The article is from the public number: Beginner Investment (ID: Good-invest) < span class = "text-remarks">, author: Jun good beginning.
Invisible Champions is mainly focused on chemical, automotive and In the field of construction machinery, these are undoubtedly the most solid forces made in China. In addition, in the new energy fields such as building materials, semiconductors and photovoltaic wind power, what other hidden champions are A shares?
I. Building and Building Materials
As a world-renowned infrastructure madness, not all the competitiveness of Chinese infrastructure comes from the building itself. The upstream supporting facilities may be the true heroes behind the global infrastructure. Let us unveil the true heroes together.
Beijing New Building Materials : The leading gypsum board. In 2018, the company’s sales volume was 1.869 billion square meters, and the global market share of production capacity has reached 60%. The leading position is solid. In 2018, it achieved operating income of 12.6 billion yuan, net profit attributable to its parent of 2.5 billion yuan, and ROE of 12% -21% in recent years. In 2019, non-operating expenses of 1.8 billion yuan occurred due to overseas business problems.
China Boulders : It is mainly engaged in the production and sales of glass fiber and its products. It currently has five production bases in Tongxiang, Zhejiang, Jiujiang, Jiangxi, Chengdu, Sichuan, Egypt, and the United States, totaling 1.82 million tons Fiber production capacity (including 100,000 tons of electronic yarn), China’s boulder domestic market share of 37%, global market share of 24%, ranking first. In 2018, the operating income was 10 billion yuan, and the net profit attributable to the parent was 2.4 billion yuan. The ROE also remained at about 18% in the previous two years.
Sinoma International: The company is the largest in the worldOne of the cement engineering system integration service providers, the core business is cement technology equipment and engineering industry. Among all the domestic cement production lines, the proportion of individual services undertaken or provided by the company is nearly 70%. The global market share of cement engineering has ranked first for 11 consecutive years. There are 23 global large-scale 10,000-ton cement complete equipment production lines. Accounting for nearly 50%. In 2018, the company achieved operating income of 21.5 billion yuan, net profit of 1.368 billion yuan, and an ROE of about 15% in the past three years.
Conch Cement : In 2018, the company’s total net sales of cement and clinker were 368 million tons, a year-on-year increase of 24.77%, and the domestic market share reached 16.97%. In 2018, it realized operating revenue of 128.4 billion yuan, net profit attributable to its mothers of 29.8 billion yuan, and ROE in 2018 was as high as 30%.
Dongfang Yuhong : a leading waterproof material, with a sales volume of 633 million square meters in 2018, a domestic market share of 12.2%, which is much higher than the 2.7% of the second place. In 2019, the operating income was 18.1 billion yuan, and the net profit attributable to the mother was 2.1 billion yuan. In recent years, the ROE is not less than 20%.
China Railway Industry : The company is a core enterprise in the field of rail transit engineering equipment. Its main products include tunnel construction equipment, railway turnouts and bridge steel structures. In the domestic market, the company’s market share of tunnel construction equipment is about 40%, which has been the first in the country for many years; the market share of high-speed railway turnouts is about 65%, and the market share of large bridge steel structures exceeds 60%. In 2018, the operating income was 17.9 billion yuan, and the net profit of the mother was 1.481 billion yuan, which was about 10% of the ROE in the past three years.
Gold Mantis : The company is a comprehensive professional decoration group focusing on interior decoration, integrating curtain wall, landscape, soft decoration, furniture, mechanical and electrical equipment installation, etc. Leading market share has been increasing in recent years, from 0.2% in 2003 to 1.0% in 2018. In 2018, it achieved operating income of 25.1 billion yuan and net profit of 2.1 billion yuan attributable to mothers. ROE is about 18% in the past three years.
Cibin Group : China’s second-largest glass production company. In 2018, the group produced a total of 101.91 million heavy boxes of flat glass, an increase of 6.99 million heavy boxes year-on-year, with a market share of approximately 5.7%. In 2018, it realized operating income of 8.4 billion yuan, net profit of 1.2 billion yuan attributable to the mother, and an ROE of about 15% in the past four years.
Jianlang Hardware : As a domestic hardware leader, the company builds a mid-to-high-end hardware gathering platform. Its market share in 2018 is about 4%, and its operating income in 2019 is 5.3 billion yuan, which is the net profit of its mother. 421 million yuan, about 10% of ROE in 2019.
Second, Semiconductor, Communication and Electronics
Although China is a catcher in the semiconductor field, it has benefited from the downstream electronics products (mobile phones, TVs, computers) The domestic share of domestic products has increased sharply, and it is now Expansion to higher value upstream. So we see that some companies are beginning to rise, which may be why the technology sector is rising and the valuation is so high.
