3100-point support lingering market waiting time window of market rebound
Investment consultant has informed Sitron Medical (300078) how to operate in the market
Think of medical benefits 300078, buy : help Watson smoothly landed in Zhejiang Provincial Hospital of Traditional Chinese Medicine
Category: Research institutions: GF Securities 000776, BUY CO., LTD Researcher: Liu Xuefeng Date: 2016-12-27
Event: Zhejiang Provincial Hospital of Traditional Chinese Medicine "Watson Joint Consultation Center" officially served.
According to the Zhejiang online report: "On December 26, Zhejiang Provincial Hospital of Traditional Chinese Medicine jointly launched the Watson Joint Medical Center and the cognitive network, and the three parties will cooperate to develop the long-term cooperation of IBM Watson for Oncology service content, which is from IBM Watson. For Oncology Since its introduction in China, the first Watson joint consultation center officially announced the provision of external services means that the Chinese medical industry will open a new era of artificial intelligence-assisted diagnosis and treatment."
The first hospital has demonstrated its demonstration significance and commercialization effect is worth looking forward to.
Watson, who is currently present at Zhejiang Provincial Hospital of Traditional Chinese Medicine, is currently able to provide counseling services for six types of cancers: lung cancer, breast cancer, rectal cancer, colon cancer, stomach cancer and cervical cancer. After the doctor enters information on the type of cancer, patient age, gender, weight, disease characteristics, and treatment status, Watson is able to respond to multiple treatment recommendations in a matter of seconds, depending on their strong data retention and learning ability.
Through Watson's existing cognitive computing capabilities, the hospital not only can obtain the most advanced cancer treatment programs, but also provide a global perspective for hospital clinical oncologists, and achieve new breakthroughs in scientific research. It is worth noting that the first hospital to be established is a Chinese medicine hospital. The treatment plan combining Chinese and Western medicine will become the unique value of Watson China, and it has reserved a good bargaining space for Chinese participants.
Additional funds are in place and pressure is fully released.
The company's additional issuance lasted for about 20 months, which occupied a lot of resources for a long time, and the bank's loan generated high financial expenses adversely affected the 2016 results. The company has completed the issuance of payment procedures in the near future, and there will be no financial cost pressure arising from loan expenses next year. Integration and new business expansion are expected to accelerate. The EPS of 16-18 years is expected to be 0.49 yuan, 0.72 yuan and 0.92 yuan respectively, maintaining the "Buy" rating!
risk warning.
There is uncertainty when large-scale investment in the hospital's in-hospital IoT can occur; there is uncertainty in the reproducibility, follow-up development and promotion of Watson's tumor solution.
Lukang Culture 601599, BUY : The textile business is developing steadily.
Category: Company Research Institute: Essence Securities Co., Ltd. Researcher: Jiao Juan Date: 2016-12-27
The company's original single main business is the production and sales of all kinds of knitted wool yarns and high-grade worsted fabrics. According to the company's announcement, in November 2014, it acquired 100% equity of Century Changlong and entered the film and television culture industry; in July 2015, it held Acquired 51% equity of Tianyi Film and Television, and the strength of the film and television business sector was further strengthened. The acquisition of the remaining 49% equity project of Tianyi Film is expected to continue in 2017. In July 2015, the company invested 100 million yuan to better produce and distribute Internet TV dramas. Invested in the establishment of a wholly-owned subsidiary Lukang Internet, and increased capital of 30.6 million yuan to acquire 51% equity of Arts Energy Technology, and assisted the film and television drama business with big data technology; in March 2016, the company completed a fixed increase, raising a total of 1 billion yuan, of which 700 million yuan will be added to the Internet film and television drama project. The company's textile business is developing steadily, and the film and television drama business continues to exert its strength.
Century Changlong, Zhejiang Tianyi and Lukang Internet jointly developed the fine film and television drama business. 1) 600 977 2016 Chinese film, the box office to buy 44.56 billion, an increase of only 1.1%, the Chinese film market slowdown highlights the value of the contents of the head. And in the 17-year Chinese film market, there is a gradual liberalization trend. Imported movies will become an important factor in inciting the box office. Century Changlong’s film distribution business, especially the import film declaration business, is expected to benefit from this policy dividend. 2) Under the background of “one drama and two stars†and the continuous improvement of video platform production capability, the head drama is still a scarce resource for each David and platform competition. For example, the price of a single episode of “Rugao Biography†is 15 million yuan. Century Changlong and Tianyi Film and Television have all started with the production and distribution of quality TV dramas, and have the resources and strength to create head dramas. 3) The continuous expansion of China's online video market catalyzes the demand for network dramas. From January to November in 2006, the entire network has a total of 561 online dramas, with a click volume of 70.108 billion. Among them, the content of the head network drama led to the obvious increase in the playback volume of the platform. Tencent’s “If Snails Have Love†played a total of 1.1 billion in November 16th, which greatly drove the overall playback volume of Tencent video. Looking back on 16 years, the level of online drama production has been continuously improved. There are works such as "Old Nine Gates" and "He Come, Please Close Eyes" and other works have been successfully transmitted to TV stations.
