智通港股解盘 | 地产业环境逐步向好 高股息还看个股

Zhitong Hong Kong Stock Exchange Unravels | The Real Estate Industry Environment Is Gradually Improving, Dividends Are Still Looking at Individual Stocks

Zhitong Finance ·  Mar 26 07:37

At the critical moment, the Shanghai Index stabilized at 3,000 points, which boosted the confidence of Hong Kong stocks. The Hang Seng Index rose 0.88% at the close.

[Anatomy Board]

At the critical moment, the Shanghai Index stabilized at 3,000 points, which boosted the confidence of Hong Kong stocks. The Hang Seng Index rose 0.88% at the close.

On March 25, Pan Gongsheng, Governor of the People's Bank of China, attended a high-level forum on China's development, pointing out that the Chinese economy maintains a positive upward trend and is capable of achieving the expected growth target of around 5% for the whole year. China's financial system is running steadily, financial institutions are generally healthy, and have strong risk resilience. The real estate market has shown some positive signs. There is a solid foundation for long-term healthy and stable development, and fluctuations in the real estate market have limited impact on the financial system. Weak markets need something inspiring.

The report said that Shenzhen cancelled the “7090 policy” and that the proportion of units in residential projects required an official withdrawal. The policy requires that the housing area of 90 square meters or less in residential projects should account for at least 70%, which means that untimely policies are beginning to be corrected to seize the pain points of improved demand. Other benefits. From March 20 to 23, Harbin in Heilongjiang, Jinan and Yantai, Shandong, Tangshan, Guizhou, Bijie, Anhui, and Yibin, Sichuan introduced new housing provident fund policies, including increasing the maximum amount of provident fund loans, increasing the maximum loan limit for families with many children by 25%, withdrawing the Provident Fund as a down payment, increasing the calculation ratio for new citizens and young people to 20 times, reducing the down payment ratio, and implementing a “first deposit later” policy. The real estate industry requires comprehensive management, time, and cooperation from all parties. Longhu Group (00960) and China Resources Land (01109) have the intention of gradually breaking out of the bottom.

Wang Lingjun, deputy director of the General Administration of Customs, said at today's press conference that in the first two months of this year, imports and exports reached 6.61 trillion yuan, a record high for the same period in history; this scale is basically equivalent to the total value of China's foreign trade 20 years ago. Two months is equivalent to one year. Under the current sluggish situation in the international market, it is quite good to have achieved such results. As the micro level continues to improve, confidence will continue to be boosted. Tencent (00700), which has been out of service for a long time, finally made efforts to repurchase 3.47 million shares on March 25, with a repurchase amount of HK$1,001 billion. It plans to hold a board meeting on May 14 to approve the first quarter results and consider paying dividends (if any). The additional dividends on the repurchase are a major catalyst. Today's increase was 3.74%, and Baidu (09888) also took advantage of yesterday's advantage to rise 3.67% again.

There has never been a shortage of topics about cars. Yesterday was mileage anxiety; today it's smart driving. Huawei's intelligent driving has reached a new level, and Musk on the other side can't sit still: Starting this week, all eligible vehicles across the US will try FSD for free for one month. If sales don't go well, FSD will be boosted. Hong Kong stocks are also speeding up the listing of intelligent driving. Horizon, a Chinese intelligent driving computing solution provider, has submitted a motherboard listing application to the Stock Exchange. Its products include the “Journey” series of high-computing power automotive smart chips and in-vehicle intelligent computing solutions. As of April last year, the total number of shipments of the Horizon Journey series products exceeded 3 million. Zhixing Automotive Technology (01274) is an autonomous driving solution provider in China, focusing on autonomous driving domain controllers. The company has obtained fixed-point letters relating to 16 well-known OEM customers. For example, Geely Automobile, Great Wall Motor, Chery Automobile, and Dongfeng Motor have purchased or are expected to purchase autonomous driving domain controllers and iFC products from the company, which surged 6.77% today.

Zero Run (09863) announced its 2023 full-year results. Revenue, delivery volume and working capital all reached record highs. The key point is that the company's gross profit correction reached 1.2% starting in Q3, reaching the target margin correction ahead of schedule. In 2023, gross profit was corrected for the whole year, and positive cash flow from business operations was achieved. The annual delivery volume was 144,155 vehicles, an increase of nearly 30% over the previous year. The sales volume ranked among the top three new domestic forces and the top 20 in the global electric vehicle brand list, and the leading position is stable. Competition in the automobile industry is extremely cruel this year. Those that do not make money, cannot generate sales, and do not have sufficient strength will face severe survival problems.

