This week's three selected stocks of the organization (Ganyue Expressway Shanghai Electric Huiquan Beer) (2009-10-26)

(Information source: Guotai An Market Global Financial Information Analysis System)

Ganyue Expressway (600269): Based on its main business, Guotai Junan maintains the “overweight” rating and the domestic macroeconomic recovery, driving the company ’s road traffic and the proportion of trucks to pick up. 100 million yuan, an increase of 8.17% year-on-year, of which toll revenue in the third quarter was 640 million, an increase of 10.9% year-on-year, and 5.7% month-on-month (excluding the factors of large and small months).

Under the expectation that the domestic economy will continue to pick up in the fourth quarter, the traffic volume and bicycle charging data are expected to remain stable. Regardless of the subsidy factors, it is estimated that the EPS in 2009-11 will be 0.46, 0.48, and 0.50 yuan; if the company can obtain government financial subsidies in the fourth quarter, the EPS in 2009 will be approximately 0.53 yuan.

Exercise has a positive impact on the company. In the later period, under the stimulus of warrant exercise and nuclear power plant approval, the stock price still has 30-40% room to maintain the "overweight" rating.

Haidian (601727): a leading company in the traditional power generation field, with new energy leading growth, Jiangnan Securities maintains a high correlation between the domestic power market and economic development, and the demand for power generation equipment will maintain stable growth with economic growth in the future . As one of the three-legged enterprises in the field of traditional power generation, the company has benefited from the cooperation with Siemens to obtain international orders and domestic "upper and lower" factors. The company has full orders in hand, exceeding RMB 170 billion. At present, EPC and wind power projects are developing rapidly, and the joint venture with Areva fully entered the high-end transmission and distribution field, competing for UHV orders. It is expected that the traditional power generation business will maintain a growth of about 9%. The rapid growth of wind power new energy power generation equipment will promote the rapid growth of the power equipment sector business revenue.

The company's earnings per share are expected to be 0.23 yuan, 0.26 yuan, and 0.29 yuan in the next three years. Currently priced at 9.43 yuan, the relative price-earnings ratio is 44, 38, 35, and is given a "hold" rating.

Huiquan Beer (600573): improved gross profit margin and improved company performance, Tianxiang Investment Consultant maintained “Neutral” rating from January to September 2009, the company achieved operating income of 929 million yuan, a year-on-year increase of 9.4%, and operating profit of 92.13 million yuan. The year-on-year increase was 43.6%, and the net profit attributable to the parent company was 73.64 million yuan, an increase of 26% year-on-year, and the earnings per share were 0.29 yuan. Among them, in the third quarter, the operating income was 376 million yuan, an increase of 5% year-on-year, and the net profit attributable to the parent company was 41.12 million yuan, an increase of 29.2% year-on-year, and the earnings per share was 0.16 yuan.

Revenue growth was stable, and gross profit margin increased. In the third quarter, the company's revenue growth rate decreased slightly, and beer sales were basically in line with the industry average. In the third quarter, the company's gross profit margin was 35.9%, an increase of 2.5 percentage points year-on-year and an increase of 1.7 percentage points month-on-month. The company's gross profit margin continued to improve, mainly due to the decline in barley prices. The price of imported barley fell by more than 40% year-on-year from January to August.

The reduction in government subsidies brought a significant drop in non-operating income. Non-operating income in the first three quarters was 2.88 million yuan, a year-on-year decrease of 73.9%, mainly due to the decline in government subsidies. During the first three quarters, the expense ratio was 11.8%, basically flat year-on-year.

The future will still maintain steady growth. The company's beer sales have followed changes in the industry, with relatively stable volatility. At the same time, barley prices remained low throughout the year, which had a favorable impact on the company's gross profit margin. Government subsidies are another important factor that can easily cause fluctuations in company performance.

Earnings forecast and rating. Tianxiang Investment Consultants raised the company's profit forecast. It is estimated that the EPS for 2009-2011 will be 0.33 yuan, 0.36 yuan and 0.39 yuan respectively. .

Risk warning: (1) market systemic risk; (2) market competition risk with Xuejin; (3) food safety risk.

For more information, please refer to the contact number E-mail of Guotaian Financial Education Group Guotaian Education Service Network:

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