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Anne Ling

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格力电器 家用电器行业 2017-09-04 38.67 44.40 13.12% 39.63 2.48% -- 39.63 2.48% -- 详细
Valuation remains inexpensive at 11/11x 17/18PE and 5% yield Gree’s 2Q17NP beat DB/market estimates by 35%/17% due to sales growthacceleration and operating leverage. We believe channel inventory remains at ahealthy level at the beginning of the cold year (end of July). Thus, we raised oursales forecasts for 2017-2019by 7-9%. Meanwhile, we lower our 2017GPMforecast by 1.6ppt to reflect raw material price hike pressure in 2H17. Although2018will be a tough year given high base in 2017due to property boom andrestocking, we believe product upgrades and relatively inexpensive valuationwith 5% yield warrants a Buy recommendation. 2H17outlook – channel inventory remains healthy but more pressure on GPM For 2H17, we expect Gree to report a 19% rise in sales with 10% increase involume as we believe the current channel inventory level remains healthy(~21m units). Meanwhile, we expect GPM to decline 1.3ppt to 31.4% from32.7% in 1H17due to continuous raw material price increase. However, opexratio might remain low as demand remains strong. We expect EBITM of 15%in 2H17(15.5% in 1H17). 2Q17NP beat due to sales growth acceleration and operating leverage 2Q17saw NP up 68% on sales up by 60% vs 1Q sales/NP up by 19%/27%,mainly thanks to restocking cycle and strong demand from retail end. GPMshrank 8ppt to 30.2% affected by raw materials cost hike, while opex ratiocontracted 12.6% to 14.1%. Thus, the company still enjoys an operatingleverage with EBIT margin improving 7.6ppt to 16%. Raising target price to RMB44.4from RMB38.87; risks We use DCF to value the company with a new target price of RMB44.4(oldRMB38.87), as we raise our FY17-FY19NP forecast by 7-9%. Our target priceimplies 13x/12x FY17/18PE, which is at a premium to its historical valuationpoint during de-stocking of channel inventory, and dividend yield at 4.6% forFY17E. Downside risks include competition, subsidy policy, and M&A.
贵州茅台 食品饮料行业 2017-08-21 492.80 550.00 10.02% 497.29 0.91%
502.50 1.97% -- 详细
To increase ex-factory volume from August 15 Kweichow Moutai will supply more than 4500tons of mainstream "FeitianMoutai" between 15August to 30September, according to the media reportsfrom China Securities Daily. This implies 100tons/day during the peak season.Meanwhile, the company has delivered 150tons on August 15according to thenews. Through increasing supply, Moutai management aims to ease down thesupply shortage in retail end during the peak consumption seasons (Mid-AutumnFestival and National Holidays). It also target to control the retail price belowRmb1299/bottle. This implies over 40% volume growth in 3Q17 This implies over 40% volume growth in 3Q17for main stream products, if itdelivers more than 100tons per day from August 15. To recap, Moutai's dailyvolume was 55tons in 3Q16, and we estimate the daily volume was 60-70tonsbefore August 15. In addition, we expect its average selling price for premiumMoutai continue to increase driven by increasing portion of super premiumcustomized Moutai. This is higher than 36% yoy sales growth in 1H17andconsensus estimates at 20% yoy sales growth for 2H17. Channel restocking to continue; maintaining Buy In next 6month, Moutai will experience two traditional peak consumptionseasons - the mid-Autumn festival & National holiday in October and Chinese NewYear in Feb 2018. We expect supply shortage to continue, driven by increasingretail demand and distributor's channel stocking up. Our recent channel checkin Shanghai and Beijing also indicates that most retail stores are running out ofinventories. (For Moutai's re-stocking and de-stocking cycle history, please referto report "The restocking cycle is just beginning; reiterating Buy" ) . Within theshortage environment, we expect Moutai to increase its sales volume and reportaccelerating sales growth. We maintain Buy.
