20160613-兴业证券-Weekly_A-share_Market_Recommendations_13页_387kb

报告摘要

Weekly A-share Market Recommendations Summary

Core Content Overview

This report from the Industrial Securities Research Institute (June 13, 2016) provides stock recommendations for several A-share companies, focusing on their earnings forecasts, business strategies, and potential risks. The recommendations are categorized under different sectors, with each company’s performance and prospects analyzed in detail.

Top Stock Recommendations

Company	Ticker	EPS (CNY) 2015	EPS (CNY) 2016	EPS (CNY) 2017	Rating	Inclusion Time
Beijing Homyear Capital Holdings	600240: SH	0.84	1.04	1.16	OUTPERFORM	June 6, 2016
Shanghai M&G Stationery	603899: SH	1.01	1.22	1.47	OUTPERFORM	Jan 18, 2016
Shenzhen Comix Group	002301: SZ	0.32	0.43	0.61	OUTPERFORM	June 6, 2016
Guangdong Haid Group Company	002311.SZ	0.51	0.77	1.02	OUTPERFORM	Apr 18, 2016
Luzhou Laojiao	000568: SZ	0.95	1.38	1.63	OUTPERFORM	May 30, 2016
Jiangsu Changjiang Electronics Technology	600584: SH	0.05	0.23	0.73	BUY	May 17, 2016
Shandong Hi-Speed Road & Bridge	000498: SZ	0.39	0.46	0.54	OUTPERFORM	May 3, 2016
Bank of Nanjing (Stock Connect)	601009: SH	2.1	2.5	2.8	OUTPERFORM	May 3, 2016
Shandong Chenming Paper	000488: SZ	0.52	0.68	0.87	OUTPERFORM	Feb 29, 2016

Main Points and Key Information

Beijing Homyear Capital Holdings (600240: SH)

Sector: Diversified Finance
Investment Highlights:
- Engaged in medical supply chain finance with strong growth potential.
- Strong real estate business with high profit margins.
- Expected CAGR growth of 30%.
- EPS forecast: CNY 0.84 (2016), CNY 1.04 (2017), CNY 1.16 (2018).
Potential Risks:
- Property sales may fail expectations.
- Hospital operations may miss expectations.
- Medical sales may slump.
- Medical finance may face operational risk.

Shanghai M&G Stationery (603899: SH)

Sector: Light Manufacturing
Investment Highlights:
- Strong institutional investor support.
- Expected 20%+ earnings growth.
- Expansion into 'Morning Glory Colipu' and 'Morning Glory Superior' brands.
- Development of e-commerce platform and M&A for growth.
Potential Risks:
- Management risk.
- Slowdown in office supplies market expansion.

Shenzhen Comix Group (002301: SZ)

Sector: Stationery
Investment Highlights:
- Acquired FastMeeting, aiming to expand into video conferencing and SaaS.
- Strong potential in education, remote medical, and live interactive sectors.
- Plans to integrate VR and big data technologies.
Potential Risks:
- Management risk.

Guangdong Haid Group Company (002311: SZ)

Sector: Fodder
Investment Highlights:
- Fast revenue and earnings growth despite industry slowdown.
- Strong purchasing and formula development capabilities.
- Strategic acquisitions and overseas expansion.
- EPS forecast: CNY 0.51 (2016), CNY 0.77 (2017), CNY 1.02 (2018).
Potential Risks:
- Natural disasters.
- Overseas political risks.

Luzhou Laojiao (000568: SZ)

Sector: Baijiu
Investment Highlights:
- Leading spirit producer with diverse operations (glass, hotels, real estate).
- EPS forecast: CNY 0.95 (2015), CNY 1.38 (2016), CNY 1.63 (2017).
Potential Risks:
- Slower-than-expected industrial park development.
- New project implementation risks.

Zhejiang Jiahua Energy Chemical Industry (600273: SH)

Sector: Chemical Raw Materials
Investment Highlights:
- Major supplier of fatty alcohols (acid) and sulphuric acid.
- Largest production facilities in the country.
- Strong position in new material park development.
- EPS forecast: CNY 0.66 (2016), CNY 0.77 (2017), CNY 0.88 (2018).
Potential Risks:
- Slow progress in industrial park development.
- New project implementation risks.

Jiangsu Changjiang Electronics Technology (600584: SH)

Sector: IC
Investment Highlights:
- Strong performance in the semiconductor industry.
- Partnership with SMIC enhances industry resource sharing.
- Leasing business and preferred stock scheme improve financial structure.
- EPS forecast: CNY 0.05 (2015), CNY 0.23 (2016), CNY 0.73 (2017).
Potential Risks:
- Semiconductor industry downturn.
- Integration with STATs ChipPAC may fall short of expectations.

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

Sector: Road Transportation
Investment Highlights:
- Strong earnings resilience and stable performance.
- Benefiting from asset injection and SOE reform.
- EPS forecast: CNY 0.39 (2016), CNY 0.46 (2017), CNY 0.54 (2018).
Potential Risks:
- Macro economic downturn.
- Assets integration risks.
- Slower-than-expected engineering progress.

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

Sector: Banking
Investment Highlights:
- Strong position in the banking industry.
- Clients include local governments and SOEs with better credit.
- EPS forecast: CNY 2.1 (2015), CNY 2.5 (2016), CNY 2.8 (2017).
Potential Risks:
- Systematic risk in the banking sector.

Shandong Chenming Paper (000488: SZ)

Sector: Paper Making
Investment Highlights:
- Strong performance in paper-making business.
- Improved production efficiency and gross margin.
- EPS forecast: CNY 0.52 (2015), CNY 0.68 (2016), CNY 0.87 (2017).
Potential Risks:
- Slower SOE reform progress.
- Leasing business performance may be affected by economic downturn.

Conclusion

The report highlights 10 companies across various sectors, emphasizing their growth potential, earnings forecasts, and strategic initiatives. Most of the companies are recommended with OUTPERFORM ratings, while Jiangsu Changjiang Electronics Technology is given a BUY rating. The analysis includes EPS projections, market data, and potential risks for each company. Investors are advised to consider the sector-specific opportunities and risk factors before making decisions. The report is intended for authorized clients and disclaims any liability for investment decisions based solely on its content.