20160203-兴业证券-A-Share_Daily_Express_12页_753kb
报告摘要
Summary of Document Content
Core Content
The document provides an overview of the Chinese stock market performance on January 31, 2016, alongside detailed financial and operational insights for two listed companies: Jiangsu Zhongtian Technology (600522: SH) and Zhejiang Juhua (600160: SH). It includes market indices, sector performance, company news, research analysis, and financial data such as key financial indicators, balance sheets, income statements, and cash flow statements.
Market Indices Overview
| Index | Closing Price | Daily Change | % Change |
|---|---|---|---|
| SSE Composite | 2739.25 | ↓10.32 | ↓0.38% |
| SZSE Component | 9638.88 | ↑27.95 | ↑0.29% |
| CSI 300 | 2948.64 | ↓12.69 | ↓0.43% |
| ChiNext | 2090.51 | ↑15.22 | ↑0.73% |
| HSI | 18991.59 | ↓455.25 | ↓2.34% |
| HSCEI | 7858.31 | ↓200.52 | ↓2.49% |
Market Volume: CNY 375 billion
Market Sentiment: Improved in the afternoon session, with winners outnumbering losers by 1.3-to-1.
Sector Review
-
Leading Sectors:
- Real Estate Developers: Benefited from property easing measures, such as reduced mortgage down payment ratio.
- Media: Wanda Cinema Line (002739) and Shanghai Oriental Pearl Media (600637) showed strong gains.
- Nonferrous Metal, Military, and Clothing & Textile sectors also performed well.
-
Weak Sectors:
- Resource companies: Yanzhou Coal Mining (600188) dropped 3.14%.
- Steel Makers: Beijing Shougang (000959) plunged 4.85%.
- Oil and Gas: Petrochina (601857) and Sinopec (600028) both fell by ~1.37%–1.39%.
- Banks: Agricultural Bank of China (601288) slid 1.35%.
Daily Headlines
- Mortgage Easing: The central bank reduced the minimum down payment ratio for first-home purchases to 20%.
- Margin Debt: Shrank to the lowest level since December 2014, signaling waning investor confidence.
- Power Consumption: Expected to remain depressed at 1%–2% in 2016.
- Hong Kong Retail Sales: Declined for the second consecutive year, impacted by reduced mainland Chinese visitors and weaker yuan.
- Shanghai Stock Exchange: Warned securities firms about risk control in corporate bond and asset-backed securities businesses.
Latest Company News
- China Shenhua (601088.SH): Plans to cut tariffs to reduce 2016 gross profit.
- China Southern (600029.SH): Acquiring a trade co. from parent for 400.6 million yuan.
- CIMC (000039.SZ): Discussing a merger with Merchants Group.
- FAW Car (000800.SH): Recall of 46,997 Mazda vehicles in China.
- Industrial Securities (601377.SH): Plans to buy back up to 1.5 billion yuan of A-shares.
- Jingneng Power (600578.SH): Acquiring 6.94 billion yuan of coal power assets.
Jiangsu Zhongtian Technology (600522: SH)
Key Financial Indicators
| FY | Revenue (Mn/CNY) | YoY (%) | Net Profit (Mn/CNY) | YoY (%) | EPS (CNY) |
|---|---|---|---|---|---|
| 2014 | 8641 | 27.6% | 566 | 7.4% | 0.54 |
| 2015E | 13369 | 54.7% | 774 | 36.8% | 0.74 |
| 2016E | 16006 | 19.7% | 1046 | 35.3% | 1.00 |
| 2017E | 17733 | 10.8% | 1373 | 31.2% | 1.31 |
Company Profile
Jiangsu Zhongtian Technology is a manufacturer and marketer of optic cables, optic fibers, electric cable materials and accessories, and related components and systems.
Key Events
- Announced a joint venture (JV) named Zhongtian Marine Systems with Zhejiang University Venture Capital Investment and researchers.
- Registered capital of the JV: CNY 100 million.
- Jiangsu Zhongtian Technology contributed CNY 40 million and Zhongtian Marine Systems CNY 30 million.