贵州茅台 食品饮料行业 2017-07-31 471.00 550.00 10.02% 501.10 6.39%
502.50 6.69% -- 详细
Net profit growth accelerate in 2Q17 Kweichow Moutai reported 1H17 results with sales increased 33.1% toRMB24.19bn and net profit increased 27.8% yoy to RMB11.25bn, in line withour forecast at 11bn. Gross margin declined 2.3ppt to 89.6% in 1H17, mainlydue to faster sales growth form lower-end sub-brands. Management increasedmarketing efforts on lower end brands and its SG&A/sales ratio increased1.7ppt YoY to 14.1% in 1H17. In 2Q17, revenue/NPAT was up 33%/31% yoy, accelerated from +33%/+25%yoy in 1Q17. According to our channel check, Moutai's main products are stillshort of supply even in traditional slack season post Chinese New Yearholidays. We believe this is driven by industry demand recovery anddistributors' channel re-stockings with expectations of retail price hikes. As aresult, the advance from consumers is largely stable at Rmb17.8bn by end-2Q17, which is only 6% lower than 1Q17 even within a slack season. Maintaining Buy We reiterate Buy on Moutai due to its high earnings visibility backed byindustry demand recovery and channel restocking. Our TP at Rmb550 is basedon DCF approach (factoring in 9.5% WACC and a 2% terminal growth rate). Main downside risks: shorter-than-expected restocking cycle; governmentpolicy changes; food safety incidents.
贵州茅台 食品饮料行业 2017-07-11 446.88 550.00 10.02% 487.96 9.19%
502.50 12.45% -- 详细
Moutai Group: sales and earnings growth accelerate QoQ in 2Q17 On July 10, Moutai Group (the controlling shareholder of list-co Kweichou Moutai)indicated that sales (VAT included) increased 31% yoy to RMB31bn and profitbefore tax ("PBT") increased 24% yoy to RMB16bn in 1H17, according to newsrelease from its official website. This news implies Moutai Group's sales/earningsgrowth is accelerating from 24%/13% in 1Q17 to 40%/36% in 2Q17. According to the news, the strong growth has been mainly driven by 1) goodgrowth from high-end customized liquor and lower-end sub-brands; 2) overseassale; and 3) strong demand for main stream "Feitian Moutai". It indicates Moutai'smain products are still short of supply even in traditional slack season postChinese New Year holidays. Further, we believe this is also driven by distributors'channel re-stockings with expectations of retail price hikes (refer to our report"The restocking cycle is just beginning " published on June 22). Implications for the Listco: 1H17 growth tracks ahead of market consensus The listco Kweichou Moutai ("Moutai")'s sales/earnings growth trend tracksclosely with Moutai Group (refer to 1) since 2012, and the listco's sales accountsfor 93% of Moutai Group's total revenue in 2016. We believe it indicates thatlistco's sales/earnings growth also speed up QoQ in 2Q17. The sales/earningsgrowth of Moutai group in 1H17 is higher than market forecasts at 20%/25% forthe listco in 2017. We reiterate Buy on the stock. We expect above-mentioned drivers, especially thechannel restocking, to drive its sales growth in the near term. Our TP at Rmb550is based on DCF approach (factoring in 9.5% WACC and a 2% terminal growthrate). Main downside risks: shorter-than-expected restocking cycle; governmentpolicy changes; food safety incidents.
老板电器 家用电器行业 2017-07-11 41.09 44.52 3.25% 43.43 5.69%
43.80 6.60% -- 详细
Three-year growth targets reiterated; 2Q17update Management reiterated its 2017-19targets, including (1) a sales CAGR of 25%, (2) a net profit CAGR of 30% as well as (3) built-in products to reach 20% of itssales (vs. 10% in 2016). Management has strong ambitions for built-inproducts (microwaves, ovens, steam ovens, dishwashers and water purifiers)and it set a 10-year target for embedded products to account for 50% of itssales. For 2Q17, management expects sales growth to track in line with its 25% growth target. The gross margin should not be significantly impacted by hikingraw material costs, thanks to Robam’s raw material reserves as well as a ~5%hike in its wholesale price (on 1April 2017). We note that raw materialsrepresent 80% of Robam’s cost of goods sold.Cooling tier-1city property could have an impact, but lower tiers remain strongManagement stated that it normally takes 9-12months for the government’sproperty control measures to take effect. Approximately 80% of demand forRobam’s products comes from new flats. As a result, management estimatesthe tier-1city slowdown could have some impact on its revenue in 4Q17and1Q18. That said, tier-1cities represent 17% of Robam’s sales, with tier-2andbelow accounting for 45% and 38%, respectively. Plans to enhance competitiveness and marketing efficiency Management attributes Robam’s premium ROE to its strong pricing power,thanks to its first mover advantages in the high-end kitchenware market andtechnology leadership. To widen its lead, Robam plans to focus more onproduct innovation and increase R&D spending from 3% of sales now to 5% inthe next three years. Robam believes its emerging competitors (Midea andHaier) have not yet established premium branding and lag in productinnovation.Robam also plans to nimbly reallocate its marketing resources by focusing lesson TV commercials and shifting to online/digital. With higher returns onmarketing expenditure, management hopes to keep marketing expenses incheck. Channel reform and e-commerce ASP upgrade Finally, Robam plans to reform its wholesaler network to introduce a moresophisticated level of coverage and branch into lower-tier cites. Its ecommerceASP tends to be lower than it is for its off-line channel. Thecompany plans to reduce the gap in ASP in order to eventually promote high-ASP built-in products online.