BOE : BOE is a global leader in LCD panels. In 2019, its TFT-LCD production capacity accounted for 18.4% of the global share, ranking first in the world. OLED technology is second only to Samsung, but in the future the probability is still the highest in the world. Of course, the more profitable is Huaxing Optoelectronics, now called TCL Technology. In 2018, BOE realized operating income of 97.1 billion yuan, and net profit attributable to mothers was 3.4 billion yuan.
Huiding Technology : After Apple’s fingerprint recognition function came out that year, Android followed up, and Shenzhen Huiding Technology got fired. Later, after facial recognition, the company’s performance encountered some problems. However, in the field of Android, fingerprints are still mainstream. Therefore, with the growth of domestic mobile phones, the company’s performance has reversed dramatically, and it has become one of China’s benchmark companies. The non-net profit deduction in 2019 is expected to be 2.3 billion, which is a doubling of the same period last year. This year, the ROE is as high as 47%, and the market value is more than 100 billion. Chu Shanjun did not find any specific data on the market share, and it is certainly no problem in the world.
Pengding Holdings : The main product is printed circuit board (PCB) , the company is the largest PCB manufacturing enterprises, accounting for 6.3% of the global market. 2019 realThe current operating income is 26.6 billion yuan, the net profit attributable to the mother is 2.9 billion yuan, and the average ROE in the past three years is about 16%. It is interesting that this company is also Hon Hai. 2018 is the year of good harvest for Hon Hai. In addition, the big bull stocks Shennan Circuit and Shanghai Electric Power in 2019 are Peng Ding’s younger brothers, and they are really big bull stocks.
Yelian Networks : Although widely suspected of counterfeiting, Yeelink Networks has to say that in terms of sales volume in 2018, Yealink Networks has the largest market share in the SIP phone market in the world with 27.3 %. In 2019, the operating income was 2.5 billion yuan, an increase of 37% year-on-year, and the net profit attributable to the mother was 1.251 billion yuan, an increase of 47% year-on-year, and the ROE was more than 30%.
Changdian Technology : The packaging and testing technology in the semiconductor industry chain has the lowest difficulty, and it is likely to be the earliest domestic replacement, and Changdian Technology is one of them. According to the study of the “Top Ten Global Packaging and Testing Companies List” by Core Ideas, Changdian Technology has a global market share of 13% in 2018, second only to Taiwan’s Sun Moonlight Silicon Products (29.34%) and the United States Ans (15.4%) , this is a very high capital and technical requirements industry. The company realized operating income of 23.86 billion yuan in 2018, and realized a net loss of 939 million yuan attributable to its mother. There are many reasons for the loss. Those interested can learn about it.
Optix Technology : The main products are optoelectronic devices. The company is the number one supplier of optical communication devices in China, with a global market share of 7.1% and the fourth in the world. In 2018, it realized operating income of 4.9 billion yuan, net profit of 333 million yuan attributable to mothers, and about 10% of ROE in the past three years.
Nasda : Leading domestic printing consumables. The company occupies about 76% of the market share of China’s printing consumables market. It is the absolute leader in the domestic universal ink cartridge market and the first in the general toner cartridge market . In the domestic printing consumable chip market, the company also occupies more than 70% of the share. Nasda did not have a strong voice in the global printer industry chain even though it acquired Lexmark, but as a typical example of Chinese companies participating in high-end technology business, it took the time to talk about it. In 2018, it realized operating income of 21.9 billion yuan, net profit attributable to its mother of 951 million yuan, financial expenses have been decreasing year by year, and the negative impact of mergers and acquisitions is still being absorbed.
Aihua Group : The main products are aluminum electrolyticContainer, in which aluminum electrolytic capacitors for energy-saving lighting are the world ’s first in terms of production and sales ( Three, photovoltaic and wind power
As the two sub-sectors subsidized by the policy, after years of development, they have become the world’s leading players, especially in the field of photovoltaics. Ask you: do you agree?
Look at photovoltaics. According to the photovoltaic association data, China ’s new photovoltaic installed capacity, cumulative photovoltaic installed capacity, polysilicon, silicon wafers, cells, and modules accounted for 41.75%, 34.14%, and 58.1% of the global total in 2018 , 93.1%, 74.8%, and 72.8%. Upstream shipments of silicon wafers, batteries, and modules accounted for more than 70%. The companies with the largest market share were all in China.
