reports
- Claire Wang Kelai
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 1Q25: In line. Acceleration i...
Goldwind reported 1Q25 earnings of Rmb568.2m (+70.8% yoy), largely driven by an acceleration in WTG shipments. 1Q25 WTG shipment volume surged to 2,588MW (+80.2% yoy), particularly for overseas and domestic onshore orders. Management has maintained the 2025 WTG shipment guidance at 30GW (+87% yoy). The WTG order backlog expanded further to 51.1GW (+7.8% from end-24), with the overseas order backlog standing at 6.9GW. Maintain BUY. Target price: HK$7.50.
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 29, 2025
KEY HIGHLIGHTS Sector Online Travel Agencies We saw continuous vitality in cultural and tourism consumption based on 1Q25 travel data and Labour Day travel data projections. Key travellers’ preference trends during Labour Day 2025 will be long-haul travel, inbound tourism and county-level travel. With favourable policy support such as the implementation of "instant tax refunds" for outbound travel, we expect to see promising revenue and earnings growth from OTA companies in 1H25. Maintain OVER...
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
300244 DIAN DIAGNOSTICS GROUP CO
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, April 29, 2025
GREATER CHINA Sector Online Travel Agencies: Travel data preview: Expecting a vibrant 2025 Labour Day Results BYD Electronic (285 HK/BUY/HK$31.80/Target: HK$41.20): 1Q25: Margins below expectations; automotive business to lead the charge in 2025. Maintain BUY. China Resources Building Materials Technology (1313 HK/BUY/HK$1.69/Target: HK$2.30): 1Q25: In line; severe drought in Guangxi restricts cement products outflow. China State Construction Engineering Corporation (601668 CH/BUY/Rmb5.49 /Targe...
02331 LI NING COMPANY LIMITED
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
AIY IFAST
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
0168 TSINGTAO BREWERY CO. LTD. CLASS H
PTTEP-R PTT EXPLORATION & PRODUCTION PCL NVDR
FNH FRASER & NEAVE HOLDINGS BHD
BURSA BURSA MALAYSIA BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
HMN ASCOTT RESIDENCE TRUST
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BBNI BANK NEGARA INDONESIA PERSER
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Claire Wang Kelai
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 2024: Below expectations: WTG...
Goldwind reported 2024 earnings of Rmb1,860.47m (+39.2% yoy), representing 70% of our full-year estimate and falling below expectations. 2024 WTG gross margin recovered to 5.1%. 2024 WTG shipment volume reached 16.1GW (+16.1% yoy), while 2025 shipment is guided at 30GW. WTG order backlog hit a record high of 47.4GW (+55.9% yoy), with the overseas order backlog expanding further to 7.0GW, reflecting solid progress in global expansion. Maintain BUY. Target price: HK$8.00.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Guan An Tan
- Jieqi Liu
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 1, 2025
KEY HIGHLIGHTS Economics PMI Manufacturing PMI strengthened further to 50.5 (+0.3pt mom) while non-manufacturing PMI improved to 50.8 (+0.4pt mom) as construction activity improved to 53.4 (+0.7pt mom), alongside a moderate recovery in services at 50.3 (+0.3pt mom). Small-sized enterprises saw a notable improvement to 49.6 (+3.3pt mom) despite being in the contractionary zone, pointing to a broadening of the recovery. Sector Aviation The three airlines’ 2024 results were in line but at the h...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
1772 GANFENG LITHIUM CO. LTD. CLASS H
6186 CHINA FEIHE LTD
6049 POLY PROPERTY SERVICES CO LTD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Bella Lu Yifei
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Guan An Tan
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, April 1, 2025
GREATER CHINA Sector Aviation: Airlines: Expecting a turnaround in 2025 on better supply-demand balance. Maintain UNDERWEIGHT. Results China Feihe (6186 HK/BUY/HK$5.87/Target: HK$6.80): 2024: Results miss; targets accelerated revenue growth but slight gross margin improvement in 2025. China Longyuan Power (916 HK/HOLD/HK$6.23/Target: HK$6.70): 2024: In line; poor wind resources weigh on power generation despite robust new installation. China Overseas Land & Investment (688 HK/BUY/HK$13.90/Target...
- Ziv Ang Sze Champ
Goldwind (2208 HK): 3Q24: In line; order backlog up 45.6% since end-23...
