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4 companies get recommended ratings-updating

Time: January 9, 2020 17:00:37 China Finance
[16:57 Zhaoyan New Drug (603127) performance preview comment: in line with expectations, focusing on the flexibility brought by capacity utilization]

On January 9, Zhaoyan New Drug (603127) was recommended.

Investment suggestions: Considering the flexibility brought by the changes in the digestion structure of orders in the single quarter of 2019Q4, the agency slightly raised its performance expectations. It is estimated that the EPS for 2019-2021 will be 1.00, 1.42, and 1.88 yuan, respectively, according to the closing price of January 8, 2020. Corresponds to 59 times PE in 2019 (42 times in 2020), and maintains a “Recommended” rating with reference to the valuation of comparable companies and the company's leading position in the industry.

4. Risk reminders: short-term order volatility; the increase in large-amount contracts leads to the risk of fluctuations in accounts receivable; the risk of changes in drug review policies.

The stock has obtained 21 buy ratings, 18 overweight ratings, 16 recommended ratings, 3 highly recommended-A ratings, 2 cautious overweight ratings, 2 overweight-A ratings, and 1 in the past 6 months. Highly recommended rating.


[16:07 Shenzhen Gas (601139): Performance is in line with expectations Expect peak capacity of peak-adjusting stations to gradually climb]

On January 9, Shenzhen Gas (601139) was recommended.

III. Investment suggestion: The company's annual performance is in line with expectations, maintaining the previous judgment on the company's profit. It is expected that the company's EPS for 2019-2021 will be 0.37, 0.43 and 0.53, corresponding to 22, 19 and 15 times the current price of PE. The company's PE is located at the 20% quantile since its listing, and its PB is slightly lower than the average of 2.14x in the gas industry. We maintain the “Recommended” rating.

4. Risk reminder: The price of natural gas supply is rising; 2. The sales volume of gas is less than expected; 3. The commissioning progress of the peak regulation station is less than expected.

The stock has received 27 buy ratings, 4 recommended ratings, 4 overweight ratings, 3 outperforming industry ratings, 3 cautious recommended ratings, 2 overweight-A ratings and 2 prudent increases Hold rating, 1 outperform the market rating, 1 prudent overweight rating, and 1 strongly recommended rating.


[13:57 Zhaoyan New Drug (603127): In-depth report of Zhaoyan New Drug of CRO series of reports: Preclinical CRO safety assessment subdivision leader enjoys high industry growth dividend]

On January 9, Zhaoyan New Drug (603127) was recommended.

Investment suggestion: The company's 2019 and 2020 earnings per share are expected to be 0.96 yuan and 1.33 yuan, respectively, and the corresponding valuations are 60.1 times and 43.5 times, respectively. The company is the leader in the preclinical safety assessment of the pharmaceutical CRO industry and enjoys the rapidly growing industry dividends of the Chinese pharmaceutical industry. At the same time, as the pressure on pharmaceutical research and development increases year by year and the policy is tilted towards innovative drugs, the CRO industry is expanding rapidly. The company's production capacity is expanding rapidly, with a large number of orders in hand, which provides high guarantee for the company's future performance. The current valuation is relatively reasonable, and the company is recommended for the first time.

Risk reminders: changes in pharmaceutical policies, slower-than-expected industry growth, and lagging in order completion.

In the last 6 months, the stock has received 19 buy ratings, 17 overweight ratings, 15 recommended ratings, 3 highly recommended-A ratings, 2 cautious overweight ratings, 2 overweight-A ratings, and 1 Highly recommended rating.


[11:37 Ruipu Biological (300119): The company is expected to usher in "performance + valuation" Davis double click]

On January 9th, REPU Bio (300119) was recommended.

The company's performance growth is highly deterministic, and both the horizontal and vertical comparative valuations are at a low level, which is expected to usher in a "performance + valuation" Davis double-click. The agency expects that under the background of the boom in the poultry sector, the company has a high degree of certainty that it will maintain high performance in the next two years. The company's historical average PE is 39x, and the comparable company's average PE is 40x. According to the agency's profit forecast, the company's 2020 net profit attributable to the parent is 260 million, and the historical average PE is used for calculation. Compared with the current market value, there is still much room for improvement. In addition, the controlling shareholder of the company has reduced its holdings, and there is little pressure for subsequent reductions; the company will use Ruipai Pet Hospital to promote pet products this year, and it is expected to fully profit in the long run; the company also plans to enter the foot-and-mouth disease vaccine market and grow room huge.

Earnings forecast and rating: The agency expects the company to realize operating income of 1.425 / 17.82 / 21.19 billion yuan in 2019-2021, net profit attributable to the parent of 1.94 / 2.60 / 3.14 billion yuan, and EPS of 0.48 / 0.64 / 0.78 yuan respectively, corresponding to PE respectively 34.63x / 25.85x / 21.37x, maintain "Recommended" rating.

Risk reminder: the risk of epidemic in the breeding industry, the risk of product development, and the risk of intensified market competition. The stock has received 11 buy ratings, 9 overweight ratings, 3 recommended ratings, and 2 outperformed industry ratings in the last 6 months. .


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