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Analysis Of Four GEM Stocks

2011/2/12 13:56:00 63

In the early part of the Spring Festival, the price of the main board was greatly reduced by stabilizing prices and restraining inflation.

Because

Short-term

The decline is too large, after digestion bad news, the market's rapid downlink probability is smaller.

However, under the current market environment, policy boots have not yet completely landed.

And the recent CPI remains high, the market has not yet had the comprehensive reversal conditions.

Early oversold stocks may have phased investment opportunities, and investors should be given due attention.

At the same time, we suggest that we should pay close attention to the trading opportunities of high pfer stocks.

Pathfinder (300005)

Total capital stock: 134 million shares

Circulating capital stock: 56 million 400 thousand shares

2010 three quarterly earnings per share: 0.23 yuan

Restricted stock listing (October 30, 2012):7565.49 million shares

The company mainly produces outdoor sportswear and outdoor travel, leisure products and so on.

In the autumn and winter of 2011, product orders were full.

product

Department of integration.

company

Brand new four product lines have been built, and children's clothing industry has begun to try.

In 2010, the growth rate of direct store construction accelerated significantly.

While vigorously developing conventional channels, the company also focuses on developing new channels.

We believe that for outdoor products, diversification of channels will help companies improve their inventory turnover and closer to the target consumer groups.

With the improvement of consumers' cognition of outdoor products, the growth rate will continue to increase in the next three years.

Forecast Ltd in 2011 EPS was 0.68 yuan, corresponding PE close to 45 times, given "recommended" investment rating.

Shanghai Jia Hao (300008)

Total capital stock: 85 million 680 thousand shares

Circulating capital stock: 34 million 910 thousand shares

2010 earnings per share: 0.72 yuan

Restricted stock listing (October 30, 2012):4684.55 million shares

The company's main business is ship and ocean engineering equipment design.

The company issued a performance notice. In 2010, its operating income was 202 million 884 thousand and 300 yuan, and its operating profit was 69 million 144 thousand and 500 yuan, an increase of 35.13% over the same period last year.

In 2010, China's shipbuilding capacity, the number of new ship orders and the order quantity of handheld ships exceeded three targets in Korea, becoming the world's largest shipbuilding country, and the shipping industry began to recover slowly.

Affected by the industry, the traditional ship design business grew steadily.

In addition, the company issued a notice in August 2010, and jointly invested with Yangtze River shipping enterprises and other enterprises to set up Shanghai Yangtze River shipping and ocean engineering design and Research Center Co., Ltd.

If the new company is established smoothly, Future Ltd is expected to win about 500 million yuan in the main ship design business of the Yangtze River shipping industry.

It is estimated that the EPS in the 2011-2013 year is 0.94 yuan, 1.35 yuan and 2.07 yuan respectively, giving the recommended investment rating.

Tian Zhou Culture (300148)

Total capital stock: 75 million shares

Circulating capital stock: 15 million 400 thousand shares

2010 three quarterly earnings per share: 0.47 yuan

Restricted stock listing (March 15, 2011):360.00 million shares

The company is mainly engaged in the planning, design, production and distribution of young people's books.

The company's main business is in the content planning, distribution and wholesale links of the industrial chain.

From the international experience, the top five publishing companies in the United States account for 45% of the total market share of the United States, while the concentration level of China's publishing industry is still very low.

The sum of the four largest publishers is less than 7% of the total turnover of the country, and the characteristics of the free competition market of private publishing are more obvious.

Although the publishing industry is not a high growth industry, we believe that in the next 2 years, the growth rate of the primary income will be 40% to 45%.

The company expects earnings per share from 2010 to 2012 to be 0.40 yuan, 0.55 yuan and 0.73 yuan respectively, corresponding to 59 times, 43 times and 32 times of P / E ratio.

In view of the fierce competition in the private publishing market, the best time for policy support has not yet arrived. We give the company a "neutral" rating.

LETV (300104)

Total capital stock: 100 million shares

Circulation capital: 25 million shares

Earnings per share for the three quarter of 2010: $0.65

Restricted stock listing (August 12, 2011):1939.50 million shares

The company announced that it would use 40 million yuan to raise funds to jointly invest 4 TV dramas to obtain network copyright.

In the field of video on demand, the company has gained the leading edge in the long video industry. However, under the competition of competitors such as Youku and cool 6, the long video copyright cost has increased rapidly.

Therefore, the company has increased the input of long video content copyright.

Prior to this, the company's January announcement invested 56 million 570 thousand yuan to buy Huayi Brothers (300027, stock bar) 19 TV exclusive network copyright.

The 40 million participation in the production of 4 TV dramas has three aspects: first, the preemption rights of the network copyright in the drama series; two, the guaranteed income stipulated in the agreement, and 15% fixed return in December after the investment of the agreement.

In addition, if the net copyright is finally purchased, the fixed return will be 13%; the three is to get the producer of the drama or the signature right of the joint production, so as to generate brand publicity benefits.

Considering the rapid growth of the video on demand industry and the unique advantages of the company in the long video area, it gives the "recommended" rating.

It is estimated that EPS in 2010, 2011 and 2012 will be 0.69 yuan, 1.17 yuan and 2 yuan respectively for EPS.