Author: Stock Market Dynamic Analysis, Southern Huijin
Source: Stock Market Dynamic Analysis
This period of stock market Dynamic 30 index closed at 1294 points, down 1.48% from the previous period, and the Shanghai Composite Index fell 1.39% during the same period, and the ChiNext Index fell 5.49%. Among the constituent stocks, Fuyao Glass, Air China and China Merchants Bank and other stocks rose sharply. Bright Dairy , Guangzhou Restaurant and Luolai Life have increased significantly.
stock comments:
BOE A (000725): company's interim report data shows that in the first half of the year, it achieved revenue of 60.8 billion yuan, a year-on-year increase of 10.59%, and net profit attributable to shareholders was 1.135 billion yuan, a year-on-year decrease of 31.95%, of which the net profit excluding non-network was 176 million yuan, turning losses into profits. In the second quarter, the revenue in the single quarter increased by 22.4% year-on-year, the net profit attributable to shareholders fell slightly by 7.8% year-on-year, and the net profit excluding non-network increased by 9% year-on-year to 326 million yuan. It can be seen that the company's operations and performance recovered significantly in the second quarter.
Since June, panel prices, especially large-size panels, have risen sharply for three consecutive months. Among them, the price increases of mainstream TV panel sizes 32, 43, 50 and 55-inch panels have all increased by more than 10% month-on-month in July. The quotation in September is still rising, and the performance of the two domestic panel giants is expected to accelerate their growth in the third quarter.
Company launched the first equity incentive plan in history, covering more than 2,900 core personnel, nearly 80% of them are R&D and market employees, and the incentive scope is very wide. This incentive plan includes two parts: stock option incentive plan and restricted stock incentive plan , among which the stock option exercise price is 5.43 yuan per share. The unlocking conditions for exercise include 6: Based on the ROE attributable to the parent in 2019, the average ROE attributable to the parent in 2020- in 2022, the average ROE attributable to the parent in 2020 (i.e. not less than 2.38%); the gross profit margin in 2022 shall not be lower than the 75th quarter value of the benchmark enterprise; in 2022, the market share of display device products ranks first; based on the operating income of AM-OLED products in 2019, the compound growth rate of operating income in 2022 shall not be less than 15%; Based on the operating income of smart system innovation enterprises in 2019, the compound growth rate of the operating income of smart system innovation enterprises in 2022 will not be less than 20%; the number of patents in innovation enterprises in 2022 will not be less than 9,000 pieces. means that after meeting all the above six conditions, core personnel can buy relevant equity at a price of 5.43 yuan. The company's stock price is about 5.2 yuan per share, and it has already shown an inverted reversal, with a high safety margin.
has a risk point in the company's business. 95% of domestic panel driver ICs rely on imports. On the 14th, Samsung and LG announced that they would stop supplying Huawei screens, which is subject to this. BOE Chengdu production line turned out to be supplying OLED screens to Huawei, which poses a potential risk of supply suspension.
CATL (300750): company previously planned to invest in upstream and downstream listed companies with no more than 19.1 billion yuan in funds to integrate high-quality resources in the industry and improve the synergy effect of the industrial chain. Recently, the company's investment has entered the execution stage. It has announced that it has invested in two companies. One is the A-share listed company Pioneer Intelligent . Ningde will subscribe to 69.35 million shares of the private placement of Pioneer Intelligent for 2.5 billion yuan in cash, accounting for about 7.28% of the total share capital, becoming its strategic investor with a share price of 36.05 yuan; the other is Canada's NEO Lithium Company, Ningde will acquire 8% of its equity for about 44 million yuan.
Pioneer Intelligent 's main business is lithium battery equipment. CATL's intention to layout is very obvious. First, use mature processes and advanced equipment to improve product quality and meet future production expansion needs. In 2019, Ningde's sole proprietorship's production capacity is close to 60GWh, and the planned production capacity in the future will reach 350GWh if the joint venture factory is included, and the new production capacity will be 80-90GWh in the next 2-3 years, which is 1.5 times, so the demand for equipment is large and time is urgent.
The most important thing is that by binding the equipment factory, it helps to improve overall efficiency and reduce production costs. As we all know, the price reduction of lithium batteries is a major trend. Only by leveraging the scale and cost advantages can lithium battery plants make money and go further. Ningde is well aware of it. In the past ten years of patent applications, equipment patents have increased by 10%. In 2019, Ningde's battery cost has dropped to 0.96 yuan/WH, a year-on-year decrease of 17%. At this rate, battery costs will catch up with Panasonic in the next two years.
Compared with the equipment, Ningde's layout in lithium mine is relatively scattered. This is Ningde's second investment in overseas lithium mine companies. It acquired the equity of Australian Pilbara in September last year. In addition, Ningde's lithium mine supply companies include Tianqi Lithium and Ganfeng. It is easy to understand that mines are cut off, and if they are cut off, they will not be as passive as stopping production.
