"Daily Research selection" closely follows the latest research trends of institutions, insights and combs the views of the most representative big cities, industries and individual stocks, provides Niu you with third-party institutional analysis and rating reference, and helps Niu you to provide an overview of investment banking trends. Easy to grasp investment opportunities!
Focus Today
CITIC: global new energy vehicles have entered a stage of rapid growth, seizing the opportunity of high quality targets in the global electrified supply chain.
CICC: it is recommended to pay attention to the textile and clothing track with stronger anti-risk ability.
Galaxy, China: the prosperity of the pharmaceutical sector is still chasing the hot spots of the epidemic, and it will take time for the predicament to reverse.
CITIC: the growth rate of infrastructure investment for the whole year is expected to hit 10%.
Everbright Securities: the automobile industry chain is expected to be repaired step by step, with emphasis on recommending Great Wall Motor, Fuyao Glass Industry Group, etc.
CICC: maintain Li Ning Co. Ltd. 's "outperform industry" rating, with a target price of HK $71.89
Goldman Sachs Group: maintain HKEx's "buy" rating and lower the target price to HK $488
CICC: maintain Geely Automobile's "outperform industry" rating, with a target price of HK $17
Lyon: lower the target price of Yashi to HK $12.50, outperforming the market
Daiwa: lower the target price of ANTA Sports Products to HK $120, rating buy
HSBC Research: raise Byd Company Limited's target price to HK $342, rating buy
Selected viewpoints of research and newspaper
I. Industry plate
CITIC: global new energy vehicles have entered a stage of rapid growth, seizing the opportunity of high quality targets in the global electrified supply chain.
CITIC said that in April 2022, domestic new energy vehicle sales of 299000, month-on-month-38.3%, year-on-year + 44.6%, sales pressure. In April, supply and demand fell significantly under the epidemic in the domestic market; overseas, subsidy policies are expected to accelerate, the US market is expected to return to high growth, and the European market is slightly affected by seasonality. In the long run, the global new energy vehicles have entered a stage of rapid growth, and the current time continues to suggest that we should seize the opportunity of high-quality targets in the global electrified supply chain, especially$Tesla, Inc. (TSLA.US) $、$Ningde era (300750.SZ) $, LG Chemical supply chain.
CICC: it is recommended to pay attention to the textile and clothing track with stronger anti-risk ability.
China International Capital Corporation pointed out that the current epidemic situation in many places in China is repeated, and clothing as an optional consumer category is greatly affected. in contrast, the upstream textile and clothing enterprises face the global market and the global layout of production bases, and the demand fluctuation is relatively small; at the same time, the competition pattern is clear and stable, and high-quality leading enterprises drive steady growth through orderly expansion of production capacity. In the environment of repeated epidemic and devaluation of RMB, it is suggested to pay attention to the textile and clothing track with stronger anti-risk ability.
Galaxy, China: the prosperity of the pharmaceutical sector is still chasing the hot spots of the epidemic, and it will take time for the predicament to reverse.
China Galaxy Securities said that the current performance of the pharmaceutical sector is still mainly driven by the pace of the epidemic. For the vaccine, we should pay attention to which version novel coronavirus mutates to in order to achieve a stable state, as well as the vaccination demand for a new version of the vaccine developed by the mutated novel coronavirus. For COVID-19 detection concepts such as in vitro testing and self-test kits, we should pay attention to whether COVID-19 's epidemic fluctuation cycle is becoming more and more frequent, the price reduction of domestic testing products, and whether foreign screening efforts have been greatly weakened. The information obtained at the current time is still insufficient to regard epidemic factors as short-term factors, and the fundamentals of the "dilemma reversal" field should be judged from a medium-and long-term perspective.
CITIC: the growth rate of infrastructure investment for the whole year is expected to hit 10%.
CITIC believes that with the new special debt capacity of local governments in the first half of the year and the marginal improvement of urban investment and financing + low base effect in the second half of the year, the growth rate of infrastructure investment for the whole year is expected to hit 10 per cent. Focus on the direction of infrastructure development: ① special bonds focus on the areas of transportation, municipal and industrial parks. The short-term flexibility of ② water conservancy investment is large, and the annual space is relatively limited. ③ new energy and power systems. ④ digital infrastructure is probably the most resilient direction in the long term.
Everbright Securities: the automobile industry chain is expected to be repaired step by step, with emphasis on recommending Great Wall Motor, Fuyao Glass Industry Group, etc.
