Food and Beverage, Pharmaceuticals and Military three industries with high performance certainty

A

Food & Beverage

Quality companies are sought after

From the liquor industry, Tianfeng Securities analyst Liu Chang pointed out that the high-end liquor prices are firm, batch prices are gradually higher trend. At present, high-end liquor market prices across the country firm, on the one hand, Maotai, Wuliangye has not yet been shipped in August, the channel supply is tight. Wuliangye, Luzhou Laojiao channel management to improve significantly, through strict control of tampering, punishment of low-priced sales and other ways to ensure price stability. White wine in the next six quarters quarter by quarter to improve the trend is more obvious, the pullback does not change the investment logic, continue to firmly recommended liquor plate, focusing on recommending Luzhou Laojiao, Wuliangye, Maotai, mouth cellar, the edge of the world.

Potential stock selection

Luzhou Laojiao (000568) dual-brand model to promote growth

The company's short-term can look at the second half of the marketing recovery, volume and price, long-term high-end brands and mid-range brand *** with the construction of a stable growth space, continue to firmly recommended. The company can make full use of the second half of the favorable timing to achieve the accelerated recovery of sales, stable growth throughout the year. Northeast Securities pointed out that the market is concerned about the Wuliangye price plate to enhance the national cellar channel caused by suppression, in fact, the national cellar through the brand franchise company to bind the core dealers, city-level operating companies to reintroduce the core terminals to share the profits, the channel profits are still sufficient. At the shareholders meeting, the company said that the mid-range wine Tequ will be firm brand revitalization strategy, first of all, price increases, followed by the release of the volume, the future of Tequ will become the waist growth support, to create a sub-high-end growth pole, dual-brand model is conducive to the company's long-term growth.

Kouzi cellar (603589) layout consumption upgrading wind mouth

The company in 2019 in the product strategy, channel operation and other aspects of the reform, the effect of the beginning to show. The company is the second largest brand in the province in terms of market share, the brand height still exists, the manufacturer relationship is stable, the consumer base plate is solid, still has considerable competitive strength, optimistic about the development potential of the company after the reform. Open Source Securities pointed out that Anhui Province 200-300 yuan price segment liquor market is rapidly expanding, the price band has become the mainstream market of provincial consumption, the company price segment product line layout left a gap. Therefore, in July 2019, the company targeted the launch of two new products to enrich the product line. The new products, as tactical products, actively participate in the competition in the 200-300 yuan price segment. Kouzijiao 10 years, Kouzijiao 20 years is still the company's strategic products, healthy growth, layout of the next consumption upgrade wind mouth.

New Dairy (002946) further release of production capacity

The company focuses on the development of low-temperature dairy products, through the focus on the layout, the development of radiation around the way, through the advantages of regional layout to develop the market business, as a regional urban dairy leader, the company adhere to the "poly low-temperature, fresh, to the high-end" product strategy, with a focus on low-temperature, fresh, to the high-end, the company has been able to develop a new product strategy. As a leader of regional urban dairy enterprises, the company adheres to the product strategy of "focusing on low-temperature, freshness and high-end", takes low-temperature fresh milk and low-temperature yogurt products as the leading products, actively cultivates the low-temperature milk market, and continuously improves the proportion of low-temperature milk products in the company's sales, which is in line with the direction of the development of the dairy industry in the future and the trend of consumption upgrade. Chuan Cai Securities pointed out that the epidemic will have a certain impact on the company's business in the short term, but it will not affect the company's excellent growth, the company's "fresh strategy" strong execution, mergers and acquisitions management ability is excellent, the future is also expected to expand to other regions. With the release of production capacity and mergers and acquisitions to improve efficiency, performance is expected to continue to grow.

Tianmei food (603317) performance stable growth

The company's hot pot base and Sichuan cuisine seasoning combined revenue accounted for more than 90% of the company's performance in recent years accelerated growth. The company's revenue increased from 869 million yuan in 2015 to 1.727 billion yuan in 2019, with a compound growth rate of 18.73% during the period; the net profit attributed to the mother increased from 142 million yuan in 2015 to 297 million yuan in 2019, with a compound growth rate of 20.26% during the period. Chuan Cai Securities pointed out that the company through many years of brand building, currently through the "big red robe", "good people" dual-brand drive, and steadily promote product innovation to maintain market leadership. Overall, in recent years, hot pot, Sichuan cuisine and other catering industry consumption heat to promote the continued rapid development of compound seasoning. The company's products, channels, and current production capacity release is expected to contribute to the performance of high growth.

