This article is from the WeChat public account: Good-invest (ID: Good-invest) , author: good early Jun, edit: little cousin
The concept of core assets has risen for three years. Since 2019, the stock price of core assets including Ping An of China has a large demand for adjustment. It is time to focus on second-tier blue chips, especially the hidden champion of A shares.
What is an invisible champion?
Hidden champions focus on a certain segment, firmly control the local and even global markets, and their share is often significantly ahead of the second and subsequent followers. In this subdivided field, products are generally relatively simple, and profitability is achieved through scale and cost control. There are certain technical thresholds and large companies are unwilling to enter.
Chu Shanjun believes that invisible champion companies have three common characteristics: First, the market share is high , invisible champions occupy a leading position in their respective industry segments; the second is basically It is a 2B company , so it generally does not include end products such as consumption; The third is that the company has a strong profitability and has a good ROE.
According to the above characteristics, Chu Shanjun read thousands of annual reports and research reports, vomited blood and organized the hidden champion of A shares.
The study found that in the traditional chemical industry, Made in China has enough right to speak, there are many world champions, in the field of construction machinery; in the field of machinery, Made in China is a typical catcher, and many fields have just Started domestic substitution, so there are not many invisible champions in the world’s leading fields; benefiting from the development of the domestic automotive industry chain in the past few years, most of the automotive component industry chain companies are in the domestic warlord melee phase, and few of them are truly moving to the world. Less, it is only glass that can actually complete domestic substitution, so considering the huge domestic substitution space in this field, people have to look at it differently.
After the study, Chu Shanjun can draw an exact conclusion: Made in China is really cattle.
1. Chemical industry
Chu Shanjun discovered that there are many hidden champions in the field of chemical engineering, which precisely illustrates that in the field of basic chemical engineering, China’s manufacturing is exhilarating.
Wanhua Chemical: The main products are MDI and TDI. The MDI production capacity in 2018 was 2.15 million tons, and the production capacity in 2022 reached 3.35 million tons, ranking first in the world. In 2018, polyurethane sales accounted for the world. The market is 23% and the domestic market is 60%. The company’s 2018 revenue was 60.621 billion yuan, net profit was 12.83 billion yuan, and the average ROE in the past three years was 38.53%.
Zhejiang Longsheng: The main products are disperse dyes and reactive dyes. In 2018, the company’s output of dyes was 222,000 tons, accounting for 25% of the national output; the production capacity of disperse dyes was 180,000 tons, the first in the world. Disperse dyes account for 30% of the domestic market. In 2018, the revenue was 19.076 billion yuan, the net profit was 4.213 billion yuan, and the average ROE in the past three years was 17.02%.
Longman Baili: The main product is titanium dioxide. In 2018, the production capacity of titanium dioxide was 650,000 tons. It is currently the first in China and the fourth in the world. twenty one%. The company plans to reach a production capacity of 1 million tons in 2020. In 2018, the revenue was 10.554 billion yuan, the net profit was 2.32 billion yuan, and the average ROE in the past three years was 15.05%.
Juhua shares: The chemical sub-industry is located in fluorination industry, and the main product is the third-generation fluorine refrigerant. The capacity of the third-generation refrigerants R32, R125 and R134a is 6.2, 4 and 70,000 tons / year, respectively, which are the first in China, and R134a is the largest in the world. The third-generation fluorine refrigerant (R32, R125, R134a) total domestic market share is about 26%. The company’s 2018 revenue was 15.656 billion yuan, net profit was 2.183 billion yuan, and the average ROE in the past three years was 9.60%.
Adisseo: The main product is methionine, which is an animal nutrition additive. The company ’s methionine production capacity is 490,000 tons, and the global production capacity accounts for 27%. First, second in the world. publicThe company’s 2018 revenue was 11.418 billion yuan, net profit was 1.216 billion yuan, and the average ROE in the past three years was 11.4%.
Yangong Chemical: The main product is pyrethroid, one of the pesticides. In 2018, the total production capacity of pyrethroid was 8,900 tons, the first in the country, of which hygienic pyrethroid had a domestic market share of about 70%. The company’s 2018 revenue was 5.291 billion yuan, net profit was 939 million yuan, and the average ROE in the past three years was 16.74%.
Jinhe Industry: The main product is sweetener (Acesulfame, Sucralose) , For food additives. In 2018, the company’s production capacity of Ansaimi was 12,000 tons, monopolistic monopoly, the world’s first; sucralose’s production capacity after technological transformation and expansion was 3,000 tons, the world’s second. Ansaimi has about 60% of the global market share, and sucralose has a global market share of about 17%. The company’s revenue in 2018 was 4.133 billion yuan, net profit was 912 million yuan, and the average ROE in the past three years was 28.59%.