In July 2015, the company set up a wholly-owned subsidiary, Lukang Internet, to integrate all Internet and film-related resources into Internet video platform companies, and to make Internet video as the strategic focus of the future. Under the trend of the development of the network drama industry to the quality, the institutions with professional content production capabilities such as Century Changlong and Tianyi Film have become scarce resources.
Investment suggestion: The company's 16-year textile business has developed steadily, and the film and television drama business continues to exert its strength. As the film and television industry gradually returns to rationality, the importance of quality content is highlighted. The company's Century Changlong, Tianyi Film and Television, Lukang Internet's boutique TV drama business, network drama business, and film distribution business (especially the import film announcement) are expected to benefit from the industry trend, the company's 17-year film and television drama business will continue to exert strength. Considering that the company's film and television business profits will continue to increase, we expect Lukang Culture's 16-18 year net profit to be 229 million yuan, 350 million yuan, 453 million yuan, corresponding to earnings per share of 0.26 yuan / share, 0.4 yuan / shares, 0.51 yuan / share. Reference film and television comparable company, given the 2017 35X valuation, corresponding to the 6-month target price of 14.00 yuan, giving a "buy-A" rating.
Risk warning: The risk of the film and television drama business progress is lower than expected, and the content supervision is strict.
China Tianzhu000035, BUY : Urban integrated service providers improve the solid waste industry chain
Category: Research institutions: 000 686 Northeast Securities, Co., Ltd. to buy Researcher: Gong Si Wen date: 2016-12-27
Extend to the upstream of the solid waste industry chain and comprehensively improve environmental governance capabilities. The company has a wide range of business. On the basis of adhering to the main industry waste incineration power generation, it expands from the end of waste disposal to the integrated sanitation, and enters the sanitation market with the Yucheng sanitation project as the starting point. At the same time, the flat solidification of municipal solid waste, including construction waste disposal, kitchen waste disposal, hazardous waste treatment, etc. In 2015, the company established four business divisions, namely landfill gas, overseas, classified transportation and water treatment, to carry out related business. The Overseas Business Unit operates in Southeast Asia, South Asia and West Asia, and the Classification and Transportation Division has been promoting business in areas such as Suzhou and Nantong. The layout of the new division will provide new profit growth points for the company's future.
Participating in the M&A fund to acquire Spain's high-quality environmental protection targets, the synergy is obvious. The company leverages the branding effect of UrBA ser in Europe and the United States to conduct international business internationally. The company plans to set up a subsidiary in Iran and carry out solid waste business in the local area. Urbaser has rich urban cleaning business management technology and philosophy. The company can learn from its advanced experience, improve the sanitation business level, and form a good competitive advantage. Aiji, net worth, and information. The company's advantages in environmental engineering equipment manufacturing can also reduce procurement costs for subsidiaries.
The Yucheng project has become a good start to enter the sanitation market. The company won the Yucheng Environmental Sanitation Project. The total cost of sanitation operations was 28.81 million yuan/year, and the service period was 5 years. The expiration could be renewed. The company realized the extension from the end of solid waste disposal to the front-end garbage collection and transportation, and expanded the sub-business areas such as road cleaning, garbage sorting and transportation, improved the company's comprehensive layout in the solid waste industry chain, and effectively improved the company's overall Competitiveness and profitability. The project will play a good demonstration effect for the company to expand its business in the sanitation industry.
Valuation and financial forecast: It is estimated that the company's 16-18 year operating income will be 10.12, 12.72, 1.621 billion yuan, and the net profit of the mother will be 2.95, 3.74 and 486 million yuan, corresponding to EPS of 0.24, 0.30 and 0.39 yuan respectively, corresponding to dynamic PE. For 31.61, 24.91 and 19.19. China's solid waste market and sanitation market have huge space, optimistic about the company's future expansion in the solid waste industry chain and the expansion of the sanitation market. For the first time, give a “buy†rating.
