股
票
研 Research 究 [Table_Title]
Equity Research Department
Morning Research Focus
8 February 2018
[Table_Summary] Table of Contents 目录
Focus 今 Industry and Company Focus 行业和公司焦点 晨
Wynn Macau (01128 HK): Chairman has Resigned Amid Sex Scandal
焦 Research 点 永利澳门（01128 HK）：董事会主席于性丑闻风波中卸任
Morning Country Garden (02007 HK): Contracted Sales soared by 42.3% YoY to RMB69.16 Bn During Jan. 2018
碧桂园(02007 HK)： 2018 年 1 月合约销售同比增 42.3%至 691.6 亿元人民币
Zijin Mining (02899 HK): 2018 Production Plan
紫金矿业 (02899 HK)：2018 年生产计划
证
告 China Hongqiao(01378 HK): Adjustment of Conversion Price of Convertible Bonds 券
研 报
中国宏桥 (01378 HK)：调整可转债的换股价
究 究
报 研
Skyworth Digital (00751 HK): Domestic TV Sales Volume decreased by 8% YoY in January 2018
告
券
EquityResearch Report
创维数码 (00751 HK)： 2018 年 1 月国内电视销量同比降 8%
证
Great Wall Motor (02333 HK): Vehicles Sales Increased 20.6% YoY in January 2018
长城汽车(02333HK)：2018 年 1 月汽车销售同比增长 20.6%
Longyuan Power (00916 HK): Wind power generation increased 38.81% YoY in Jan. 2018; estimated utilisation was up by 25.82% YoY
龙源电力（00916 HK）： 1 月风电发电量同比上涨 38.81%，估算利用小时同比上升 25.82%
Latest Reports 最新报告摘要
Company EPS Code Title TP Chg Rating Chg Name Est.Change? 代码 标题 目标价 z 评级 变动 公司名称 盈利预测是否改变 Stable Profitability from Huadian Fuxin 00816 HK Complementary Businesses, HK$2.33 ↓ Accumulate -- Y Maintain "Accumulate"
华电福新 00816 HK 业务互补将稳定盈利能力，维持“收集” HK$2.33 ↓ 收集 -- 是
Newly Published Key Economic Data for China, US and Europe 中美欧最新公布的重要经济数据
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Morning Research Focus
Appendices：Chinese Version of the Industry and Company Focus, Latest Reports. 后附：行业和公司焦点，最新报告摘要中文版。
HSI Performance HSCEI Performance
35,000 16,000 33,000
31,000 14,000
29,000 12,000 27,000
25,000 10,000 23,000
21,000 8,000 19,000
17,000 6,000 Feb/17 May/17 Aug/17 Nov/17 Feb/18 Feb/17 May/17 Aug/17 Nov/17 Feb/18
Source: Bloomberg Source: Bloomberg
Industry[Table_Focus and] Company Focus
Wynn Macau (01128 HK): Chairman has Resigned Amid Sex Scandal
Analyst: Noah Hudson
What happened: At the request of the Company, trading in its shares was halted for the full day 7 Feb. 2018 but will resume today, 8 Feb., with effect from 9:00 a.m. The board of directors of the Company yesterday announced that with immediate effect, Mr. Stephen Wynn ("Wynn") has resigned from all of his official roles in relation to the Company, including chairman of the board, executive director and CEO. Subject to Macau regulatory procedures, Mr. Matthew Maddox, an executive director of the Company, will become chairman of the board of directors and Mr. Ian Coughlan, an executive director and president of the Company, will become a director. The announcement comes as Wynn has become the subject of a sexual harassment scandal. A 26 Jan. Wall Street Journal article alleged that Wynn had pressured employees for sex and paid US$7.5 million to settle claims brought against him from a former manicurist at his Las Vegas resort. Wynn, 76, denies any wrongdoing, but said that with all of the negative publicity, he cannot continue to be effective in his current roles at Wynn Resorts.
