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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华体科技 买入 -- 研报
剑桥科技 持有 -- 研报
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亿联网络 买入 -- 研报
移为通信 持有 -- 研报
红相股份 持有 -- 研报
光环新网 持有 -- 研报
中际旭创 持有 -- 研报
海能达 买入 -- 研报
海格通信 持有 -- 研报
沪电股份 买入 -- 研报

盈利预测

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科锐国际 0 0 研报
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先导智能 0 0 研报
精锻科技 0.85 0.85 研报
华新水泥 1.70 0.61 研报
华夏幸福 2.23 2.13 研报
鼎龙股份 0.71 0.72 研报
广深铁路 0.24 0.20 研报
中远海能 0.40 0.05 研报
南方航空 0.66 0.36 研报

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股票名称关注度平均评级最新评级
中信证券 34 持有 持有
贵州茅台 32 持有 买入
隆基股份 32 买入 持有
华泰证券 32 持有 持有
伊利股份 31 持有 买入
万科A 30 买入 买入
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上汽集团 29 持有 买入
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泸州老窖 28 持有 持有
三一重工 27 持有 持有
美的集团 27 持有 中性
中信证券 26 持有 持有
中国国旅 25 持有 持有
华能国际 24 持有 持有
当升科技 24 持有 持有

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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 586 79 299
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电子器件 410 55 234
钢铁行业 371 29 166
化工行业 366 61 112
机械行业 319 41 107
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家电行业 275 11 132
酿酒行业 258 15 110
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有色金属 230 48 75
服装鞋类 230 18 110
食品行业 201 23 68
酒店旅游 194 20 56