B

Medicine

Demand accelerated to make up

Although in the epidemic under the influence of the pharmaceutical plate in the first quarter of the overall performance has declined, but with the second quarter of the domestic resumption of work in good condition, the epidemic caused by the lagging demand in the industry will be accelerated to make up for, performance Rebound trend is obvious. Some analysts pointed out that under the environment of medical insurance fee control, the industry structure continues to differentiate, part of the segmented areas in line with the industrial development trend, boom continued. On the whole, the performance of listed pharmaceutical companies continue to perform better than the industry as a whole. The current strength of the pharmaceutical sector mainly stems from the long-term logic of good, excellent corporate free cash flow, interest rates to reduce the long-term trend of deterministic growth in the field of high prosperity valuation has room for improvement.

Potential stock selection

AnTuBio (603658) chemiluminescence leader

The company became China's first launch of a single random detection can reach 200T / H magnetic particles chemiluminescence technology platform for enterprises, immune diagnostic reagents, more than 70% of the core raw material self-sufficiency rate. Chemiluminescence is the mainstream technology of immunodiagnosis, and the market continues to grow rapidly. More than 80% of the domestic chemiluminescence market is monopolized by imported manufacturers, and domestic brands are accelerating import substitution. The company is expected to further increase the market share by virtue of its high-quality products and perfect sales network. Changjiang Securities pointed out that the company's high-quality products and perfect marketing system, assembly line business is expected to rapid volume, the company's future performance as the main driving force for sustained growth. As one of the domestic chemiluminescence leaders, the launch of the assembly line will further open up the company's long-term growth space.

TIGER PHARMACEUTICALS (300347) sustained high performance growth

The company is a contract research organization focusing on the provision of professional services for the entire process of clinical trials for the development of new medicines, providing integrated and comprehensive clinical research services and solutions for the global pharmaceutical and medical device innovators, to reduce the risk of R & D, shorten the cycle of R & D, and save R & D funds. Dongguan Securities pointed out that the amount of new orders in 2019 is 4.231 billion yuan, an increase of 28.17% year-on-year. the total amount of orders in hand in 2019 is 5.011 billion yuan, an increase of 36.06% year-on-year. The company continues to increase the number of personnel is expected to improve the speed of order digestion, which in turn increases the performance elasticity. Consistency evaluation brings a large number of clinical trial demand, the company has sufficient orders on hand, and capacity expansion is in order. With the rapid growth of China's pharmaceutical market, especially the clinical CRO market, the company is expected to continue to maintain a high growth rate in the future.

Hengrui Medicine (600276) has entered a period of rapid volume release

The company's six major innovative drugs, represented by Karelizumab, Pirilotinib, and 19K, have been listed on the market, and a wealth of clinical trials to enhance the competitiveness of the products. Taking Karelizumab as an example, the number of Phase II/III clinical trials carried out in China is far ahead of other PD-1/L1, and the progress of large indications such as lung cancer, liver cancer and esophageal squamous cancer is leading, and the company's heavyweight innovator will enter a period of rapid volume release. Haitong Securities (Hong Kong stock 06837) pointed out that the company's R&D investment is large, with a total of 3.9 billion yuan of R&D expenses in 2019, **** obtaining clinical trial approvals for 18 NMPA's innovative medicines, far ahead of other enterprises, including foreign enterprises. The company is a domestic innovative drug leader, the pipeline into the explosive period, a number of heavyweight new drugs have been listed, 5 years is expected to every 1-2 years, innovative drugs continue to be approved, is expected to enter the global market.

OPPCONVISION (300595) significant competitive advantage

The company as the first domestic corneal plastic lenses product registration certificate of the enterprise, the competitive advantage is significant. The company now has 115 subsidiaries, 6 new hospitals, own optometric service terminals more than 160, the product successfully entered more than 900 optometric service terminals. Sub-region, East China's main battlefield continued to expand, sales reached 394 million yuan, accounting for 61%, other regions to accelerate the expansion. Societe Generale Securities pointed out that the company's rapid expansion of product lines, the formation of the core products, core supporting, optometric other products three categories. In the past three years, the Division's compound growth rate of operating income reached 40%, net profit compound growth rate of 39%, the company is located in the sub-sector track quality, the industry has a significant competitive advantage, and the core business of high growth at the same time expanding the optometric industry chain, optimistic about the company's short- to medium-term development.