Comments and Views: We don't expect the change of management to have a significant impact on the Company's short term operations. However, we do expect that Wynn's departure will have a negative impact on the Company in the medium and long term, especially in terms of strategic development. Wynn is known for being very involved in the details of the Company's resorts and for providing the essence of the high level of service and standards expected from customers.
Investment suggestion: Macau gaming regulators on 29. Jan. met with management of the Company, which is one of six Macau gaming concession holders, in regards to suitability qualifications. Wynn controls about 21% of Wynn Resorts equity, and hence about 15.2% of Wynn Macau, meaning that unless he divests his share, Wynn will remain as the single most influential shareholder; as such, Macau gaming regulators might still have cause to investigate the allegations against him. Wynn may be pressured to reduce his equity stake in the Company in order to appease Macau regulators in regards to suitability requirements for major shareholders of a company with a Macau gaming concession. We maintain our "Buy" investment rating and our current target price is HK$26.00.
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Country Garden (02007 HK): Contracted Sales soared by 42.3% YoY to RMB69.16 Bn During Jan. 2018 Analyst: Van Liu
What happened: Country Garden (“the Company”) has announced its Jan. contracted sales as follows:
Currency Unit (Mn YoY MoM YoY MoM (Bn RMB) sq.m)
Jan. Jan. Contracted 69.16 42.3% 318.4% Contracted 7.56 37.7% 240.5% Sales GFA Sold
Jan Contracted 9,148 3.3% 22.9% ASP (RMB/sq.m) Source: the Company.
Comments and Views: Contracted sales in Jan. 2018 represented strong growth and recorded a 42.3% YoY increase, which is in line with our expectations. Saleable resources may reach RMB1,000 bn in 2018. We think the Company’s contracted sales to maintain a strong upside momentum.
Investment suggestion: The Company’s contracted sales could maintain higher growth than the sector average. Moreover, net gearing ratios are expected to remain at a healthy level. The Company’s current investment rating is “Buy” and the target price is HK$18.43, which implies a 18% discount to its 2018E NAV and also implies 13.5x underlying 2018 PER and 3.0x 2018 PBR.
Zijin Mining (02899 HK): 2018 Production Plan
Analyst: Kevin Guo
What happened: The Company announced 2018 production plan. The Company plans to produce 37 tons of mined gold, 244,000 tons of mined copper, 274,100 tons of mined zinc, 213 tons of mined silver and 2.6 million tons of iron ore in 2018.
Comments and Views: The output of mined gold is expected to reduced by 3 tons, and the output of mined zinc is expected to decline by 8.7% in 2018. However, the output of mined copper will increase by 22% in 2018 and the output of iron ore will also increase significantly.
Investment suggestion: Metal prices are expected to stay high in 2018, which will improve the profitability of the Company. The operating environment will continue to improved for the Company in 2018 as metal prices rebounded. Our current TP for the company is HK$ 3.91 and the investment rating is “Accumulate”.
China Hongqiao(01378 HK): Adjustment of Conversion Price of Convertible Bonds
Analyst: Kevin Guo
What happened: The Company announced that the conversion price of US$ 320 5% million bonds will be adjusted from HK$ 8.16 PER Share to HK$7.71 per Share with effect from 7 February 2018.
Comments and Views: The adjustment of conversion price was mainly due to issue of dividend, which is in accordance with the CB terms and Conditions.
Investment suggestion: The Company current operating about 6.56 million tons of primary aluminum production capacity after the shutdown of non-compliant production capacity. The production in winter
See the last page for disclaimer 3 of 11 Morning Research Focus season will also be reduced due to environmental control. Policy risks which the Company confronts reduced significantly after the shutdown of non-compliant production capacity. The Company still holds great competitive advantages due to its unique operating model. We expect aluminum price to stay high in 2018 and the profitability of the Company will further improved. Our TP of the Company is HK$ 14.07 with the investing rating of “Accumulate”
Skyworth Digital (00751 HK): Domestic TV Sales Volume decreased by 8% YoY in January 2018
Analyst: Andrew Song
What happened: The Company posted its unaudited TV sales statistics in January 2018. TV sales volume in China market reached 869 thousand units, down 8% YoY. TV sales volume in overseas market surged by 45% YoY to 753 thousand units during the same period.
