Sanhuan Group: Three arrows and two rings
Innovation ring: Consumer electronics ceramics bring new highlights: In the first half of 2015, the company's new product fingerprint identification cover and ceramic back cover for smart phones and wearable devices began to enter mass production stage, accompanied by major Intelligent terminal manufacturers have successively laid out the field of mobile payment. As a security authentication scheme, fingerprint recognition will enter a rapid penetration. The ceramic cover solution has the high sensitivity and low cost advantages, and it is expected to become a mainstream solution. At the same time, the ceramic mobile phone casing will become an innovative alternative in the future competition of smart phone stocks, and thus gain a considerable market share. The company's related products have been recognized by terminal manufacturers such as Xiaomi and Jiajia, and with the continuous expansion of production capacity, it will bring significant promotion to the company's performance.
Potential ring: Fuel cell separators are expected to become the darling of the new energy market: the continued thirst for energy in various countries around the world has promoted the continuous exploration of new energy industries in various fields. Clean energy has become a hot spot of concern to all sectors of society, as an effective support or replacement of traditional power generation. The way the solid oxide fuel cell (SOFC) has expanded in the downstream market, including retail, logistics, finance, technology, food and beverage, government military and other sub-sections, is expected to usher in important development opportunities in the future. The company is the world's leading SOFC. Suppliers of Bloom Energy's fuel cell separators, we expect to benefit from the rapid expansion of the entire fuel cell and new energy industry demand to obtain considerable development potential.
Cash Cattle: The demand for traditional optical communication ceramic products is stable: As the current cash cow business of the company, the optical communication ceramic products are mainly used in mobile communication fiber connectors, 4G network construction and broadband fiber-to-the-home (FTTH) projects in the global and Chinese markets. In the implementation process, stable income will be obtained. Although the speed of construction of mobile communication networks has slowed down in the future, the continuous growth of network broadband and the increasing concern of cloud and computing and big data with industry and government agencies continue to increase. (IDC) The continuous and rapid increase in demand, the continuous expansion of the application market of optical fiber ceramic products in IDC will to some extent make up for the insufficient demand in the field of traditional mobile communication network construction. We expect the company's related products to maintain a stable performance contribution.
Investment suggestion: We forecast the company's earnings per share from 2016 to 2018 to be 0.63, 0.75 and 0.86 yuan respectively. The ROEs are 20.7%, 21.0% and 20.3%, respectively. The Buy-A is recommended. The 6-month target price is 26.20 yuan, which is equivalent to the dynamic P/E ratio of 41.9, 35.0 and 30.0 times from 2016 to 2018. Huajin Securities
Ge Lisi: Indirect holding of the French brand IRO multi-brand strategy and another city
The company plans to invest 79 million yuan to acquire the 16% stake in the former marine forest, indirectly control the French designer / high-end leisure brand IRO, and acquire the European high-end women's brand "Laurèl" and the famous American luxury luxury brand "Ed Hardy", multi-brand strategy Another city. The company is an outstanding representative of high-end women's clothing in China. It is now improving its strategic concept of creating a “high fashion group†by acquiring differentiated high-end personalized brands. We believe that the future trend of the high-end market will be decentralized, and the single brand will be in a small and beautiful state. The company adopts the “self-built + acquisition†approach and has initially established a brand system covering all categories of high-end clothing, which is conducive to broadening the target market. Coverage, achieving complementary advantages and coordinated development of various brands. At present, the company considers the total market value of the additional issuance of 7.8 billion, 16PE is 41X, the valuation is not cheap in the short term, but given the solid fundamentals of the company, the track of performance growth is relatively clear, and the company's strategic layout is in line with the trend of high-end market grouping. And can bring certain performance supplements, the investment landing M&A expectations will constitute a certain catalysis of the stock price, and in the process of building a fashion group, there will still be merger and acquisition expectations, and the market will still be able to choose the layout after the resumption of trading. -A" investment rating. China Merchants Securities 600999
Hualan Bio: Leading stocks of blood products can be expected
Investment suggestion: We consider the addition of government subsidies and the changes in share capital after the share issuance. The company's earnings per share are estimated to be 0.80, 1.04 and 1.29 yuan respectively from 2016 to 2018. The latest closing price is 39.3 for PE. 30.3 and 24.5 times. Considering the valuation of the bidding company and the prospects of the blood products industry, we maintain the recommendation of Buying A, with a target price of 40 yuan, which is equivalent to a dynamic P/E ratio of 50 times in 16 years. Huajin Securities
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Editor in charge: zqnHong Tao shares: the issuance of convertible bonds is approved to help accelerate the development of education business
Event: The company issued 1.2 billion convertible corporate bonds approved by the China Securities Regulatory Commission. The conversion price is determined based on the average price of 20 trading days before the date of issue.
