20150709-兴业证券-A-Share_Daily_Express_11页_700kb

报告摘要

Summary of Industrial Securities Co., Ltd. Document

Core Content

The document provides a comprehensive market and company analysis, focusing on the performance of China's stock market and specific investment recommendations for two companies: China Merchants Energy Shipping (601872: SH) and Guangzhou Hongli Opto-Electronic (300219: SZ). It also includes a review of market indices, sector performance, daily headlines, and key financial data for both companies.

Market Overview

Market Indices:
- SSE Composite: Closed at 3709.33, up 5.76%.
- SZSE Component: Closed at 11510.34, up 4.25%.
- CSI 300: Closed at 3897.63, up 6.40%.
- ChiNext: Closed at 2435.76, up 3.03%.
- HSI: Closed at 24392.79, up 3.73%.
- HSCEI: Closed at 11446.37, up 3.05%.
Market Volume: Total market volume was CNY 950.89 billion, a 15% decline from the previous day.
Market Performance:
- Over 1200 stocks closed at their day-up limit.
- Only 2 stocks fell, indicating a strong rebound.
- Investors' panic eased after the PBoC ensured liquidity for China Securities Finance Co., which helped stabilize the market.

Sector Review

All sectors rose, with notable performance in:
- Steel: Baoshan Iron & Steel Co. (600019) up 10.07%.
- Port: Dalian Port (601880) up 10.10%.
- Shipping: Cosco Shipping (600428) up 10.02%.
- IT: Shanghai East-China Computer (600850) up 10.02%, Neosoft (600718) up 10.01%.
- Home Appliances: Midea Group (000333) up 10.00%.
- Information Equipment: Hangzhou CNCr-IT (300250) up 10.01%.
- TMT: Leshi Internet (300104) up 10.01% after resuming trade.
- Non-ferrous: Aluminum Corporation of China (601600) up 10.00%.
Banks and Insurers: Relatively weaker performance, with Bank of China (601988) up 0.18% and China Life Insurance (601628) up 3.79%.

Daily Headlines

CSRC Measures:
- Banned major shareholders and executives from selling stakes for 6 months.
- Ordered holders to buy shares to prevent further market decline.
China Securities Finance:
- Plans to buy 200 billion yuan in funds.
- Central Huijin pledged not to sell listed company shares.
Market Confidence:
- Financial News and Shanghai Securities News expressed confidence in the market's recovery.
- Advised investors to be patient as the market's return to health will take time.

Latest Company Events

AgBank (601288.SH): Finance Ministry and Huijin won't cut stakes.
Beijing Capital (600376.SH): 1H sales up 25% YoY.
BOC (601988.SH): PBOC names it as yuan clearing bank in South Africa.
Bocom (601328.SH): Finance Ministry pledges not to sell shares.
Bright Dairy (600597.SH): Halted pending asset injection.
BYD (002594.SZ): Chairman to buy 12 million yuan of company shares.
CCB (601939.SH): Central Huijin pledges not to sell shares.
Changjiang Securities (000783.SZ): 1H net profit up 2.45 billion yuan.
China Railway Const. (601186.SH): Parent plans to buy up to 2% stake in 6 months.
China Southern (600029.SH): Expects 1H net profit of 3.4–3.6 billion yuan.
Citic Bank (601998.SH): Citic Group will not sell shares.
Citic Sec. (600030.SH): Plans to raise HK$1 billion from employees to buy shares.
GF Sec. (000776.SZ): Seeks to have top holders boost stakes.
Guangzhou Auto (601238.SH): Parent to buy up to 5% stake this year.
Guotai Junan (601211.SH): Controlling shareholder bought shares.
Guoyuan Sec. (000728.SZ): 1H net profit up 212% YoY.
ICBC (601398.SH): Finance Ministry and Huijin won't cut holdings.
Ping An (601318.SH): To buy 65% stake in Shenzhen Qianhai Exchange.
Poly Real Estate (600048.SH): 1H net profit up 31% YoY.
SDIC Power (600886.SH): To invest 1.5 billion yuan in Lanzhou project.
Shaanxi Coal (601225.SH): Mine accident kills 4; filing pending.
Shanghai Jinfeng (600606.SH): Greenland to work with Deutsche Bank on equity trading center.
Shenhua (601088.SH): Parent buys shares, pledges to buy more.
Sinolink Sec. (600109.SH): Expects 1H net profit to rise 215–235%.
Sinopec Shanghai (601688.SH): Expects 1H net profit of 1.68–1.78 billion yuan.
Vanke (000002.SZ): Unit wins Tuen Mun site for HK$3.82 billion.
Zoomlion (000157.SZ): Expects 1H net loss of 300–380 million yuan.
ZTE (000063.SZ): Studying stock repurchase plan.