Comments and Views: In January, the Company’s domestic TV sales volume continued declining as expected, however, the decline rate narrowed by 18 ppts compared with Dec. 2017. Sales volume of 4K TV dropped 3% YoY to 482 thousand units, accounting for 55% of total domestic sales volume; non-4K TV sales were still difficult with YoY drop of 13%. TV demands are yet to recover and the Company is focusing more on the ASP and gross margin rather than sales volume growth. Moreover, the Company has launched new series models which performed well in the recent months. On the other hand, overseas TV sales volume continued boosting as a main driver. Daily active users of smart TV reached 10.3 million, up 5.0% MoM while total volume of activated internet TV rose by 2.8% MoM to 27.1 million, which provides a solid base for the Company’s content services.
Investment suggestion: Domestic TV sales growth in January stayed negative but the decline rate narrowed. In addition, panel prices continued dropping in the first week of February, with 32’’ down 1.5% MoM and 43’’ down 0.9% MoM. We believe that Skyworth’s profitability is improving supported by the sales of higher margin products and declining panel prices. Skyworth’s last closing price is HK$3.38 and we think the current valuation is attractive compared with the Company’s asset value. Maintain investment rating of “Buy” with TP of HK4.95.
Great Wall Motor (02333 HK): Vehicles Sales Increased 20.6% YoY in January 2018
Analyst: Toliver Ma
What happened: Great Wall Motor (“GWM”) announced its Jan. 2018 sales data. Vehicle sales were 110,040 units in January, up 20.6% YoY. SUV (including WEY) and pick up truck sales up 21.1% and 20.1% respectively; while sedan sales decreased 48.8% yoy.
Comments and Views: GWM growth picked up in Jan. 2018 after a disappointing year in 2017. The improvement is partly due to the timing difference of Chinese New Year, but it can also credit the contribution of WEY brand. WEY VV5 and VV7 sold 10,239 and 10,050 units in Jan. 2018, which are comparable to the Dec. 2017. On the other hand, Haval H6 recorded 59,133 units of sales, up 28.6% yoy. We believe the increase is mainly due to the upgrade of the H6 engine (upgraded to 1.5T GDIT + 7DCT) on its new version launched end of 2017, as well as, customers are entitled to a promotional discount of RMB2,500 until end of Feb. 2018, which approximates the dollar amount of tax subsidy reduction. In contrast, some other models continue to suffer, such as Haval H2 and H7 which down 48.7% and 80.3% yoy, respecitvely. New model Haval M6 also has slumped MoM by 53.7%.
Investment suggestion: We see sales of WEY brand largely aligned with our expectation, however product sustainability is still one of key worrying signs after seeing M6 cannot maintain a stable ramp up pace. The Company has an investment rating of “Neutral” and a TP of HK$9.64. The TP represents 17.5x 2017 PER and 11.4x 2018 PER, 1.5x 2017 PBR and 1.4x 2018 PBR.
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Longyuan Power (00916 HK): Wind power generation increased 38.81% YoY in Jan. 2018; estimated utilisation was up by 25.82% YoY. Analyst: Jake Wang
What happened: Longyuan Power (“the Company”) posted its power generation figure for Jan. 2018:
January 2018 Monthly gen. (GWh) YoY YTD gen. (GWh) YoY
Wind 3,904 38.81% 3,904 38.81%
Thermal 989 8.18% 989 8.18%
Other Renewable 49 4.03% 49 4.03%
Total 4,942 30.96% 4,942 30.96% Source: the Company.