Catalyst for stock price performance: Education company's earnings are in line with expectations; the education sector's new layout; performance exceeds expectations.
Different from the public's understanding: (1) the issuance of convertible bonds, the layout of follow-up education business is expected to accelerate. In the past 15 years, the company has taken vocational education as its second main business. It has successively acquired the leading education of the architectural education, Xuesen and the postgraduate education of the postgraduate education, and participated in the medical and legal education of Jin Yingjie and Zhulong. After the issuance of the 1.2 billion convertible bonds, the company will greatly enhance its financial strength, and the layout of follow-up vocational education is expected to accelerate. The company is firmly optimistic about the development prospects of the vocational education business. In 15 years, Hong Tao Education was established to build a vocational education R&D and holding platform, integrate relevant resources and enhance business synergy. In the future, the company will combine endogenous and extensional means to improve the professional education industry. The integrity of the chain layout, improve synergy, and consolidate the company's leading position in vocational education. (2) The end of the investment period of Scholson and cross-examination education, this year's earnings are expected to improve significantly. The company's mergers and acquisitions last year, Scholson and cross-test network did not complete the promised profit, the cross-examination education is mainly focused on business adjustment and upgrade in 2015, the offline business from the traditional single teaching point face-to-face mode to "central kitchen R & D + o2o teaching + The 2.0 model of KTS System Management led to an increase in operating revenue growth in 2015 and an increase in system R&D costs. Sylvester was mainly due to the delay or suspension of some certificate examinations, and the revenue was affected. In 15 years, the investment in the upgrade of the network learning intelligent learning platform and the development of network courseware was relatively large, and the cost was increased. This year, the investment period of the online platforms of the two subsidiaries ended, and online students grew rapidly. In the first quarter, the net profit was 12.07 million yuan, a large increase year-on-year. We believe that the probability of completing the promised performance of Scholson and cross-test this year. great. (3) High growth in main business orders and guaranteed growth in performance. The company's decorative business orders have grown rapidly this year, with the increase in cash flow and higher profits, such as Buddhism and hospitals, which provide a strong guarantee for the performance growth in the next few years.
Maintain profit forecast and maintain “overweight†rating: It is estimated that the company's net profit for 16-18 years is 450 million/540 million/675 million, with a growth rate of 26%/20%/25%, and PE is 23X/19X/15X respectively. . Maintain an overweight rating. Shen Wanhongyuan 000166
Cinda Real Estate: Backed by Cinda Group, sailing against the water
Strengthen the layout of first- and second-tier cities, initially forming a nationalized layout, and abundant in hand. The company has a land area of ​​2,882,200 square meters and a planned construction area of ​​5.696 million square meters. Since the second half of the year, the company has actively strengthened the layout of key first- and second-tier cities, and continued to promote the nationwide layout. The business characteristics of the group level will also help the company's nationalization. layout.
Cinda's listing broke the shackles of the company's cooperation with the group. China Cinda was subject to policy constraints in the early days of its establishment and could not play the synergistic effect of the company within the group and Cinda Real Estate 600657. In the past 10 years, China Xinda completed the shareholding system transformation and successfully landed on the Hong Kong Stock Exchange in 13 years, marking the reciprocity with the company's market players. China Telecom, which has the ability to make its own decisions and is responsible for its own profits and losses, has lifted the shackles of internal cooperation. In the future, branch companies and subsidiaries in the Group can make full use of customers, products, brands, channels, and business capabilities to achieve business network collaboration, customer collaboration, and business development synergy.
China Cinda needs Cinda Real Estate's real estate development platform, and the cooperation space is broad. China Cinda's management of non-performing assets is divided into acquisition and disposal and acquisition and reorganization. In the two business development models, China Cinda mainly plays the role of value revaluation and risk reset, and guides fund providers and funds. The demand side completes the transaction, and China Cinda itself does not participate in the process of physical asset disposal. The physical asset disposal business is usually handled by Cinda Real Estate, a real estate subsidiary.
