reports
- Johnny Yum Chung Man
Han’s Laser (002008 CH): 4Q23: Misses expectations on operating expens...
Han’s Laser’s 4Q23 net profit declined 4% yoy to Rmb188m, below our and the market’s expectations due to higher opex and impairment loss. Revenue was actually better than expected with signs of sustained recovery in high-power laser, PCB and semi equipment seen through 4Q23-1Q24, but the ongoing margin pressure and slow recovery in other business may continue to drag on its earnings recovery in 2024. Maintain HOLD and cut target price to Rmb17.10.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV sales up 21% yoy/19% wow in the second we...
China’s PEV sales grew 21% yoy and 19% wow during the week of 8-14 Apr 24, implying a 46% market share. BYD, Li Auto and XPeng posted in-line sales during the week, while Tesla’s and Zeekr’s sales came in lower than expected due to competition. We expect Zeekr’s sales to recover, based on its better product qualities vs rivals and new model debuts. CATL posted in-line 1Q24 results with core earnings growing 19% yoy. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto, XPeng. Top BUYs: CATL, Desay.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, April 19, 2024
KEY HIGHLIGHTS Sector Automobile Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10) 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00) Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024....
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, April 19, 2024
GREATER CHINA Sector Automobile: Weekly: PEV sales up 21% yoy/19% wow in the second week of April, in line. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Results Han’s Laser (002008 CH/HOLD/Rmb18.95/Target: Rm17.10): 4Q23: Misses expectations on operating expenses. Margin pressure may continue through 2024. Update Xtep International Holdings (1368 HK/BUY/HK$4.46/Target: HK$7.00): Expect double-digit% yoy growth in retail sell-through for 2Q24 and 2024. IN...
- Johnny Yum Chung Man
Zhejiang Shuanghuan Driveline Co (002472 CH): 4Q23: Results in line; b...
Shuanghuan’s 4Q23 results are in line with our estimates and preliminary results, although the revenue was slightly below due to a weaker-than-expected EV gear business. In 2024, growth of the EV gear business should stabilise, but the high growth period is likely over, while the overseas business and development of the newlyacquired civil gear business will be crucial for Shuanghuan to find a new growth driver. Maintain BUY but cut target price to Rmb27.60.
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Johnny Yum Chung Man
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Economics Money Supply Slower-than-expected credit expansion. Trade Exports drop 7.5% and imports fall 1.9%. Sector Healthcare ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60) 4Q23: Results in line; but slowdown in EV gear business is apparent. HSI AND HS TECH INDEX OUTLOOK
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Keith Wee Teck Keong
- Llelleythan Tan Tan
- Singapore Research Team
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Monday, April 15, 2024
GREATER CHINA Economics Money Supply: Slower-than-expected credit expansion. Trade: Exports drop 7.5% and imports fall 1.9%. Sector Healthcare: ICL: Recent policies may cloud revenue growth in 2024; accelerating market consolidation to benefit leading players. Results Zhejiang Shuanghuan Driveline Co (002472 CH/BUY/Rmb21.60/Target: Rmb27.60): 4Q23: Results in line; but slowdown in EV gear business is apparent. MALAYSIA Sector Banking: The operational commencement of the various new digital bank...
- Bella Lu Yifei
- Ken Lee
China Automobile: Weekly: Raise 2024 auto sales growth to 7.5% on bigg...
We raise our 2024 forecasts on China’s vehicle sales growth and EV sales growth from -5.1%/+10.8% to +7.5%/+21.7% respectively on higher 1Q24 sales given bigger-thanexpected price cuts, stronger exports and stimulus. Despite higher sales growth, most auto companies’ earnings will still be pressured by price cuts. PV sales declined 10.6% yoy and 39.7% wow in the first week of April due to the Tomb Sweeping Festival holiday. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL a...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
09868 XPENG INC
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Ceilica Su Rui
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Kong Ho Meng
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, April 12, 2024
ASEAN Sector Banks: ASEAN Banks: Quarterly update. GREATER CHINA Economics Inflation: CPI inflation moderates as CNY effects fade. Sector Automobile: Weekly: Raise 2024 auto sales growth to 7.5% on bigger price cuts. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Consumer: Focus on four key theses for the sector. Property: 2023 results wrap-up: Profitability deteriorates as expected; outperformance of CR Land/COLI the main highlight. MALAYSIA Update Dialo...
- Bella Lu Yifei
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Friday, April 12, 2024
KEY HIGHLIGHTS Economics Inflation CPI inflation moderates as CNY effects fade. Sector Automobile Weekly: Raise 2024 auto sales growth to 7.5% on bigger price cuts. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Consumer Focus on four key theses for the sector. Property 2023 results wrap-up: Profitability deteriorates as expected; outperformance of CR Land/COLI the main highlight. TRADERS’ CORNER Dongfang Electric Company Limited (1072 HK): Tr...
- Johnny Yum Chung Man
China IT Hardware: AI Hardware -- Elevated investment to bolster inves...
Recent news of leading foundries raising investments in US fabs, and TSMC’s elevated expansion into CoWoS in 2025 after positive initial reception/analysis of NVIDIA’s new GB200 Superchip, represents the semi industry’s optimism on GenAI-driven demand in both the short and long term. This can also further lift the market’s confidence in the sustainability of AI-related investments in the coming years, which can in turn drive another round of upward revisions in market/earnings forecasts. Maintai...