贵州茅台 食品饮料行业 2017-06-26 465.97 541.81 8.38% 477.78 2.53%
501.10 7.54%
详细
Channel restocking to be more relevant driver in 2H17-18 Revisiting Different from the market consensus that Moutai’s recent recovery has been driven mainly by recovering private consumption, we expect channel restocking to be a stronger growth driver from 2017. Based on our proprietary channel models, we think Moutai entered a new restocking cycle from late 2016 and this new cycle will continue in 2017-19. As indicated by historical experience, Moutai often increases its supply and raises ex-factory prices during a re-stocking cycle. Raising TP by 34%, to Rmb550, and reiterating Buy. Revisiting the channel restocking and destocking cycles of 2009-16 Owing to Moutai’s unique nature ? long shelf value, high-value items and limited supply perception, channel players demonstrate a strong impetus to store up on Moutai’s products when a price appreciation expectation emerges. In 2009-12, Moutai’s growth was driven firstly by demand recovery from infrastructure investments, and then by channel restocking, due to (and resulting in) a retail price hike expectation. In 2013-16, demand for Moutai’s products was firstly affected by anti-extravagant measures and then by channel destocking, which resulted in a retail price collapse. Entering a new restocking cycle from 2017 After building a channel inventory model, we find that, owing to heavy channel destocking and increasing consumption in 2013-16, Moutai’s current channel stocking is at a seven-year low. From 2017, driven by price appreciation expectations, Moutai has started to enter a new channel restocking cycle. We expect this cycle to continue into 2017-19. As a reaction to the restocking cycles, we expect Moutai to increase its supply and raise its ex-factory prices in the near term. Raising target price (TP) by 34%; reiterating Buy; risks We raise our TP by 34%, to Rmb550, based on a DCF approach (factoring in 9.5% WACC and a 2% terminal growth rate), and we reiterate our Buy rating. Moutai is trading at 22x 2018E P/E, with a 24% earnings CAGR in 2016-19E, compared with its peers’ average P/E of 24x. Reiterating Buy. Main downside risks: shorter-than-expected restocking cycle; government policy changes; food safety incidents.
青岛海尔 家用电器行业 2017-06-23 14.30 16.22 11.17% 15.37 5.56%
15.10 5.59%
详细
This is in line with Haier’s long-term strategy. PML operates production ofautomation & customized intelligent equipment mainly for RF and WM,and provides solutions for factory management system. Qingdao Haier Co.,Ltd believed that the deal would help the company to further enhance itsintelligence manufacturing capability by integrating PML’s COSMOlineintelligence manufacturing digital platform into its own COSMOPlatplatform. We believe net margin should improve for both. This deal is the first step for materializing commitment. To recap, QingdaoHaier acquired 20% of FPA in 2009 and acquired the remaining stake ofthe company at a consideration of USD701m (RMB4.5bn) in 2012. In orderto avoid competition between Qinghai Haier and FPA, Haier Groupannounced in January 2011 that it will inject white goods asset to QingdaoHaier within five years. Though, this has been delayed as Haier Groupbelieves that FPA’s financial performance was short of expectations andneeds more time for integration. In 2015, Haier Group agreed to inject FPAasset into Qingdao Haier by June 2020.