Comments and Views: The Company's wind power generation in Jan. increased 38.81% YoY; the estimated monthly wind power utilisation increased by 25.82% YoY to 204hours (162 hours for Jan. 2017), and was 36 hours higher compared with the last 5-year average (2013-2017). Wind resources increased during January; the Company’s capacity-weighted average provincial wind speed recordedaround 5.16m/s, up by 5.47% YoY. Due to the remarkable improvement in wind curtailment situations, the Company’smonthly wind power generation for Gansu, Xinjiang and Inner Mongolia had seen strong YoY growth of 109.94%, 48.86% and 39.52%, respectively. The Company’s wind curtailment rate for Jan. was 7.00%, decreased 11.71ppt compared to the same period last year.
Investment suggestion: Despite the delay of the Chinese New Year (lower power consumption during Chinese New Year lead to relatively low base last year), the Company’s wind power generation and wind utilisation performance for January was still above our expectation.Nationwide wind curtailment situations will most likely continue to mitigate, and the substitute effects of clean energy against traditional thermal power gradually amplifies. We maintain our investment rating for LYP as “Accumulate”, TP is HK$6.95. The Company’s current valuation is attractive, with potential buying opportunities from the recent pull back of the Hong Kong market.
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[Table_Latest] Newly Published Key Economic Data for China, US and Europe [Table_NewlyPublished] 中美欧最新公布的重要经济数据 Analyst: David Liu 分析员: 刘静骁
Market Data Current Country Indicator MoM / QoQ YoY Consensus Period Value 国家 指标名称 环比变动 同比变动 市场一致预 数据期间 当期值 期 China Foreign exchange reserve (bn USD) January 3,161.5 0.7% 5.4% 3,170 中国 外汇储备（十亿美元） 1 月
Source: The People’s Bank of China, Bloomberg. 数据来源：中国人民银行、彭博。
Chinese Translation 中文翻译
行业和公司焦点[Table_Focus_chi ]
永利澳门（01128 HK）： 董事会主席于性丑闻风波中卸任
分析员：Noah Hudson
事件描述：由于永利澳门（“公司”）的要求，公司股票 2018 年 2 月 7 日整日暂停交易，但会在 2 月 8 日上 午 9:00 恢复交易。永利澳门有限公司之董事会昨日宣布，Stephen Wynn 先生已辞任公司所有职务，包括董事 会主席、执行董事兼行政总裁，实时生效。待澳门监管程序办理完毕后，公司行政总裁兼执行董事麦马度先生 将成为之董事会主席，而公司执行董事兼总裁高哲恒先生将成为公司之董事。此公告源自 Wynn 先生近期的性 骚扰丑闻。1 月 26 日华尔街日报的一篇文章指称，Wynn 先生强迫员工发生性行为，并支付 750 万美元以解 决其拉斯维加斯度假村前美甲师对他提出的索赔要求。76 岁的 Wynn 先生否认有任何不当行为，但表示在负 面消息的大环境下，无法继续其在永利度假村的现有职务角色。
观点评论：我们预计此次管理层变动不会对公司的短期运营产生重大影响。然而，我们预计 Wynn 先生的离职 将对公司中长期带来负面影响，特别是在战略发展方面。Wynn 先生以深入参与公司娱乐场的细节并提供客户 期望的高水平服务和业务标准而著称。
投资建议：1 月 29 日，澳门博彩监管机构与澳门六家持有博彩特许经营权公司之一的永利澳门管理层就资格 合适性问题进行会谈。Wynn 先生控制永利度假村约 21％的股份，因此占永利澳门的股份比例约为 15.2％， 这意味着除非他放弃股份，否则其将继续作为单一第一大股东且澳门博彩监管机构有可能调查对他的指控。 Wynn 先生可能会被迫减少其在公司的股权，以符合澳门监管机构对澳门博彩特许经营公司主要股东的合适性 要求。我们维持“买入”投资评级，目前我们的目标价为 26.00 港元。
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碧桂园(02007 HK)： 2018 年 1 月合约销售同比增 42.3%至 691.6 亿元人民币
分析员：刘斐凡
事件描述：碧桂园（“公司”）公布了 1 月合约销售情况,如下：
货币单位 单位 (百万 (十亿人民 同比 环比 同比 环比 平方米) 币)
1 月合约 69.16 42.3% 318.4% 1 月合约销 7.56 37.7% 240.5% 销售额 售面积
1 月合约 销售均价 9,148 3.3% 22.9% （人民币/ 平方米） 资料来源：公司。
观点评论：2018 年 1 月合约销售展现强劲增长并录得同比上升 42.3%，符合我们预期。可售资源在 2018 年 可能达到 10,000 亿。我们认为公司合约销售很有可能保持强劲上升势头。
投资建议：公司的合约销售能够录得高于行业平均的增长。另外，净资产负债率预计维持在健康水平。公司目 前投资评级为“买入”，目标价为 18.43 港元，相当于其 2018 年 NAV 有 18%的折让，也相当于 13.5 倍 2018 年的核心市盈率和 3.0 倍 2018 年的市净率。
紫金矿业 (02899 HK)：2018 年生产计划
分析员：郭勇
事件描述：公司宣布了 2018 年的生产计划。公司计划在 2018 年生产 37 吨矿产金，24.4 万吨矿产铜，27.1 万吨矿产锌，213 吨矿产银和 260 万吨铁矿石
观点评论：公司 2018 年矿产金的产量预计将减少 3 吨，矿产锌的产量将下降 8.7%。但是公司矿产铜的产量将 增加 22%，且铁矿石的产量也将显著增长。
投资建议：金属价格 2018 年预计将保持在高位，这将显著改善公司的盈利能力。随着金属价格的反弹，公司 的运营环境将继续得到改善。我们目前对公司的目标价是 3.91 港元，投资评级为“收集”。
中国宏桥 (01378 HK)：调整可转债的换股价
分析员：郭勇
事件描述：公司宣布 3.2 亿美元 5.0 厘可转债的换股价将从 8.16 港元每股调整至 7.71 港元每股，自 2018 年 2 月 7 日起生效。
观点评论：换股价的调整主要是由于公司派发了股息，这与可转债发行时的条款和条件一致。
投资建议：在关停不合规产能之后公司目前运营 656 万吨电解铝产能。冬季限产对公司的生产也将造成一定的 影响。在关停不合规产能之后公司面临的政策风险已经大幅降低。由于其独特的运营模式公司仍然拥有显著的 竞争优势。我们预计铝价 2018 年将维持在高位，公司的盈利能力将进一步改善。我们对公司的目标价是 14.07 港元，投资评级为“收集”。
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创维数码 (00751 HK)： 2018 年 1 月国内电视销量同比降 8%
分析员：宋 涛
事件描述： 公司公布了 2018 年 1 月未经审计的电视销售数据。中国市场电视销量为 869 万台，同比下降 8%。 海外电视销量为 753 万台，同比上升 45%。
观点评论：1 月公司国内电视销量继续下跌，符合预期，但跌幅较 2017 年 12 月收窄 18 个百分点。4K 电视 销量同比下降 3%至 48.2 万台，占国内电视总销量的 55%；非 4K 电视销量仍然困难，同比下降 13%。目前 整体电视需求的复苏仍未到来，公司更关注销售价格和毛利率而不是销量增长。此外，公司已经推出了新品电 视系列并在近几个月销售表现良好。另一方面，海外电视销量继续增长迅速，成为增长引擎。智能电视的日活 跃用户达到 1,030 万，月环比增长 5.0%，总激活互联网电视数月环比增长 2.8%至 2,710 万。
投资建议：国内电视销量在 1 月仍然录得负增长，但降幅收窄。此外，面板价格在 2 月的第一个星期继续下降， 32 英寸月环比降 1.5%，43 英寸月环比降 0.9%。我们认为公司的盈利水平正在改善，受益于高利润新品的销 售和面板价格的下降。创维昨日收市价为 3.38 港元，我们认为目前的估值相比较公司资产吸引。维持投资评 级为“买入”，目标价 4.95 港元。
长城汽车(02333HK)：2018 年 1 月汽车销售同比增长 20.6%
分析员：马守彰
事件描述: 长城汽车公告了其 2018 年 1 月份的汽车销售数据。1 月的汽车销量为 110,040 辆，同比增长 20.6%。 SUV（包括 WEY 品牌）和皮卡分部同比增长 21.1%及 20.1%；轿车则录得 48.8%的同比增长。
