Se Source
52 Weeks high/low (HK$) 52 high/low(HK$) 52 Weeks vol. average 3 month ( cap. Market Shares 201 201 20 201 201 12/31 年结 Year End e 公司报告： Company Report:
15F th 新措施 Challenges Tackle to Measures New 7 6 4 3
︰ e A A F F
The Company,Guotai International. Junan las
量 维持公司的投资评级为 营商在 商占酷派 酷派开拓海外市场和电子商务平台，以应对电信运营商削减 运营商在 分别 14 platform. in and newTP The FY1 estimations, HK$2. Maintainthe Company’s reductio the from telecom impact the reduce to trying channel distribution its shifting is Company T w e and market overseas explores Coolpad operators 37.9%/37.5% Revise smartphone shipments FY 率。我们维持公司的投资评级 倍
in issue (m) issue in e ith telecom operators 预测 t 15 eo oeaos cone fr 0 o te Company the of 80% for accounted operators lecom 财年业绩低于预期， 4 eut were results 14 ih of light pag 下调 3. 财年市盈率 HK 的调整，分别下调 酷派集团有限公司 15 75 1 以 e FY1 x
$ m) 15 15 operatorsin FY15. ( 14
fo Turnover 财年减少手机补贴的影响。 HKD ’ 应对挑战
down - reductionof handset subsidiesin FY15. r
o HK$ to 39,148 39,148 34,765 29,268 24,900 19,624 财年减手机补贴。 16 财年 h Company the
总股数
icamr disclaimer 3 represents 市值 收入 , respectively, ,
5 财年 个月平均成交股数 m)
、 收入的 PBR.
15.1 5
( 的智能手机出货
- HK (m) FY1 周高 6 P is EPS 16 2. “ 因 买入
oe ta e than lower $ m) 3 倍
We maintain the Company’s investment rating of “Buy” of rating investmentCompany’s the maintain We 15 80% 低 0 ， 5 / Net Profit and ASP.
低 . Coolpad Limited Group
( 16 - 17.2 股东净利 -
于预期的智能手机出货量和 ’ HKD 16 ”
1
为
及目标价从 reduction of handset subsidies in FY15. ，公司 (02369HK) 6 “ Due xlrn oesa market overseas exploring investmentrating 财年市盈率
财年每股盈利 买入
“ 买入 715 715 656 575 513 349 x
due to due m)
FY1 smartphone
( eie dw by down revised
‘000) 正在改变其销售渠道 量预测 ”
to
，
”
5 因公司 xpectations
stronger market competition and telecomandcompetitionstrongermarket
2. dutet o smartphone of adjustments PER, 、
75 37.9 13. 预测 每
港元 开拓海外市场和电子商务平台。
8 股 ( %/ 1 HKD 0.166 0.153 0.134 0.083 0.119 倍 EP 5.1 净利 19.0%/20.0% 37.5 下 17 - S of hpet estimations shipment towards omre ltom o cope to platform commerce 调至 ) xFY1
平均售价 % 财年市盈率
u t lwr hn expected than lower to due “ o hnst usde by subsidies handset of n 至 19.0%/20.0% ， Buy
2.30 2. E 电子商务平台 是 每股净利变动 15 6 05 S Change PS 由于较强的市场竞争
12, s ” and ”
PER, 0 5,949.2 4, 。新的目标价 e 港元。 财年 。 / and 1. 620 - 280.
omre platform commerce
及 77 ( △ 手机补贴。 ’ 14.1 14.1 12.1 44.1 .
sls n the and sales s
13 0 4 cut 0 3. 9.0 7.7 %) its
由于智能手机出货
( 1 .8 respectively. ,
， 02369 HK 02369
倍
the e xFY1 从而 - 15 commerce 相当于 FY1 FY1 (%) Free float Major shareholder shipment
TP Coolpad 财年市净 减少 电信运营 市盈率 7 5 5 及 PER
16.8 10.4 10.4
from 11.6
Est. Est. NAV (HK$) FY1 PER Net gearing1 Net 8.4 9.1 因 电信 17.2 (x) by 运
, ) 每股净资产 自由流通比率 “
Buy (80.0) (60.0) (40.0) (20.0) (
5 Source 20.0 40.0 大股东 HK 0.941 0.837 0.742 0.782 0.657 股 Stock performance 0.0 平均股价（ Avg. 相对 % to Rel. 绝对变动 Abs.% 股价变动 Share Price Change in Share 6 评级： Rati B 年 PS - Mar 价表现 D 净负债 18M TP
恒指 ) S :
- hare 5
ng: Bloomberg 14
% % of return
每股估值（港元） ” price 变动
HS % (%) /
港元 股东资金 price( 市净率
index P %
BR ） 1.5 1.7 1.9 1.8 2.1 (x) 目标价
Jun
, HK
Guotai Junan Internationa Junan Guotai 股价：
HSI Index
$) -
14
( % 每股股息 :
)
