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Yuesheng Financial Management
With the growth of the base people, the investment philosophy of fund managers is gradually leading the direction of market speculation after the fund has become the largest main force in the market. It is a relatively unified investment idea for Chinese and foreign investment funds to invest in blue chips and tap leading enterprises in the industry. Therefore, in the bull market journey, as long as you buy shares of leading enterprises in the industry, you will be able to enjoy the fun of raising a sedan chair for you. Plate rotation is the main feature of the current market. After individual stocks in financial, aviation and other sectors soared, this column believes that the market needs new popularity plates in the future. It is time to pay attention to the technology sector. Because of the huge imagination space, technology stocks have always been an active sector in the market. So far, the stock index has reached new highs, but it has not yet shown. Therefore, the science and technology sector, which has been silent for a long time and has always been popular and appealing, is expected to rise again, among which the industry leading enterprises (000066) Great Wall Computer Most noteworthy: First, the actual controller of Great Wall Computer is China Electronic Information Industry Group, a super large enterprise directly under the State Council, and controls Great Wall Development With two listed companies of Great Wall Computer, it is expected to integrate Great Wall Computer in the future; Secondly, the company announced in May that it plans to acquire the equity of TPV Technology, which is listed in Hong Kong and Singapore at the same time. TPV Technology is the world's largest display enterprise. Therefore, Great Wall Computer will become the industry leader in the world after the acquisition, and its future development potential will be further improved. Most importantly, the interim performance of the company in 2007 has far exceeded that of last year. Rapid growth will inevitably lead to large-scale allocation of new funds, and the rising potential will naturally become more prominent!
The imagination space of central enterprises integration is infinite
The central government has increased the reform and reorganization of central enterprises, making the listed companies controlled by central enterprises full of imagination. At present, the concept of central enterprise integration has become a major focus of the market, Gezhouba Dam 、 Datang Power Generation The bullishness of the company makes the company with the expectation of the integration of central enterprises become the target of the research organizations. (000066) Great Wall Computer, the actual controller of the company has been changed to China Electronics Information Industry Group, which is a super large enterprise directly under the State Council. It is worth noting that China Electronics Information Group simultaneously controls Great Wall Development and Great Wall Computer, two listed companies. The industry overlaps, and it is expected to integrate Great Wall Computer in the future. When it comes to equity restructuring and asset purchase, the stock price of Great Wall Computer will soar unstoppably. In August 2005, the joint reorganization of China Great Wall Computer Group and China Electronics Information Industry Group was approved by the SASAC. At present, CEC owns and controls up to 12 other domestic and overseas listed companies, including many domestic and overseas listed companies including Great Wall Development, Great Wall Computer and Great Wall Information. Most of the above businesses of CEC Holdings overlap, so it is expected to integrate and restructure its companies. Great Wall Computer has a very optimistic future. Especially in the secondary market, the current share price of Great Wall Development is more than 18 yuan; The share price of Great Wall Information is more than 26 yuan, compared with Great Wall Computer, whose current share price is only 14 yuan, which has great potential to rise naturally in the future, so the current low price deserves special attention!
