Institutions strongly recommend 8 stocks-updating
On January 8th, AVIC Aircraft (000768) was strongly recommended with -A rating.
Profit forecast and investment recommendations: The company's net profit attributable to the parent in 2019-2021 is estimated to be 687 million, 860 million and 1.041 billion, for example, based on the details of the "Affiliated Transactions Framework Agreement" signed by the company with Xifei Group and Shaanxi Flying Group After the asset replacement is completed, the company's military revenue will increase by 1%, and the company's profit is expected to increase by more than 30%. Give "Highly Recommended-A" rating.
Risk reminders: the risk of fluctuations in military orders and revenue recognition, the risk of new equipment R & D and batch production not meeting expectations, and the progress of reforms falling short of expectations.
The stock has received 19 buy ratings, 13 overweight ratings, 4 strong push ratings, 3 strongly recommended ratings, 3 highly recommended-A ratings, 3 neutral ratings, and 1 prudent increase in the past 6 months. Hold rating, once better than the market rating.
[15:49 Juneyao Airlines (603885): B787 operations are on track and 2020 is the harvest time]
On January 8th, Juneyao Airlines (603885) was strongly recommended with an A rating.
Investment suggestion: Juneyao Airlines has a high-quality route structure, and cross-shareholding with China Eastern Airlines to improve the competitive landscape in Shanghai. At the same time, Nanjing auxiliary base is well developed. The company will complete the introduction of all 10 B787 wide-body aircrafts in August this year, which can support 4 international routes. Although it faces huge challenges, it is expected that the unit operating cost will continue to decline in 20 years as the daily utilization of B787 increases. Due to the participation of shareholders, investment income will increase significantly in 2020. The agency predicts that the company's EPS (diluted) for 19/20/21 will be 0.67 / 1.01 / 1.18, and the profit growth is expected to grow rapidly in 2020. The target price is 20 yuan, and the rating of “Highly Recommended-A” is maintained.
Risk warning: oil price rises sharply, RMB depreciates sharply, and demand on international routes continues to be sluggish.
The stock has received 29 buy ratings, 10 outperformed industry ratings, 10 strong push ratings, 10 overweight ratings, 2 highly recommended-A ratings, 2 outperform ratings, 1 1 recommended rating, 1 strongly recommended rating, 1 BUY rating, 1 Buy rating.
[15:09 Wen's Shares (300498): The marginal improvement trend is obvious, and the continued release of profits can be expected]
On January 8th, Wen's (300498) was strongly recommended with an -A rating.
Profit forecast and valuation: It is estimated that the company's net profit attributable to the mother in 19/20/21 will be 13.998 / 303.27 / 321.78 billion, corresponding to an EPS of 2.63 / 5.71 / 6.06 yuan, and 7 to 9 times PE in 2020 to obtain the target price It is RMB 39.97-51.39, which has an upside of 12% -43% compared with the current price, and maintains the investment rating of “Highly Recommended-A”.
Risk reminders: fluctuations in hog prices, sudden large-scale uncontrollable epidemics, major food safety incidents, macroeconomic systemic risks, and extreme weather disasters leading to large-scale crop production cuts to raise food prices. Listed companies are infected with African swine fever, and the production volume is not up to date. It is expected that the state will regulate pig prices.
In the past 6 months, the stock has received 56 buy ratings from institutions, 7 outperform ratings, 6 overweight ratings, 6 recommended ratings, 5 highly recommended-A ratings, 3 strong push ratings, and 2 runs Win industry rating, 2 strong recommendation rating, 1 Buy rating, 1 cautious recommendation rating.
[15:09 SuperMap Software (300036) 2019 performance preview comment: performance meets expectations and domestic GIS leader takes off soon]
On January 8th, SuperMap Software (300036) was strongly recommended.
Investment suggestion: As the leader of domestic GIS, the company is expected to fully benefit from the localization wave. At the same time, the comprehensive start of the construction of the land space planning system also provided a strong driving force for the company's performance growth. The agency maintains a forecasted net profit of 205 million yuan in 2019. Taking into account the business increase brought by localization, the agency raised its net profit attributable to mothers in 2020-2021 to 313 million and 420 million yuan (the original forecast was 289 million and 379 million). The corresponding PE is 53 times, 35 times, and 26 times, respectively. With reference to the valuation of comparable companies and the company's historical valuation, the company will give the company 45 times PE in 2020, corresponding to a target price of 31.3 yuan, and maintain a “strong push” rating.
Risk warning: market competition intensifies; policy implementation falls short of expectations.
In the past 6 months, the stock has received 21 buy ratings, 15 overweight ratings, 7 outperform industry ratings, 4 highly recommended-A ratings, 4 strong push ratings, 3 buy-A ratings, 1 Highly recommended rating, 1 prudent recommended rating, 1 prudent overweight rating, 1 recommended rating, and 1 outperform rating.
[14:29 Changan Automobile (000625) Important Events Comments: Decreasing the glory of Changfu in December and ending negative growth]
On January 8th, Changan Automobile (000625) was strongly recommended.