(
HK 0.010 0.010 0.010 0.010 0.010 DPS
Sep D 1 (3. ( ) 个月
1 M 1 4.
- 1. 14 5 8
预期 4 ) )
Coolpad Ricky Lai Ricky 股息率 u Deying Guo 13 l
Yield
Dec (%) 3 - ( 0.7 0.7 0.7 0.7 0.7 7 ac 2015 March 27 15 1.4 +8522509 2603 ( 个月 3 M 3 6.3 1.5 -
) 财年 14
)
HK 买入
HK 净资产收益率 Page Page Maintained
的纯利将按年增长
HK$
Net cash
$ $ 黎柏坚
Buy 1.390 2.30 ( 39.4 ( (2 Mar 38. 维持 1 1 2.75 1 1 Y 6 5 ROE 2.0
年 .6) 18.7 18.7 19.4 17.6 16.8 13.5 of of 3.0 2.8 8 - (%) %
15 )
)
6
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) GTJA Research 国泰君安研究 185.2%/64.8%/54.7%
。目标价相当于 156.1 倍 13 年市盈率、 49.6 倍 14 年市盈率、 41.6 倍 15 年市盈率、 31.1 倍 13 年市净率 及 12 - 15 财年 PEG 为 2.04 。由于奇虎 360 产品的普及及优秀的网上平台排名，我们设定投资评级为
“ 收集 ” 。
Se HKD565/HKD550/HKD540, to expected be respectively competition contributions respectively. 37.9%/37.5%, subsidies handset million, million/70 million/61 50 be to expected are shipments the raise to e the reduce to going e the explore including 80% for accounted operators Telecom opportunities. overseas measures two deploying is Coolpad subsidies, handset of FY14. in operators yoy 20% up million, 42 was FY14 in shipments FY15 Source: Table FY14 FY14 - Net margin profit (%) Gross profit(%) margin EPS (HKD)Basic Net p Tax Profit before tax costs Finance Other expenses Administrative expenses & dis Selling Othergains income & Gross profit Cost of sales Total r HKD commerce e
- - - - - th Others service Finance W 3G 4
G smartphone sales G smartphone - e rofit (Million) - ireless application ireless results were Results 7 sma 17 evenue t 1 he Compan he las smartphone sales smartphone :
Coolpad t
pag
tribution costs
and the
percentage
platforms rm G smart 4G from e
thn simns r epce t be to expected are shipments rtphone Review: fo
y. r
icamr disclaimer ’s Income’s Statem
Chinese telecom operat telecom Chinese below n srne mre cmeiin we competition, market stronger and launch
revenue . Overseas market accounted for 5% of Coolpad of 5% for accounted market Overseas .
to 7% in FY15 by expanding the market share in India and and India in share market the expanding by FY15 in 7% to
expectations
of of low end 4G multi
hns eepc Coolpad expect We phones. Smartphone ASP in FY14 was was FY14 in ASP Smartphone
rprin rm eeo oeaos o 0 i F1 b hvn mr cnrbtos from contributions more having by FY15 in 60% to operators telecom from proportion (21,885) (1,234) (1,435) 24,900 12,179 12,332 3,015 0.119 FY14 12.1 (93) (87) (84) 513 607 432 349 2.1 37 4
ent Analysis
,
due to lower than expected smartphone and shipments ASP. (17,094) (1,302) 18,935 19,624 ors are going to trim their handset subsidies in FY15. To cope with the reduction the with cope To FY15. in subsidies handset their trim to going are ors 0.083 2,530 (166) (984) FY13 12.9 (89) (23) 349 437 382 106 514 1.8 69 0 -
mode mode smartphones to suit for the market needs.
, lower than expected due to the reduction of of reduction the to due expected than lower ,
2 ( ( ( (0.8ppt) 278.3% 229.2% , 43.4% 47.0% 38.9% 49.4% 25.4% 10.2% 13.1% 19.2% 28.0% 46.4% 35.7% 26.9% 0.3ppt 299.2% 4.5% N.A. YoY .