Red Sun: The main product is pyridine base, one of the pesticide categories. The company currently has 62,000 tons of pyridine base production capacity and is the world’s largest pyridine base production company. The company’s global production capacity of pyridine base accounts for about 20%. The company’s 2018 revenue was 5.908 billion yuan, net profit was 637 million yuan, and the average ROE in the past three years was 10.00%.
Enjie shares: The main product is a wet battery separator for lithium batteries. At the end of 2018, the current capacity of wet separators was 1.3 billion square meters, with 1.5 billion square meters under construction, the first in the world. In 2018, diaphragm shipments reached 468 million square meters, and the global diaphragm market share reached 14%, of which the domestic wet-process diaphragm market share reached 45%. The company’s 2018 revenue was 2.457 billion yuan, net profit was 680 million yuan, and the average ROE in the past three years was 14.46%.
National Porcelain Materials: The main product is electronic ceramic MLCC formula powder. The production capacity of MLCC formula powder is 7,000 tons. It is the first manufacturer in China and the second manufacturer in the world to successfully produce nano-barium titanate powder by hydrothermal process. MLCC has the first production capacity in China and the fourth in the world. The company’s domestic MLCC formula powder market share is about 80%, and the global market share is about 10%. The company’s 2018 revenue was 1.798 billion yuan, net profit was 558 million yuan, and the average ROE in the past three years was 14.47%.
Green pineShares: The main product is synthetic camphor. The company has a production capacity of 15,000 tons / year of synthetic camphor (of which 5,000 tons is about to be put into production). In 2018, the scale of synthetic camphor production accounted for 78.9% of domestic production, and global production capacity accounted for 44.8%, ranking first in the world. The company’s 2018 revenue was 1.422 billion yuan, net profit was 400 million yuan, and the average ROE in the past three years was 20.95%.
Black Cat: The main product is carbon black. The company’s carbon black production capacity in 2018 was 1.1 million tons, currently the first in China and the third in the world. In 2017, domestic production capacity accounted for 15.6%, and output accounted for 7.8% of global total output. The company’s 2018 revenue was 7.893 billion yuan, net profit was 402 million yuan, and the average ROE in the past three years was 11.98%.
Yangu Huatai: Yanggu Huatai’s chemical sub-industry is a rubber auxiliary, and its main product is the anti-scorching agent CTP. The company is a domestic leader in rubber auxiliaries, with a capacity of 20,000 tons of anti-scorching agent CTP in 2018, with a global market share of 60%. The company’s 2018 revenue was 2.082 billion yuan, net profit was 367 million yuan, and the average ROE in the past three years was 26.50%.
Dangsheng Technology: The chemical sub-sector where it is located is lithium battery material, and its main product is high nickel ternary cathode material. The company’s current capacity of ternary cathode materials is 13,000 tons. It is expected that the total capacity of cathode materials will reach 54,000 tons in 2020, of which NCM811 / NCA capacity will reach 42,000 tons, and high nickel ternary anode material capacity will account for 77.8%. The first volume. The company’s 2018 revenue was 3.281 billion yuan, net profit was 316 million yuan, and the average ROE in the past three years was 12.03%.
Dinglong shares: The main product is color polymer toner. In 2018, the color toner production capacity was 2,000 tons. It is the only manufacturer in China that occupies the entire color toner production capacity of domestic companies and plans to expand production to 4000 tons. The company’s 2018 revenue was 1.338 billion yuan, net profit was 271 million yuan, and the average ROE in the past three years was 10.28%.
Dao Ming Optics: The chemical sub-industry is a functional film. Its main product is a microprism reflective film with a total production capacity of 15 million square meters per year, the first in China and the fourth in the world. The company is the first company in China to master the technology of microprism film, breaking the monopoly of foreign technology. In 2018, the domestic market share was about 7%. The company’s 2018 revenue was 1.197 billion yuan, net profit was 205 million yuan, and the average ROE in the past three years was 7.39%.
Polyfluoride and poly: The main product is lithium hexafluorophosphate with a production capacity of 6,000 tons, and it is planned to reach a production capacity of 10,000 tons by the end of 2019, ranking first in the world. In 2018, production and sales accounted for 30% of domestic shares, and global production capacity accounted for 13.3%. The company’s 2018 revenue was 3.945 billion yuan, net profit was 132 million yuan, and the average ROE in the past three years was 10.85%.
Shenzhen Rising Star: The main product is aluminum grain refiner and metallurgical additive. The company is the world’s largest aluminum grain refiner company, with a production capacity of 60,000 tons / year. At the end of 2019, the capacity will reach 90,000 tons / year. The domestic market share of aluminum grain refiner is 40%, and the global market share is 23%. ,The world’s first. The company’s 2018 revenue was 1.1 billion yuan, net profit was 125 million yuan, and the average ROE in the past three years was 14.36%.
