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How to screen industry leaders?

Time: January 9, 2020 14:27:29 China Finance
When we do value investment to select growth stocks, we usually say that we must choose the industry leader in stock selection. Because only the leading companies in the industry benefit the most, the stocks of leading companies tend to increase the most.

How to screen industry leaders?
When selecting industry leaders, it is generally done in two steps. First, get rid of stocks that don't really belong to the industry and rank their importance. Second, compare one by one and select leading companies.

The first screening criterion: the main business accounted for a lot of stocks, and his main business did a lot of miscellaneous things. This kind of stock seems to touch every concept, but the concept of speculation is okay. A two-hearted company can never become the industry leader and it is not suitable for growth stock investment.

A really good company is one that concentrates on doing one thing well. After continuous efforts, it is necessary to be an expert in the industry and grow into a hegemony in the industry. Such a company, as long as the industry is still developing, he can continue to benefit. Therefore, our screening criteria are: The company's operating income has a relationship with related industries of more than 60%. If it is below 60%, it is not considered.

Let's take the comparison between Maotai , Guizhou and Baoan , China as an example. Speaking of China's Baoan , many people may not know what his main business is doing. China Baoan is an old-fashioned listed stock with the stock code of 000009, which belongs to the earliest listed companies. Let ’s take a look at their main business ratio.

It can be seen that China Baoan not only does high-tech (which technology is unknown), but also real estate and biomedicine . It can be said to be a "all-around" company, but none of its main businesses exceed 60%. And today there is a daily limit, the reason for the daily limit is the graphene concept.

Guizhou Moutai only makes alcohol, and most of it is Moutai, which is very specific. Therefore, Maotai , Guizhou can become the leader of the industry. The stock price has continued to reach record highs. The current market value has exceeded one trillion. Although China Baoan has been listed earlier, the current stock price is less than a fraction of that of Maotai. .

Many people generally think that small companies have better growth, and choosing a small company is better than a large one. In fact, this is a big misunderstanding.

If we have two big industries with very good prospects, one of which is in its infancy and the leading company is not large; and the other is in the middle of growth, the leading company is already very large. In this case, because the first industry has greater development prospects in the future, its leader naturally has much greater growth potential than the leader in the second industry.

But this does not mean that small companies are better than large companies in the same industry. For example, in the bicycle-sharing industry, two or three years ago, small companies were as big as bulls and big companies only had Mobike and OFO. Now only Mobike has survived. Even OFO has survived in name and the deposit cannot be returned.

Leading companies are often the pioneers of the market and are currently the largest. Because he was the earliest and largest, he often controlled the resources in the industry. Once resources are controlled by such a leader, it is difficult for followers to surpass him. Then the next story is that the leading company merged all the companies in the industry, and the last one was the only one with a stable profit.

If a leader already exists in the industry, then small companies must have a stronger advantage in resources or products to win consumers. Only in this way can small companies surpass the leader.

In 2015, I spent thousands of yuan with Fengteng to pick up an agent from a micro-city community, similar to Meituan. It mainly lets various small shops live on this platform. We both represent the entire Baoan area of Shenzhen. The management fee of 200 yuan was paid. At that time, the general dealer gave us longing. There are tens of thousands of small shops in Baoan District. Even if we only have a occupancy rate of 10%, we will have hundreds of thousands of income in one year. Of course, this is a beautiful dream. At that time, Meituan was very successful. There was no fame and fans on this platform, and we could not even pull in the shops. After a few weeks of running, I only checked in less than 10.

After the screening of the main companies, the remaining companies. According to the corresponding industry, the operating income of all companies is ranked, and the top companies are analyzed first. Because they are more likely to occupy the industry's resource advantage , and they are more likely to be in a leading position on the product.

After doing this, let's analyze which company has the most key competitive factors in the industry, and who is likely to be the leading company. The key competitive factors can be analyzed from the aspects of brand, scale, threshold, channel, and customer stickiness. The space is limited, so it will not be discussed in detail here. I will have the opportunity to discuss it in detail later.

For some relatively new industries, when it is not clear who is the leader, it is simpler. You can use the performance criteria as a reference, and whoever comes out will be considered. (.Shares.)
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