’ mrpoe S wud eln nF1 de o ire market fiercer to due FY15 in decline would ASP smartphone s
) ) )
50 million/61 million/70 million, million, million/70 million/61 50
eie on FY15 down revise HKD respectively of Coolpad of S Decline related th to S Improvement due to economies of scale effectImprovement to of due scale economies Affected marketby fierce competition t t ronggrowth shipment to costs boost S&D rong 580, up up 580, growth ’ s revenue income in F in income revenue s ’ s smartphone sales in FY14, and the Companyisthe and FY14, in sales smartphone s .
thanks to the 4G development in China to4G development market thein thanks D .% yoy, 2.8% ue to Chinese telecom operators telecom Chinese to ue e market shift towards 4G productsmarkettowardse 4G shift - 6 mrpoe hpet siain by estimations shipment smartphone 16 North - commerce Comments lower than expected expected than lower
America Y14 and the Company targetsCompany the and Y14 handset FY15
respectively distribution
- . FY15 .
17 17 smartphone ASP is
subsidies by telecom by subsidies
-
17 smartphone 17 . u to due
’ hne and channel
Smartphone re Page Page
duction of duction higher 2 of of 6
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 27 March 2015
Se FY151 PER, rating of investment M Valuation: Source: Table respectiv 19.0%/20.0%, estimations FY1 Profit revenue FY15 in percentage the estimate We percentage of revenue in FY14 was 5.8%, down 0.8ppt yoy, smartphones. Coolpad f to due yoy, 0.8ppt down FY15 Sourc
EPS ( Net Gross Profit Total Revenue Growth F HKD (Million) iti te netet aig of rating investment the aintain e igure Million 20 40 60 80
0 th 5 e: P - - e
- rofit
HKD 1 gross 17 the Company,the International. Guotai Junan R Guotai Junan International Junan Guotai 2 las 6 : e
- ’
was 5 s gross profit margin margin s profit ingross FY15 1
Financial EstimationRevisions vision: t 2013 32.6 32.6 e poi i revised is profit net
) : pag
, we revise revise we , Coolpad 52.1%
5.1 e FY15 . fo 0% in FY14,0% same as thatin
x FY1613. PER, profit margin is expected to b to expected is margin profit Smartphone Shipments (LHS) Shipments Smartphone r
icamr disclaimer 28.8% 2014 - 42.0 42.0 “ 17 gross profit margin is expected to be 11.8%/11.6%/11.4%, respectively. 11.8%/11.6%/11.4%, be to expected is margin profit gross 17 ’ Buy s Smartphones Shipments and YoY ely. down ”
due to the exploration of oversea and exploration of oversea market the due to .
ierce
2015F 19.0% 50.0 50.0
38,511
201 FY1 4,372 0.165
710 8 akt optto ad eeo operators telecom and competition market 5 down x 3. FY17 PERand F 5
-
6 eeu by revenue 16 - “ 17 2016F
YoY Growth YoY (RHS) Growth 22.0% - 61.0 61.0 Buy 7 o e .%53/.% rsetvl. diitaie ot a a ecnae of percentage a as costs Administrative respectively. 5.5%/5.3%/5.2%, be to 17
46,980 by 201 would decline due to fiercer market duemarket tocompeti fiercer would decline 5,238 0.191
OLD 820
” FY13,and we percentagethis expect would 6
19.0%/20.0% F and and
2017F e11.8%/11.6%/ 70.0 70.0 14.8% cut 201
N.A. N.A. N.A. N.A. 1 19.0%/20.0%
x PBR. FY15 7 h T fo HK$ from TP the F 10% 20% 30% 40% 50% 60% 0%
respectively. , thanks
Source: 29,268 201 Figu 0.134 3,454 100 200 300 400 500 600 700 HKD 11.4%, respectively. 11.4%, 575 0 5
F to to the economies of scale effect
re respectively. , the Company.the
- 2: Coolpad 596.6 596.6 2013 - 11.0% e 34,765 - 201 commerce 0.153 4,033
NEW 2. u t te eiin o smartphone of revisions the to Due 656 6 75 F ’
Smartphone ASP (LHS) ASP Smartphone
euto o hnst usde. e expect We subsidies. handset of reduction
2014 583.6 583.6 t - HK$ o 2.2% ’ s Smartphones ASP Growth YoY and FY15 39, 201
0.16 4, channel tion and the proliferation of low proliferation of 4G tion and the end
148 7 463 FY14 gross profit margin was 12.1%, was margin profit gross FY14 7 15 F 6 2. stabilize -
6 e poi i rvsd on by down revised is profit net 16 2015F 30 565.0 565.0
- 3.2%
. .