A number of media outlets reported that China has introduced new guidelines to “ban” Intel and AMD microprocessors when the government purchases personal computers and servers. This strict government procurement guide also seeks to eliminate Microsoft's Windows system and foreign database software, and instead choose domestic solutions. However, the reality is that China has never explicitly prohibited the purchase of products from companies such as Intel and AMD. Judging from the above procurement standards, it is only required that CPUs, operating systems, etc. purchased by the government meet the requirements of safe and reliable evaluation. Any product that meets the requirements can participate in the competition. Affected by this, Lenovo Group (00992) dropped significantly yesterday and rebounded 3.6% today.

Last week, the average profit for self-raised pigs was -104.83 yuan. There is still a loss. The trend of loss of production capacity has not changed. The demand side is about to usher in holidays such as Ching Ming Festival and Labor Day. It is expected that pig prices will continue to fluctuate and rise in the short term. Pig prices rose 1.8% month-on-month last week. The contraction in pig supply in the second half of 2024 is likely an event, and pig prices may be worth looking forward to. COFCO Jiajiakang (01610) rebounded more than 2 points.

Zhejiang Shanghai-Hangzhou (00576) plummeted 15.59% today. The company's annual report performance was not bad. The annual revenue was $16.965 billion, up 10.65% year on year; profit attributable to company owners was $5.224 billion, up 0.87% year on year; it is proposed to pay a final dividend of 32 points per share (equivalent to HK$0.35). The decline is likely related to the decline in the company's dividend per share. In the past three years, the company's dividends were above HK$0.4, but this year's dividend per share suddenly fell to the level of HK$0.35, down nearly 15% from last year, and this level is also the lowest level in the past ten years. In a weak market, investors take dividend rates seriously. The opposite example is that China Merchants Bank (03968)'s revenue fell 1.64% last year, with a performance of 146.6 billion yuan, +6.2% over the same period. It plans to pay 1.97 yuan per share, with a dividend rate of 35%, an increase of 2% over last year. The corresponding dividend rate of the stock price increased to around 6.3%, which is attractive. Today it has risen 4.33%. As for the market opinion that high-yield stocks will be affected, it is untenable; the key is to look at individual stocks.

[Sector Focus]

According to the data, in January 2024, global semiconductor sales were 47.63 billion US dollars, up 15.2% year on year; among them, China's semiconductor sales were 14.76 billion US dollars, up 26.6% year on year, making it the fastest growing region. Global and Chinese semiconductor sales increased year-on-year for three consecutive months, and industry sentiment gradually increased. IDC Data estimates that the global semiconductor market will rise 20.2% in 2024 to reach US$630.2 billion, and estimates that the global semiconductor market will reach US$804.5 billion by 2027, exceeding previous expectations. Future demand for semiconductors in downstream industries such as AI servers, consumer electronics, automobiles, military, and communications will only increase or decrease.

At present, semiconductors have several logics: cycle bottom, demand growth, domestic substitution. Next, the Dutch Prime Minister's visit to China may bring new excitement. Main varieties: SMIC (00981), ASMPT (00522), Huahong Semiconductor (01347).

[Individual Stock Nuggets]

Anta Sports (02020): Achieving cost reduction and efficiency and annual revenue to a new high

In 2023, the company achieved revenue of 62.356 billion yuan, up 16.2% year on year; net profit of 10.945 billion yuan, up 44.9% year on year, including net profit of 10.236 billion yuan from the joint venture, an increase of 34.9% year on year, and a final interest of HK115 cents.

Comment: The industry was very difficult last year, but it still achieved high growth. This in itself highlights Anta's competitive advantage. The company's revenue for the full year of 2023 reached a record high. In terms of revenue scale, Anta Group has ranked first in the Chinese market for 2 consecutive years, once again surpassing Nike China and others. The three major brand groups of the Anta Group rose collectively. The revenue of the Anta brand increased 9.3% year over year to 30.306 billion yuan, and operating profit margin increased 0.8 percentage points to 22.2% year over year, making it the first Chinese sports brand to cross the 30 billion dollar revenue mark. The FILA division's revenue increased 16.6% to $25.103 billion, while revenue for all other brands increased 57.7% to $6.947 billion. In the running category, Anta's C family of professional running shoes reached the marathon podium 225 times throughout 2023, ranking first among domestic brands in terms of running mentality share. The Anta Group has carried out digital transformation to drive cost reduction and efficiency of the business. The product design cycle has been accelerated by 30%, the supply chain countercycle has been accelerated by 10 days, and the production cycle of self-operated factories has been shortened by 25%; the order volume of AI-designed shoes has exceeded 300,000 pairs. On the product side, in March of this year, the Anta brand collaborated with basketball star Kyrie Owen to sell new sneakers simultaneously in 13 cities around the world. The Anta brand has gone overseas and completed the Southeast Asian retail market layout and channel expansion.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment