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12028871D1ac490693416e5b73 Global Research 7 September 2020 China Tech Sector Equities UBS A-share Conference 2020: Tech Company China Takeaways Technology Thompson Wu Analyst [email protected] UBS A-share Conference 2020 from 31 August to 2 September +886-28-722 7338 The UBS A-share Virtual Conference 2020 hosted over 90 corporates and over 550 Jimmy Yu investors during the three-day event. In the technology sector, we hosted a total of 21 Analyst companies including seven covered names and 14 non-rated names. Amongst these, S1460517080002 investors' most requested company meetings were Avary, Glodon, Han's Laser, [email protected] Hikvision, Shengyi, Shennan Circuit and USI. +86-21-3866 8880 Surveillance/Telecom gradually improving; Cloud demand remains solid Wendy Zhang Analyst Hikvision and Dahua's China business is gradually picking up in H220, in particular due S1460520040002 to enterprises' AI-solutions demand; however, overseas remains soft. Despite US Entity [email protected] List restrictions, both were comfortable with the localisation of their supply chains and +86-10-5832 8255 inventory preparations made in the past 12 months. FII was positive on US/China Cloud Zoe Xu companies' capex growth into 2021, plus share gains from its key customers. In Associate Analyst telecom, several companies highlighted a slowdown in 5G-related business due to [email protected] COVID-19 and the Huawei issue, but many expect improving demand in 2021. +852-2971 7724 Kayla Cai Huawei's impact on smartphone supply chain already felt; Apple ramping up Associate While most companies didn't want to comment on the impact of restrictions on [email protected] Huawei, most supply chain companies are more concerned now and it appears they +86-21-3866 8786 have seen a negative impact on procurement demand. However, supply chain companies indicated rising orders from Chinese OEM clients and flag solid demand from Apple. Among the component names we talked to, we expect USI to gain content value in H2, while Sunway and Avary may gain market share in various products. (link) Software: H220 growth visibility improved with strong reported order pipeline Most software companies believe enterprise digital transformation, 5G applications and Cloud are medium-term growth drivers. With orders returning to growth, we think revenue should accelerate in Q3-Q4. Hundsun's management is optimistic that revenue will accelerate further on multiple drivers, while more recruiting could moderate margin expansion in H220. Glodon's strong Cloud billings suggest it is on track to achieve full- year guidance. Digital China mentioned strong Cloud demand in Q320. (See page 2 for details of our technology and software coverage.) www.ubs.com/investmentresearch This report has been prepared by UBS Securities Pte. Ltd., Taipei Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 18. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. UBS China A-share Technology and Software Coverage Comps Table Figure 1: UBS A-share technology and software coverage comps UBS China Technology Coverage 9/4/2020 Ticker UBS Analyst UBS Price Price Mkt cap P/E P/BV ROE Rating Target(LC) (LC) (USD mn) 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E Smartphone Supply Chain Xiaomi 1810.HK Thompson Wu Neutral 19.00 24.50 76.1 46.6x 34.7x 30.6x 6.2x 5.4x 4.7x 14.6 16.9 16.7 USI 601231.SS Jimmy Yu Buy 33.00 22.71 7.2 30.3x 18.6x 14.3x 4.2x 3.6x 3.0x 14.9 20.8 22.7 Luxshare 002475.SZ Jimmy Yu Buy 65.00 