Last week, the head organization conducted intensi

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[institutions listen to the wind] last week, head institutions conducted intensive research on machinery, medicine and other industries. According to the monitoring data of the Research Report Jun, last week (9..13), a total of 80 institutions participated in the research of 74 listed companies, of which the research of head fund companies was mainly concentrated in machinery, medicine and other industries

according to statistics, since 2014, the short-term holding (one month) excess return of companies surveyed by equal buying head buyer institutions is 1.6% (compared with the Shanghai Composite Index), the medium-term (three months) excess return is 2.4%, and the long-term (one year) excess return is 5.5%

this week, the head institution investigated listed companies, and the specific information is as follows -

based on the above institutional research information, we screened three companies with relatively clear logic whose share prices are still on the left for reference -

Meiya Optoelectronics: CBCT still has room to double, and the color sorter maintains a stable growth rate of more than 7%

institutional trends: on September 11, Wells Fargo fund Guotai Junan and other 11 investment institutions investigated the company in the form of on-site meetings. From the end of August to the beginning of September, Zheshang securities and Guoyuan securities issued the company's in-depth report and gave "buy" and "increase" ratings. Meanwhile, the company's 2019 interim report shows that the social security fund, which is famous for its robustness, ranks among the company's top ten shareholders

core logic:

1. CBCT: the market share is about 30%, and there is still more than twice the space by 2025.

the oral cavity market has achieved a compound growth rate of 16.22% in the past five years. At present, the market size has reached 88billion, and will exceed 100 billion in 2020. From 2017 to 2018, the number of private dental institutions increased from 47033 to 54479, and private dental institutions developed well

according to the calculation of Guoyuan securities, Meiya optoelectronic CBCT business has entered a period of rapid development after 2016, with a cumulative market share of about 30%. At present, the stock market of CBCT is about 12000 units. Assuming that the unit price of CBCT is 300000 yuan, it is expected to update 9900 units in 2025, with a total market size of 5.35 billion yuan, which is still more than double the current space

2. Color sorter: the average price is expected to maintain an upward trend, and consumption upgrading + overseas expansion promote the stable growth of business.

the emergence of the nut industry is the embodiment of consumption upgrading. Its characteristics of rapid demand growth and obvious structural upgrading are expected to become the catalyst for the outbreak of the incremental market of the color sorter industry. Rice color sorter is the leading product of color sorter, and the overseas rice output accounts for about 70%, indicating that there is sufficient room for development in the overseas market. At the same time, the first overseas office of the company was established in India in 19 years, accelerating the overseas layout

according to the calculation of Guoyuan securities, the domestic market share of the company is about 30%. In 2023, the domestic color sorter market scale can reach 5.9 billion, and the overseas color sorter market scale can reach 22.7 billion. At present, the proportion of the company's overseas revenue has increased from 13.9% in 2013 to about 30% in 2019

according to Zheshang securities, the average price of the company's color sorter is expected to continue to rise in the future. At the same time, it is predicted that the growth rate of color sorter revenue from 2019 to 2021 will be 9%, 8% and 7% respectively

3. Tire foreign body detection: the domestic market share is more than 80%, and it is expected to take the lead in enjoying the policy dividend.

x-ray detection technology, as a non-destructive tire detection technology, can generate images of the upper sidewall, tread and lower sidewall of the tire to analyze and detect the tire, which can not only meet the requirements of the detection project, detect whether there are defects in the tire surface and internal structure, but also ensure the integrity of the tire

Guoyuan Securities believes that as the state pays more attention to tire safety testing, once the relevant testing standards are issued, the market demand in this field is expected to increase rapidly. As the leader of tire foreign matter detection, Meiya optoelectronics has an absolute monopoly in the domestic market, accounting for more than 80%, and will take the lead in enjoying the dividend of this policy