Chinese Film (600977): Affected by the epidemic, the film industry almost stagnated in the first half of the year, and the company also ushered in the worst semi-annual report in history, with revenue falling by 90.5% year-on-year to 460 million yuan, net profit turned from profit to loss, with a loss amount of up to 502 million yuan. From a business perspective, the issuance revenue reached about 100 million yuan, the screening business was about 66 million yuan, the film and television production was about 34 million yuan, and the film and television service business was about 250 million yuan, and the major businesses were declining across the board. Of course, these are all past trends. At present, the domestic economy has recovered rapidly, cinemas have also reopened. Recently, the regulators have increased the attendance rate from the original 50% to 75%. As the largest publisher of domestic film business, the largest technical service provider and one of the largest theater operators, the increase in theater attendance will drive the company's major businesses to return to normal first.
Currently, the company holds many highly anticipated works such as "Detective Chinatown 3", "Win the Championship", and "Vanguard", but none of them have been released yet. Considering the gradual stabilization of the epidemic, these existing works are expected to be scheduled at an accelerated pace, promoting market attention to the company and becoming a catalyst for the company's short-term stock price.
Guangzhou Restaurant (603043): The catering industry was seriously injured in the first half of the year, and the company also delivered the worst performance report in history in the first half of the year: revenue during the period was 970 million yuan, a year-on-year increase of 1.93%, and net profit excluding non-network was about 16.04 million yuan, a year-on-year decrease of 82%. The main reason is that catering has experienced a cliff-like decline due to the epidemic. The revenue of the business was only 169 million yuan, a year-on-year decrease of 49.83%, and the total profit loss was 31 million yuan, compared with 50 million yuan in the same period last year. But one thing is gratifying. The sub-brand Taotaoju's revenue in the first half of the year was more than 18 million yuan and its net profit was 100,000 yuan, which had returned to the break-even level. Last year, Taotaoju's net profit was about 10 million yuan. It can be judged that the main brand of Guangzhou Restaurant should be losing money.
Other financial data, the cash flow of operating activities was RMB 06 million in the second quarter, a significant rebound compared with the first quarter of - RMB 85 million. In the first half of the year, new short-term loans were 100 million yuan, with cash funds of about 2.1 billion yuan, an increase of 700 million yuan year-on-year, and receivables were 230 million yuan, an increase of 150 million yuan year-on-year, and inventory was basically the same year-on-year. In previous years, companies had prepayments of 200 million to 300 million yuan, which roughly shows the sales trend of mooncakes this year, but this year does not. This is mainly because the Mid-Autumn Festival is late this year, and the reservation activity for mooncakes in the first half of the year has not yet started. Overall, the company's current liquidity risk is relatively low.
In addition, the gross profit margin in the first half of the year was 42.98%, a year-on-year decrease of 4.8%, mainly due to the increase in pork prices, but 42.47% in the first quarter, which is obviously an increase in the second quarter. Among the three fees, the management expenses increased by 8 points year-on-year, mainly due to the increase in labor costs of new bases and new restaurants, while the rest remained basically the same year-on-year.
From a business perspective, the food business sector performed well, with the entire sector's revenue increasing by 31.72% year-on-year to 785 million yuan, especially the frozen food business, an increase of 64.41% year-on-year to 427 million yuan, while the Likoufu brand's revenue increased by 13.23% year-on-year to 577 million yuan, and its net profit was 31.52 million yuan, an increase of 76% year-on-year.
Air China (601111): The company's operating data in August continued to improve, with ASK rising 23.4% month-on-month, of which domestic routes rose 22.7% month-on-month, and international routes rose 38.1% month-on-month, which is the first time that the international flight traffic limit has rebounded significantly since April. RPK increased by 25.6% month-on-month, of which the domestic aviation industry increased by 25.6% month-on-month, and the foreign aviation industry increased by 23.1% month-on-month, with the passenger occupancy rate of 72.9% in August, an increase of 1.3% month-on-month. Airline stocks have fallen for nearly three quarters due to the epidemic. They are approaching the peak season for the fourth quarter. At the same time, the pace of domestic vaccine launches has accelerated, and the sector has signs of a bottom rebound, so you can continue to pay attention.
China Merchants Bank (600036): company achieved revenue of 148.3 billion yuan in the first half of the year, an increase of 7.2% year-on-year, and net profit attributable to shareholders of 49.7 billion yuan, a decrease of 1.6% year-on-year. The main reason for the decline in net profit is the increase in provisions. During the period, the provision coverage ratio of reached 440.8%, an increase of 14.03% from the beginning of the year.China Merchants Bank has always been rigorous in risk control, and its provision coverage ratio has also ranked among the top in the industry in previous years. The balance of non-performing loans in the first half of this year was 55.3 billion yuan, an increase of 5.84% from the beginning of the year, and the non-performing loan ratio was 1.14%, down 2 basis points from the beginning of the year. The company significantly improved the provision coverage ratio, which obviously had a hidden profit.
From a business perspective, the company was mixed in the first half of the year. The good thing is that non-interest income increased by 13% year-on-year to 57.4 billion yuan, and the growth rate further expanded compared with the first quarter, mainly due to the growth of financial management income, agency fund income and increased fund investment dividends, which had a positive driving effect on the growth of performance; the worry is that net interest income increased by 4% year-on-year, with a net interest margin of 2.5%, a year-on-year decrease of 0.2%, and the return on interest-producing assets fell by 0.24% to 4.23%, mainly due to the decline in market interest rates, and the interest rate of return fell faster than the liability cost.
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