Hardware+network has broad prospects
Great Wall Computer is one of the largest manufacturers of computer power supply and display in China. It has a history of 20 years of developing, designing and manufacturing special switching power supply for computers. The company has an annual production capacity of 10 million computer switching power supplies. Great Wall Power has been supporting domestic and foreign computer manufacturers such as Founder, Tsinghua Tongfang, IBM and Acer. In addition, the display of Great Wall Computer, while supporting domestic and international computer manufacturers, has also become the first choice of the company's "WESCOM" and "Golden Great Wall" two private brands. Great Wall Computer has set up three professional laboratories around the world, registered more than 200 patents worldwide, and took the lead in launching the first domestic security computer with independent intellectual property rights, and the world's first blade server based on 10 Gigabit cascade technology. Great Wall Computer also undertakes important national science and technology projects such as the Torch Plan and the "11th Five Year Plan". It works with IBM to build the world's largest server production base, and carries out in-depth cooperation with internationally renowned manufacturers such as Hitachi, Toyo Marubeni, ELCOTEQ, etc. At present, the production and sales volume of computer hard disk heads produced by Great Wall ranks second in the world, with a market share of 15%; The production and sales volume of disk substrates produced by Great Wall ranked third in the world, accounting for 20% of the global market; One out of every five computers in the world is using parts of the Great Wall. Since it has firmly occupied the huge computer market in the world, it will certainly get considerable returns in the future information upgrading. The company and IBM funded the establishment of ISTC, and Great Wall Computer holds 20%. With the involvement of the controlling shareholder China Electronics Industry Group, it has a strong concept of capital injection while vigorously supporting, and has a very promising future! In addition, the company holds 7.5% of the shares of Great Wall Broadband Network Service Co., Ltd., and China International Trust and Investment Corporation holds 50% of the shares of Great Wall Broadband. Changkuan has become one of the influential broadband network construction and operators in China. It has been approved by the Ministry of Culture to build a national Internet service business site, and is the only equipment provider among the 10 finalists Broadband providers and licensors are a chain company with a very broad development prospect, which is expected to bring great imagination to Great Wall Computer!
It is more valuable to acquire the equity of TPV and enter a world-class enterprise
Great Wall Computer (000066) announced on July 25 that the company had received the Reply on Approving China Great Wall Computer Shenzhen Co., Ltd. to Acquire Part of the Equity of TPV Technology Co., Ltd. from the Ministry of Commerce, and agreed that the company would acquire 200 million shares of TPV Technology Co., Ltd. held by BOE Technology Group Co., Ltd., accounting for 10.27% of the shares of TPV Technology Co., Ltd. This successful acquisition of TPV Technology can rapidly expand its revenue and profit scale to stabilize and improve its position in China's electronic system, and will achieve synergy in the display and power business to improve profitability; The merger and acquisition of TPV is also increasingly significant for the national LCD strategy. The price increase of panel helped TPV get out of the bottom of profit. It is expected that LCD Rongjing will last until 2008. The slow rise in panel prices will help TPV improve its profitability. Vertical integration, new product release, the increase in the proportion of private brands, and the gradual entry of LCD TVs into the harvest period will help TPV out of the performance trough in the first quarter of 2007. TPV plans to increase the market share of LCD TV from 5% to 10-15% within five years, and the LCD TV business will gradually become the driving force of TPV's main business and profit growth. In the next four years, the CAGR of global LCD TV shipments will reach 30%, and the increase of the proportion of OEM is the general trend. TPV's OEM experience and production layout in the display field will give it a clear advantage in obtaining LCD TV OEM orders. Haitong negotiable securities Chen Meifeng, an analyst, predicted that the company's performance in 2008 would increase to 0.70 yuan after the increase of its shareholding in TPV, and he did not rule out the possibility that the company would continue to increase its shareholding in TPV so that its performance would significantly exceed expectations. At present, the average dynamic P/E ratio of comparable companies in 2008 is close to 40 times, and the property revaluation and cash balance provide the company with a valuation floor. With a P/E ratio of 30-33 times lower than the industry average, the reasonable range of stock price is 21-23.1 yuan, maintaining a six-month target price of 22.50 yuan and an investment rating of "buy".
In the secondary market, the shares of leading enterprises are the focus of new fund allocation, so they have entered the ranks of world-class enterprises. The medium-term performance of 2007 has greatly exceeded that of Great Wall Computer last year, and will be favored by the fund in the future. In particular, the current share price of Great Wall Development is more than 18 yuan compared with similar stocks in the current market; The share price of Great Wall Information is more than 26 yuan, which is seriously low compared with the price, and it is full of power to make up. As an old technology leader, the future market is more capable of becoming a popular new leader in the market. It is suggested to focus on it!
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