Yabang shares: The main products are anthraquinone structure disperse dyes and vat dyes, the world’s largest anthraquinone structure disperse dyes and vat dye enterprises, with a production capacity of 22,000 tons of disperse dyes and a production capacity of vat dyes. 6000 tons. Both the market share of anthraquinone disperse dyes and vat dyes in China are about 35%. The company’s 2018 revenue was 2.076 billion yuan, net profit was 118 million yuan, and the average ROE in the past three years was 13.07%.
Powerful new materials: The main products are photoinitiators for photoresists, and electronic chemicals. The company is a global leader in photoresist initiators. In 2018, the output of photoinitiators for PCB dry film photoresists was 968 tons, and the output of LCD photoresist initiator was 77 tons. LCD photoresist initiators break foreign monopolies and fill domestic gaps. The company’s photoresist for PCB dry film photoresist occupies 70% of the global market, and the field of LCD photoresist initiators occupies 45% of the global market. The company’s 2018 revenue was 739 million yuan, net profit was 137 million yuan, and the average ROE in the past three years was 12.91%.
The market value and valuation of major companies are as follows:
2. Engineering and mechanical fields
In the field of machinery, Made in China is a typical catcher, and many fields have just begun to replace domestically. Therefore, there are not many areas where the invisible champions dominate the world. Of course, in some heavy machinery fields, oligopoly has been formed, it is not important whether it is a champion, such as Sany, Xugong, Weichai and so on.
Zhejiang Dingli: The main products include arm cover, scissor type, mast type, etc., domestic aerial platform leader. In 2018, the company’s sales volume of aerial platform was 27,170 units, a year-on-year increase of 59%. The global market share is 2.2%, which still has huge room for improvement compared with the global market share of the US aerial platform leader JLG 22%. The current production capacity is 26,000 units. In 2017, the company issued additional funds of 860 million yuan to build a large-scale intelligent aerial work platform project with an annual output of 3,200 units, mainly producing high-end arm-type products. It is expected to start production in 2020. In 2018, it realized operating income of 1.7 billion, net profit attributable to its parent of 480 million, and an average ROE of 18% in the past three years.
Homa Technology: The company’s main business includes tire molds, casting and large-scale parts processing. Among them, tire molds are the core business and are the global leader in tire molds. According to estimates, the company’s mold revenue in 2018 was 2.766 billion yuan. According to the 10.6 billion market space calculation, the global market share was 26%. From 2012 to 2018, revenue increased from 711 million to 3.724 billion, with a CAGR of 32%, and net profit attributable to mothers increased from 198 million to 739 million, with a CAGR of 25%, and ROE remained above 17% for five consecutive years.
Hengli Hydraulics: The company’s products have evolved from the manufacture of hydraulic cylinders to cover high-pressure cylinders, high-pressure plunger pumps, hydraulic multi-way valves, industrial valves, hydraulic systems, hydraulic test benches and high-precision hydraulic castings. Large integrated enterprises such as product development and manufacturing. Among them, the market share of excavator oil cylinders is about 51%, and the share of main control pump valves for small excavators below 15T has been increasing in the main plant, and the market share of small excavator pump valves has been nearly 30%. The company achieved operating income of 4.2 billion yuan in 2018, and its net profit attributable to its parent was 837 million yuan. The company’s ROE in the past two years was 19%.
Jack shares: Products are mainly industrial sewing machines, cutting machines, cloth spreaders and other industrial sewing and pre-sewing equipment. It is a leading sewing machine manufacturer in the domestic industry. Sales in 2018 And sales exceeded Japan Heavy Machinery, becoming the world’s largest sewing equipment company. 201In 8 years, it realized operating income of 4.152 billion yuan and deducted non-net profit of 454 million yuan. ROE did not fall below 20% in the first five years.
Zhenhua Heavy Industry: The global leader in container cranes. In the container shore bridge market, Zhenhua Heavy Industry has a global market share of more than 70%, a US market share of 95%, and a European market share of over 85 %, The market share in the world for 20 consecutive years. In 2018, it realized operating income of 21.8 billion yuan, and its net profit attributable to its mother was 443 million yuan. (The ROE of this company is very low, because the net interest rate is very low, which is a vacant market share, but a pity.)
Zuolang Smart: In the field of natural fiber textile machinery, a few companies in the world are able to provide from the open and clean cotton group, card, roving frame, spinning frame, winder, twisting machine, double twist And complete solution provider for rotor spinning machines and automatic rotor spinning machines. In 2018, in the global mid-to-high-end carding machine market, Saurer accounted for 13.6% of the global market and 31.5% of the domestic mid-to-high-end carding machine market. In 2018, it realized operating income of 9.2 billion, net profit attributable to its mother of 810 million, and ROE in the past two years was close to 25%.
