the asset management company. On October 11, the company announced that it had received a notice from the China Banking Regulatory Commission that financial companies could transfer non-performing assets in batches to Hyde Asset Management, and the company's AMC license was officially implemented.
(2) has unique advantages in private sectors, and AMC business is progressing steadily. In September 2016, the company announced that its subsidiary Hyde Asset Management signed a "Cooperation Agreement" with Shanghai Ruiwei Asset Management Co., Ltd. to carry out in-depth cooperation on non-performing asset management projects in the real estate field, and jointly formed a limited partnership private equity investment fund. As a seed fund for subsequent foreign investment, AMC's business has been steadily advancing. The company is the only private listed company in China with an AMC license. It has a relatively flexible mechanism and a scarce license. It has unique advantages in capital and project resources.
(3) Private placement enhances competitiveness. In March 2016, the company announced that it plans to issue an additional 4.8 billion yuan to its indirect controlling shareholder Yongtai Holdings Group Co., Ltd. to increase capital and enrich capital, so that the company can further develop in the capital-intensive industry of non-performing asset management in the future and achieve the goal of improving profitability and market competitiveness. Driven by the debt-to-equity conversion, the AMC industry ushered in broad development.
(1) The debt-to-equity conversion plan is beneficial to the development of the AMC industry. The State Council issued guidance on debt-to-equity conversion, stipulating that banks need to transfer debts to implementing institutions and convert debts into equity of target enterprises by implementing institutions. According to statistics from the China Banking Regulatory Commission, the balance of non-performing loans in the national banking industry had exceeded 2 trillion yuan by the end of May. Even if the debt-to-equity conversion is based on 30% of them, the amount has reached 600 billion yuan. As the most professional non-performing asset processing company, AMC will achieve broad development in this round of bank debt-to-equity conversion business.
(2) The non-performing rate and the steady increase in the scale of non-performing assets bring space for the AMC industry. According to data from the China Banking Regulatory Commission, in the second quarter of 2016, the non-performing loan rate of commercial banks was 1.75%, the same as in the first quarter. The balance of non-performing loans reached 143.73 billion yuan, an increase of 3.1% over the first quarter. The non-performing loan rate and the scale of non-performing assets increased relatively smoothly, indicating that the industry is huge in the future. 2016 is the opening year of the "13th Five-Year Plan" and supply-side structural reform. It will be accompanied by the expansion of bad scale. The supply of non-performing assets will remain abundant for a long time in the future, and the overall non-performing asset market will tend to be active.
The company's controlling shareholder has rich financial resources and may realize resource coordination in the future. The company's controlling shareholder Yongtai Holdings (78.93% of the shares) mainly focuses on energy and has rich financial assets. It has control over three investment companies: Beijing Hairong Hongxin Investment Management Co., Ltd., Beijing Runtai Venture Capital Management Co., Ltd., and Huasheng Asset Management Co., Ltd. As of the end of 2014, Yongtai Holdings' total assets were 58.06 billion yuan, with strong economic strength. The rich financial resources of shareholders may form synergy with the company's business in the future.
Investment advice: Buy-A investment rating, 6-month target price 44.62 yuan. We expect the company's EPS from 2016 to 2018 to be 0.06 yuan, 0.07 yuan and 0.08 yuan respectively.
Risk warning: AMC industry development is lower than expected, and the progress of fixed-increase is lower than expected
Chongqing Water Affairs : Main business has grown steadily, and foreign exchange gains and losses affect profits and profits and losses
Chongqing Water Affairs 601158
Research institution: Southwest Securities Analyst: Wang Yingting Date of Writing: 2016-08-16
Event: Recently, the company released its 2016 interim report. In the first half of the year, the company achieved operating income of 2.154 billion yuan, a year-on-year increase of 8.8%; and achieved net profit attributable to shareholders of listed companies of 757 million yuan, a year-on-year decrease of 13.7%, and earnings per share of 0.16 yuan.
operating income has grown steadily, and exchange losses dragged down operating profits. The company's main business is tap water sales, sewage treatment and water supply and drainage facilities construction. The company's operating income achieved good growth in the first half of the year mainly due to the large increase in engineering revenue and the steady growth of other sewage treatment and tap water sales businesses. The decline in profit levels is mainly due to the fact that the company's foreign currency loans are mostly Japanese yen. Exchange rate fluctuations in the first half of the year have caused the company's profit to decrease by 140 million yuan, which has a great impact on the company's performance. If the impact of exchange gains and losses is excluded, the net profit will be 877 million yuan (excluding gains and losses of minority shareholders), an increase of 1.83% over the same period last year.
's main business has grown steadily, and engineering revenue has grown significantly. The company's sewage treatment (1.137 billion yuan, +4.0%) and tap water sales (496 million yuan, +6.1%), which accounted for the largest revenue in the first half of the year, saw steady growth in business; at the same time, the engineering construction revenue increased significantly (220 million yuan, 61.9%), driving continued profit growth.
's profit level remains high, and the period expense ratio has increased due to the impact of foreign exchange.In the first half of the year, the company's comprehensive gross profit margin was 47.17%, down 1.7 percentage points year-on-year, and its profit level remained high. According to the items, the company's tap water sales (23.26%, +0.57pct) and engineering construction (13.88%, +4.37pct) gross profit margins have increased, while the gross profit margins of sewage treatment (64.09%, -0.9pct) and other businesses (45.36%, -2.06%) have decreased slightly, but there is little change. Overall, the company's profit level remains high. In addition, the company's period expense ratio was 19.29%, up 4.3 percentage points year-on-year. The large increase was mainly due to foreign currency loans that generated exchange losses of 126 million yuan, resulting in a significant increase in financial expenses (782.77%) year-on-year.
equity transfer has been completed, and there is expectation of state-owned enterprise reform. At present, the company has completed the transfer of equity. Derun Environment has become the controlling shareholder of the company, with a shareholding ratio of 50.04%. The actual controller of the company is still the Chongqing State-owned Assets Supervision and Administration Commission. Derun Environment's shareholders include Suez Environment, Chongqing Institute of Environmental Science, etc., and its business layout involves soil restoration, hazardous waste and other fields. At the same time, shareholder Chongqing Water Asset Management Co., Ltd. owns Chongqing Water Investment’s million-ton water supply and drainage assets. In the future, the company is expected to benefit from the reform of state-owned enterprises and further promote the sustainable development of environmental protection and utilities.
profit forecast and rating: It is expected that the EPS will be RMB 0.31, RMB 0.33, and RMB 0.36 in 2016-2018, and the PE will be RMB 24x, 23x and 21x, and the "overweight" rating will be maintained.
Risk factors: exchange profit and loss risk, macroeconomic growth slowdown, etc.