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, April 11, 2024
KEY HIGHLIGHTS Sector IT Hardware AI Hardware: Elevated investment to bolster investor confidence. Maintain OVERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$70.50/Target: HK$92.00) 4QFY24 preview: Solid CMR and AIDC growth; lacklustre profitability. TRADERS’ CORNER Guangzhou Automobile Group (2238 HK): Trading Buy range: HK$3.48-3.58 China Gas Holdings Limited (384 HK): Trading Buy range: HK$7.90-8.00
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Regional Morning Notes - Thursday, April 11, 2024
GREATER CHINA Sector IT Hardware: AI Hardware: Elevated investment to bolster investor confidence. Maintain OVERWEIGHT. Update Alibaba Group (9988 HK/BUY/HK$70.50/Target: HK$92.00): 4QFY24 preview: Solid CMR and AIDC growth; lacklustre profitability. SINGAPORE Update Marco Polo Marine (MPM SP/BUY/S$0.067/Target:S$0.086): Virtual call takeaways: Thriving on upswing in offshore industry. THAILAND Update Energy Absolute (EA TB/BUY/Bt35.25/Target: Bt70.00): Looking for new growth opportunities fro...
- Bella Lu Yifei
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
Greater China Daily - Friday, April 5, 2024
KEY HIGHLIGHTS Strategy Alpha Picks: April Conviction Calls: Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. Sector Automobile: Weekly: Prefer high value-added automotive part companies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.09/Target: HK$2.81): SGM result: Chairman removed; Colin Currie appo...
- Johnny Yum Chung Man
- Kate Luang
Giordano International (709 HK) - SGM Result: Chairman Removed; Colin ...
All proposed resolutions by CTF were passed by poll at the SGM on 3 Apr 24. Peter Lau was removed from his position as Chairman and Colin Currie was appointed as an executive director. We think Currie’s experience in expanding Adidas’ APAC business could support Giordano’s ongoing emerging markets expansion. However, there could be further changes to Giordano’s expansion plan, management team and dividend policy. Maintain BUY. Target price: HK$2.81.
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Weekly: Prefer High Value-added Automotive Pa...
Most OEMs, battery material suppliers and automobile dealers saw a margin squeeze in 2H23/4Q23, due to a drop in product prices. However, automotive part companies focusing on high value-added products, eg CATL, Desay SV and Fuyao Glass, enjoyed margin improvement during the period, due to optimisation of product mix. Maintain UNDERWEIGHT. Remove Tuopu from top BUY list on Tesla risk. Top BUYs: CATL and Desay. Add BYD and Li Auto to top SELL list. Top SELLs: BYD, Li Auto and XPeng.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
- Bella Lu Yifei
- Benjaphol Suthwanish
- Greater China Research Team
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Limartha Adhiputra
- Philip Wong
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, April 05, 2024
GREATER CHINA Strategy Alpha Picks: April Conviction Calls Adding AIA, Midea, Hansoh Pharmaceutical, Shenzhen Inovance and Trip.com to our BUY list, with SELL calls on BYD, EVE Energy, and Li Auto. Sector Automobile Weekly: Prefer high value-added automotive part companies. Maintain UNDERWEIGHT. Top SELLs: BYD, Li Auto and XPeng. Top BUYs: CATL and Desay SV. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$2.09/Target: HK$2.81) SGM result: Chairman removed; Colin Currie appoi...
- Johnny Yum Chung Man
- Kate Luang
Greater Chin Small-Mid Cap Monthly: Eyeing re-rating for refrigerant s...
KEY CALLS Refrigerant Plays According to BAIINFO, the market price of R32 increased 2% wow, 13% mom and 58% qoq to Rmb26,000/tonne as of 26 Mar 24, likely due to: a) tighter demand-supply thanks to solid air conditioner (AC) production planning in 1Q24, and b) encouraging planned AC production of 20.7m units (up 23% yoy) in Apr 24. Thus, the R32 price spread surged 45% to Rmb25,700/tonne in Jan-Mar 24, indicating rising profit/tonne for refrigerant suppliers... UPDATES Activation Group (9919...
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kenny Yong Hui Lim
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, April 3, 2024
KEY HIGHLIGHTS Strategy Small-Mid Cap Biweekly Eyeing re-rating for refrigerant suppliers as AC dealers front-load for peak sales in 2Q24. Results China Construction Bank (939 HK/BUY/HK$4.85/Target: HK$6.00) 2023: Results in line; expect revenue headwinds to persist in 2024. COSCO SHIPPING Holdings (1919 HK/BUY/HK$8.44/Target: HK$10.60) 2023: Results in line; expect an upbeat 1H24 performance. Maintain BUY. Kweichow Moutai (600519 CH/BUY/Rmb1,713.99/Target: Rmb2,488.00) 2023: Earnings up ...
- Jack Goh Tooan Orng
- Jo Yee Ng
- Johnny Yum
- Johnny Yum Chung Man
- Kate Luang
- Kenny Yong Hui Lim
- Kong Ho Meng
- Malaysia Research Team
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
Regional Morning Meeting Notes: Wednesday, April 03, 2024
GREATER CHINA Strategy Small-Mid Cap Biweekly Eyeing re-rating for refrigerant suppliers as AC dealers front-load for peak sales in 2Q24. Results China Construction Bank (939 HK/BUY/HK$4.85/Target: HK$6.00) 2023: Results in line; expect revenue headwinds to persist in 2024. COSCO SHIPPING Holdings (1919 HK/BUY/HK$8.44/Target: HK$10.60) 2023: Results in line; expect an upbeat 1H24 performance. Maintain BUY. Kweichow Moutai (600519 CH/BUY/Rmb1,713.99/Target: Rmb2,488.00) 2023: Earnings up ...
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