广发证券(香港)--Dim Sum Express.pdf

下载文档

2
0
约2.21万字
约 4页
2020-09-01 发布于湖南
举报
版权申诉
保障服务

广发证券(香港)--Dim Sum Express.pdf

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。

Equity Research Jul 4, 2018 Dim Sum Express Key index performance A-Share Market Chg (%) EPS (%) P/E Market 1D 1M YTD 18E 19E 18E 19E HSI -1.4 -7.9 -4.6 39.4 10.6 11.4 10.3 2H18 Auto Sector Outlook: Wait for the right timing HSCEI -1.8 -11.2 -7.1 19.4 10.3 7.6 6.9 Against the backdrop of the withdrawal of favorable policies and stronger external shocks, the overall MXCN -1.4 -9.6 -3.5 51.5 15.8 12.6 10.9 auto sector has slipped with valuations falling off significantly, in line with our expectations at the end SHSZ300 0.0 -10.5 -15.4 34.4 15.2 11.5 10.0 SHCOMP 0.4 -9.8 -15.7 38.0 13.5 11.1 9.8 of last year. We expect slower growth in PV sales, forecasting volume growth this year of -3%-3%. SZCOMP 0.8 -8.8 -16.1 74.4 22.4 17.6 14.4 Over the medium to long term, intensifying market competition should be positive for consolidation INDU -0.5 -2.6 -2.2 42.5 9.0 15.6 14.4 in the PV market. We believe consensus on the heavy-duty truck sector is too pessimistic, and we SPX -0.5 -1.2 1.5 46.7 10.3 17.0 15.4 see this as the key sector for 2H18. We still see considerable room for growth in output value and CCMP -0.9 -1.4 8.7 83.0 16.0 22.5 19.4 profit. UKX 0.6 -1.9 -1.2 170.5 6.5 13.7 12.8 NKY -0.1 -3.1 -4.3 62.1 14.5 15.8 13.8 Hong Kong ADRs Hong Kong Market HK Local Daily AD