伊利股份 食品饮料行业 2017-06-23 20.58 22.00 -- 21.78 5.83%
24.22 17.69%
详细
A quality growth stock Sales growth remains good in near-term Yili attended Deutsche Bank’s global consumer conference in Paris and also visited investors in the UK last week. We summarize investors’ top 5 questions on page 2. Investors generally agreed on the good growth potential for China’s dairy sector and were impressed by Yili’s strong execution capability. We think Yili is a good proxy for investing in China’s consumption trade-up trend in nutritional products. We reiterate our Buy rating. Sales growth remains good in near-term Management expects sales growth in 2Q17 to improve vs. 1Q17 (it was 3% yoy in 1Q17), helped by stabilizing competition and a lower base (it disposed of Youran farm in April 2016). Meanwhile, major raw material costs, i.e. packaging and sugar, are also stabilizing in 2Q17 vs 1Q17, albeit partly offset by less use of low-cost raw material inventory. We forecast gross margin to be stable vs. 1Q17. For the full year, management maintains its guidance at 7% sales growth and 6.5% PBT decline (on lower government subsidy income). Multiple drivers to achieve Rmb100bn sales in long-term In the long term, management maintains its target of achieving Rmb100bn sales and becoming a global top five dairy company. Firstly, it expects to achieve higher-than-peers growth in basic dairy products. Secondly, the major driver will come from plant-based milk (it will launch soy milk in 2H17), organic milk (it is bidding for US Stonyfield), and chilled yoghurt. Thirdly, it is also open to entering the non-dairy healthy food category. On EBIT margin, Yili is already higher than most global peers, but it thinks there is still expansion potential through better product mix and the launch of high-margin categories. We reiterate Buy We like Yili for its experienced management team, strong distribution network, and good track record in new product launches. We expect it to achieve higher-than-peers growth through gaining market share, category expansion and M&A. We reiterate our Buy on Yili with TP of Rmb22, based on DCF model, factoring in 9.5% WACC (3.9% RFR, 5.6% ERP, 1.0 beta, debt-free structure) and 2% TG.. Key downside risks: higher-than-expected raw material increases, food safety incidents and worse-than-expected competition.
青岛海尔 家用电器行业 2017-06-15 14.72 16.22 11.17% 15.37 2.54%
15.10 2.58%
详细
Maintaining Buy with new target price of RMB16.51 Premiumization strategy bearing fruit We maintain our Buy recommendation on Qingdao Haier thanks to its globalization and premiumization strategy. Its core business started to pick up since 2H16 and expects to see a robust growth in terms of sales and NP. The synergy of GEA is also ahead of expectation and thus it raised the accumulated synergy effect benefit from USD130m to USD310m for 2016-2019F, as stated in the annual report. We estimate the company to report NP CAGR of 18% for the three years vs. FY17 PE16x, which is inexpensive. Premiumization strategy bearing fruit To cater for current consumption upgrade trend, Qingdao Haier has laid out clear brand segmentation, specifically with premium brands, e.g. GEA to penetrate high-end market. It also sees additional RMB3bn revenue from high-end home furnishing and decoration channels. This strategy enabled Haier to secure growth with ASP increase, thus becoming a defensive margin player (GPM expanded 3.1ppt/1.5ppt to 31%/30% in 2016/1Q17). We conservatively expect GPM to improve to 32.2% in 2019. Across-the-board growth acceleration in 2017 The company expects RF and WM to see a better-than-industry growth in 2017 (we forecast the industry growth for RF will decline 1.1%, while that for WM will increase 3.9% in 2017 in volume vs China IOL’s projection of - 4.7%/+3.6%). AC will even grow faster and continue gaining market share. 1H trend will remain consistent with 1Q momentum across the board. We lift our DCF-based target price by 35.3% to RMB16.51 (old: RMB12.20) Our DCF-based target price is RMB16.51, as we raise our forecast by 8-9% for 2017-18 and roll over our DCF forecast we used a blended COE of 8.5%, long-term growth rate of 1.5% and a target capital structure with zero debt assumption. This translates into 16/14x FY17/18E P/E, which is in line with its historical PE multiple. Downside company risks: 1) slower-than-expected revenue growth in domestic and overseas markets, 2) smooth transition of the acquired business, 3) failure to achieve synergy, and 4) unfavorable FX.
