Is Ningde Times China Newspaper good or bad? Reflections on the hidden information of the mid-year report

time:2022-09-29 16:23:59 source:clevelanddrifters.com author:Garbage
Is Ningde Times China Newspaper good or bad? Reflections on the hidden information of the mid-year report

Interpretation and understanding of the mid-term report, mining of details On August 24, 2022, all the focus of the market is on Ningde-Times, which is naturally the mid-term report, because the market generally expected that the report would be better, and there was also a wave of hype. Do is the representative of the new energy industry chain. Of course, for the mid-term report, everyone’s point of view is different. For many non-professional investors, they often look at data such as profit growth and feel good. But for professional investors and those who study and track the industry, they often look at it from different angles, especially the pie the company has drawn to the market before, depends on the situation of cashing. The following are my views and the views of other investors when discussing with investors at the forum on the evening of 8.23. @玉名: "Ningde-Times had a profit of 8.2 billion in the first half of the year, a net profit of 1.493 billion in Q1 and a net profit of 6.677 billion in Q2, which seems to have increased by 347% month-on-month; but excluding investment income of 1.7 billion and government subsidies of 1 billion, the real profit in the first half of the year was 5.5 billion. The corresponding ROE is actually in single digits. The gross profit margin of the power battery system business has dropped to 15.04%, down 7.96 percentage points year-on-year; the gross profit margin of the energy storage system business has dropped to 6.43%, down 30.17 percentage points year-on-year. The recent market speculation is Energy storage, the market has high hopes for this. In terms of different regions, the gross profit margin of Ningde-Times domestic battery business is 13.42%, which is within the average gross profit margin range of 13%-14% in the power battery industry; the gross profit margin of overseas battery business is slightly higher Domestically, it was 15.15%, but down 18.60 percentage points year-on-year. Therefore, if it did not give the market high expectations, then the result was okay; but the market taste was too high before, and this overall real growth rate decline is still quite difficult to accept. Different investors have different opinions. For example, some investors said that "the top ten tradable shareholders of Ningde-era, 4 companies took advantage of the stock price rebound in the second quarter to lighten their positions, which should be considered negative, and the profits can be adjusted. The top 10 It is more real that the 4 tradable shareholders collectively lighten their positions.” Some said, “My Ningde is amazing, I didn’t expect that the lithium resources would increase from 5W to 50W, and the profit would increase greatly. If this is to invest in lithium mines in the future, the income will not increase several times. Look. This interim report is worth 20%." Some said, "China-Ping An has a market value of 770 billion yuan, an operating profit of 85.34 billion yuan, and an annualized operating ROE of 20.4%; Ningde-Times is 1.3 trillion yuan, with a profit of 8.2 billion yuan. A Rising to the sky, one falling to the ground, it can only be said that institutional preferences are too crazy.” In this regard, in fact, we will not judge anything. There is no so-called which is right or which is wrong. Any interpretation comes from the real data of the China Daily. It doesn't talk about who wants to persuade who, just that from their own perspective, there is an analysis and judgment. In the end, it is verified by the market. Everyone records their own research and then grows by themselves. If you do it, you will gain. If you don't do it, you are just watching, and you won't gain anything. There are still many such revelations. For example, the "waterproof mao" Dongfang-Yuhong once fell to the limit, and realized a net profit of about 966 million yuan, a year-on-year decrease of 37.13%, which is indeed not satisfactory. But the reasons are well known. The repeated outbreak of the new crown epidemic and the downturn in the real estate industry mean that the demand for related waterproofing has declined. Under the increasing downward pressure on the domestic economy and the macro-control of the real estate market, there is no hope for a solution in the short term. This phenomenon is spreading. For example, machinery headed by Sany-Heavy Industry and home appliances headed by Gree-Electric have all gone down from the altar of the epidemic cycle, and they have not improved since the decline. We call it eradication. Traditional industry leading phenomenon. In addition, there are also some positive factors. For example, after Weigao-Orthopedics disclosed its interim report, there was a sharp rise, driving the medical device sector, especially in the face of orthopaedic centralized procurement and the upcoming spine centralized procurement. The response of the company is somewhat unexpected; at least it shows that the market's original pessimism about the industry is repairing. The changes in the strength of the industry must not be sudden, but have a process and accumulation. This requires investors to continuously learn and accumulate, and finally achieve improvement. In addition, we often encounter some news factors. Some investors will think that the rise and fall of individual stocks are caused by news. In fact, the factors that really determine the value are beyond the vision of many investors, including introducing the channels for obtaining effective data. Wait, for everyone to study.

(Responsible editor:Aerospace stock)

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