C

Defense industry

Long-term growth value

With the resumption of work after the overtime rush, since the second quarter of the vast majority of military enterprises revenue and performance will resume growth. Overall, the military industry's annual performance certainty is high, the current particularly valuable. Some industry analysts pointed out that the military industry plate gradually into the value of the growth stage, the importance of fundamental research will be more and more important, the underlying stock price movement and the correlation between the fundamentals of the stock is increasingly high, bottom-up stock selection will become the key to obtaining excess returns. In comparison to other manufacturing industries, the strength of the military industry lies in its long-term growth certainty.

Kaiyuan Securities analyst Duan Xiaohu expects this round of military market has a strong continuity. Duan Xiaohu said, first of all, "13th Five-Year Plan" end, "14th Five-Year Plan" period of various types of weapons and equipment to fill the gap in the logic of rigidity continues, and in the international political encounter historical changes in conditions, in order to safeguard the country's political and economic, territorial security, advanced weapons and equipment installed there is Inflection point to accelerate the necessity of release; followed by the continued intensification of international political and economic relations, thereby stimulating the plate investment sentiment. Two major logic will not change in the short term, so continue to optimistic about the military industry sector market. Continuing to recommend the military industry sector, while following the logic of selecting high boom degree sub-industry, continue to optimize the precision guided weapons plate, benefiting from the standard for the new Jinkang, accurate information, the Great Wall Military, aerospace appliances, etc.; optimize the upgraded aviation engine plate, benefiting from the standard of the AeroDynamic, AeroDynamic control, AeroDynamic science and technology, should be streaming shares; optimize the new fighter plate, benefiting from the standard of the AVIC electromechanical, AVIC electronics, China straight shares, AVIC aircraft, AVIC Shenfei, etc.; optimistic about the pan-informatization equipment plate, benefiting from the standard Guo Rui science and technology, four electronic.

Potential stock selection

New King Kong (300629) layout of military information technology

The company is a professional engaged in high-performance metal matrix composite materials and products research, development, production and sales of the National Torch Plan key high-tech enterprises, and grow into a leading supplier of high-performance metal matrix composite materials and products. The company also has rich technical reserves of high-performance metal matrix composites and has set up a postdoctoral research workstation. Zhongtai Securities pointed out that in 2019, the company acquired 100% of the equity of Kuanpu Technology to enter the field of military electronics. According to the company's announcement, Kuanpu Technology 2019 to 2021 performance commitment of 40 million yuan, 50 million yuan and 60 million yuan, of which the 2019 annual Kuanpu Technology to achieve a non-deductible net profit of 43.54 million yuan, successfully reached the first year of the performance commitment, in the next two years is expected to continue to contribute to the company's performance increment.

AeroDynamics (600893) core business steady growth

The company is the leading domestic aviation engine industry, with turbojet, turbofan and other types of aviation engine development capabilities, is the only domestic engine supplier of the three generations of warplanes. The company's business is gradually focusing on the main business of the aero-engine, the core business contributes 85% of the revenue and nearly 90% of the gross profit, the core business is expected to maintain steady growth. Northeast securities pointed out that the self-developed WS-10 series engine in a number of series of fighters to achieve the replacement of imported engines. China's warplanes in the number and quality of large gaps with the developed countries, the future of advanced warplanes are expected to scale the replacement of the installation, the release of a large number of large-thrust turbofan engine supporting, maintenance needs. Small and medium power turboshaft, turboprop engine product spectrum is complete, the rapid development of the domestic general aviation industry, military helicopters quickly installed, will give rise to a large number of small and medium-sized aviation engine procurement needs.

AVIC Electromechanical (002013) market space gradually open

The company is AVIC Industry's aviation electromechanical systems business specialization integration and industrial development platform, is China's military and civil aviation electromechanical systems in the field of the national team in China's aviation electromechanical industry has the absolute leading position. The development of the company has gone through three major asset reorganization, to realize the transformation from "small, scattered, weak" to "big electromechanical", forming a military aviation business as the core, taking into account the synergistic development of the civil field, covering the whole industry chain of electromechanical systems pattern. Anxin Securities pointed out that the company's aviation industry is prominent, steady endogenous growth, will benefit from the core of China's military aircraft, especially the new models of fighter aircraft replacement accelerated, the value of new models of mechanical and electrical systems accounted for a gradual increase in the maintenance of the gradual opening of the market space; at the same time, civil aircraft electromechanical systems in the domestic aircraft represented by civil aircraft market share gradually increased, the domestic substitution of space is huge.

China Direct (600038) is the only listed company in the helicopter industry

This article was originally published in the Financial Investment Newspaper