<p style="margin: 0;height: 0;"><span id="9999" style="display: none !important; font-size:0; line-height:0">从“独角兽”到“灵魂股” 生益科技：遭遇5G(ad)</span></p><p style="margin: 0;height: 0;"><span id="9999" style="display: none !important; font-size:0; line-height:0">从“独角兽”到“灵魂股” 生益科技：遭遇5G(ad)</span></p>
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<td class="txtall1" height="13" style="color: rgb(204, 204, 204); line-height: 12px; font-size: 10px;">独角兽的热度尚未散去，灵魂股的讨论又接踵而来。</td>
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<td align="left" class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: bold;" valign="bottom" width="620">文|姜伟</td>
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<img _attr="src" _v="https://picture-1255820567.cos.ap-beijing.myqcloud.com/tp/ZF/jiangwei.png" align="left" alt="姜伟" src="https://picture-1255820567.cos.ap-beijing.myqcloud.com/tp/ZF/jiangwei.png" style="padding: 0px 20px 0px 0px; float: left;" width="147" />独角兽的热度尚未散去，灵魂股的讨论又接踵而来。<br />
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<b>独角兽是企业的杰出代表，它衍生到资本市场，就有可能成为未来引导A股的</b>——<b style="color: rgb(204, 0, 0); ">“灵魂股”</b>。<br />
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大到每一轮长线级别的大牛市，小到每一轮短线级别的行业或主题反弹，事中事后总能观察到具有指标意义的股票，短线级别反弹中的领袖被称为妖股，<b style="color: rgb(204, 0, 0); ">长线级别反转中的领袖被称为灵魂股</b>。<br />
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<td align="center" class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;" valign="bottom" width="620"><span class="txtt" style="height: auto; line-height: 1.5; font-family: 微软雅黑; font-size: 15px; font-weight: normal;"><img border="0" class="ptall" height="303" src="https://picture-1255826862.cos.ap-beijing.myqcloud.com/tp/LW/picture-201803/3-19-1-.jpg" width="455" /></span></td>
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<td align="left" class="txtd"><span class="txti2" style="height: auto; text-align: left; color: rgb(204, 0, 0); line-height: 1.8em; padding-top: 20px; font-family: 微软雅黑; font-size: 24px; font-weight: bold;">当“灵魂股”遭遇5G</span></td>
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<b style="color: rgb(204, 0, 0); ">回溯过去，历次牛市灵魂股的特征包括：</b><br />
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1.成长空间要足够大，一轮行情下来市值至少能翻两三倍；<br />
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2.市值不能太小，否则容不下大资金；<br />
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3.估值相对便宜，要经得起戴维斯双击，深蹲起跳才有空间；<br />
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4.必须有想象力、煽动力、自洽的逻辑和源源不断的催化剂，才能吸引从机构到游资到散户的全面参与，没有大机构的参与成不了灵魂股，只能成为妖股。<br />
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如果参考2013年成长股牛市的灵魂股——4G概念，它带来移动互联网爆发，从而实现从软硬件、应用场景到商业模式的变革。<br />
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<b style="color: rgb(204, 0, 0); ">反观这一次成长股的反转，会不会也和5G时代的到来相关呢？</b><br />
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从5G的发展时间表来看，世界范围内的5G标准预计2019年发布，2020年中国开始商用。三大运营商的计划进度类似，以电信为例：计划2018年大规模场外试验，2018年下半年和2019年开展规模及预商用试验，2020年正式商用。<br />
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各种基于5G的应用场景，增强移动宽带、低时延高可靠、海量大连接等等特性，将在商用后将全面激活——无人驾驶、智能工厂、物联网、VR等具体应用场景。<br />
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<b>那么下一轮成长股牛市的</b><b style="color: rgb(204, 0, 0); ">“灵魂股”</b>，<b>极有可能会诞生在5G应用场景当中。</b><br />
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基于独角兽的维度和灵魂股的前景，笔者试图从5G产业链上寻找一些投资标的，供投资者参考。<br />
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本期的主角——<b style="color: rgb(204, 0, 0); ">生益科技</b>就是5G建设中的核心材料供应商。</td>
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<p><strong><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" ><u>三类“隐形重大信息”曝光！知情者获211,900元股权收益</u></a></strong></p>
直至今日，我才知道，研究K线、紧跟市场行情，甚至盯盘、复盘都是炒股中的“初级者”所为！背靠上市公司三类“隐形重大信息”，知情者已经从中获得211,900元的净收益。而今日，这三类信息终于曝光！<br />
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深入企业内部调研的私募人员首次公开，上市公司内藏三类隐形重大信息；此类信息一旦形成，股价便开始进入上行趋势；如果能在这些信息登上公告栏之前，悄悄潜入，等待你的将是39.5%，67.3%，105.2%的超额回报…… <b><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" >点击此处，继续阅读>></a></b></td>