55.04 56.2 52.9x 33.8x 24.3x 14.3x 10.3x 7.5x 30.8 35.5 35.8 Lens 300433.SZ Jimmy Yu Buy (UR) 35.50 (UR) 35.27 21.9 34.4x 27.9x 22.4x 5.4x 4.7x 4.0x 17.5 17.9 19.4 Goertek 002241.SZ Jimmy Yu Sell 27.50 42.46 20.1 66.8x 46.1x 36.3x 7.7x 6.7x 5.8x 12.1 15.6 17.1 O-Film 002456.SZ Jimmy Yu Neutral 18.00 16.31 6.5 42.2x 23.3x 18.0x 3.7x 3.2x 2.8x 9.1 14.8 16.6 Average 45.5x 30.7x 24.3x 6.9x 5.7x 4.6x 16.5 20.2 21.4 Surveillance Hikvision 002415.SZ Thompson Wu Neutral 36.00 37.85 51.7 25.7x 21.0x 18.4x 6.7x 5.6x 4.8x 28.4 29.5 28.5 Dahua 002236.SZ Thompson Wu Buy 24.50 22.50 9.9 18.8x 14.7x 11.4x 3.5x 2.9x 2.3x 20.2 21.4 22.5 Average 22.2x 17.8x 14.9x 5.1x 4.2x 3.6x 24.3 25.5 25.5 IT Services and Software Aisino 600271.SS Wendy Zhang Neutral 17.30 17.66 4.8 24.5x 18.3x 15.8x 2.6x 2.4x 2.2x 10.9 13.4 14.3 Hundsun 600570.SS Wendy Zhang Buy 130.00 106.50 16.3 85.1x 65.8x 51.9x 19.9x 16.1x 13.0x 25.9 27.1 27.8 Venustech 002439.SZ Wendy Zhang Neutral 45.00 36.69 5.0 39.0x 30.6x 25.2x 5.5x 4.7x 4.0x 16.5 16.5 17.1 Yonyou 600588.SS Wendy Zhang Buy 63.00 40.93 19.4 115.6x 89.7x 68.3x 9.5x 8.9x 8.3x 10.8 10.3 12.6 Average 66.1x 51.1x 40.3x 9.4x 8.0x 6.9x 16.0 16.8 18.0 OEMs / ODMs Hon Hai 2317.TW Thompson Wu Neutral 82.00 76.90 36.3 11.0x 10.0x 9.8x 0.8x 0.8x 0.8x 7.7 8.1 8.0 Precision Inventec 2356.TW Thompson Wu Buy 24.50 22.80 2.8 11.2x 10.3x 9.3x 1.4x 1.4x 1.4x 13.0 13.8 14.9 Pegatron 4938.TW Thompson Wu Sell 50.00 63.60 5.6 15.2x 14.7x 13.9x 1.1x 1.0x 1.0x 6.9 7.1 7.2 Quanta 2382.TW Thompson Wu Suspended #N/A 76.80 10.1 17.2x 15.1x 13.8x 2.2x 2.1x 2.0x 12.6 14.0 14.7 Wistron 3231.TW Thompson Wu Sell 18.00 31.75 3.0 17.6x 18.7x 18.5x 1.2x 1.1x 1.0x 6.7 6.1 5.8 Average 14.4x 13.7x 13.1x 1.3x 1.3x 1.2x 9.4 9.8 10.1 Cloud,IDC, and telecom equipment Accelink 002281.SZ Jimmy Yu Neutral 34.5 34.17 3.4 50.3x 36.1x 27.7x 4.8x 4.3x 3.9x 9.8 12.6 14.8 FII 601138.SS Thompson Wu Neutral 15.5 14.17 41.1 15.0x 13.8x 13.4x 2.7x 2.3x 2.0x 19.4 18.2 16.3 Thompson Wu / Kingsoft Cloud KC.N Buy 36.0 32.84 6.6 N.M N.M N.M 1.1x 1.3x 1.3x N.M N.M N.M Wendy Zhang Average 32.7x 24.9x 20.5x 2.9x 2.6x 2.4x 14.6 15.4 15.6 Others Inspur 000977.SZ Thompson Wu Sell 25.0 35.18 6.6 38.6x 31.9x 30.3x 3.4x 3.2x 2.9x 10.5 10.4 10.0 Han's Laser 002008.SZ Jimmy Yu Buy 50.0 36.02 5.6 32.8x 20.1x 15.6x 3.9x 3.4x 2.9x 12.6 18.2 20.1 Jimmy Yu / Huatian 002185.SZ Neutral 12.0 14.90 6.0 68.9x 52.2x 43.3x 4.9x 4.5x 4.1x 7.4 9.0 10.0 Sunny Lin Jimmy Yu / JCET 600584.SS Sell 25.0 38.21 9.0 140.3x 83.3x 58.5x 4.7x 4.5x 4.2x 3.4 5.5 7.4 Sunny Lin Sanan 600703.SS Jimmy Yu Sell 14.0 27.70 16.5 77.7x 58.2x 48.4x 5.0x 4.7x 4.3x 6.5 8.2 9.3 TCL 000100.SZ Jimmy Yu Buy 8.2 7.43 14.7 35.2x 20.9x 15.9x 3.2x 2.8x 2.5x 9.2 14.3 16.6 Sector Average 42.8x 31.1x 25.2x 4.8x 4.1x 3.6x 13.0 14.8 15.6 Note: Above data as of 4 September 2020. Source: UBS estimates, UBS-S estimates China Tech Sector 7 September 2020 2 UBS 2020 China A-share Conference: Tech invites Figure 2: 21 A-share Technology Hardware and Software names attended Company name Company Share price Market cap Ticker Rating TP (Rmb) Company background (EN) name (CN) (Rmb) (US$ bn) Designs and manufactures printed circuit 1 Avary Holding 鹏鼎控股 002938.SZ n.a. n.a. 47.4 16.0 boards (i.e. PCB) for a variety of end-markets and product Dahua Globally leading traditional surveillance/ AI 2 大华股份 002236.SZ Buy 24.5 22.5 9.9 Technology surveillance and video solutions provider Rooted in consumer and enterprise electronics 3 Digital China 神州数码 000034.SZ n.a.
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