As of last night, all companies with relatively heavy A-share positions have released their third quarterly reports. Currently, according to the market value of A-shares, the relatively heavy positions are National Defense ETF, Aerospace Hongtu, Fudan Microelectronics, Ziguang Guowei, and AVIC Optoelectronics. , Mindray Medical, except for Mindray Medical, the rest are military stocks, or stocks related to the military industry, the overall performance is in line with expectations or slightly exceeded expectations, record it.
1. The defense ETF is an index fund in the military industry, and there is no third quarterly report.
2. Aerospace Hongtu, the revenue in the first three quarters was about 1.392 billion yuan, a year-on-year increase of 71.61%, and the net profit attributable to shareholders of the listed company was about 83.07 million yuan, a year-on-year increase of 52.99%. In the third quarter, the operating income was 611 million yuan, a year-on-year increase of 63.02%. The net profit attributable to shareholders of the listed company was 74.5329 million yuan, a year-on-year increase of 47.26%. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 71.8537 million yuan. A year-on-year increase of 36.42%.
3. Fudan Microelectronics, the revenue in the first three quarters was 2.704 billion yuan, a year-on-year increase of 47.63%, the net profit attributable to shareholders of the listed company was 859 million yuan, a year-on-year increase of 121.31%, and the non-net profit was deducted 835 million yuan, a year-on-year increase of 148.69%. In the third quarter, the revenue was 1.002 billion yuan, a year-on-year increase of 42.49%; the single-quarter net profit attributable to the parent was 329 million yuan, a year-on-year increase of 69.5%, and the single-quarter non-net profit was 316 million yuan, a year-on-year increase of 81.65%;
4. Ziguang Guowei, the revenue in the first three quarters was 4.936 billion yuan, a year-on-year increase of 30.26%, and the net profit attributable to shareholders of the listed company was 2.041 billion yuan, a year-on-year increase of 40.03%. In the third quarter, Ziguang Guowei achieved revenue of 2.031 billion yuan, a year-on-year increase of 35.68%, and realized a net profit attributable to shareholders of the listed company of 843 million yuan, a year-on-year increase of 44.87%.
5. AVIC Optoelectronics, the revenue in the first three quarters was 12.454 billion yuan, a year-on-year increase of 26.09%, and the net profit attributable to shareholders of listed companies was about 2.284 billion yuan, a year-on-year increase of 40.74%. In the third quarter, the revenue was 4.263 billion yuan, a year-on-year increase of 32.65%. The net profit attributable to shareholders of the listed company was 775 million yuan, a year-on-year increase of 52.33%. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 755 million yuan. A year-on-year increase of 50.69%.
6. Mindray Medical, the revenue in the first three quarters was 23.296 billion yuan, a year-on-year increase of 20.13%, and the net profit attributable to listed shareholders was 8.102 billion yuan, a year-on-year increase of 21.6%. In the third quarter, the revenue was 7.94 billion yuan, a year-on-year increase of 20.07%, and the net profit attributable to listed shareholders was 2.815 billion yuan, a year-on-year increase of 21.4%.
Here is a brief description of why I am optimistic about the military stocks. The current situation, internationally, the decoupling of China and the United States is intensifying, and the full-scale confrontation will only become more and more intense in the future’, domestic economic growth is slowing down, in such an environment, investment logic will not There are subversive changes, and the military industry is one of them.
The certainty, sustainability and growth of the military industry are all good. Under the downward pressure of the economy, only the investment of the military industry and advanced technology countries will not decrease, so it is counter-cyclical. At the same time, the speed of national self-control and domestic substitution is accelerated. The reform of state-owned enterprises continues to advance, and equity incentives promote the release of performance. Due to the versatility of military and civilian technologies in the military industry , military technologies are mostly closely related to strategic emerging industries. The second growth curve of the civilian industry breeds huge market space, such as large aircraft and aero engines.
Of course, the military industry also has its shortcomings; 1. Lack of transparency, and the transparency of individual companies is poor. My response method is: spread the targets, so the targets I hold are relatively scattered. In addition to the above five targets with relatively heavy positions, I also hold wet positions. Zhongke Xingtu, Zhenhua Technology, AVIC Heavy Machinery, Xinleineng, and AVIC of Hong Kong stocks. In addition, there is another way to invest in the military index. 2. Some companies have high gross profit margins and have downside risks, but the possibility is small. The country needs these companies to continue research and development after making money.
Although the military industry has performed well recently, its holdings of Hong Kong stocks have suffered heavy losses. Property and higher education have all fallen sharply. Among them, Binjiang Services is the number one holding stock. Even though his good father, Binjiang Group, has tripled the A-shares in a year, the real estate industry’s The No. 1 bull stock, Binjiang Services in Hong Kong stock market is also unable to escape the fate of a sharp decline, and it can only be done in vain.
$Defense ETF(SH512670)$ $Fudan Microelectronics(SH688385)$ $AVIC Optoelectronics(SZ002179)$
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