Tongwei Co., Ltd. : It is mainly engaged in polysilicon materials and cells. Among them, the volume of photovoltaic cell shipments has been the world’s number one for three consecutive years, echoing that of Longji, which is the world’s number one single crystal. In 2019, the company’s battery capacity will reach 20GW, and the company’s battery capacity is expected to reach 35GW by the end of 2020. The company’s planned production capacity is 40-60GW, 60-80GW, 80-100GW from 2021 to 2023. text-remarks “label =” Remarks “> (Global sales in 2018 were only 87GW) . Polysilicon production capacity is the third in the world and the third in China. The top two are GCL-Poly and Xinte Energy. China’s total production capacity accounts for about 80% of the world’s total. In the first three quarters of 2019, operating income was 28 billion yuan, an increase of 31% year-on-year, and net profit attributable to mothers was 2.1 billion yuan, 33% year-on-year.
Longji shares : The leader in monocrystalline wafers has a capacity of 28GW by the end of 2018, and it is planned that the capacity of monocrystalline wafers will reach and exceed 65GW by the end of 2020, with a capacity market share of approximately 30% 50%. The first three quarters of 2019 achieved operating income of 22.7 billion yuan, an increase of 55% year-on-year, and net profit attributable to mothers was 3.5 billion yuan, an increase of 106% year-on-year, and ROE could reach about 20%.
Follett : The upstream photovoltaic glass is the two strongest hegemony,At present, the company has a photovoltaic glass production capacity of 5,400 tons / day, ranking second in the world, accounting for 21.6%. It is expected that the company’s photovoltaic glass production capacity will reach 7,400 tons / day at the end of 20, and the effective production capacity may reach 5,650 tons / day, a year-on-year increase of 25.6%. In 2018, it realized operating income of 3.1 billion yuan, net profit attributable to its parent of 400 million yuan, and ROE between 12% and 20%.
Sunshine Energy : Since 2015, the sales of solar power photovoltaic inverters exceeded SMA for the first time, and still maintains a rapid growth trend. In 2018, the company’s inverter sales reached 15.13GW, nearly double the SMA sales and far exceeding domestic comparable companies. In 2019, the operating income was 13.5 billion yuan, which was attributed to the mother’s net profit of 891 million yuan, and the ROE was about 10%.
There is nothing to say about the module. The technology content is the lowest. Longji shares have already entered the industry for a short time. The other three are Jinko, JA, and Trina Solar.
In the field of wind power, as of the end of 2017, the top 25 wind power operators in the world had a total installed capacity of 208 GW, accounting for 38% of the total global wind power capacity at that time. China is the world’s largest new wind power market, and its cumulative installed capacity ranks first in the world. Therefore, among the top ten wind power operators in the world, Chinese companies occupy 6 of them.
Goldwind Technology (002202) : In 2018, among the top 15 wind turbine manufacturers in the world More than half are from China, and these 15 manufacturers account for 93.2% of global wind turbine supply. The top three industries are Vestas (Denmark) , Goldwind Technology ( China) and Siemens Gamesa (Spain) . The company’s new domestic installed capacity in 2018 exceeded 6.7GW (including 400MW offshore) , with a market share of 32%, and the second largest installed capacity globally. In 2018, it achieved operating income of 28.7 billion yuan, net profit of 3.2 billion yuan attributable to mothers, and a ROE of about 14%.
Tianshun Wind Energy : The company’s wind tower production and sales have been increasing in recent years, and the marketThe share has continued to increase, and has gradually grown to become the world’s largest professional manufacturer of wind towers. In 2012, the company’s sales volume was only 110,000 tons. By 2018, the company sold about 380,100 tons of wind tower products. It is reported that the sales volume is significantly ahead of the sales volume of 178,800 tons of the main rival Taisheng Wind Energy. In 2018, the company’s global market share was about 7.9%, and the domestic market share was about 19.1%. In 2019, it realized operating income of 6.1 billion yuan, attributable to its parent’s net profit of 753 million yuan, and ROE was about 10%.
After combing through two articles, the invisible champion of A shares is basically here. It should be noted here that a basic meaning of the Hidden Champion is that the customers are all B-end companies, not targeted at end customers, so it will not involve such familiar details as Guizhou Maotai, Midea Group, Gree Electric, Ping An of China, and China Merchants Bank Niubi company .
Although you know the invisible champion, it does not mean you can buy with closed eyes.
For invisible champions, especially cyclical invisible champions, we need to pay attention to the investment opportunities of growing cyclical stocks, seize the opportunity, look forward to double-clicks on the increase in net profit and valuation.
The article is from the public number: Beginner Investment (ID: Good-invest) < span class = "text-remarks">, author: Jun good beginning.