China Merchants Energy Shipping (601872: SH)

Investment Highlights

Earnings: 1H15 net profit increased by 110–130% to CNY 530–580 million.
Forecast: Net profit is expected to reach CNY 2.06 billion in 2015 and CNY 2.2 billion in 2016.
EPS: CNY 0.39 (2015), CNY 0.41 (2016).
Valuation:
- PE: 24x (2015), 23x (2016).
- PB: 3.9x (2015), 3.9x (2016).
Business Strategy: Aiming to become a resource integrator and pioneer in maritime energy transport.
SOE Reform: Expected to provide future benefits.
Rating: Maintained "BUY" due to strong fundamentals and projected earnings growth.

Potential Risks

Selloff not stopping.
Lower-than-expected SOE reform.
Oil price surge.
Lower-than-expected shipping prices.

Guangzhou Hongli Opto-Electronic (300219: SZ)

Investment Highlights

Acquisition: Purchased 18% stake in Jiangsu Nanyidina for CNY 45 million.
IOV Business: Jiangsu Nanyidina provides cloud-based services for vehicle data collection.
Revenue Projections:
- 2015: CNY 50 million.
- 2016: CNY 100 million.
- 2017: CNY 200 million.
- 2018: CNY 400 million.
User Growth:
- 500,000 in 2015.
- 1 million in 2016.
- 2 million in 2017.
- 4 million in 2018.
EPS Forecast: CNY 0.67 (2015), CNY 0.92 (2016), CNY 1.18 (2017).
Rating: Maintained "OUTPERFORM".

Potential Risks

Sharp product price drops.
Higher revenue but lower profit.
Lower-than-expected results from the acquisition.

Key Financial Data

China Merchants Energy Shipping (601872: SH)

Closing Price: CNY 9.37
Total Shares (Mn): 4720.92
Market Cap (CNY/Mn): CNY 44235.04
Net Assets (CNY/Mn): CNY 10314.92
Total Assets (CNY/Mn): CNY 27930.37
BVPS: CNY 2.18

Guangzhou Hongli Opto-Electronic (300219: SZ)

Closing Price: CNY 30.76
Total Shares (Mn): 246.28
Shares Outstanding (Mn): 141.37
Market Cap (CNY/Mn): CNY 7575.57
Market Float (CNY/Mn): CNY 4348.50
Net Assets (CNY/Mn): CNY 938.71
Total Assets (CNY/Mn): CNY 1565.23
BVPS: CNY 3.81

Analysts and Translators

Analysts:
- GONG Li: gongli@xyzq.com.cn, S0190515020003
- JI Li: jili@xyzq.com.cn
Translators:
- PAN Mengchen: panmengchen@xyzq.com.cn
- LI Xing: lixingyj@xyzq.com.cn
LIU Liang: liuliang@xyzq.com.cn, S0190510110014
YU Tengda: yutengda@xyzq.com.cn

Conclusion

The Chinese A-share market showed a strong rebound after a significant decline, with most sectors performing well and a surge in the shipping and electronics sectors. The CSRC's measures to stabilize the market, including restricting share sales and encouraging buying, played a key role in easing investor panic. China Merchants Energy Shipping and Guangzhou Hongli Opto-Electronic both demonstrated strong earnings growth and strategic moves, reinforcing their positions as top picks. Investors are encouraged to consider long-term investment in these companies following the stabilization of the stock market.

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