Hongya CNC: R & D, production and sales of panel furniture machinery and equipment, 2016-2018 Hongya CNC special equipment output (Sets / sets) are 9397, 12011, 11985, the products are positioned in the mid-to-high-end market, and have obvious technical advantages in the edge banding machine field. The market share of the products exceeds 8%, and the average annual revenue growth rate is three years. The compound growth rate is 49.53%, and the ROE is not less than 20% in the past three years.
3. Cars and parts
Benefiting from the development of the domestic automotive industry chain in the past few years, most of the automotive component industry chain companies are in the domestic warlord melee phase. Although some companies are large in scale and not large in strength, few are truly global. Actually, it is only glass that can complete the domestic substitution, so considering the huge domestic substitution space in this field, people have to look at it differently.
Automobiles : Overall, since 2011, the market share of Geely and the Great Wall has steadily increased.
Fuyao Glass : AutomotiveGlass spoiler, the company’s global share continued to increase from 20% to 26.1% in 2013-2018, it is estimated that it has surpassed AGC to the world’s first. In the past 7 years, the company’s automotive glass business has a CAGR of 12%, which is much higher than the growth rate of global competitors.In 2018, it achieved operating income of 20.2 billion yuan and net profit of 4.1 billion yuan. The average ROE level in the past ten years is about 20% .
岱 美 股份有限公司 : Leading sun visor. In 2018, through the acquisition, the sun visor business took another level, and global sales expanded to 40.208 million units, and the global market share increased to 28.5%. It is expected that In 2019, the global market share of the company’s sun visor business is expected to reach about 35%, and its market share is ranked first in the world. In 2018, it achieved operating income of 4.3 billion yuan, net profit attributable to its parent of 558 million yuan, and ROE in recent years has exceeded 25%.
Xingyu Co., Ltd. : Accelerate import substitution of domestic auto lamp leader, with a domestic market share of 10%. Located behind Huayu Vision, Valeo, and Koito of Japan, this is already the best company Already. In 2018, the top five global car light companies had a market share of 81%. The five companies are: Japan Koito, Valeo, Magna Mirelli AL, Hella, and Stanley. Annual revenue is about 6.6 billion euros, and the global market share is about 25%. The company’s operating income in 2018 was 5.1 billion yuan, and net profit attributable to its mother was 611 million yuan. ROE has been around 14% in the past five years.
Changshu Auto Decoration : Although it is a leading mid-to-high-end interior faucet, the actual market share is very low, the door inner panel is 2.6%, the instrument panel market share is 4.5%, and the product market share Continued growth. The company achieved operating income of 1.5 billion yuan in 2018, and its net profit attributable to its parent was 340 million yuan, which was about 14% of ROE in the past three years.
Xinquan shares: The company’s interior decoration product matrix is complete, mainly including the instrument panel assembly, the door inner panel assembly, the column guard assembly, the sink cover assembly and the bumper. Assembly, etc., 2016-2018 passenger car dashboard assembly market share was 2.7% / 3.7% / 5.6%, respectively. In 2018, the company achieved operating revenue of RMB 3.4 billion, net profit attributable to its mother of RMB 266 million, and ROE of about 20% in the past three years.
Zhongding shares: The business scope ranges from rubber and plastic products manufacturing to machinery and mold manufacturing. It focuses on the production of non-tire rubber automotive parts. In 2018, the company ranked first in the country for non-tire rubber products. , 13th in the world. The company’s operating income in 2018 was 12.4 billion yuan, and its net profit was 1.1 billion yuan, which was about 15% of ROE in the past five years.
Koboda: The company focuses on the controller field. At present, its products are divided into four categories: lighting control systems, motor control systems, automotive electronics and electronics, and new energy management systems, of which the main light source control 5.3% of the global market share of generators (Since many car companies’ supplies have not been split) , the auxiliary light source controller is about 4.8%, and the fuel pump control system Market share is about 4.5%. In 2018, it achieved operating income of 2.7 billion yuan, net profit attributable to its parent of 468 million yuan, and a ROE of 29% in the past three years.
Xusheng shares in aluminum alloy precision die castings: Relying on the advantages of the mold, we have received Tesla’s order, so it has an absolute advantage in new energy vehicles, expanding its business to forging The domain reflects its differentiation strategy. In 2018, it realized operating income of 1.1 billion yuan, net profit attributable to the parent company of 294 million yuan, and ROEs in the past three years have exceeded 20%.
The above invisible champions are mainly in the chemical, mechanical and automotive fields. In addition, in the industrial chains supported by policies such as photovoltaics, high-speed rail, and new energy vehicles, they have achieved global leadership or close to global leadership. The next chapter continues to sort out the hidden champions in other industries.
This article is from the WeChat public account: Good-invest (ID: Good-invest) , author: good early Jun, edit: little cousin