20160509-兴业证券-Weekly_A-share_Market_Recommendations_13页_394kb

报告摘要

Weekly A-share Market Recommendations Summary

Core Content Overview

This report provides weekly stock recommendations from the Industrial Securities Research Institute dated May 9, 2016, highlighting key companies across various sectors with their earnings forecasts, investment highlights, and potential risks.

Top Stock Recommendations

Company	Ticker	EPS (2015)	EPS (2016)	EPS (2017)	Rating	Inclusion Time
Bright Dairy & Food	600597: SH	0.44	0.55	0.63	OUTPERFORM	May 9, 2016
Shanghai M&G Stationery	603899: SH	1.01	1.22	1.47	OUTPERFORM	Jan 18, 2016
Shirongzhaoye Co Ltd	002016: SZ	0.29	0.36	0.43	OUTPERFORM	May 3, 2016
Guangdong Haid Group Company	002311.SZ	0.51	0.77	1.02	OUTPERFORM	Apr 18, 2016
China National Accord Medicines	000028: SZ	2.10	2.44	2.87	OUTPERFORM	Apr 25, 2016
Shenzhen Expressway	600548: SH	0.75	0.92	1.05	BUY	May 3, 2016
Telling Telecommunication Holding	000829: SZ	0.20	0.41	0.53	OUTPERFORM	May 3, 2016
Shandong Hi-Speed Road & Bridge	000498: SZ	0.39	0.46	0.54	OUTPERFORM	May 3, 2016

Key Investment Highlights

Bright Dairy & Food (600597: SH)

Sector: Dairy
Earnings Target (2016): 30% growth
Key Actions: Streamlined production lines, expanded retail and online sales, optimized Momchilovtsi strategy
EPS Forecast: CNY 0.44 (2016), CNY 0.63 (2018)
Potential Risks: Intensifying competition, management reform challenges

Shanghai M&G Stationery (603899: SH)

Sector: Light Manufacturing
Key Projects: Morning Glory Fine Stationary Shop, Morning Glory Colipu, and Morning Glory Superior
EPS Forecast: CNY 1.01 (2015), CNY 1.47 (2018)
Potential Risks: Management risk, slower expansion in office supplies market

Shirongzhaoye Co Ltd (002016: SZ)

Sector: Property Development
Key Projects: Riviera Houses, transformation to culture, education, and tourism
EPS Forecast: CNY 0.29 (2016), CNY 0.43 (2018)
Potential Risks: Recovery of sales in Zhuhai may fall short of expectations

Guangdong Haid Group Company (002311: SZ)

Sector: Fodder
Key Focus: Poultry-raising industry destocking, cost reduction, M&A, and overseas expansion
EPS Forecast: CNY 0.77 (2016), CNY 1.02 (2017)
Potential Risks: Natural disasters, overseas political risks

China National Accord Medicines (000028: SZ)

Sector: Pharmaceutical Commerce
Key Actions: M&A, hospital information construction, smart supply chain development
EPS Forecast: CNY 2.44 (2016), CNY 2.87 (2017)
Potential Risks: Slower commercial development, assets restructuring not meeting expectations

Shenzhen Expressway (600548: SH)

Sector: Expressway
Key Highlights: Strong cash reserves, government subsidies, and potential revaluation
EPS Forecast: CNY 0.75 (2015), CNY 0.92 (2016), CNY 1.05 (2017)
Potential Risks: Traffic reduction, lower-than-expected returns on new expressways

Telling Telecommunication Holding (000829: SZ)

Sector: Telecommunication
Key Strategy: "One Network One Platform", M&A, and new business development (lottery)
EPS Forecast: CNY 0.20 (2016), CNY 0.53 (2018)
Potential Risks: Slow business integration, economic downturn

Shandong Hi-Speed Road & Bridge (000498: SZ)

Sector: Road Transportation
Key Highlights: Strong earnings resilience, asset injection, and SOE reform
EPS Forecast: CNY 0.39 (2016), CNY 0.54 (2018)
Potential Risks: Macro economic downturn, slow asset integration, delayed engineering progress

Bank of Nanjing (Stock Connect) (601009: SH)

Sector: Banking
Key Highlights: Fixed-income focus, strong creditworthiness of clients, interest rate benefits
EPS Forecast: CNY 2.10 (2016), CNY 2.80 (2017)
Potential Risks: Systematic risk in banking sector

Shandong Chenming Paper (000488: SZ)

Sector: Paper Making
Key Highlights: SOE reform, cost reduction, leasing business growth
EPS Forecast: CNY 0.52 (2015), CNY 0.68 (2016), CNY 0.87 (2017)
Potential Risks: Slow SOE reform, economic downturn affecting leasing business

Summary of Key Points

Bright Dairy & Food is recommended for its optimized strategies and growth in the dairy sector.
Shanghai M&G Stationery is expected to expand its stationery and new brand lines, with strong institutional support.
Shirongzhaoye is focusing on property development and diversification into culture and tourism.
Guangdong Haid Group Company is a leading fodder producer with strong growth potential through M&A and cost management.
China National Accord Medicines is growing its pharmaceutical business and expanding into smart supply chains.
Shenzhen Expressway has a strong balance sheet and is recommended for its stable earnings and government support.
Telling Telecommunication Holding is transforming into a mobile Internet service provider with promising M&A and new business lines.
Shandong Hi-Speed Road & Bridge is highlighted for its asset injection and SOE reform.
Bank of Nanjing benefits from interest rate cycles and has a solid client base.
Shandong Chenming Paper is expected to grow through SOE reform and leasing business expansion.

Potential Risks Across All Stocks

Competition: Especially in the dairy and pharmaceutical sectors.
Management Reform: Could fail to deliver expected results.
Economic Downturn: May impact leasing and construction businesses.
Systematic Risk: Particularly in the banking and telecommunication sectors.
Slow Expansion: In office supplies and real estate markets.
Political and Natural Risks: Affecting overseas and property operations.

Conclusion

The report emphasizes growth potential across various sectors, with a focus on reforms, M&A, and market expansion. Companies are recommended based on EPS forecasts, dividend yields, and strong financial positions. The dairy, light manufacturing, pharmaceutical commerce, expressway, and paper making sectors are highlighted as areas of strategic importance. Investors are advised to consider these recommendations while being aware of the potential risks associated with each stock.