( ( ( (
19.0% 19.0% 21.0% 24.0% 201 We We The new TP 1 represents
Selling and marketing as a as marketing and Selling 5 FY15in F
anan h Company the maintain and stringent cost control. ) ) ) )
2016F 550.0 550.0
- 2.7% YoY Growth (RHS)YoY CHANGE - ( ( ( ( 17.
20.0% 20.0% 23.0% 26.0% 201
2017F 540.0 540.0 6 - F 1.8%
) ) ) )
Page Page shipment 0% - - - 201 - - 20% 16% 12% 8% 4% 3 N.A. N.A. N.A. N.A.
7.2 of of 7
F 6
’
s x
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 27 March 2015
Se Table Coolpad Group Ltd. Group Coolpad Hisense Kelon ZTE Haier TCL Communications C HKListed Company Source: Source: Bloomberg. Average Overall Weighted Overall Average Weighted Average Average Simple Apple Nokia Holding Ascom Listed USEurope & Weighted Average Simp ToshibaCorp. Corp. NEC P Corp.Sony Companies Listed Japan Weighted Average Average Simple Lenovo Group anasonic Group anasonic e
le Average th Electron e - 3 las
: ompanies
Peer ics t
pag
e
Companies
Comparisons fo r
icamr disclaimer
NOK1V FH NOK1V ASCN SW AAPL US 2369 2369 HK 2618 HK 1169HK 6502 6502 JP 6701 JP 6752 JP 6758 JP 921 HK921 HK763 992HK Ticker
:
Currency
USD EUR EUR HKD HKD HKD HKD HKD HKD YEN YEN YEN YEN
1527.500 1527.500 3165.000 124.240 531.500 355.000 16.600 17.300 20.400 11.280 7.030 1.390 6.750 7.870 Price
15.9 15.6 14.7 17.4 14.4 22.4 15.4 17.8 17.7 16.5 18.0 18.6 15.1 17.8 10.4 14.1 15.1 11.7 1 n.a. 5.8 7.2 5
F
14.3 13.7 13. 15.4 13.3 19.9 13.2 16.7 15.5 13.2 16.4 20.7 12.7 10.1 14.5 12.4 12.8 11.9 PER 1 9.4 4.8 6.5 6
F 5
18.2 13.7 13.0 10.5 14.5 15.3 10.9 12.4 12.1 12.4 14.0 12.2 11.6 11.7 11.2 11.1 1 n.a. n.a. 9.3 8.7 6.0 7
F
1 n.a. 3.0 2.3 1.7 1.6 1.6 1.2 2.0 1.6 3.0 2.5 3.9 1.6 1.7 3.3 1.9 3.4 2.6 5.3 3.6 5.4 5
F
1 n.a. PB 2.8 2.1 1.6 1.5 1.5 1.2 1.8 1.5 2.5 2.0 3.3 1.2 1.5 2.7 1.6 2.8 2.2 4.4 3.1 4.5 6
F
1 n.a. n.a. 2.6 2.1 1.4 1.3 1.3 1.1 1.6 1.4 2.1 1.6 2.8 0.9 1.4 1.3 2.4 1.9 3.6 2.8 3.6 7
F
ROE(%) 21.3 21.3 17.0 (6.4) 15.4 14.3 10.1 10.9 20.7 22.5 22.8 14.3 31.6 12.6 24.8 28.9 39.0 23.2 39.9 1
4.3 5.3 6.6 5
F
D/Y 2.3 2.4 0.9 1.0 1.6 1.2 1.1 0.1 1.7 2.0 2.1 1.6 0.9 1.6 0.7 5.0 1.6 2.1 1.6 1. 1. 1
5 4 7 (%) F
ROA ROA (%)
(1.0) 10.7 19.1 12.1 19.5 8.6 8. 1.7 1.8 2.4 2.0 3.8 5.2 6.1 4.0 4.2 8.2 2.7 6.5 1 8.6 6. 5
2 6 F
Page Page
4
of of 6
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 27 March 2015
Source: Source: Financial Statements Financial Ratios and Se yearend Cash balance at Effect ofFX yearbegin Cash balance at change Cash & cash equivalent fromfinance Cash flow Others Dividend paid Bank loan change Proceeds from frominvestment Cash flow Others Decrease Proceeds fromdisposals Bank interest received CAPEX fromoperations Cash flow Taxpaid capital Change in working Adjustments for beforetax Profit Year HKDm end Dec31, EPS (HKD) Non Net income Income tax beforetax Profit los & profits associates of share Finance costs expenses Other operating Admin costs costs Selling &Distribution gains Other income & Gross profit Cost of sales Others Finance service income Service sales 3G smartphones sales 4G smartphones Total revenue Year HKDm end Dec31, e Write downWrite ofinventories Others Finance costs D&A Bank interest income -
controlling interest controlling th
the Company, Guotai Junan International. Junan Guotai Company, the e
las
in pledged deposits in pledged
t
pag share issue share
e fo
r
icamr disclaimer
Income Statement
e of ses
Cash Flow StatementCash Flow
(17,094)
(1,302) 19,624 18,935
2013A 2013F