Binjiang Group 002244, buy : the heart of the West Lake to the sea
Category: Company Research Institute: Citic Securities Investment Co., Ltd. Researcher: Chen Shen Date: 2016-12-27
The year of growth, the year of breakthrough: The company achieved sales of about 30 billion (including agent construction) from 2016 to November, with a compound growth rate of 23% in the past five years. It has been actively expanded in the past two years and is currently available for sale. The value of the newly added land reserve is close to 50 billion yuan. The company maintains its leading position in Hangzhou, and its sales are currently ranked third. We expect the company to upgrade to a new level on the basis of this milestone in 2017!
The expansion of the territory and the persistence of the development: the company's financing channels continue to diversify. Since 2016, a total of 1,070,500 square meters of land construction area has been added, and 8 new land parcels have been added. This is the year with the largest number of new projects since the establishment of the company. In terms of land structure, in addition to strengthening the layout of the base camp, the company will further concentrate on first- and second-tier cities, and the proportion of first- and second-tier cities will reach 89%. The company will strengthen leverage through financial cooperation and support the Binjiang brand through project cooperation to achieve management output. The three-point strategy is fully rolled out and the regional optimization is to create a new riverside: the company has acquired a number of projects in Shanghai through agency construction and cooperation, with a total value of about 40 billion, and acquired the land of Anfeng Industrial Zone, Longhua District, Shenzhen. Entering Shenzhen. At the same time, overseas projects are actively promoted, and the future nationalization and internationalization will also be an important component of the company's 100 billion trip.
The integrated two-wing strategy is steadily advancing, focusing on “financial + serviceâ€: real estate is the main business, the two wings are the service sector and the investment sector. The investment scale of the investment sector in 2016 is planned to be between 2 billion and 6 billion yuan. The investment direction is set to be a big health-loving, net worth, information, environmental protection, cultural tourism, and industry 4.0. At present, it has realized an equity investment of 1.18 billion, and its business involves finance. Service, etc. In September, the company established the Securities Fund Management Co., Ltd., and the management area of ​​Binjiang Property reached 8 million square meters. It is expected to be securitized in the future. The future “finance + service†is an important point of view for the company's diversified investment.
Earnings forecast and investment rating: According to our calculation, Binjiang Group's NAV is about 25 billion yuan, equivalent to an RNAV of 8.04 yuan per share. The large shareholders' continuous increase in holdings shows confidence. The EPS is expected to be 0.44 and 0.53 yuan in 16 and 17 years. The company has a “Buy†rating.
Changgao Group 002452, Buy : At the same time sign three framework agreements, new energy EPC will be bigger
Category: Company Research Institute: Northeast Securities Co., Ltd. Researcher: Gong Siwen Date: 2016-12-27
Report summary:
Event: a wholly owned subsidiary of "long high-tech energy" with the Beijing BOE Energy 000958, BUY Technology Co., Ltd., China Development New Energy Technology Co., Ltd., Shenzhen, Guangdong Nuclear three industrial investment fund partnerships signed a strategic cooperation agreement.
Comments:
It involves priority provisions for cooperative development of new energy projects, engineering design, equipment procurement, and sale or purchase after completion of the project. Energy BOE BOE A 000725, buy a wholly owned subsidiary, responsible for 000,591 BOE A solar energy, the buying power development operations; CDB CDB New Energy is a wholly owned subsidiary of CDB Capital Ltd. led the establishment of new energy enterprises; The third phase of CGNPC was initiated by China Guangdong Nuclear Industry Investment Fund Management Co., Ltd. with an investment scale of 5 billion yuan, dedicated to clean energy such as scenery and water.
At the same time, the company cooperated with three new energy investment, development and operator identification strategic cooperation agreements to prove that the company is pursuing the practice of making new energy EPC fields. In 2015, the company began to get involved in the new energy EPC. It has been supporting Xingtai 50MW and Shenmu 40MW photovoltaic projects. The contract amount is 535 million yuan and it is currently connected to the grid. Photovoltaic EPC business company revenue of 165 million yuan last year, the first half of this year income of 182 million yuan. If both PV projects confirm revenues this year, the annual revenue can reach 370 million yuan, a year-on-year increase of 124%. It is expected that the new energy EPC business will continue to grow significantly in the next few years.
