Made in China:Results:CEI/Nexteer/Anta(+),Datang/BAIC/Hollysys(-);Banks;Healthcare

类别:行业研究 机构:德意志银行 研究员:Michael Tong 日期:2017-08-21

THEME OF THE DAY

    China Everbright Int'l - Strong 1H17results across all major segments; BUY (0257.HK, Buy, Target Price: HKD 12.70, Closing Price: HKD 10.36, Thomas Zhu)China Everbright Int'l (CEI) reported strong 1H17results on 15Aug. Stripping out gains of HKD21m (fair value gain etc.), recurring earnings reached HKD1.8bn for 1H17, up 47% yoy and 5% above DBe and the company profit alert in July. The strong results were driven by strong performances across all three major segments: Environmental Energy, Greentech and Environmental Water. The company declared interim dividend of HKD0.12/share (up 60% yoy and representing payout ratio of 30%). Net debt/equity declined to 68% by June 2017(from 77% by Dec 2016), driven by the spin-off of China Everbright Greentech (1257HK, Buy). CEI is hosting a post-results briefing/conf call at 530pm on 15Aug. (Thomas Zhu - 85222036235)

    China Everbright Int'l - Takeaways from post-results briefing; Buy (0257.HK, Buy, Target Price: HKD 12.70, Closing Price: HKD 10.46, Thomas Zhu)

    According to CEI, the Suzhou Dismantling and Redevelopment WTE Project is now undergoing preparation smoothly and the company plans to commence construction soon. The company wants to set the Suzhou Redevelopment project as their signature project. The company has not heard of anything regarding WTE power tariff cuts, and actually management does not expect tariff cuts as the Chinese government has never taken the environmental issue more seriously than now. CEI will also participate in solid waste package PPP project if there are appropriate opportunities. (Thomas Zhu - 85222036235)

    Nexteer Automotive - 1H17beat; product mix and cost efficiency offset soft top-line growth (1316.HK, Buy, Target Price: HKD 14.70, Closing Price: HKD 11.90, Fei Sun)A 1.4ppt net margin expansion due to product mix and cost discipline made up the mild 3% revenue growth, leading to a 9% beat in 1H17net profit vs. DBe. As a result, net profit increased 21% YoY to USD180m. (Continue to next page)

    HK/China sector analysts' top picks

    Financials - BOC, NCI, Ping An, CITICS, Huatai, ICBC; Telecom - China Mobile; Property - COLI, CR Land, Logan, GZ R&F, Vanke; Auto - Nexteer, Joyson, BAIC Motor, Yutong Bus; Transportation - CSET, Sinotrans, CEA; Industrial/Infrastructure - Hollysys, CRSC, AviChina, CCC, Inovance; Consumer - Anta, Moutai, China Mengniu Dairy, Yue Yuen, Qingdao Haier; Utilities/Renewables - Towngas, Beijing Enterprise, Huaneng, CR Power, BEW, CEI, Longyuan Power, Huadian Fuxin; Basic Materials - Shenhua, Maanshan, Chalco, Fushan, Conch Cement; Internet - Alibaba, Autohome, Ctrip, NetEase, YY; Healthcare - SBP, Hengrui Medicine, Universal; Leisure/Gaming -CITS, TravelSky, Wynn Macau; Tech - China Comm Services, Sunwoda, Hikvision, Kstar; Energy - COSL, Sinopec, Wanhua Chemical.

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
璞泰来 持有 -- 研报
国电南瑞 持有 -- 研报
北京银行 持有 -- 研报
仙坛股份 持有 -- 研报
桃李面包 持有 -- 研报
捷佳伟创 买入 -- 研报
中航沈飞 买入 -- 研报
长城汽车 买入 13.32 研报
中兴通讯 买入 -- 研报
好太太 中性 22.00 研报
招商证券 买入 -- 研报

盈利预测

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股票名称11年EPS12年EPS研报
上海沪工 0 0 研报
长江传媒 0.25 0.30 研报
京东方A -0.05 -0.03 研报
药石科技 0 0 研报
宁德时代 0 0 研报
兴业证券 0.34 0.26 研报
红相股份 0 0 研报
扬农化工 0.85 1.03 研报
正邦科技 0.38 0.46 研报
广联达 1.09 0.91 研报
日机密封 0 0 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
五粮液 42 持有 持有
伊利股份 39 持有 持有
贵州茅台 38 买入 买入
完美世界 35 持有 持有
三一重工 34 持有 买入
保利地产 33 买入 买入
隆基股份 33 持有 持有
中国国旅 30 持有 买入
泸州老窖 29 持有 买入
比亚迪 28 持有 买入
上汽集团 27 买入 买入
广联达 27 持有 持有
中信证券 26 持有 持有
瀚蓝环境 26 持有 买入
长城汽车 26 持有 买入
海天味业 26 持有 中性
亿纬锂能 26 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 494 86 243
汽车制造 395 41 220
电子器件 284 55 178
机械行业 262 56 120
生物制药 257 53 143
建筑建材 236 47 131
金融行业 221 30 96
化工行业 219 55 99
有色金属 195 40 50
钢铁行业 180 31 88
酿酒行业 178 16 97
家电行业 172 13 99
商业百货 170 35 87
酒店旅游 160 20 78
房地产 159 26 101
交通运输 154 31 67
电力行业 135 29 64