格力电器 家用电器行业 2017-06-15 35.68 37.12 -- 41.65 16.73%
41.79 17.12%
详细
Maintaining Buy with new target price at RMB38.87 We expect domestic market sale-in volume to rise 16% to 70m in 2017 We maintain our Buy recommendation on Gree as we believe it will benefit from its strategy of offsetting the rise in raw material prices with new model launches. This move to not raise its retail prices too aggressively will help gain volume. However, given its lion’s share in the market, we expect Gree’s share to increase 2ppt to 45%. Meanwhile, its plan to diversify the business from AC is likely a mid-term strategy, which is unlikely to have key contributions in the short term. We raise our NP for FY17/18 by 21%/15% and introduce the 2019 forecast. We raise our TP by 36.5% to RMB38.87, which is a combination of earnings revisions and is based on rolling over of our first DCF forecast year. We expect domestic market sale-in volume to rise 16% to 70m in 2017 This is based on a 2.2% rise in retail demand to 69m sets (buoyant property market and government promoting central AC) and ~3m inventory channel restocking. Please refer to Figure 19 and Figure 20 for our retail demand model. Outlook for Gree We expect a 21% rise in sales in 2017, of which 81% would come from AC, up 23%. In our model, we expect a 19% rise in sales volume to 42.9m in 2017, which will likely normalize to 6% each year for 2018/19. We expect overall GPM to increase 0.5ppt to 34% due to launch of new models and we expect EBITM to improve 1.7ppt to 14.2%. Raising target price to RMB38.87from RMB28.48; risks We use DCF to value the company with a new target price of RMB38.87 (old RMB28.48), as we roll over the DCF forecast year to 2027 and raise our FY17/18 forecast by 21%/15% (details on page 3). We also introduce the 2019 forecast. Our target price implies 12x/11x FY17/18 PE, which is at a premium to its historical valuation point during de-stocking of channel inventory, and dividend yield at 4.6% for FY17E. Downside risks include competition, subsidy policy, and M&A.
老板电器 家用电器行业 2017-05-16 42.00 44.52 3.25% 45.88 9.24%
45.88 9.24%
详细
We adjusted our TP and EPS by a factor of 1.3x to reflect the increase in number of shares to 949m shares as a result of the company’s announcement of 3 bonus shares for every 10 existing shares. The ex date was on 10 May.
老板电器 家用电器行业 2017-05-02 41.11 44.11 2.30% 42.83 4.18%
45.88 11.60%
详细
Update from 1Q17 conference call. Management commented that the overall performance in 1Q was better than it had expected, owing mainly to 1) a strong performance, with consumption upgrades in lower-tier cities with active property markets, 2) less of a slowdown from tier-1 cities, despite the government’s control of the property market, and 3) better-than-expected online sales, with 40% growth. The GPM was also better than expected, despite a raw material price increase, due to a rise in sales from the online business and a product mix shift that offset the raw material price increase. With the company raising prices in April, we expect the GPM to continue to improve. As for opex, the company expects this to be under control, except for R&D, which is expected to rise. Deutsche Bank’s view. On the back of a better 1Q17 outlook, which is in the first year of its three-year plan (one of the targets is to achieve a 30% net profit CAGR over 2017-19), we raise our FY17/18/19E net profit by 5/7/9%, assuming that the above net profit growth target is achievable. We raise our target price by 10%, to RMB57.88, which translates into 26x/20x FY17/18E PE. We believe this is justified given the above-mentioned 30% CAGR. Maintaining Buy. Our primary valuation methodology is a DCF (as investors focus on Robam’s long-term value), employing COE of 9.5% (RFR of 3.9% and ERP of 5.6%, both following Deutsche Bank’s house view), a beta of 1 and a TGR of 1.5% (in line with our Hong Kong and China consumer coverage). Downside risks include a weaker property market, higher material prices, new competitors, and price wars.
老板电器 家用电器行业 2017-05-02 41.11 40.04 -- 42.83 4.18%
45.88 11.60%
详细
NP grew 54.3% partially due to higher government subsidies Robam reported NP up 54.3% to RMB 2512m NP on net sales up 34% to RMB1.4bn in 1Q17. Sales/NP accounts for 19%/16% of our 2017 full-year forecast. For reference, 1Q16 sales/NP accounted for 18%/14% of full-year sales/NP, respectively. Excluding exceptional item, particularly government subsidies which increased by 433% to RMB54.4m, core earnings grow 33.13%. GPM increased 0.5ppt to 59% and EBIT margin remains largely stable. AR grew 34.23% which was mainly due to sales increase. Prepayment increase was mainly attributed to advanced purchase of raw materials. To recap, Robam outlined a strategic target, i.e., “Triple 30%” plan, during their 2016 annual results analyst meeting. 1) Earnings growth of 30% CAGR: management is confident of delivering the earnings growth target, albeit revenue CAGR may be slower than 30%; 2) Market share for range hood to increase to 30%; 3) Sales volume for high-end range hoods to lead that of the second player by 30%. The company will host a conference call at 10:00 am HK time on 26 April 2017. We will review our estimates post conf call.
