Maotai is the first brand of high-end wine. In the past few years, its share price has risen sharply, which is 6 years 10 times.

Its ultra-high gross profit margin (over 90% in the long term), net interest rate (over 50% in the long term) and return on net assets (over 30%) are all the existence of Mount Tai Mausoleum.

Second, China Merchants Bank.

China Merchants Bank is the "king of retail banks" in China. In recent years, its annual growth rate of operating income and net profit has reached double digits, and it has been at the forefront of the industry.

In terms of asset quality, the coverage rate of over 400% and the non-performing loan ratio of 1. 19% are also the top standards in the industry.

In the whole banking industry, Bank of Ningbo may be the only bank that can be compared with China Merchants Bank in terms of excellence.

Third, Aier Ophthalmology

Al is a leader in ophthalmology. Due to China's huge myopic population (600 million), especially young people with myopia, the market space of ophthalmic track is extremely broad, and the total supply of medical institutions is relatively scarce at present.

Therefore, as the leader of ophthalmology medical treatment, Aier's revenue and net profit have increased by more than 30% annually in the past 10 years, and it is an ultra-long-term high-growth bull stock.

Looking forward to the future, there is still a lot of space in the eye track, but today's Aier is definitely not cheap.

Fourth, Fuyao glass.

The company with the highest market share of automotive glass in the world, with 20 18 reaching 26%, is one of several companies in the oligopoly position of automotive glass in the world.

In the difficult manufacturing industry, Fuyao Glass still achieved a net interest rate of 18%~20%, which is not easy. Since 20 10, the average dividend yield has exceeded 4.5%, showing a strong willingness to repay shareholders.

Verb (abbreviation of verb) Changjiang Electric Power

Hydroelectric power generation is the best power generation category with the lowest cost. Compared with the environmental pollution caused by coal-fired power and nuclear power, hydropower also has great advantages. It is not surprising that the market value of Changjiang Power, located in the Three Gorges, ranks first in the A-share power industry. It is the shoulder of China power industry.

Changjiang Electric Power has maintained a gross profit margin of over 60% all the year round, a net interest rate of over 40%, and a return on net assets of over 65,438+06% in recent three years. Such profitability is absolutely rare in the entire Shanghai and Shenzhen stock markets.

Sixth, Hengrui Pharma.

Hengrui is the brightest star of hope in the field of new drug research and development in China. Its annual R&D expenditure accounts for more than double digits of operating income, and its extensive pipeline layout and strategic and forward-looking choice of R&D projects are also the best among pharmaceutical enterprises in China.

What is even more frightening is that even with such a high investment in R&D, Hengrui's annual growth rate of net profit in recent ten years is close to 25%, which shows its strong management ability.

Seven. Weichai power

Weichai Power is a leading enterprise in China heavy truck industry chain. I don't know much about this company, but I heard that it has strong technical strength in diesel engine.

Eight, Wanhua Chemistry

Wanhua Chemical is a leader in the domestic chemical industry, and polyurethane series products (MDI and TDI) are the core of Wanhua. 20 18 years accounts for 5 1% of revenue and 75.9% of main profit. The advantages of technology and scale are the important reasons why Wanhua's production cost is lower than that of international counterparts (BASF, Kostron, Hensman and Dow), and the production cost is low.

Wanhua Chemical's revenue increased from 22 billion in 20 14 to 60.6 billion in 20 18, with an annualized increase of 33.4%. The net profit increased from 2.42 billion in 20 14 to 20 18 106 1 100 million, with an annualized increase of 22.5%.

The net interest rate of 20 18 years is as high as 2 1. 16%, and the return on net assets reaches 36.82%, so the profitability is very strong.

Nine, China Shenhua

The coal mine quality of China Shenhua ranks first among major domestic coal enterprises, and the production cost per ton of coal is 1 13 yuan/ton, which is only higher than the open-pit coal industry and the second lowest in the industry. As a product with serious homogenization, the production cost determines its moat. Simply put, China Shenhua's coal mine business has a powerful moat.

In 20 18, the revenue from coal sector accounted for 58.99%, and the revenue from power generation accounted for 32.9%. The coal-electricity business cooperates with each other and has certain ability to resist the coal price cycle.

In recent years, the company has increased the dividend rate, and the dividend rate has stabilized at more than 4%.

X. Gree Electric

Apart from Gree, what stocks are undervalued by the market, but far beyond market expectations?

With the continuous market share of Gree in the domestic air-conditioning market, it is the voice of Gree air-conditioning ceiling. Until last year, Gree has been ranked first in the domestic air-conditioning market for 24 consecutive years, and its performance has not stopped.

In 20 12-20 18, Gree's operating income increased from10 billion to 200 billion, and its net profit increased from 7.38 billion to 26.2 billion, with an annualized increase of 23%. In the past seven years, Gree's share price has nearly quadrupled (after recovery).

Why does Gree's net profit income grow faster than its revenue?

Most directly, its net interest rate has increased from 7.5% of 20 12 to 13~ 15%. The essential reason is that Gree's economies of scale in the air-conditioning industry are becoming more and more remarkable, and its brand influence is increasing day by day (bringing product premium). At the same time, a large number of small and medium-sized household appliances enterprises lost in the market competition and withdrew from the air-conditioning industry, which eased the internal competition in the industry.

Competition in the 20 19 industry has intensified, and Gree's position as the first air conditioner seems to have been taken away by the United States. However, with the help of the price reduction promotion of the Double Eleven, Gree has undoubtedly regained a lot of air-conditioning share and stabilized its position as the first in the industry. Xiaomi, oaks, etc. Be scarred in this price war.

It can be seen that Gree's competitiveness in air-conditioning category is second to none.

The above is the stock review of Super Ten. After nearly a year of combined operation, the yield of 15% is not too high, but it outperforms Shanghai and Shenzhen 300 by nearly 10 percentage points, which is generally acceptable. But a year may not be long enough. Let's see what will happen in the future.