Investment suggestion: Chang'an is the core business opportunity of the current industry boom cycle and the company's product cycle resonance. At present, there is still a large expected difference in the market. Taking into account actual sales in 2019, lower-than-expected subsidies in the fourth quarter, and the gains from divestiture of loss-making assets in 2020, the agency adjusted the 2019-2020 attributable net profit forecast to -2.5 billion and 7.7 billion (previous value was 1) Billion, 4.5 billion), corresponding to 6.7 times of 20PE, 1.2 times of 19-20PB, 1.0 times. The company's historical PB hub is around 2 times, and the 20-year target PB is 1.5 times. The target price is correspondingly raised from 12.1 yuan to 16.0 yuan, maintaining the "strong push" rating.
Risk Warning: The macro economy is below expectations, industry sales are below expectations, and Changfu new car sales are below expectations.
In the past 6 months, the stock has received 99 buy ratings, 27 overweight ratings, 11 outperforming industry ratings, 10 strong push ratings, 6 prudent overweight ratings, 2 recommended ratings, and 2 outperformers. City rating, 2 prudent recommendation-A rating, 2 holding rating, 1 OUTPERFORM rating, 1 buying-A rating, and 1 neutral rating.
[12:59 Yili shares (600887) in-depth report: excellent management helps long-distance running win net profit is expected to return to the rising channel]
Yili shares (600887) were highly recommended on January 8.
Profit forecast: The institution maintains the company's profit forecast. It is estimated that the operating income for 19-21 will be 904.0 billion, 110.5 billion yuan, + 13.7%, + 11.1%, and + 10.9% respectively. The net profit attributable to the parent will be 71 and 83. , 10.6 billion yuan, respectively + 10.4%, + 16.6%, + 27.7% year-on-year, EPS is 1.17, 1.36, 1.74 yuan, corresponding PE is 27.6X, 23.7X, 18.5X, maintain "highly recommended" rating!
Risk reminders: 1. Risk of weak macro economy: economic growth declines, consumption upgrades fall short of expectations, resulting in slower consumer growth; 2. risks of major food safety incidents: consumers are particularly sensitive to food safety issues. Major food safety accidents, it takes a long time for consumers' confidence in the brand to drop to freezing point and reshape confidence in a short period of time; 3. Raw material price rise risk: The cost of raw milk, which is the main raw material of the product, is relatively high, and the price has risen sharply or results have fallen short of expectations. .
In the last 6 months, the stock has received 88 buy ratings, 17 recommended ratings, 15 overweight ratings, 10 strong recommendation ratings, 10 prudent overweight ratings, 8 strong recommendation-A ratings, and 5 strong pushes. Rating, 5 times outperform industry rating, 2 buy-A rating, 1 ADD rating, 1 Outperform rating.
[11:19 Wen Can (603348) in-depth report: Deep ploughing of aluminum alloy die-casting track horizontal mergers and acquisitions to help globalization]
On January 8th, Wencan Co., Ltd. (603348) was strongly recommended.
Profit forecast and valuation: 1) Assuming no consideration of the consolidation effect of Bailian Group, it is estimated that net profit in 19/20/21 will be 81 million yuan, 127 million yuan, 168 million yuan, and EPS in 19/20/21 They are 0.37 yuan, 0.58 yuan, and 0.77 yuan, respectively. 2) Assuming the impact of the consolidation of Bailian Group is considered, and Bailian Group and SPV will bear the interest expenses on the M & A loan, it is expected that Bailian Group's 20-year profit will decline. The agency predicts that the net profit of Bailian Group in 19/20/21 will be 212 million yuan, 202 million yuan and 212 million yuan, respectively. Pro forma net profit after the consolidation was 293 million yuan, 330 million yuan, and 381 million yuan, respectively. The agency gave the company a target price of 30 yuan, which is equivalent to 2020 pro forma net profit x 20 times PE. The agency covers the company for the first time and gives a "highly recommended" rating.
Risk reminder: the risk of failure of the French Bailian Group's merger and acquisition; the risk of lower-than-expected integration after the merger; pressure on customers to reduce prices; pressure on raw materials prices leading to gross profit margins;
[07:24 Construction Machinery (600984) Major Events Comment: Dingzeng Approved to Expand Pangyuan Leasing Scale]
On January 8th, Construction Machinery (600984) was given a strong push rating.
Profit forecast: Based on the expansion of the company's tower cranes and the high-than-expected rent, the agency raised the company's 2019-2021 net profit return to the parent to 525, 8.14, and 1.038 billion yuan (the original forecast was 430, 6.33, 880 million). Considering the impact of the fixed increase on the equity, the corresponding EPS is 0.63, 0.82, 1.04 yuan, and the corresponding PE is 18 times, 14 times, and 11 times. The company's international benchmarking company, the United States joint lease valuation, is between 10-11 times, considering the company In the growth stage, it should enjoy a certain valuation premium, giving the company a PE valuation of 15-18 times in 2020, with a target price range of 12.30-14.76 yuan, and maintain a "strong push" rating.
Risk reminder: The growth of newly started real estate area is less than expected, and the prefabricated building promotion is less than expected. The stock has received 24 buy ratings, 7 overweight ratings, 3 outperform ratings, 2 recommended ratings, 1 highly recommended rating.