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)。

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盈利预测

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麦格米特 0 0 研报
恩捷股份 0 0 研报

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隆基股份 27 买入 买入
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