Latest changes:

on August 23, 2019, ZTE and Meiya optoelectronics officially signed a strategic cooperation framework agreement. The two sides will jointly explore the deep integration of 5g, cloud computing, big data, artificial intelligence and other technologies with the sorting industry, and work together to build a 5g smart medical industry demonstration benchmark. ZTE will also make full use of its advanced experience in 5g+ intelligent manufacturing to support the practice of Meiya Optoelectronics in the construction and operation of Maga intelligent factory

star Ruijie: the market share of enterprise + cloud terminal is firmly in the forefront, and the white box switch locks on major customers such as Alibaba and Tencent

institutional trends: on September 10, the company accepted the investigation of three investment institutions such as e fund and Haitong Securities in the form of an on-site meeting, which is the eighth time since May this year that the company has accepted institutional investigation. Since the end of August, CITIC Securities, Guosen Securities and Haitong Securities have issued company reports and given investment ratings based on "buy". Meanwhile, the company's 2019 interim report shows that the social security fund, which is famous for its robustness, ranks among the company's top ten shareholders

core logic:

1. Ruijieluo: WLAN is firmly in the forefront, and white label switches are targeted at major customers such as Alibaba, Tencent and China Mobile.

in 2016, the global data center traffic has reached 6.8zb, and is expected to reach 20.6 ZB in 2020, an increase of 3 times, with an annual compound growth rate of 25%, of which more than 70% of the data occurs in the data center. The compound growth rate of IDC industry scale in is 32%. It is expected that the industry will maintain high-speed growth in the future, and the market scale will reach 150billion by 2020

ruijieluo ranks third and fourth in the domestic enterprise WLAN market and Ethernet switch market share. Guosen Securities believes that the rapid development of data centers will drive the demand for swims if necessary, especially white card switches. The company is the core supplier of white label switches in data centers of Internet giants such as Alibaba and Tencent, and won the bid for 70% of the centralized purchase share of data center switches of China Mobile in 2018. With the further expansion of the market scale, white card switches are expected to become a new growth point of the company

2. Shengteng information: thin clients have ranked first in the domestic market for 17 consecutive years, and POS terminals have jumped to the third largest supplier in the world.

according to the Research Report of Wanlian securities, the Global Desktop cloud market has achieved a compound annual growth rate of 32.47%, and the market size of cloud desktops in China is expected to reach 2.58 billion yuan by 2022. The rapid development of the desktop cloud market has opened new space for the growth of thin clients. In 2019, the scale of China's thin client market will exceed 2.642 million, with a year-on-year increase of 11.2%. The thin client of shengteng information ranked first in China for 17 consecutive years, and ranked first in the Asia Pacific market (excluding Japan) for 7 consecutive years. In 2018, the company shipped 679000 thin client products, accounting for 48.6% of the domestic market share

with the rapid development of the mobile payment market, intelligent POS terminals have ushered in a period of rapid development. According to the Research Report of Guosen Securities, while maintaining the leading edge in the third-party payment market, the company has made large-scale sales of its products in many national banks. As of 2018, shengteng information has sold more than 20million POS terminals, which has jumped to the third largest POS supplier in the world

3. Starview: the number of users of k-meter app has exceeded 80million, and it has linked magic cloud to build an industrial ecosystem.

Starview has ranked first in the market share of China's KTV entertainment platform for 11 consecutive years, covering more than 40 countries and regions. At present, the number of users of k-meter app has exceeded 80million, connecting 20000 KTVs across the country and covering 600000 boxes

Wanlian Securities believes that k-meter has a good business model in KTV value-added services, and the company's magic cloud system and k-meter's Internet platform have begun to produce a linkage effect, forming a good industrial ecosystem

Latest changes:

on August 10, 2019, Alibaba joined hands with xingruijie nexhome and on-site guests to discuss the new mode of real estate digital transformation around the keywords of "ecological co construction", "industrial reconstruction", "transformation and upgrading". As a platinum software partner of Alibaba cloud IOT, xingruijie nexhome and Alibaba cloud jointly provide developers with smart community + real estate big data platform and solutions to upgrade the smart community big data platform