Goldwind reported 9M24 earnings of Rmb1,792m (+42.1% yoy), representing 67% of our full-year estimate, and in line with expectations. Consolidated gross margin rose to 16.4% (+2.2ppt yoy). 9M24 WTG shipment volume was 9,709.8MW (+9.0% yoy). Management maintained its annual shipment target of 18-20GW, but offshore WTG shipment was halved to 1GW. Order backlog hit record high at 44,279MW (+45.6% from end-23). Maintain BUY. Target price: HK$7.90.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, October 29, 2024
KEY HIGHLIGHTS Sector Automobile We expect China’s smart cockpit and ADAS markets to grow at a three-year CAGR of 17%/20% respectively from 2023-26. The buoyant growth will be driven by the vehicle intelligentisation trend, and the most prominent themes are: a) NOA, b) EEA centralisation, and c) vehicle-road-cloud integration. Leading companies with innovative products will enjoy buoyant top-line growth and resilient margins. Top picks: Huizhou Desay SV, Ningbo Tuopu and Joyson Electronics. ...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Llelleythan Tan Tan
- Nurul Nazira Binti Abdullah
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, October 29, 2024
GREATER CHINA Sector Automobile: Intelligentisation is the new growth engine for the EV industry. Top BUYs: Desay SV, Tuopu, Joyson, Fuyao and ECARX. Results China Resources Building Materials Tech (1313 HK/BUY/HK$2.02/Target: HK$2.30): 3Q24: Below expectations; 2024 cement sales guidance trimmed to 63m tonnes. Foshan Haitian Flavouring & Food (603288 CH/HOLD/Rmb45.37/Target: Rmb49.50): 3Q24: Core profit up 9% yoy; well-positioned for continued steady growth. Goldwind (2208 HK/BUY/HK$6.91/Target...
AIY IFAST
C52 COMFORTDELGRO CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
X2S SINOPHARM GROUP CO. LTD. CLASS H
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
MSGB MAH SING GROUP BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
NE NORTHEAST GROUP BHD (NE MK)
- Ringo Tang Chi Yu
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 1H24: In line; shifting focus...
Goldwind reported 1H24 earnings of Rmb1,387m (+10.8% yoy), representing 52.8% of our full-year estimate and in line with expectations. Gross margin for WTG recovered to 3.75% (+6.3ppt yoy) given a change in the sales contribution structure. Goldwind is prioritising offshore WTG and overseas markets, and shipment volume for WTG of over 6MW was 3,021MW (+97.1% yoy). Order backlog hit a record high at 38,358MW (+26.2% from end-23). Maintain BUY. Target price: HK$5.30.
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, August 27, 2024
KEY HIGHLIGHTS Strategy Cross Currents In our base case, we expect the MSCI China index to range trade for the rest of 2024 due to uncertainties over the duration of economic adjustment. Upside risk comes from the start of the Fed’s easing cycle as it opens the way for further monetary easing in China. However, this should be complemented by demand-side policies for greater impact. In the meantime, we utilise a barbell strategy, preferring TMT, tech hardware and defensives like financials, c...
- Carol Dou Xiao Qin
- Chong Lee Len
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kate Luang
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Ming San Soong
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, August 27, 2024
GREATER CHINA Strategy Cross Currents We expect the MSCI China index to range trade for the rest of 2024; we prefer TMT, tech hardware and defensives like banks, communication services and utilities. Results Goldwind Science & Technology (2208 HK/BUY/HK$4.46/Target: HK$5.30) 1H24: In line; shifting focus to offshore WTG and overseas markets. Jiumaojiu International Holdings (9922 HK/BUY/HK$2.49/Target: HK$3.50) 1H24: Result...
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
MYOR MAYORA INDAH
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
UNVR PT UNILEVER INDONESIA TBK
MAPI MITRA ADIPERKASA
X2S SINOPHARM GROUP CO. LTD. CLASS H
ROTI NIPPON INDOSARI CORPINDO
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
T TELEKOM MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
CPALL TB CP ALL
TXG 10X GENOMICS INC CLASS A
TDC TIME DOTCOM BHD
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
1888 KINGBOARD LAMINATES HOLDINGS LTD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
CMRY PT CISARUA MOUNTAIN DAIRY TBK
TIMECOM 029 GROUP SE
Z29 ACE HARDWARE INDONESIA
- Ceilica Su Rui
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 1Q24: Below expectations; mar...
