Since the beginning of this year, the A-share market has continued to fluctuate and adjust, investors are clearly worried, and there are countless questions in the confusion: What factors have caused the popular track to plummet? “Ning Combination” and “Mao Index” collectively slumped, have they fallen out of value? How will the market perform in 2022? Which companies are more worthy of investment? With the disclosure of annual reports of listed companies and the disclosure of a large number of performance data, more new value mining opportunities are gradually becoming clear.
In order to give investors a clearer understanding of the value of listed companies, the 2021 @Investment Alchemy Season will last for two quarters, and many investors are encouraged to participate in the interpretation of financial reports. In the process of “alchemy”, thousands of professional golfers participated deeply, covering 1000+ listed companies’ annual and mid-year report data interpretation, resulting in more than 2,300 professional and in-depth financial report interpretation articles, which became hot events in the whole network during the financial report season, and also emerged. Nearly 100 outstanding “alchemists” have been produced.
The 2022 #InvestAlchemy Season# essay contest ended successfully. This issue of Snowball has selected 12 good articles to analyze the company’s financial report. I hope it will be helpful for you to analyze the company and discover investment opportunities!
Snowball Special Issue 305 – 2022 Snowball Investment Alchemy Season
Click the link to download the original PDF of the report: web link
Table of contents:
1. Impression of Maotai ‘s 2021 annual report: continue to demonstrate the style of “stock king”
Abstract: The most difficult thing in the world is valuation. This “difficulty” is mainly due to the confusion among different investors. At present, the market value of Kweichow Moutai is 2.24 trillion yuan. Based on my estimated net profit of 61.059 billion yuan (more conservative), the price-earnings ratio is about 36 times. Considering the growth next year, the year after, or a longer period of time, the current market pricing is expensive or not. Woolen cloth?
2. The only super player – Haitian Flavor Industry 2021 Annual Report Analysis @ Colorful Yunlong
Abstract: Although Haitian Flavor Industry has hidden worries, it may depend more on the improvement of the macro environment, and we have to emphasize that the impact of the macro will have an impact on all companies. We have seen that the company has carried out price increases and all kinds of intensive cultivation. In such a difficult situation last year, it still achieved positive growth. Therefore, compared with Haitian, as the only super player, we have reason to believe that the impact it has suffered is also will be lighter.
3. The first comment on the 2021 annual report of Ping An of China – good things come and go, Yuru Yucheng @Mingda hierarch
Abstract: There are as many as 227 million individual customers of Ping An of China, and as many as 1.95 million people follow the stock “Ping An of China” on the Snowball platform alone. Ping An’s products, reforms and stock price performance will be more or less relevant to us. Some people often talk about stocks when the stock price goes up, but I usually write articles in quarterly reports and some major events to record them. The ups and downs have nothing to do with me writing or not! As usual today, the leader will give you a detailed interpretation on the night of the annual report.
4. Picking the bone in the egg-2021 China Merchants Bank Annual Report Review @ice_China Merchants Bank Guzidi
Abstract: I give China Merchants Bank 88 points for this annual report, which is 2 points less than the third quarterly report. The net interest margin continued to rebound month-on-month, and the cost of deposits rose slightly. These factors are still fluctuating within a controllable range and do not affect the excellence of China Merchants Bank. The 2 points deducted are mainly because the handling of credit impairment by China Merchants Bank makes people feel a little lack of rules and regulations, and the control of operating expenses has not been significantly improved.
5. Top nine banks by market capitalization: Horizontal comparative analysis of 2021 annual reports @Salvation of Valuation
Abstract: Every investor has his own best bank, in which he places high hopes for his wealth growth. Some banks are good here, some are good there. Some fundamentals are more perfect, but the price-earnings ratio is relatively high, and some fundamentals are not so perfect, but the price-earnings ratio/price-book ratio is very low. The author has always been a fan of China Merchants Bank, China Construction Bank and Ping An Bank. Which bank are you a fan of?
6. Comments on Vanke’s 2021 Annual Report: The Price of Living @朱酒
Abstract: Vanke’s annual report was released, causing an uproar. The growth rate of net profit is even more pessimistic than all the previous pessimistic data. It turned out that a brokerage predicted that the net profit attributable to the parent would drop to 25 billion, but the actual data turned out to be 22.5 billion, which basically exceeded the expectations of everyone in the market.
