subject: Analysis: The Main Theme Of Home Appliances Section To Grasp The Two Investment [print this page]
Economic data: in the first quarter, total retail sales 3.6374 trillion yuan, up 17.9% over the same period the previous year to speed up 2.9 percentage points. Divided by consumption patterns, food and beverage revenue 407.7 billion yuan, up 16.7%; retail 3.2297 trillion yuan, an increase of 18.1%. Which limits retail sales 1.2877 trillion yuan more enterprises, an increase of 29.6%. Hot consumption increased rapidly. Among them, household appliances and audio-video equipment up by 29.6%.
News: March 29, MOF issued a new
Appliances to the countryside
Subsidies species implementation plan to honor the two programs: 1. The state of agriculture, forestry workers to subsidize the countryside into the range of home appliances. 2. Provinces to select a new species into the range of home appliances to the countryside.
6 categories provinces new varieties include: electric cars,
Rice cooker
, Gas stove and range hood, electric pressure cookers and DVD players. This subsidy ceiling of 6 products are: electric cars 260 yuan, 65 yuan rice cookers, gas stoves 195 yuan, 338 yuan range hood, electric pressure cooker 78 yuan, DVD65 dollars.
Stock Performance: A-share listed companies a total of 30 listed companies involved in home appliance industry. WIND According to statistics, in April the overall increase since the real estate section was 2.99%, which rose five listed companies * ST flames [11.99-0.91%], three flower shares [27.950.90%], China intended to compression [12.04- 0.50%], Hailigufen [10.59-2.67%], and Yi Li Pu [11.800.08%], or 22.1%, 17.78%, 16.89%, 10.43% and 10.38%. The largest decline in five stocks have a new material He Sheng [32.810.64%], Vantage shares [12.35-0.40%], Gree Electric Appliance [26.460.95%], Dan Fu shares [24.63-0.69%] and with the Island
Electronic
[15.110.13%], decreases of 7.00%, 6.37%, 6.17%, 6.10% and 6.09%. * ST flames annual report 2009 earnings per share is -0.09 yuan, 250 million non-public offering of stock. Because there are significant asset restructuring the company expected, therefore, in April * ST beacon active.
Investment strategy: Guoxin Securities that the appliance plate market valuation, the valuation industry as a whole less stressful, but this year the real estate
Sell
And cost pressures and other factors, valuation up little room for improvement. More companies need to rely on self-growth to determine whether the upward valuation increase. Performance-than-expected opening price by a further rise in space.
The second quarter, two investors to grasp the main line: 1, costs upward trend in the second quarter, select the ability to pass cost-strong company, with brand value of the company or new varieties of high growth companies is a better choice . 2, the labor surplus in the past longer restrain their wage increases, while the lower strata of the recent rise in the labor bargaining power in favor of rural and township levels increased spending power. Performance of the company should be selected on the more sensitive consumers in rural and township firms. Ability to choose strong pass the cost of companies such as Midea [21.250.24%]
Supor
[22.50-0.09%]; selection performance of rural and township or the contribution of consumption more sensitive to increases in the company, such as Midea, Little Swan, ST Kelon [9.431.18%];
Energy
Accelerated the growth trend of companies such as Zhejiang Sunshine [23.500.43%] in three years shares;
TV
Listed Company proposes to buy in May and look forward to the product after the first quarter to adjust strategies to enhance profitability in the second half produced results.
Stock Rating: Northeast Securities [33.68-2.26%] to give Supor "cautiously recommended" rating. The next three years the company will maintain good growth, to maintain the profitability of the company.
Forecast that the company's 2010,2011 and 2012 earnings per share (diluted) will reach 0.96 yuan, 1.18 yuan and 1.49 yuan, respectively, corresponding to dynamic price-earnings ratio is 23.63 times, 19.18 times, 15.18 times, to maintain "prudent Recommended "rating.
Analysis: The Main Theme Of Home Appliances Section To Grasp The Two Investment