永辉超市 批发和零售贸易 2017-04-21 5.91 6.37 -- 6.86 16.07%
7.38 24.87%
详细
14% sales growth and 58% net profit growth in1Q17 Yonghui reported 1Q17 results with 13.8% sales growth to Rmb15.26bn and57.55% net profit growth to Rmb743.7m, in line with its preliminary resultsannounced last week. The sales are mainly driven by 1-2% SSSG, 105 newstore openings in 2016, and 140bps yoy expansion in net margin. Thecompany opened 33 new stores in 1Q17 (vs. 24 new stores in 1Q16), includingone select Store, one Super Species, and 9 membership store. Strong margin expansion trend on margin-focus strategy Yonghui’s net margin expanded 140bps yoy in 1Q17, helped by 60bps yoy inGPM and 90bps decline in Opex/sales. We believe this is helped by itsreclassification of Fujian and northeast region to margin focus group fromOctober 2016. Further, we believe management’s efforts in improving thecompany’s supply chain and operating efficiency are bearing fruits. 2017 outlook – margin expansion trend to continue We expect Yonghui to enter a margin expansion cycle from 2017, helped by anincreasing sales contribution from high-end stores and by operating efficiencyimprovingmeasures. Meanwhile, management is switching more focus fromscale to margin growth. We expect the margin expansion trend to continue inthe next three quarters. We forecast 48% recurring net profit growth toRmb1,494mn. Reiterate Buy We maintain Buy on Yonghui and are encouraged by the company enteringmargin expansion phase. Our target price is RMB6.50, based on DCF model,factoring in 9.5% COE, 1.0 beta and 1.5% TGR. Downside risk: competitionfrom on/offline players, weak SSSG, and management capability in nationwideexpansion.
永辉超市 批发和零售贸易 2017-04-20 5.94 6.37 -- 6.64 11.78%
7.38 24.24%
详细
Entering margin expansion cycle. 1Q17: strong beat on store network and margin expansion We expect Yonghui to enter a margin expansion cycle from 2017, helped by an increasing sales contribution from high-end stores and by operating efficiency-improving measures. Meanwhile, management is switching more focus from scale to margin growth. We expect the margin expansion trend to continue in the next three years. We revise up our EPS forecast by 6-14% in 2017-19E and raise our TP by 14% to Rmb6.5. Reiterating Buy. 1Q17: strong beat on store network and margin expansion. Yonghui announced 1Q17 preliminary results with 14% sales growth and 58% net profit growth, which is tracking ahead of DB’s previous 28% recurring earnings growth for the full year. This is mainly driven by 1-2% SSSG, 105 new store openings in 2016, and 160bps yoy expansion in recurring OP margin. In addition, we estimate it booked Rmb80mn interest income from the cash proceeds from the share placement in 2H16. More to be expected in 2017. Last October, management reclassified its core region, Fujian, and loss-making Northeast region to its “quality-focus group”, indicating the majority of business (54% of sales in 2016) will be focused on margin and operating efficiency. We expect 30bps recurring OP margin expansion in 2017, helped by margin improvement in Fujian and the Northeast region. In addition, Yonghui will complete the investment in Damon and could book associate income from 2Q17, which is likely to contribute Rmb90mn net profit in 2017. Revising up TP by 14%; reiterating Buy. We revise earnings in 2017-19E up by 6-14%, to factor in a higher profitability on management’s increasing focus on profitability. We forecast 18% sales and 24% earnings CAGR in 2017-19E. We revise up our TP by 14% to RMB6.50 based on our new earnings forecast. Our DCF approach factors in 9.5% COE, 1.0 beta and 1.5% TGR. Downside risk: competition from on/offline players, weak SSSG, and management capability in nationwide expansion.
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1、“起评日”指研报发布后的第一个交易日;“起评价”指研报发布当日的开盘价;“最高价”指从起评日开始,评测期内的最高价。
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