0.083 2,530 1,628 1,274 (102) (123) (240) (185) (131) (166) (984) (42) (74) (63) (89) (23) 514 698 221 437 349 437 382 106 357 119 (0) (0) (2) 20 10 63 18 16 23 69 43 4 0
(21,885)
(1,234) (1,435) 12,179 12,331 24,900 2014A 2014F 3,015 2,959 1,628 1,332 1,064 1,276 0.119
(190) (224) (199) (144) (225) (77) (58) (93) (87) (84) (43) 492 125 607 513 607 432 349
(1) (2) 21 58 58 16 17 87 37
4 1 4
(25,81
(1,450) (1,595) 28,250 29,268
2015F 2015F 2,8 2,959 0.134 3,454 (240) (214) (159) (225) (104) (447) (205) (222) (11
(91) (51) (99) (59) (43) 574 130 680 575 680 430 978 (2) (1) 43 23 77 51 15 17 99 31 5) 4) 5 1 9 0
(30,732)
(1,723) (1,856) 33,550 34,765 2016F 2016F
0.153 4,033 1,17 2,710 2,843 (131) (416) (198) (199) (288) (230) (17 (108) (307) (1 (45) (89) (45) (43) 572 136 776 656 776 457 18) (1) (2) 25 68 45 13 18 89 26 16 5) 5 2 3 0
(34,685)
(1,940) (2,047) 37,800 39,148 2017F 2017F
0.166 4,463 1,302 2,517 2,710 (129) (190) (387) (193) (179) (336) (248) (192) (127) (399) (80) (36) (43) (39) 715 845 487 534 142 845 (1) (2) 22 24 27 60 39 14 19 80 2 0 5
Total current liabilities bank Others bearing borrowing Interest Other payables &accruals Trade payables &bill Total assets Total current assets Cash & cash equivalent deposits Pledged & other receiv deposits Prepayments, Receivables Inventory sale Total non for non Other investments Available Investment in associates assetsIntangible paymentsPrepaid land lease Investment properties PP&E Year HKDm end Dec31, Cash conversion days Cash conversion AP Days AR Days Days of inventory Net gearing (%) (x) ratio Debt to equity (x)Quick ratio (x)Current ratio &Solvency Liquidity ROE ROA Net margin Gross margin (%) Profitability Year end Dec31 BPS (HKD) Non Total equity shareholders'' Others Reserves Issued capital Total liabilities Total non Others Deferred tax liabilities bank borrowing Interest bearing
- controlling interests controlling
- -
current assets current current liabilities current
- current assetscurrent
ables
Balance Sheet
Net
Financial Ratios
10,062 2013A 2013A 7,243 1,988 4,572 1,628 3,210 2,595 1,251 0.657 2,758 2,737 7,301 8,811
cash 21.9 13.5 1 603 699 679 174 153 218 568 0.9 1.2 3.8 1.8 2.9 (0) 80 55 29 54 44 39 48 34 21 58 10 48 0 3
Net
12,844 11,219 2014A 2014A 1,61
7,780 2,853 4,297 2,959 3,863 2,798 1,626 0.782 3,353 3,310 9,484 1,704
cash 64.5 16.8 12.1
548 642 957 268 906 110 113 113 1.1 1.4 4.5 2.1 81 56 59 43 33 44 33 43 34 55 6 7 0
Net
12,890 11,388 2015F 2015F 8,162 3,025 4,554 2,843 1,101 3,942 2,938 1,502 0.742 3,181 3,139 9,703 1,541
1,454 cash 61.0 17.6 11.8 4 565 222 308 102 63 114
1.0 1.4 4.5 2.0 95 88 62 61 39 31 40 29 42 30 57 2 5 0
Net
13,569 11,949 1,309 2016F 2016F
8,579 3,206 4,828 2,710 1,266 4,392 3,084 1,620 0.837 3,592 3,550 9,973 1,394
cash
48.5 19.4 11.6 434 497 242 355 681 112 119 Page Page 1.0 1.4 5.0 1.9 68 64 92 37 28 39 26 42 26 59
4 0
Net 5 14,335 12,580 10,296
1,178 2017F 2017F of of
0.941 4,038 3,997 1,263 9,033 3,398 2,517 1,456 4,931 3,239 1,755 5,117
cash 38.7 18.7 11.4 131 386 437 125 262 408 735
6 1.0 1.4 5.1 1.8 38 26 40 24 41 23 62 75 68 82
2 0
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 27 March 2015