观点评论：经过令人失望的一年后，长城汽车 1 月销售有所回升。改善部分原因是春节的时间差，但 WEY 品 牌的贡献也非常重要。WEY VV5 和 VV7 在 2018 年 1 月分别销售 10,239 辆和 10,050 辆，与 2017 年 12 月相 当。另一方面，哈弗 H6 销量为 59,133 辆，同比上涨 28.6%。我们认为增长主要是由于 H6 的发动机（升级至 1.5T GDIT + 7DCT）在其 2017 年底推出的新版本中显著升级，以及客户可在 2018 年 2 月底之前享受 2,500 元的折扣优惠（优惠金额接近增加的购置税）。相比之下，一些车型继续录得下跌，如哈弗 H2 和 H7，分别同 比下滑 48.7%和 80.3%。另外，新车型哈弗 M6 也环比下滑 53.7％。
投资建议：我们看到 WEY 品牌的销售基本符合我们的预期，但是在看到新车 M6 无法保持稳定爬坡速度，产 品可持续性仍然是主要令人担忧的因素之一。目前公司的投资评级为“中性”，目标价为 9.64 港元，相当于 17.5 倍 2017 年市盈率和 11.4 倍 2018 年市盈率, 1.5 倍 2017 年市净率和 1.4 倍 2018 年市净率。
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龙源电力（00916 HK）： 1 月风电发电量同比上涨 38.81%，估算利用小时同比上升 25.82%。
分析员：汪昌江
事件描述：龙源电力（“公司”）公布 2018 年 1 月发电量：
2018 年 1 月 单月发电量(GWh) 同比变动% 累计发电量(GWh) 同比变动%
风电 3,904 38.81% 3,904 38.81%
火电 989 8.18% 989 8.18%
其他可再生 49 4.03% 49 4.03%
合计 4,942 30.96% 4,942 30.96% 资料来源：公司。
观点评论：1 月风电发电量同比上升 38.81%，估算风电当月利用小时同比上升 25.82%至 204 小时（去年同期 约 162 小时），较过去五年（2013-2017 年）同期平均值高出 36 小时。1 月份风况有所提升，公司装机容量加 权的地区平均风速约为 5.12 米/秒，同比上升 5.47%。受益于限电情况的显著改善，公司于甘肃、新疆和内蒙 古的当月风电发电量分别录得 109.94%、48.86%和 39.52%的强劲同比增长。公司 1 月份的限电率为 7.51%， 较去年同期下降 11.71 个百分点。
投资建议：尽管今年春节的时间较去年有所推迟（春节期间的低用电负荷导致去年的比较基数偏低），公司 1 月份的发电量和利用小时数的同比表现仍好于我们预期。2018 年全国的限电情况将大概率地继续改善，清洁 能源对传统煤电的替代作用逐渐增强。我们暂维持对龙源电力的“收集”评级，目标价为 6.95 港元。公司目前估 值吸引，近期港股市场的下跌可能提供买入机会。
[Table_Latest_chi] 最新报告
华电福新(00816 HK):业务互补将稳定盈利能力，维持“收集”
评级：收 集 6-18m 目标价: HK$2.33 分析员：汪昌江 报告日期: 2018-02-07
报告摘要
福建省全社会用电量增长于 2017 下半年有所改善。2017 全年累计用电量录得 7.3%的同比上升，增速较 2016 年提高 1.0 个百分点。我们预计福建省的用电量将于 2018 年继续保持约 6.0%的中速增长，这将有助于提高电力装机的利用小时数。
华电福新 2017 年的总发电量同比上升 3.1%至 42.56 百万兆瓦时，符合我们此前预测。2017 年水电利用小时预计将同比下 降 35.4%而火电利用小时则预计上升 28.1%。风电与光伏利用小时预计将分别显著上升至 1,970 小时/1,330 小时。
下调公司的平均运营装机容量及不含税平均上网电价假设。公司在建的 2 家燃煤电厂（邵武 3 期及可门 3 期）已被列入缓建 名单，导致 2017-2019 年装机增量减少。同时，由于政策因素以及市场交易电量比例的提升，清洁能源电力的上网电价将逐 步下调直至平价上网。
由于更低的售电收入预测，我们将公司 2017/2018/2019 年每股盈利预测分别调整-12.2%/-7.7%/7.6%至人民币 0.239 元 /0.296 元/0.355 元。公司水电及火电业务盈利能力的下降可以被风电及核电业务的强劲增长所抵消。我们维持对华电福 新的“收集”评级但将目标价从 2.40 港元下调至 2.33 港元。
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Research Department 研究部
Grace Liu 刘 谷 Head of Research, Market 主管，市场策略、 石化 [email protected] (852) 2509 7516 Strategy, Petrochemicals
Noah Hudson Noah Hudson Consumer (Hotels), Gaming 消费（酒店）、博彩 [email protected] (86755) 23976684
Gary Wong 黄家玮 Environmental Protection, 环保、基建 [email protected] (852) 2509 2616 Infrastructure
Kevin Guo 郭 勇 Raw Materials, Gas 原材料、燃气 [email protected] (86755) 23976671
Ricky Lai 黎柏坚 Telecommunications, Internet 电信、互联网 [email protected] (852) 2509 2603