Most of the revenue of real estate companies is the conversion of sales two to three years ago. In 2018, Vanke publicly shouted “survive”, which greatly slowed down the development speed. $Vanke A(SZ000002)$
7. Six years of hard work and fruitful results – detailed analysis of the annual report of COSCO SHIPPING Holdings @小白在Investment
Abstract: Peripheral container shipping stocks continue to hit new highs, and it is really annoying that COSCO SHIPPING Holdings has not risen. According to the annual report, the number of shareholders dropped significantly from 644,400 in the third quarter to 548,000, and 15% of the shareholders were removed in three months. Sure enough, value investing has always been easier said than done. Although the market has given Haikong a cold eye and ridicule, rationality tells me that Haikong is still the most cost-effective target in the market. Of course, all the opinions in this article are only for the company or the industry. The company is undoubtedly a good company, and the industry is also a good industry. As for the management, I will not comment too much, but there is indeed disappointment.
8. Where have the profits gone – let’s talk about BYD’s shortcomings and progress @happy and comfortable
Abstract: No matter how you analyze it: the profit data in BYD’s financial report in 2021 is indeed too ugly! But sometimes, “squat to jump higher.” I don’t know about other things, but in terms of BYD’s 2022 sales, average bicycle price and gross profit, 2022 will only be much better than 2021!
9. Interpretation of Gree Electric’s 2021 annual report beyond expectations, channel reform has begun to bear fruit @Buddha Petty Bourgeoisie
Abstract: The current operation of Gree Electric Appliances can be said to be generally stable and improving. From the substantial reduction in cash flow in the 2021 annual report, seeing that the expenditure item is a huge purchase of commodities, it is no surprise that bulk raw materials should be stocked. A series of operations, so far, can be said to bet on the general trend of 2022. If raw materials remain high and fluctuated throughout 2022, Gree’s profit indicators in 2022 may be significantly exceeded. It is also possible to complete the double-digit target of performance appraisal. After reading Gree Electric’s annual report and quarterly report, Gree Electric’s valuation has been underestimated to an alarming degree.
10. Interpretation of Tencent’s 2021 financial report @TONNiu
Abstract: Game companies, social platforms, and advertising companies are not enough to describe Tencent Holdings. If you have to use one word to describe Tencent, “Berkshire Hasa Goose” may be more appropriate. In 2021, among Tencent’s 1.6 trillion assets, cash assets will be 402.4 billion, operating assets will be 430.8 billion, and foreign investment will be 779.2 billion (JD.com after deducting dividends). Foreign investment assets account for 48% of Tencent’s total assets.
11. Comments on Xiaomi Group’s 2021 Q4 and full-year financial reports @Grain Factory Researcher Will
Abstract: The overall performance of this quarter’s financial reports was in line with expectations. Although there were no surprises, it was satisfactory in the current fragile environment. This quarterly financial report has not changed my long-term logic of holding Xiaomi Group shares, and there is no need to adjust positions. The current share price of Xiaomi Group is largely determined by macro factors (Beta) rather than Xiaomi’s fundamentals. Compared with 2021, I am more concerned about the financial data of Q1 and Q2 in 2022. Both quarters will face the problem of high base; how can Lei Jun and management continue to deliver growth on the basis of the best performance in history? I’m more concerned about the short term. $Xiaomi Group-W(01810)$
12. Watson Bio-Alchemy, a loner in the vaccine industry @good company has long-term
Abstract: In recent years, the changes of Watson Bio have been on the right track at a speed visible to the naked eye. While everyone is complaining about Watson, they should look at the fundamentals of the company. In the past, it took more than ten years to develop a new vaccine. Let Watson catch up with international giants again in mRNA technology. Everyone thinks that Watson’s execution is not enough. I think everyone’s expectations for Watson are too high, and they take vaccine development and production for granted.
Risk warning: The stocks mentioned in the above article are for reference only and do not constitute investment advice. Buying accordingly is at your own risk.
Past Special Issues:
Snowball Special Edition – Duan Yongping’s Investment Questions and Answers (Investment Logic)
Snowball Special Edition – Duan Yongping’s Investment Q&A (Business Logic Chapter)
Snowball Special Issue 304 – CSI 300 Index Investment Strategy
Snowball Special Issue 303 – How to choose a debt base against the trend?
Snowball Special Issue 302 – New Economy Hong Kong Stock Investment Strategy
Snowball Issue 301 – Investment Opportunities in Fund Annual Reports
Snowball Special Issue 300 – Morningstar Award Fund Evaluation
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