Se Website:www.gtja.com.hk Tel.:(852 27/F.,Low Block, GrandMillennium Plaza, 181 Queen’s Road Central, Hong Kong. 201 © regulati or subjectGuotai law Junanan applicable to contrary be would use or availability publication, distribution, such where jurisdiction any in Research This Report isnot directed at,or intended d for unpredic andwhere necessary consult their own inherently financial advisers prior to any investment decision. with conditions economic and political future uncertainty so the situation, mutable of assumptions the from derived forecasts and estimates of completenessand accuracy the guarantee not Thoughbest effort has been ensuremade to the accuracy of the information and data containedin this ResearchReport, Guotai becontrary to opinions orinvestment decisions made reportthis professionalopinionsexpressedcompanies.in otherdealersAnyandexecutivesGuotai Junan of persons,group of Any opinions expressed in this report may differ or be contrary to opinions or s inv manager, lead agent, placing the covered example, companies (for to etc. relates that and underwriterorproprietarily).invest business services do investment may banking, companies investment group including its reports, and research Junan Guotai Junan"). ("Guotai Limited Kong) (Hong Resea This DISCLAIMER (4) (3) (2) (1) DISCLOSURE OF INTERESTS Horizon: Time to6 18 months TheBenchmark: Hong KongHang Seng Index SectorRating Definition Horizon: Time to6 18 months TheBenchmark: Hong KongHang Seng Index CompanyRatingDefinition e Underperform Neutral Outperform Rating Sell Reduce Neutral Accumulate Buy Rating
th withinprecedingthe 12 months. Guotai Junan and its group companies mentionedin thisResearch Report not dogroupcompanies its and (02886),GuotaiJunan Limited Limited Company Railway Limited Holdings Paper Chenming Shandong for Except The Analystsand their associates The Analystsand their associates 5 e
Guotai Junan Securities(Hong Kong) Limited. AllRights Reserved. las )2509
t
rch Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securi Junan Guotai by securities for subscribe or purchase acquire, to offer or invitation an constitute not does Report rch pag
e -
18 Fax:(852) 2509 9118 fo r icamr disclaimer d groupits companies any to registration or licensingrequirement within such jurisdiction.
-
orfundamentalthe outlook of the companyor sectorisunfavorable. RelativePerformance < orfundamentalthe outlook of the companyor sectorisunfavorable. RelativePerformance is orfundamentalthe outlo RelativePerformance is orfundamentalthe outlook of the companyor sectoris favorable. RelativePerformance is5% to 15%; orfundamentalthe outlook of the companyor sectoris favorable. RelativePerforman Definition orfundamentalthe outlook of the sectorisunfavorable RelativePerformance orth RelativePerformance orfundamentalthe outlook of the sectoris favorable RelativePerformance Definition
sae (02) Goa Junan Guotai (00525), shares H
may contain. Investors should understand and comprehend the investment objectives and its related risks,related its andobjectivesinvestment comprehend the understandand shouldInvestors contain. may
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dohavenot any donot
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5%to 5%to 5%; 5%to 5%; investment banking relationships with the issuer mentioned in this Research Report
- H shares (01812), China All Access (Holding Access All China (01812), shares H - 15%;
nentoa Hlig Lmtd 078 ad ihiIvsmn Company Investment Binhai and (01788) Limited Holdings International
hold equal to or more than 1% of the mark the of 1% than or more to equalhold
issuer
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onedin thisResearch Report. .
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Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 27 March 2015