20150806-兴业证券-A-Share_Daily_Express_11页_826kb

报告摘要

Summary of Industrial Securities Co., Ltd. Report

Core Content

Industrial Securities Co., Ltd. provides a comprehensive analysis of the Chinese stock market and investment opportunities in the context of government-led infrastructure development, particularly focusing on urban underground infrastructure. The report highlights the performance of major market indices, sector trends, company events, and investment recommendations.

Market Overview

Market Indices:
- SSE Composite: Closed at 3694.57, down 1.65%.
- SZSE Component: Closed at 12524.69, down 1.47%.
- CSI 300: Closed at 3866.90, down 2.06%.
- ChiNext: Closed at 2502.04, up 1.73%.
- HSI: Closed at 24514.16, up 0.44%.
- HSCEI: Closed at 11125.84, up 0.46%.
- Aggregate Market Volume: CNY 960 billion (USD 154.86 billion).
Market Performance:
- Only 819 tickers increased, while 1431 tickers decreased.
- Winners outnumbered losers by around 0.57 to 1.

Sector Review

Positive Sectors:
- National Defense: AVIC Electromechanical Systems Co., Ltd. (002013) surged 10.00%; Shaanxi Aerospace Power Hi-Tech Co., Ltd. (600343) added 5.66%.
- Building Materials and Construction: Luoyang Glass (600876) hit 10.01%; cement companies like Henan Tongli Cement (000885), Huaxin Cement (600801), Tangshan Jidong Cement (000401), and Anhui Conch Cement (600585) remained strong.
- Transport Infrastructure: Longjian Road&Bridge (600853) increased 9.97%; Tibet Tianlu (600326) added 8.94%.

Daily Headlines

IMF Report: The yuan trails global counterparts in major benchmarks; significant work is needed before deciding on currency reserve status.
Monetary Policy: The PBOC will use multiple tools to maintain appropriate liquidity.
Infrastructure Investment: The central government has emphasized urban underground infrastructure as a key investment area for economic growth.
Pilot Projects: The NDRC published a notice on implementing major engineering projects to strengthen key manufacturing competitiveness, focusing on six areas including rail transit equipment, high-end ships, industrial robots, new energy vehicles, modern agricultural machinery, and high-end medical equipment.
Coal Mine Closure: China is on track to shut 1,131 small coal mines this year.

Company Events

China Railway Const. (601186.SH): Won a 17.2 billion yuan subway bid.
Everbright Bank (601818.SH): Tightened stock financing risk control.
Hisense (600060.SH): To independently market Sharp and own TV brands.
Huadong Medicine (000963.SZ): Plans a 3.5 billion yuan placement.
Huaxia Bank (600015.SH): VP Huang Jinlao resigned due to job transfer.
Leshi Internet (300104.SZ): To unveil smart bicycle on Aug. 11.
Midea (000333.SZ): To form robot joint venture with Yaskawa's China unit.
Sainty Marine (002608.SZ): Overdue debt rose by $2.96 million.
Shanghai Jahwa (600315.SH): To sell 23.8% of Tianjiang Pharma.
Tongda Venture (600647.SH): CSRC accepted a deal in the digital TV industry.
Xi'An Minsheng (000564.SZ): To acquire a trading house for 26.8 billion yuan.
Zijin Mining (601889.SH): Plans more gold-mining deals.

Investment Highlights

Underground Infrastructure Boom: Expected to drive demand for concrete, cement, and tubes and pipes.
Potential Investment Growth: The valuation of potential investments is expected to increase with the growth in infrastructure investment.
Recommended Sectors: Construction materials, particularly cement and underground tunnels.

Investment Recommendations

Anhui Conch Cement (600585.SH):
- Profit in 15Q2 slumped.
- Long-term average ROE is 20%, while PB approaches 1.5 times.
- Policy support and property industry rebound are expected to drive continuous recovery.
Xiamen Academy of Building Research Group (002398.SZ):
- Strong operation ability and cross-industry expansion.
- EPS forecast: CNY 1.63 (2015), CNY 2.13 (2016), CNY 2.84 (2017).
Beijing Oriental Yuhong Waterproof Technology (002271.SZ):
- Long-term industry outlook is upbeat.
- EPS forecast: CNY 1.77 (2015), CNY 2.13 (2016), CNY 2.88 (2017).
Yonggao Co., Ltd. (002641.SH):
- Engaged in municipal engineering with rich experience.
- EPS forecast: CNY 0.38 (2015), CNY 0.44 (2016), CNY 0.52 (2017).
Fujian Newchoice Pipe Technology (300198.SZ):
- Professional provider of large diameter HDPE pipelines.
- EPS forecast: CNY 0.27 (2015), CNY 0.36 (2016), CNY 0.49 (2017).
Zhejiang Weixing New Building Materials (002372.SZ):
- Steady growth in retail PPR business.
- EPS forecast: CNY 0.79 (2015), CNY 0.93 (2016), CNY 1.14 (2017).
Shandong Longquan Pipeline Engineering (002671.SZ):
- Leads the domestic PCCP pipeline industry.
- EPS forecast: CNY 0.46 (2015), CNY 0.53 (2016), CNY 0.60 (2017).

Aisino Corporation (600271.SH)

Joint Venture with JD.COM: Signed a LOI to establish a joint venture in the next six months.
E-voice Application: Pilot program launched in Beijing, Shanghai, Zhejiang, and Shenzhen on August 8.
Earnings Forecast:
- Revenue: CNY 19959 (2014), CNY 25033 (2015E), CNY 30209 (2016E), CNY 36585 (2017E).
- Net Profit: CNY 1148 (2014), CNY 1711 (2015E), CNY 2353 (2016E), CNY 2954 (2017E).
- EPS: CNY 1.24 (2014), CNY 1.85 (2015E), CNY 2.55 (2016E), CNY 3.20 (2017E).
Investment Recommendation: Reiterate BUY. The joint venture is expected to boost the development of big data apps and tax products.
Potential Risks: Intensified competition and policy risks.

Financial Highlights (Aisino Corporation)

Balance Sheet:
- Total Assets: CNY 10638 (2014), CNY 13290 (2015E), CNY 17140 (2016E), CNY 21900 (2017E).
- Total Shareholders' Equity: CNY 8049 (2014), CNY 10436 (2015E), CNY 13705 (2016E), CNY 17817 (2017E).
Cash Flow Statement:
- Net Change in Cash: CNY 560 (2014), CNY 1905 (2015E), CNY 3043 (2016E), CNY 3812 (2017E).
- Ending Balance of Cash: CNY 5701 (2014), CNY 7393 (2015E), CNY 10436 (2016E), CNY 14248 (2017E).
Income Statement:
- Operating Income: CNY 19959 (2014), CNY 25033 (2015E), CNY 30209 (2016E), CNY 36585 (2017E).
- Operating Cost: CNY 16530 (2014), CNY 20559 (2015E), CNY 24427 (2016E), CNY 29448 (2017E).
- EPS Forecast: CNY 1.85 (2015), CNY 2.55 (2016), CNY 3.20 (2017).