The company's operating model shifts from a single equipment supply to an "EPC-equipment-operation" platform. EPC: Acquired Huawang Power and strengthened the company's total contracting capacity. Equipment: The high-voltage switchgear is growing steadily, and the electric vehicle high-voltage distribution box assembly is ready to go. Operation: Layout incremental distribution network, launching new energy vehicle Aiji, net worth, information operation. Please refer to the company research report released on December 12, 2016.
Performance forecast:
It is estimated that revenue for 2016-2018 will be 12.32, 16.82, 2.114 billion yuan, net profit for mothers will be 1.02, 1.59, 201 million yuan, EPS 0.19, 0.30, 0.38 yuan / share. Corresponding to the current stock price PE is 50.49, 32.32, 25.61. Consider the company's rapid growth expectations on the new energy EPC, the expectations of the incremental distribution network operation, and the operation of new energy vehicles, maintaining a “buy†rating.
risk warning:
Large-cap risk; high-voltage switch sales were less than expected; new energy EPC fell short of expectations.
Han Ding Yuyou 300300, buy : get high-quality IP resources, pan-entertainment layout to a higher level
Category: Company Research Institute: Northeast Securities Co., Ltd. Researcher: Gao Jian Date: 2016-12-27
H&Q Yuyou has reached an agreement with BIGFACE, and its joint venture subsidiary will have the right to use all BIGFACE IP in the Asian region except Japan and South Korea. Founded in 2007, BIGFACE is an integrated entertainment company with a series of high-profile animation IPs such as "The Attacking Giant", "Giant Middle School", "Bread Superman", "Lightning Eleven", among them. "Watch" is a popular Japanese work. It has been popular in Japan in just one year. It has opened a number of direct and affiliated stores in Japan and South Korea. The related product development has exceeded 5,000, and the sales for the whole year of 2015 alone. More than 180 billion yen.
This time, the joint venture company established in Hong Kong will have the right to use all BIGFACE IP in Asia (except Japan and South Korea) and related development rights. Next, Han Ding Yuyou introduced BIGFACE's series of businesses in Japan to China, and vigorously explored related markets such as games and animation to create pan-entertainment products suitable for Chinese consumers. In addition, Han Ding Yuyou has also achieved remarkable results in integrating IP resources. For example, it plans to acquire 100% equity of Shanghai Ling Entertainment and participate in Hairun Film and Television. By acquiring these scarce IP resources, the company is expected to use games, video and variety. In the form of IP value re-excavation, the advantages of its own pan-entertainment industry resources will be brought into play to further deepen the company's pan-entertainment industry layout.
The company not only develops the pan-entertainment sector online, but also exports the offline experience and entertainment complex to improve the ecosystem to form a differentiated competitive advantage. In Hangzhou, Beijing and other places, the company will gradually launch the entertainment complex U Lecheng. The comprehensive advantage IP of online game resources and film variety will be precipitated offline, forming a high-quality scene entrance, acquired by Handing Yuyou and self-built. Diverse entertainment scenes such as cinemas, sports venues, theme parks, sports and fitness, boutique dining, and art training will effectively attract traffic from a large number of consumers and promote the development of the company's online business. This online and offline collaborative development strategy has formed a virtuous circle, which helps to create an integrated entertainment ecosystem of the company and greatly increases the overall competitiveness of the company in the pan-entertainment sector.
From a strategic perspective, the company has always adhered to the core development strategy of “Industry + Finance + Internetâ€, and strives to build a pan-entertainment industry group with innovative financial and smart Internet, net worth and information as the core boost. The company also has a strong foundation in big data, and obtains a large amount of data through smart city citizen cards, Aurora push and other resources, thus providing strong support for the company's online and offline ecosystem. In June 2016, the company invested US$10.2 million to invest in Shenzhen Hexun Huagu Information Technology Co., Ltd., which owns the core product of “Aurora Pushâ€. Aurora has 700 million Android phone data, which can classify users with more than 100 tags. By investing in Aurora Push, not only can passive and accurate push of high-quality content be realized, but also the active catering and content creation according to the user's appeal, thus effectively supporting the “resources + content + scene†of the company's entertainment ecology.
We are optimistic about the pan-entertainment ecosystem created by the company, and the next step in the integration and development of high-quality IP resources. It is estimated that the company's 16-18 annual net profit per share will be 0.13 yuan, 0.41 yuan and 0.46 yuan, corresponding to PE 176.24 times, 54.70. Double and 48.49 times, maintain a "buy" rating.
Risk warning: new business risk, slow growth process, etc.
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