Research Comments
- Expansion into Seabed Surveillance Network: The company is expanding into this area to gain a first-mover advantage, leveraging Zhejiang University's technological and research capabilities.
- Military and Submarine Cable Business: Expected to enter a growth phase, driven by the "Maritime Power" strategy and coastal defense construction.
- Distributed PV Power Generation: Entering a harvest season, with plans to add 1.2 GW of new solar power capacity in 2017, leading to an annual net profit of CNY 500 million.
- New Energy Power Battery: Strong growth potential due to the rise of new energy vehicles. The company has signed cooperation agreements with leading research institutions and invested CNY 300 million in a 3200 MWH power battery project.
- Earnings Forecast: EPS forecasted at CNY 0.74 (2015), CNY 1 (2016), and CNY 1.31 (2017). Recommendation: BUY.
Potential Risks
- Optical cable price drop.
- Slower-than-expected progress in project construction.
Zhejiang Juhua (600160: SH)
Key Financial Indicators
| FY | Revenue (Mn/CNY) | YoY (%) | Net Profit (Mn/CNY) | YoY (%) | EPS (CNY) |
|---|---|---|---|---|---|
| 2014 | 9764 | 0.3% | 163 | -35.8% | 0.09 |
| 2015E | 9707 | -0.6% | 204 | 25.6% | 0.11 |
| 2016E | 10985 | 13.2% | 649 | 217.7% | 0.36 |
| 2017E | 12508 | 13.9% | 899 | 38.5% | 0.50 |
Company Profile
Zhejiang Juhua Co. Ltd. manufactures and markets chemical products, including alkali, fluoride, ammonia, acid, pesticides, biochemicals, and others.
Key Events
- Signed a strategic framework agreement with China Fortune-Tech Capital to establish a joint venture focused on electronic chemical business.
- Private placement plan passed CSRC's review.
- Juhua Group increased its holdings in Zhejiang Juhua by 9,952,400 shares.
Research Comments
- Government Support: The government is boosting the IC industry, which will benefit electronic chemical manufacturers.
- Market Growth: The electronic chemical market in China is valued at CNY 49 billion and is expected to grow at 10% annually.
- Strategic Collaboration: Joint venture with China Fortune-Tech Capital will enhance technological and management capabilities.
- Investment Recommendation: Outperform (Maintained).
Valuation Ratios
| Ratio | 2014 | 2015E | 2016E | 2017E |
|---|---|---|---|---|
| PE | 29.29 | 21.41 | 15.83 | 12.06 |
| PB | 2.11 | 1.90 | 1.70 | 1.49 |
Key Financial Ratios (Jiangsu Zhongtian Technology)
| Ratio | 2014 | 2015E | 2016E | 2017E |
|---|---|---|---|---|
| Gross Margin | 19.0% | 18.9% | 19.6% | 20.2% |
| Net Profit Margin | 6.5% | 5.8% | 6.5% | 7.7% |
| ROE | 7.2% | 8.9% | 10.7% | 12.4% |
| Asset-liability Ratio | 31.1% | 34.0% | 34.5% | 33.9% |
| Current Ratio | 2.57 | 2.28 | 2.33 | 2.46 |
| Quick Ratio | 1.93 | 1.52 | 1.55 | 1.69 |
| Asset Turnover Ratio | 0.83 | 1.06 | 1.12 | 1.10 |
| AR Turnover Ratio | 2.79 | 3.05 | 2.72 | 2.63 |
Conclusion
The Chinese stock market showed mixed performance on January 31, 2016, with real estate developers and media sectors leading the gains. Jiangsu Zhongtian Technology and Zhejiang Juhua are highlighted for their strategic initiatives and growth prospects. Jiangsu Zhongtian Technology is expanding into the seabed surveillance network and new energy sectors, with strong EPS forecasts and a BUY recommendation. Zhejiang Juhua is collaborating with China Fortune-Tech Capital and is expected to benefit from government policies supporting the IC industry, with an Outperform rating. Both companies show promising long-term growth potential, though they face certain risks such as market volatility and project delays.
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