Goldwind reported 1Q24 earnings of Rmb332.6m (-73.1% yoy). The slump in earnings was mainly due to an 89.2% decline in investment income and a 146% yoy decline in gains from fair value changes. WTG gross margin has stabilised, with greater overseas orders and economies of scale to help hit the 2024 gross margin target of 10%. Lower WTG tender volume in 1Q24 should not be a concern, and we remain optimistic on fullyear tender volume. Maintain HOLD. Target price: HK$3.20.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Kenny Yong Hui Lim
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 30, 2024
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$34.95/Target: HK$44.00) CMB’s 1Q24 earnings were slightly below our expectations due to disappointing fee income and higher cost ratio, partly offset by strong trading gains and lower credit impairment. 1Q24 NIM performance beat our expectation with a 2bp qoq decline and we expect it to hit its bottom by 2024 if there is another round of deposit rate cuts. Besides that, asset quality remains largely stable. Maintain BUY. Target price:...
01299 AIA GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
000333 MIDEA GROUP CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
0168 TSINGTAO BREWERY CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
Z29 029 GROUP SE
1313 CHINA RESOURCES BUILDING MATERIALS TECHNOLOGY HOLDINGS LTD
- Ceilica Su Rui
- Ziv Ang Sze Champ
Goldwind (2208 HK): 2023: Below expectations; wind farm products sales...
Goldwind reported 2023 earnings of Rmb1,331.0m (-44.2% yoy), representing 59.7%/58.0% of our/consensus earnings estimates respectively, below expectations. Revenue grew 8.7% yoy, boosted by the fast expansion of wind farm products sales, which saw 1,048.7% yoy growth to Rmb4,483.9m. WTG gross margin has yet to see recovery, but overall gross margin was dragged down by wind farm products to 17.1% (-0.5ppt). Maintain HOLD. Target price: HK$3.20.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, April 2, 2024
KEY HIGHLIGHTS Economics PMI First expansion in six months. Sector Aviation Airlines: Expecting a turnaround in profitability in 2024 with moderate international travel recovery. Maintain MARKET WEIGHT. Macau Gaming Mar 24 GGR up 6% mom; May 24 Golden Week a potential catalyst. Results China Feihe (6186 HK/BUY/HK$3.68/Target: HK$4.43) 2023: Results in line; healthy channel inventory and improved operating efficiency to drive growth. Upgrade to BUY. China Longyuan Power (916 HK/BUY/HK$5.4...
00144 CHINA MERCHANTS PORT HOLDINGS CO. LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
600132 CHONGQING BREWERY CO.LTD CLASS A
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
600872 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
2333 GREAT WALL MOTOR CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2877 CHINA SHINEWAY PHARMACEUTICA
1521 FRONTAGE HOLDINGS CORP
6186 CHINA FEIHE LTD
1199 COSCO SHIPPING PORTS LIMITED
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06690 HAIER SMART HOME CO. LTD. CLASS H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
- Ziv Ang Sze Champ
Goldwind Science & Technology (2208 HK): 3Q23: Below expectations; 3Q2...
Goldwind reported 9M23 earnings of Rmb1,260.8m (-46.7% yoy), accounting for 43% of our full-year earnings estimate. Consolidated gross margin recovered to 18.2% in 3Q23, supported by the cost reduction initiatives and increasing ratio of export volume. Although 3Q23 WTG shipment growth slowed to +6.0% yoy, the company is maintaining 2023 shipment target of 16GW. Order backlog expanded further to 31,509MW as of end- Sep 23. Maintain HOLD. Target price: HK$4.00.
- Bella Lu Yifei
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Monday, October 30, 2023
KEY HIGHLIGHTS Sector Aviation Airlines: 3Q23 results broadly in line; bottom line turned around in the seasonal peak quarter. Maintain UNDERWEIGHT. Results China Longyuan Power (916 HK/BUY/HK$6.79/Target: HK$7.90) 3Q23: In line; 3Q23 wind power utilisation hours down 34 hours yoy. ENN Energy Holdings Limited (2688 HK/BUY/HK$61.70/Target: HK$72.10) 3Q23 operational data: 3Q23 dollar margin falls to Rmb0.50/cbm. Goldwind Science & Technology (2208 HK/HOLD/HK$3.81/Target: HK$4.00) 3Q23: Below...
000858 WULIANGYE YIBIN CO. LTD. CLASS A
300124 SHENZHEN INOVANCE TECHNOLOGY CO. LTD CLASS A
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
916 CHINA LONGYUAN POWER GROUP-H
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
XINJIANG GOLDWIND sees a downgrade to Neutral on account of less funda...
The independent financial analyst theScreener just lowered the general evaluation of XINJIANG GOLDWIND (HK), active in the Renewable Energy Equipment industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date January 18, 2022, the closing price was HKD ...
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