The company has a strategic position within the group. According to the latest data, China Cinda's total non-performing assets related to housing are 132.141 billion yuan, accounting for 47.49% of all non-performing assets. Therefore, cooperation between the company and the parent company is imperative.
The financing side, the land project end and the service income end are “three-prongedâ€, which helps the company to develop against the market. Financing end: The company can base itself on the Group's diversified financial platform, make full use of the group's capital resources and asset management experience, and help the company to expand its land; the land project side: the company can realize low-cost and leveraged land through internal connected transactions; service income End: Participating funds enjoy high return returns, and gain professional income to obtain trustee income, professional consulting income and capital construction income.
Investment Rating and Valuation: First coverage, giving an overweight rating. We expect the company's 2016-2018 operating income growth rate to be: 24.7%, 13.9%, 15.6%, and the net profit attributable to the parent company are: 940 million yuan, 1.04 billion yuan, 1.15 billion yuan, corresponding to EPS of 0.62 yuan, 0.68 yuan, 0.75 yuan. With reference to comparable company's 16-year valuation, company and industry history PE, we give 10.5 times PE, corresponding to 16-year stock price: 6.51 yuan, RNAV calculation gives a price of 5.95 yuan, providing marginal support, summing up the overweight rating . Shen Wanhongyuan
Li Sichen: Join hands with telecommunications to seize the education highland business upgrade C-end market opens
The education and ecological strategy has been steadily advanced and successfully entered the Huanggang education market. With the vision of “inspiring hundreds of millions of young peopleâ€, the company has developed a two-wheeled educational ecological strategy of “smart education + education servicesâ€. Through continuous technology research and development and unremitting market promotion, the education business has covered 27 provinces and 8,000 schools. The business involves regional education cloud platform, smart campus overall solution, Internet subject application, STEM education and other fields. . Helong Technology 300477 Hand in hand with Huanggang Telecom to create an educational cloud platform information project, marking the company has successfully entered the Huanggang Education Market, one of China's three major educational highlands. Huanggang has seven counties, two cities and three districts with a total population of 7.5 million. It has more than 1,900 primary and secondary schools, more than 700 teaching points and millions of primary and middle school students and teachers. The market is large and the education foundation is good. The company will be It provides quality educational resources and educational services.
The business model was upgraded again, and the C-side business quickly landed: The company successfully opened the Huanggang million-level C-end education service product market with the help of Huanggang Telecom channel, and will be able to provide users with education services such as points, education, and study abroad. The company's business model is successful. B2B will transform and upgrade to B282C, which will accumulate rich C-end user operation experience and provide extensive user base for the company. C-side business will quickly land.
Once the Huanggang model of the company's cooperation with telecommunications will be highly reproducible, the company can quickly deploy the C-end market with the resources of China Telecom, providing strong support for the company to open up the national education cloud information platform market.
Endogenous epitaxial two-wheel drive, rapid development of education ecology: In 2015, the company's education informationization business completed the strategic layout of “regional platform + smart campus + classroom applicationâ€. In April 2016, the company launched the elementary school junior high school synchronization system, Mint sunflower The seed self-learning system and Mintel WeChat simultaneously push new products such as K12 Internet Education to consolidate the company's endogenous growth momentum. The Huanggang Education Cloud Platform Information Project will help the company to expand its brand influence in the area of ​​regional wisdom education, explore the quality education resources of Huanggang City, and introduce more educational products and solutions services to the local market to expand the company's market share. At the same time, the company actively expanded its expansion and acquired educational targets such as Hezhong Tianheng, Leyi Kao, Mintel Zhaoyang and Kangbang Technology, which enhanced the competitiveness of the company's education informatization, college employment, K12 online education, and smart campus. Li Sichen 300010 The rapid development of education ecology.
Valuation and investment suggestion: The company's EPS is expected to be 039 yuan, 060 yuan and 078 yuan in 2016-2018, respectively. The closing price of PE on June 29, 2016 is 535 times, 348 times and 269 times, respectively, and PB is 30 times. , 27 times and 25 times. The company and Huanggang Telecom successfully entered the three education highlands in China, the Huanggang education market, and the business has transformed from B2B to B282C, and has strong reproducibility. We are optimistic about the company's strategic layout in the education industry and the creation of the education ecosystem, maintaining the company's "strongly recommended" rating, target price of 258 yuan. Ping An Securities
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