20160504-兴业证券-A-Share_Daily_Express_11页_822kb

报告摘要

Company: Industrial Securities Co., Ltd.
Address: 21F, Building 1, Wudaokou Plaza, No.1199, Minsheng Road, Pudong New District, Shanghai, China, 200135
Website: http://www.xyzq.com.cn
Date: May 4, 2016

Market Indices:
- SSE Composite: Closed at 2991.27, down 0.05%.
- SZSE Component: Closed at 10422.80, down 0.18%.
- CSI 300: Closed at 3209.46, down 0.13%.
- ChiNext: Closed at 2211.02, down 0.28%.
- HSI: Closed at 20525.83, down 0.73%.
- HSCEI: Closed at 8697.37, down 0.59%.
Market Volume: CNY 535 billion.
Stock Performance: 1067 tickers rose, 1399 tickers fell; winners outnumbered losers by around 0.76 to 1.

Traffic & Transportation and Restaurant & Tourism sectors led the market.
China Southern Airlines (600029): Up 9.98%.
China Eastern Airlines (600115): Up 8.52%.
Beijing Utour (002707), Beijing Jingxi (000802), and Shanghai Jin Jiang (600754): Slight increases of 4.26%, 3.23%, and 2.61% respectively.

China Banking Association: Held a meeting on bill risk management; banks are asked to check existing bill business and report results.
PBOC: Conducted MLF and SLF operations totaling 715 billion yuan and 760 million yuan in April, respectively.
Beijing: Plans to sell government stockpiles of frozen pork to lower market prices.
Housing Fund Gap: Some Chinese cities are using ABS to address this.
Medical Advertisements and Online Illegal Information: New regulations are being introduced.

BOC (601988.SH): Approved to set up a unit in Turkey.
Chongqing Wanli (600847.SH): Plans to raise 3 billion yuan for the purchase of SouFun assets.
Industrial Securities (601377.SH): CSRC approved overseas listing of its unit.

Outperform (Maintained): Based on its strong growth potential and expansion projects.
2015 Performance: Revenue CNY 5.6 billion (up 1.67% YoY), Net Profit CNY 1.25 billion (up 15.21% YoY), EPS CNY 1.09 (up 14.74% YoY).
2016Q1 Performance: Revenue CNY 1.44 billion (up 3.83% YoY), Net Profit CNY 346 million (up 11.74% YoY), EPS CNY 0.3 (up 11.11% YoY).
Key Events:
- CAAC allocated 196 timing points for aircraft to land and take off at Baiyun Airport in 2016.
- Expansion project is expected to be completed in early 2018.
Earnings Forecast: EPS at CNY 1.28 (2016), CNY 1.41 (2017), implying 9x/8x PE.
Potential Risks: Weak demand, accidents.

Outperform (Maintained): Due to its strategic expansion into the cloud computing industry.
Acquisition: Beyondsoft Consulting North America plans to acquire a 70% stake in 1Strategy for USD 1.845 million.
Strategic Partnership: 1Strategy provides cloud design, implementation, and services for AWS, strengthening Beyondsoft's capabilities.
Earnings Forecast:
- Revenue: CNY 1950 million (2016E), CNY 2200 million (2017E), CNY 2442 million (2018E).
- Net Profit: CNY 200 million (2016E), CNY 248 million (2017E), CNY 290 million (2018E).
- EPS: CNY 1.13 (2016E), CNY 1.40 (2017E), CNY 1.63 (2018E).
Key Financial Ratios:
- Gross Margin: 32.5% (2016E), 33.0% (2017E), 33.5% (2018E).
- Net Profit Margin: 10.3% (2016E), 11.3% (2017E), 11.9% (2018E).
- ROE: 10.0% (2016E), 11.3% (2017E), 12.0% (2018E).
Potential Risks: Intensifying market competition, foreign exchange fluctuations, slower-than-expected new business development.

Buy (Maintained): Due to increasing demand in Africa and recovery in both domestic and overseas markets.
Key Financial Indicators:
- Revenue: CNY 1945 million (2015), CNY 2146 million (2016E), CNY 2406 million (2017E), CNY 2705 million (2018E).
- Net Profit: CNY 141 million (2015), CNY 163 million (2016E), CNY 194 million (2017E), CNY 243 million (2018E).
- EPS: CNY 0.15 (2015), CNY 0.17 (2016E), CNY 0.21 (2017E), CNY 0.26 (2018E).
Market Strategy: The company is actively expanding cross-border e-commerce channels and optimizing product mix.
Africa Market: Demand for wigs is on a steady increase due to stabilized currencies and reduced production costs.
Production Relocation: Plans to move synthetic hair production to Africa, reducing labor costs and improving profitability.
Potential Risks: Demand fluctuations, production challenges, currency risks.

Guangzhou Baiyun International Airport: 85% from enterprise applications and IT services, 15% from R&D engineering services.
Henan Rebecca Hair Products Co., Ltd.:
- Process Spring: 45%.
- Chemical Fiber Winding: 24%.
- Human Hair Wigs: 14%.
- Synthetic Wigs: 9%.
- Fire Resistant Fibre: 7%.
- Training Head: 1%.

The overall market was under pressure and showed mixed performance.
Key sectors such as traffic and tourism showed positive movement.
Two companies, Guangzhou Baiyun International Airport and Henan Rebecca Hair Products, were highlighted for their growth potential and strategic moves.
Financial performance and strategic initiatives were detailed, with positive forecasts and reiterating investment recommendations.

展开完整摘要