Everbright Securities released a research report that it will be more clear to judge the production and sales trend of 2022E before and after the year. Superimposed with the prospect of 4Q22E impulse corresponding to the elimination of subsidies for 2023E new energy vehicles, domestic sales of 2022E new energy passenger vehicles are still expected to reach 5-5.5 million vehicles. 2022E vehicle ASP upward trend is expected to continue, core components suppliers' new fixed point / new product volume gradually, and product structure improvement / market share rise trend is expected to gradually strengthen, optimistic about resuming production to promote + climbing / capacity utilization improvement, as well as upstream raw material prices are expected to stabilize and fall, driven by the marginal improvement prospect of 2H22E performance.Key recommendations:$Great Wall Motor (02333.HK) $、$Tesla, Inc. (TSLA.US) $和$Fuyao Glass Industry Group (03606.HK) $，Recommended concerns are as follows:$Byd Company Limited (01211.HK) $、$Li Auto Inc.-W (02015.HK) $。
II. Individual stocks
CICC: maintain$Li Ning Co. Ltd. (02331.HK) $"outperform industry" rating with a target price of HK $71.89
According to a research report released by CICC, to maintain Li Ning Co. Ltd. 's "outperform industry" rating, the EPS forecast for 2022 / 23 is 1.76max 2.15 yuan, and the current share price corresponds to the 23-year price-to-earnings ratio of 27,22pm, with a target price of HK $71.89. corresponding to the price-to-earnings ratio of 35max, 29x 2022max, there is 31 per cent upside compared to the current share price.
Goldman Sachs Group: maintain$Hong Kong Exchanges and Clearing (00388.HK) $"Buy" rating, target price reduced to HK $488
Goldman Sachs Group released a research report that maintained HKEx's "buy" rating and lowered its target price from HK $492 to HK $488. As the group reported daily transactions in April, the bank cut its earnings per share forecast by 1 per cent for this year and the next three years, which it did not consider to be a substantial change. Downside factors include increased business competition in the onshore capital market, low circulation speed in the spot market, and cost pressure brought about by fee reduction.
CICC: maintain$Geely Automobile (00175.HK) $"outperform industry" rating, with a target price of HK $17
Geely Automobile sold 72153 vehicles in April 2022. Among them, the sales of Lecker, Geometry and Polar Krypton in April were 10301 / 7320 / 2137 respectively, and the cumulative sales of Pole Krypton exceeded 16000 since delivery. CICC released a research report saying that it maintained Geely Automobile's "outperform industry" rating in 00175, with its profit forecast for 2022 / 23 unchanged, with a target price of HK $17, corresponding to a 23-year price-to-earnings ratio of 21.6 / 16.5, which is 52.3% higher than the current share price.
Lyon: downgrade$elegant living Service (03319.HK) $The target price is HK $12.50 and the rating outperforms the market.
According to a research report issued by Lyon, Yashi management revealed that the target three-year non-cyclical business income and net profit compound annual growth rate of more than 25% and 20% respectively. However, in view of the difficulties and uncertainties of the developers, no further targets have been set for the value-added services business. The bank pointed out that the impact of the epidemic on Ya's life is manageable, dragging down its net profit this year by only 1 to 2 percentage points. In view of the low valuation of the company, it was rated as outperforming the market, and the target price was reduced from HK $14.3 to HK $12.50 to reflect more prudent business guidelines.
Daiwa: down-regulation$ANTA Sports Products (02020.HK) $Target price to HK $120, rating buy
According to a research report released by Daiwa, ANTA Sports Products's management revealed that sales around the country have been changing every day in recent days, but the overall trend of retail sales in April is similar to that in the second half of March. By brand, because FILA has more layout in shopping centers and higher-line cities, the retail sales of Anta brand are relatively less affected than FILA. The bank points out that Anta's multi-brand strategy brings different growth drivers. As Anta moves into high-line cities and its product portfolio improves, management expects the average selling price to rise by more than 10 per cent this year, excluding the impact of city closures. The target is to increase the proportion of outlets directly to the consumer (DTC) marketing model to 75 per cent this year. Daiwa reiterated its buy rating on Anta but lowered its target price from HK $130 to HK $120 and its earnings per share forecast for 2022-2024 by 2-3 per cent to reflect the impact of sales deleveraging.
HSBC Research: up-regulation$Byd Company Limited (01211.HK) $Target price to HK $342, rating buy
According to a research report released by HSBC, Byd Company Limited's sales of new energy vehicles rose 133 per cent year-on-year in April, mainly due to strong demand growth and the company's supply chain being less affected by the epidemic. As for the strong strength and acceleration cycle of new energy vehicles, the sales momentum of the company's new energy vehicles may continue, which will help to boost the performance of the stock price. The bank maintained BYD's buy rating, raising its target price for H shares to HK $342 from HK $332, its net profit forecast for the 2022-2023 fiscal year by an average of 1 per cent, revenue growth forecasts by 4 per cent and 3 per cent, and average car prices up 7 per cent. The bank's latest net profit forecast for the 2022-2024 fiscal year was 49 per cent, 35 per cent and 38 per cent higher than market expectations, respectively.
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