|
 
NEXTEER(1316)
Analysis：
Nexteer (1316) is primarily engaged in the manufacture and sale of steering and driveline systems and components. Its products comprise 4 categories, namely Electric Power Steering (EPS), Steering Columns and Intermediate Shafts (CIS), Hydraulic Power Steering (HPS), Driveline Systems (DL). The Group conducts its business from a global operating footprint to service its broad customer base. As global OEM light vehicle production gradually recovered from the adverse impact of the COVID-19 pandemic, the business performance of Nexteer also saw improvement. During the year ended December 31, 2021, the Group successfully launched 36 new customer programmes. The Group`s revenue for the year ended December 31, 2021 was US$3,358.7 million, an increase of 10.8%, compared with US$3,032.2 million for the year ended December 31, 2020. The Group estimated the value of all Booked Business under customer contracts that have been awarded, but for which it has undelivered products, was US$26.8 billion as at December 31, 2021. (I do not hold the above stock)
Strategy：
Buy-in Price: $5.00, Target Price: $5.50, Cut Loss Price: $4.70
| 
HAITIAN INT`L(1882)
Analysis：
Haitian International（01882）is world leading manufacturer of plastic injection moulding machines. The strong demand across domestic and overseas downstream industries contributed to the company's excellent performance throughout the year. The revenue of the company amounted to RMB16,018.3 million for the year ended 31 December 2021, representing an increase of 35.7% compared to 2020. Company achieve domestic sales amounting to RMB11,088.2 million for full year 2021, representing an increase of 33.9% as compared with the same period last year. The total overseas sales reached RMB4,930.1 million for the full year, representing a significant increase of 40.1% compared to the same period last year. However, due to the high price of raw materials, the gross profit margin for the year decreased slightly to 32.2% (2020: 34.2%). The net profit attributable to shareholders amounted to RMB3,052.0 million, representing an increase of 27.8% compared to the same period last year. In terms of overseas market, while new demand for PIMMs has arisen with overseas manufacturing industry back on track, the ongoing pandemic and high logistics costs have also suppressed the exports. It is expected that Shunde phase I factory of South China Headquarters will be put into trial production in the second half of this year. Meanwhile, company recorded remarkable sales growth in overseas markets such as North America and South America as well as some countries in Southeast Asia and Europe. The business scale would expect to further expand.
Strategy：
Buy-in Price: $20.25, Target Price: $22.15, Cut Loss Price: $18.95
|
|
Report Review of May 2022
Sectors: Healthcare, Energy& Technology sectors (Victoria Wei) Healthcare, Energy& Technology sectors (Victoria Wei)This month I released an updated reports of China Resources Pharmaceutical Group Limited (3320.HK).CR Pharmaceutical announced its 2021 annual results that the company achieved total revenue of HK$236.806 billion, with a YoY increase of 18.2%. The increase was mainly due to the relief of the epidemic and the recovery in performance. In particular, the pharmaceutical distribution business accounted for the largest contribution to revenue growth. The overall net profit reached HK$6.647 billion, with a YoY increase of 24.9%; The net profit attributable to owners of the parent company was HK$3.769 billion, with a YoY increase of 14.3%. Revenue from the pharmaceutical business was HK$38.61 billion, with a YoY increase of 19.9%. The revenue of the CHC segment, the prescription drug segment and the biopharmaceutical segment all achieved growth, mainly due to the impact of the mitigation of the epidemic and driven by external mergers and acquisitions. The gross profit margin of pharmaceuticals in 2021 was 57.6%, with decrease of 2.9% compared with same period of last year mainly due to factors such as volume-based procurement and product structure, etc. From the perspective of product categories, chemical medicine and traditional Chinese medicine contributed a larger proportion of the income, accounting for 41.6% and 49.4% respectively. The company continues to lay out a high-growth track, incubate new industrialization opportunities, continuously optimize its business structure and enhance its core competitiveness. Revenue from distribution business was HK$199.13 billion with a YoY increase of 17.9%. Its gross profit was HK$12.36 billion and the margin was 6.2% with a YoY decrease of 0.9% mainly resulted from the ease of epidemic and the income from the export of epidemic prevention materials with high gross profit margins has decreased. The company's medical terminal coverage continues to improve and it strives to build an efficient and safe pharmaceutical integrated logistics network to continuously enhances its core competitive advantages. The company continues to vigorously promote the professional development of medical device distribution business, build national professional platform and professional service company and enhance innovative service capabilities. At the same time, the digital transformation process was promoted and the service platform “CR Micro Medicine”, a vertical operation service system of precision medicine for special diseases/rare diseases, was established. The transaction volume of the B2B online platform "CR Pharma e-Store" has grown steadily, covering a wide range of 28 provinces across the country. Retail business revenue was HK$7.61 billion with a YoY increase of 17.6% which was mainly due to the rapid growth of direct-to patient (DTP) business revenue. Its gross profit was HK$696 million with a gross profit margin of 9.2% with a YoY decrease of 1.1%, which was mainly due to the proportion of revenue from DTP business with lower gross profit margin increased. DTP business revenue was RMB 4.32 billion which accounted for 68.4% of the retail segment revenue with a YoY increase of 12.7%. The company actively deploys professional "Dual-Channel" qualified pharmacies such as DTP, creates a high-quality, integrated retail pharmacy operation platform and promotes an online and offline integrated digital retail 2C platform. We believe that the uncertainty of epidemic resurgence, the challenges brought by various centralized procurement policies to the company and the less-than-expected effect of external cooperation will be the risk factors for the company in the future. 
Click Here for PDF format...
|
|
|
|
| Stock Code |
H share
Price |
A share
Price |
H share
discount |
| | | |
|
Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited and/or its affiliates ( the “Group”) believe to be accurate. The Group does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The Group (or its employees) may have interests in relevant investment products. For details of different products’ risks, please view the Risk Disclosures Statement on http://www.phillip.com.hk.
If you DO NOT wish to receive further marketing emails from us, please click HERE to opt-out.
版權所有， 翻印必究。
Copyright(C) 2022 Phillip Securities (HK) Ltd. All Rights Reserved.
|
