Made in China:Greater China Smartphone,Sportswearaccelerating traction,Macau,EVs,Sunny

类别:行业研究 机构:德意志银行 研究员:Michael Tong 日期:2017-10-11

THEME OF THE DAY。

    Greater China smartphone - The million-dollar question on iPhone launch: profit-taking or add positions? (Birdy Lu)。

    Apple will release the new iPhone on 12 Sep. 9AM, PDT (13 Sep. 1AM, HK time). At this time of year, there is always the question of “should one take profits” or “should one add to positions”. We believe taking profits could work n-term, but taking a larger position should prevail for the long run. Historical data (Fig. 1) shows tier-one Asian iPhone suppliers tend to underperform for two months post a release event, as most new phone features have been widely anticipated. However, most of them tend to outperform after near-term bumps, as Apple impresses the world with new features in next year’s iPhone. For the 2018 new iPhone, the new feature could be the advanced AR. (Birdy Lu - 886 2 2192 2822)。

    http://pull.db-gmresearch.com/p/43-7013/13472860/0900b8c08d860f4d.pdf

    China Sportswear - Accelerating traction during back-to-school: raising Anta's TP to HKD35 (John Chou)。

    We recently visited selected offline sportswear distributors in Eastern China. For us, back-to-school is important as it: (1) hints at autumn season demand, and (2) is traditionally a very profitable season for distributors. The acceleration in retail sales YoY that we witnessed is encouraging, after rather muted sales in July (mainly due to inventory shortage). We believe Anta was the outperformer and take this opportunity to update our model post 1H17 results. We maintain our preference for Anta over Li Ning over Pou Sheng (all Buy rated). (John Chou – 852 2203 6196)。

    http://pull.db-gmresearch.com/p/75-F1F8/14511753/0900b8c08d860e90.pdf

    Macau - Early Sept a blip but Oct may surprise (Karen Tang)。

    For the first 10 days of Sept, Macau GGR was only MOP6.8bn, according to consultant estimates. Even with two weekends, MTD GGR was only MOP680m/day, down from MOP731m/day in August. On this run-rate, Sept GGR would only be 11% yoy, down from 20% yoy in August. While in line with DBe (10-12% yoy), early Sept's sharp slowdown is below market expectations (15-17% yoy) as the Street underestimated the typhoon impact. (Continue on next page)。

数据推荐

投资评级

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股票名称最新评级目标价研报
华泰证券 买入 -- 研报
海通证券 持有 -- 研报
中信证券 买入 -- 研报
山西汾酒 买入 -- 研报
舍得酒业 买入 -- 研报
贵州茅台 买入 -- 研报
顺鑫农业 买入 -- 研报
五粮液 买入 -- 研报
泸州老窖 持有 -- 研报
光华科技 持有 -- 研报
景嘉微 中性 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
长川科技 0 0 研报
晶盛机电 2.45 2.11 研报
精测电子 0 0 研报
北方华创 1.31 0.94 研报
万业企业 0.30 0.12 研报
至纯科技 0 0 研报
药石科技 0 0 研报
莱美药业 0.57 0.47 研报
长春高新 0.94 1.58 研报
中国汽研 0 0.41 研报
金融街 0.64 0.72 研报

股票关注度

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股票名称关注度平均评级最新评级
贵州茅台 35 持有 买入
万科A 34 买入 持有
五粮液 34 持有 买入
中信证券 31 持有 买入
海天味业 30 持有 买入
通威股份 27 持有 买入
万科A 27 买入 持有
三一重工 26 持有 持有
伊利股份 26 持有 买入
隆基股份 26 买入 买入
泸州老窖 25 持有 持有
保利地产 24 买入 买入
上汽集团 24 持有 中性
中国国航 24 持有 持有
格力电器 24 持有 买入
宋城演艺 24 持有 买入
中信证券 23 持有 买入

行业关注度

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行业名称关注度关注股票数买入评级数
电子信息 540 93 312
建筑建材 488 48 207
化工行业 454 52 156
钢铁行业 406 30 177
机械行业 388 50 160
汽车制造 360 39 202
金融行业 355 32 125
电子器件 307 52 181
生物制药 301 53 194
家电行业 283 17 152
煤炭行业 276 30 142
交通运输 267 29 116
酿酒行业 258 17 119
房地产 254 26 152
电力行业 224 31 96
食品行业 205 23 87
农林牧渔 194 28 78