分众传媒(002027) A different outlook now, downgrade to HOLD We downgrade Focus Media (FM) to Hold from Buy with a revised price targetof RMB6.8/share. Externally, we believe the industry landscape has changedwith new competitors such...

• 个股研报

• 2018-12-04 14:13

聚光科技(300203) Overnight, FPI unveiled its second round share buyback plan. We like it. Throughthis innovative scheme (first case in A share), the share price would moreaccurately reflect FPI’s underlying value going f...

• 个股研报

• 2018-12-02 11:49

宇通客车(600066) 3.5ppt YoY gross profit margin erosion leading to 23% YoY earnings dropYutong announced on 27 August that its 1H18 net profit dropped 23.4% YoY toRMB616.5m. As this accounts for only 16% of our previous FY18 estimates...

• 个股研报

• 2018-10-18 08:19

青岛海尔(600690) Leading market share; growth in kitchen and EU; SmartHome and execution Following the recent company announcement regarding an IPO in the Germanmarket, we have prepared this report to help investors better understand...

• 个股研报

• 2018-10-09 09:53

锦江股份(600754) Jinjiang is also on the way of products upgradeWe reiterate Buy on Jinjiang Hotels with a TP of RMB37. We believe Jinjiangis also in the process of upgrading its product to meet higher demand fromChinese customers...

• 个股研报

• 2017-12-05 12:08

比亚迪(002594) Potential extra subsidy cuts and competition are additional negatives BYD has scarcity value and the potential to attract premium multiples because ofits thematic attraction, as China’s leading NEV company with 40-50...

• 个股研报

• 2017-12-01 14:44

锦江股份(600754) Jinjiang is also on the way of products upgrade We reiterate Buy on Jinjiang Hotels with a TP of RMB37. We believe Jinjiangis also in the process of upgrading its product to meet higher demand fromChinese customers&#...

• 个股研报

• 2017-11-30 08:56

汇川技术(300124) An emerging national champion; raising TP According to an ancient Chinese proverb, to win a battle, it requires the right time,right place and right people. In the battle for market share in China’s industrial...

• 个股研报

• 2017-11-13 15:14

中国国航(601111) Yield: With prudent yield management, Air China recorded 4-5% YoYpassenger yield growth in 3Q17 on strong growth in certain internationalroutes (e.g. Europe and Africa), partially offset by marginal decline indomestic...

• 个股研报

• 2017-11-08 15:23

比亚迪(002594) Disposing the seating business into a 30%-owned new JV On 31 October, BYD announced that the company signed a JV agreement withFaurecia (EPED.PA, EUR61.72, Hold) to establish a JV for the development of autoseating busi...

• 个股研报

• 2017-11-08 13:48