Richard Cao 曹 柱 Banking 银行 [email protected] (86755) 23976870
Jun Zhu 朱俊杰 Solar, Electric Equipment 太阳能、电力设备 [email protected] (852) 2509 7592
Andrew Song 宋 涛 Consumer (Retailing), 消费（零售）、 家电 [email protected] (852) 2509 5313 Home Appliances
Van Liu 刘斐凡 Property 房地产 [email protected] (86755) 23976672
Sean Xiang 向宇豪 Machinery, Construction Materials 机械、建材 [email protected] (86755) 23976725
Terry Hong 洪学宇 Consumer (Apparel) 消费（服装） [email protected] (86755) 23976722
Johnny Wong 王俊浩 Macroeconomics, Property 宏观、房地产 [email protected] (852) 2509 5348
Toliver Ma 马守彰 Aviation, 航空、汽车 [email protected] (852) 2509 5317 Automobiles & Components
Spencer Fan 范明 Shipping & Logistics, Ports, 航运物流、港口 [email protected] (86755) 23976686
Barney Wu 吴宇扬 Consumer (Food & Beverage, 消费（食品饮料、 日用品） [email protected] (86755) 23976680 Household Products)
Jake Wang 汪昌江 Wind & others, Market Strategy 风电及其它、市场策略 [email protected] (86755) 23976675
Wiley Huang 黄重钧 Insurance, Fixed-income 保险、债券 [email protected] (852) 2509 5409
David Liu 刘静骁 Petrochemicals 石化 [email protected] (852) 2509 5441
Kay Mai 麦梓琪 Health care 医药 [email protected] (86755) 23976685
Danny Law 罗沛达 Conglomerate, E-commerce 综合、电子商务 [email protected] (852) 2509 7768
Gary Ching 程嘉伟 Market Strategy 市场策略 [email protected] (852) 2509 2665
Square Chui 徐惠芳 Futures, Forex 期货、外汇 [email protected] (852) 2509 2629
Gary Yang 杨光 Research Assistant 研究助理 [email protected] (852) 2509 2642
Danny Deng 邓协 Research Assistant 研究助理 [email protected] (852) 2509 5464
Jason Zhou 周桓葳 Research Assistant 研究助理 [email protected] (852) 2509 5347
David Feng 冯廷帅 Research Assistant 研究助理 [email protected] (852) 2509 2113
Gin Yu 余劲同 Research Assistant 研究助理 [email protected] (852) 2509 2130
Esabella Zhao 赵舒蔓 Research Assistant, Translator 研究助理、翻译员 [email protected] (86755) 23976681
Penny Pan 潘凌蕾 Secretary, Translator 秘书、翻译员 [email protected] (852) 2509 2632
See the last page for disclaimer 10 of 11 Morning Research Focus Company Rating Definition The Benchmark: Hong Kong Hang Seng Index / NASDAQ Composite Index Time Horizon: 6 to 18 months Rating Definition Buy 买入 Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Accumulate 收集 Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Neutral 中性 Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Reduce 减持 Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Sell 卖出 Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable.