Jerry shares: under the national energy security strategy, it is expected to usher in a market of 100 billion yuan. In the first half of the year, the new orders of core business are doubled, and the annual market share of fracturing equipment is expected to be 3.6 billion yuan.

institutional trends: on September 10, the company accepted the investigation of two investment institutions, Boshi fund and Guoshou security fund, in the form of an on-site meeting. This is the ninth time that the company has accepted institutional investigation since this year. In the past month, Anxin securities, Guotai Junan, Guojin securities, etc. issued comments on the company's interim report and gave "buy" and other ratings. Meanwhile, the company's 2019 interim report shows that the social security fund and pension fund, which are famous for their robustness, are among the top ten shareholders of the company

core logic:

1. Driven by the national energy security strategy, it is expected to gain a market share of 3.6 billion fracturing equipment per year.

Guojin Securities believes that driven by the national energy security strategy, China's shale gas development has increased, and the demand for fracturing equipment has increased significantly. According to the plan of the national energy administration, the shale gas production target in 2020 is 30billion cubic meters, three times that of 2018; The 2030 target is 100 million cubic meters; It is expected to "blowout" growth

according to the prediction model of Guojin securities, it is estimated that the total demand for fracturing equipment in China in 2019 is about 6billion yuan; In 2020, according to the neutral and optimistic scenario, the total demand is billion yuan, with a year-on-year increase of%, which is flexible; By 2030, the total annual demand for fracturing equipment will be about 15billion yuan

according to the Research Report of Great Wall Securities, the company has a market share of about 31.5% in the stock market of fracturing equipment, and it is estimated that the annual market share of fracturing equipment will be as high as 3.6 billion

2. The domestic oil field special equipment market is expected to exceed 100 billion. In the first half of the year, the new orders for drilling and completion equipment increased by 100%, and the gross profit rate is expected to be further improved.

the national energy security strategy has promoted the continuous and rapid growth of capital expenditure of "three barrels of oil" in recent years. According to the Research Report of Guojin securities, it is expected that the investment in China's "three barrels of oil" oil and gas exploration and development will maintain a% growth in. According to the future capital expenditure plan of "three barrels of oil", Great Wall Securities estimates that the market space of domestic oilfield professional equipment is expected to reach 108.8 billion yuan and 130.4 billion yuan respectively in. This will significantly increase the demand for drilling and completion equipment

according to the company's interim report, the revenue and net profit of drilling and completion equipment were 1.22 billion yuan and 320 million yuan respectively, with growth rates of 89% and 222% respectively, and the net interest rate was 25%. At the same time, the new orders of this business increased by more than 100%. Compared with 2014, the company's revenue of 30mdi was also used in coatings With a net profit of 1.06 billion yuan and a net interest rate of 35%, it is judged that the drilling and completion equipment of the company still has great room for improvement

Huajin Securities believes that the gross profit margin of the company's drilling and completion equipment is significantly higher than that of maintenance and reconstruction, accessories and oilfield technology. There is also a movable horizontal 10 prefix (10 cross beam) technology service business. With the increase of the proportion of equipment business, the overall gross profit margin of the company will remain upward

3. The overseas market will usher in the peak of replacement, and electric drive fracturing products are expected to become fist products.

the company has set up branches or offices in more than 50 cities on 6 continents around the world, and its overseas business is mainly concentrated in Russia, the Middle East and North America

Fortune Securities believes that the current stock market of fracturing trucks in North America is about 360 sets, of which about half have been used for more than 10 years, and it is expected to reach a peak of replacement in the coming years

Guojin Securities believes that the company launched the world's first self-developed electric drive fracturing equipment and shale gas development solution, and completed the development and layout of electric drive fracturing products. The company's electric drive fracturing products are better than similar products in the United States, and are expected to become one of the fist products in the North American market

latest changes:

federal chronicle restrictions issued by the U.S. government on August 14, 2019, and BIS has been released since then

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