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<b style="color: rgb(204, 0, 0); ">生益科技</b>是中国国内最大的覆铜板生产企业。根据公告披露，公司板材产量从建厂之初的仅年产66万方，2017年发展到拥有7300万方各类覆铜板产能，全球市占率达到11%。<br />
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<b>覆铜板是PCB（印制电路板）制作过程中的基板材料，下游涵盖了汽车、通信、工控、家电、消费电子、医疗、军事/航天等多领域。其中汽车、通信应用占比较高，也是</b><b style="color: rgb(204, 0, 0); ">生益科技</b><b>收入增速最快的子领域。</b><br />
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<b style="color: rgb(204, 0, 0); ">为了适应5G高频高速数据传输的需要，除了在电路设计和PCB制造方面的要求外，高性能的电路基材也同样至关重要。</b><br />
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以市场规模预估，未来5G通信和汽车防撞雷达是高频高速应用潜力巨大的两大市场，而消费电子和IOT市场亦值得期待，整体市场容量有望扩大数倍。<br />
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虽然中国大陆已经成为全球最大的覆铜板生产地，但通讯及IDC高频高速板材的技术研发能力及专利，仍掌握在美国、日本企业手中。<br />
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据统计，2016年中国覆铜板产量达4.06亿平方米，高于其他几个发达国家之和，但是平均单价只有16.1元/平方米，远低于日本、美国、欧洲的27.4元、34.4元、和25.6元。<br />
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作为国内最大、全球领先的覆铜板生产商，<b style="color: rgb(204, 0, 0); ">生益科技</b>在高频材料领域已默默耕耘十数载，与美日厂商的差距正逐渐缩小，甚至在部分技术以及产品上已经超过美、日厂商。</td>
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作为行业的领先企业，<b style="color: rgb(204, 0, 0); ">生益科技</b>的股价也是遥遥领先。通过跟其他同行进行对比，生益科技股价强势主要有两个原因：</td>
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<b>● 强大的技术研发优势</b><br />
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<b style="color: rgb(204, 0, 0); ">生益科技</b><b>研发投入在国内厂商中处于领先地位</b>。2012-2016年，公司研发费用支出逐年增长<br />
——从2012年的2.36亿上升到2016年的3.63亿。<br />
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研发费用约占总营业收入的4%，并有逐年上升的趋势。与金安国际、华正新材等国内其他覆铜板生产商相比，<b style="color: rgb(204, 0, 0); ">生益科技</b>研发费用占比较高。</td>
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<b>● 规模优势和市场地位</b><br />
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从逻辑上来看，PCB具有典型的周期性特征，但从历年数据来看，<b style="color: rgb(204, 0, 0); ">生益科技</b>的波动性较小，甚至出现持续上升的态势。<br />
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从毛利率来看，2012年至2015年覆铜板产品在销量持续提升的情况下，营收水平相对稳定，说明覆铜板单价下降，但是2012年至2015年，<b style="color: rgb(204, 0, 0); ">生益科技</b>毛利率水平却持续提高。<br />
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<b>可见</b><b style="color: rgb(204, 0, 0); ">生益科技</b><b>覆铜板产品毛利率主要由市场地位、客户粘性和产品的技术壁垒决定，和单价并非是简单的正相关关系。</b></td>
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<p><strong><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" ><u>不难看出，为了给你写这封“密信”，作者掏空了自己的灵魂</u></a></strong></p>
今日，请您务必要打起精神，仔细瞅瞅这份来自金融圈精英撰写的‘2018-投资密信’；它很有可能深刻影响着你今年的银行卡余额……<br />
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因为，信中详细记载了市场上一种特殊资产，在一定情况下，它们的价值可以实现一夜间翻倍，甚至翻5倍、10倍！从而帮助投资实现财富的快速增值……此外，该资产的投资门槛却低至一千元，甚至几百元；可以说是专门为工薪阶层量身定做的了！<br />
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如此周到的作者，简直是掏空了自己的灵魂！ <b><a href="http://etrack04.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.html" style="color: rgb(204, 0, 0); " target="_blank" >你还不赶紧点击此处，获取密信>></a></b></td>
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依靠当前的市场竞争地位和出色的研发能力，在5G和汽车电子的带动下，<b style="color: rgb(204, 0, 0); ">生益科技</b>有望出现戴维斯双击的可能。<br />
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<b>● 净利触底反转</b><br />
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<b>2016年</b>，<b style="color: rgb(204, 0, 0); ">生益科技</b><b>公告称将投资2.53亿元设立全资子公司生益特材，介入特种覆铜板领域。</b><br />
目前，该项目尚未形成规模，销售占比不到5%。<br />
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项目一期达产后，将实现月产能4.4万平方米高频材料，二期达产后公司月产能达到8.8万平方米，年销售收入达到2.4亿元（不含税），年净利润达到4976.4万，净利率高达21%，远高于公司目前8.9%的净利率（2016）。<br />
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根据2017年业绩快报显示，净利润率约10%，比2016年提升1.3个百分点，随着公司高净利的高频材料的投产运行和下游商用的空间的打开，<b style="color: rgb(204, 0, 0); ">生益科技</b>净利将走出回升之路。<br />
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<b>● 估值提升</b><br />
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<b style="color: rgb(204, 0, 0); ">生益科技</b><b>高频高速产品体系已经逐步成型，5G有望实现弯道超车。</b>在5G建设中，公司有望凭借性价比优势，获得下游设备商以及PCB本土龙头厂商认可，抢占高频高速产品市场份额。<br />
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凭借在覆铜板产业的长期耕耘，<b style="color: rgb(204, 0, 0); ">生益科技</b>积累了强大的技术优势和规模优势，随着5G商用的不断推进，公司的产品结构趋于高端化，盈利能力和竞争壁垒不断增强，商业前景值得期待。</td>
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