Sector Rating Definition The Benchmark: Hong Kong Hang Seng Index / NASDAQ Composite Index Time Horizon: 6 to 18 months Rating Definition Outperform 跑赢大市 Relative Performance >5%; or the fundamental outlook of the sector is favorable. Neutral 中性 Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Underperform 跑输大市 Relative Performance <-5%; or the fundamental outlook of the sector is unfavorable.
DISCLOSURE [Table_DISCLOSUREOFINTERESTS] OF INTERESTS
(1) Except for SHENZHEN INTERNATIONAL (00152 HK),The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Except for GREENLAND BROAD (01253 HK),GUOTAI JUNAN I (01788 HK),BINHAI INVESTMENT (02886 HK),GFI MSCI A I (03156 HK),CAM SCSMALLCAP (03157 HK),ZHENRO PPT (06158 HK),LINK HOLDINGS (08237 HK),GFI MSCI A I-R (CNY) (83156 HK),Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have had investment banking relationships with SMI HOLDINGS GROUP (00198 HK),GOME ELECTRICAL APPLIANCES (00493 HK),CHINA SINGYES SOLAR TECHNOLOGIES (00750 HK),DONGJIANG ENVIRONMENTAL- H SHARES (00895 HK),HUANENG POWER- H SHARES (00902 HK),HUANENG RENEWABLES- H SHARES (00958 HK),MODERN LAND (01107 HK),SINO BIOPHARMACEUTICAL (01177 HK),POWERLONG REAL ESTATE (01238 HK),XIWANG SPECIAL STEEL (01266 HK),3SBIO (01530 HK),SUNDART HOLDINGS LTD. (01568 HK),CHINA SOUTH CITY (01668 HK),CHINA WOOD OPTIMIZATION (01885 HK),CHINA MINSHENG BANKING CORP.- H SHARES (01988 HK),COUNTRY GARDEN (02007 HK),CHARMACY PHARMACEUTICAL- H SHARES (02289 HK),GUANGZHOU R&F PROPERTIES- H SHARES (02777 HK),BINHAI INVESTMENT (02886 HK),EVERGRANDE REAL ESTATE (03333 HK),TANSH GLOBAL FOOD (03666 HK),HUISHANG BANK- H SHARES (03698 HK),DALI FOODS (03799 HK),CHINA AOYUAN PROPERTY (03883 HK),TIANYUN INTERNATIONAL (06836 HK) mentioned in this Research Report within the preceding 12 months. (5) Guotai Junan and its group companies are not making a market in the securities mentioned in this Research Report. (6) Guotai Junan and its group companies have not employed an individual serving as an officer of any issuers mentioned in this Research Report. There is no officer of any issuers mentioned in this Research Report associated with Guotai Junan and its group companies.
DISCLAIMER
This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily).
Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan.
Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision.
This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction.
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