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未署名
上汽集团 交运设备行业 2017-03-10 25.01 32.00 27.74% 25.45 1.76% -- 25.45 1.76% -- 详细
February sales were up 2% YoY but down 33% MoM, at 421,803 units: Amongits major JVs, SAIC VW sales decreased 14% YoY and 45% MoM in February. Salesof SAIC GM increased 6% YoY, but were down 40% MoM in February, and salesof SAIC GM Wuling were flattish YoY, but down 17% MoM. For the first twomonths sales, SAIC VW declined 4% YoY and SAIC GM Wuling declined 8% YoY,while SAIC-GM achieved 5% YoY growth. SAIC own brand sales increased 154% YoY, but declined 18% MoM in February:SAIC own brand sales increased 100% YoY in 2M17. SAIC launched its new SUVmodel RX5 in July 2016, and sales ramp-up of RX5 has been stronger thanexpected. Monthly sales of RX5 reached ~25k units in December 2016, and ~20kunits in January 2017, and exceeded the sales of other popular domestic SUVmodels. Despite that, RX5 sales declined to 12k units in February 2017, we believethis is mainly due weak demand after Chinese New Year in late January andexpect sales of RX5 to recover over the remainder of this year. As such, weexpect the profitability of SAIC's own brands to be boosted by the strong salesof RX5 in 2017. Private A-share placement to support SAIC's long-term development: The ChinaSecurities Regulatory Commission (CSRC) approved SAIC's A-share privateplacement in December 2016, and SAIC will be able to raise ~Rmb15bn via thisplacement. The company said it intends to use the proceeds from the placementfor NEV-related projects, smart mass customization projects of CVs, R&D for fuelcell vehicles, smart driving and Internet applications and other projects. Weexpect these projects to support the long-term development of SAIC. We maintain OW on SAIC: We expect SAIC's two JVs to be less affected by taxincreases in 2017 than domestic brands, and we expect strong sales momentumof SAIC's own brand to improve its profitability. The private placement shouldsupport SAIC's long-term development. SAIC trades at 2017E P/E of 6.9x , a ~54%discount to the average of ~15x for A-share automakers. SAIC's high dividendyield (7.3% for 2017E) leaves limited downside.
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华润三九 医药生物 2017-03-10 25.37 33.00 22.36% 27.96 10.21% -- 27.96 10.21% -- 详细
The prescription drug portfolio benefited from the antibioticsof Zhongyi and the high-growth cardiovascular brand withKunming Shenghuo acquisition. We expect the OTC alliancewith Sanofi to lift OTC growth in 2017. Overview of 4Q financials: Sales came in at Rmb2.8bn, +18% YoY, ahead of ourexpectation of 11% YoY. Prescription sales growth benefitted from the Shenghuoand Zhongyi acquisitions. Gross margins improved 1.3ppt vs. 4Q15 to 61.9%, alsobenefiting from higher-margin prescription sales. Net profit came in atRmb329mn, up 5% YoY, exclusive of the one-time gain of Rmb128mn from thedisposal of CR Sanjiu Brain Hospital in 4Q15. Including the gain, net profit wouldhave declined 22% YoY. On a full-year basis, sales increased 14% vs. 2015, in linewith our expectation, while net profit excluding the disposal gain grew 7% YoYbut declined 4% if the gain were included. Sanjiu declared a dividend payout ofRmb0.16/share for a payout ratio of 13%. Prescription sales grew a robust 26% YoY in 2H: CR Sanjiu discloses segmentdata on a semiannual basis. OTC sales, which made up 51% of sales in 2H, grew2% YoY, slowing down markedly from 13% YoY growth in 1H. Keep in mind thatSanjiu's OTC franchise is much more mature than its prescription portfolio, asmost of Sanjiu's ten OTC specialty brands have annual sales exceedingRmb100mn. We expect liver supplement Essentiale from Sanofi and other OTCbrands injected from Sanofi via the deal shall lift OTC sales growth in 2017. Sanjiu's prescription sales, mostly focusing on oncology and cardiovasculardiseases, consist of TCM injections, oral TCM formulations, antibiotics, andconcentrated formula granules. Sales in 2H benefited appreciably from theacquisition of Zhongyi (oral antibiotics) in August 2015, and the acquisition ofKunming Shenghuo (core brand Lixuewang) in July 2016. Its largest antibiotic,Xintailin, grew 17% YoY in 4Q, according to our sample hospital data. TCM injections continued to be a drag on prescription sales: Sales of Shenfu andHuachansu injections declined 14% and 16% YoY in 4Q (hospital data). The justreleased2017 revisions to the NRDL place further restrictions on Sanjiu's Shenfu,Shenmai, Shengmai, Danshen, Xiangdan, Honghua, and Huachansu injections,which we think could exacerbate the decline. Encouragingly, concentratedformula granules (around 10-15% of overall sales) again posted around 20%growth in 2016.
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上海机场 公路港口航运行业 2017-02-22 27.75 32.60 10.66% 28.89 4.11%
30.26 9.05% -- 详细
SIAC's pax growth was sustained at 11.3% YoY in Jan-17 vs. 11.7% in Dec-16,reflecting robust pre-CNY travel demand. While growth remained strong ondomestic (+13.5% vs. +12.0%) and international (+11.8% vs. +13.7%) routes,regional routes showed weakness at -0.8% YoY vs. +2.8% in Dec-16. Aircraft movement grew 4.5% YoY, down slightly from 6.0% in Dec-16. Theslowdown was led by weaker performances on all routes: domestic (+4.9% vs. +7.3%), international (+5.1% vs. +6.5%) and regional (-0.7% vs. -0.1%). Cargo/mail throughput growth normalized to 6.7% YoY in Jan-17 from 13.3% inDec-16 due to the CNY holiday effect. Specifically, while internationalmomentum slowed (+9.7% vs. +15.5%), domestic and regional volume fell 3.4%and 0.3% YoY, following 6.5% and 7.6% growth in Dec-16. CAAC penalty update: According to CAAC official news, on January 22, 2017,approval of temporary flights, chartered flights and new route applications bySIAC will continued to cease due to its low on-time ratio from March toDecember 2016. SIAC has been under the same sanction since May 2016.
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深圳机场 公路港口航运行业 2017-02-16 8.19 8.90 -- 8.86 8.18%
9.16 11.84% -- 详细
What's new: SACL has announced that the board has agreed to terminate theleasing contract with Shenzhen Zhenghong Automobile Technology Co., Ltd. regarding Airport Terminals A and B, while it intends to take legal action toprotect the company and shareholders’ interests. Shenzhen Airport Terminals Aand B are currently leased to Zhenghong for 16 years (including a one-year, rentfreeperiod) since 4Q15. But Shenzhen Urban Planning and Land ResourcesCommittee recently informed the company that owing to a recent change in theconstruction planning of the airport area, the site has been preliminarilydetermined as the national high speed rail hub location, therefore suggestingthat Terminals A and B will not be used as a commercial complex temporarily. Asa result, Zhenghong intended to terminate the leasing contract. SACL has notreceived rental since Dec 2016. Implications: We think there is a lot of uncertainty regarding arrangement of theA and B terminals. Management confirmed that the company retains ownershipof the property. We estimate pre-tax rental income from the A and B terminallease at Rmb16.9mn for 2016 and Rmb67.5mn for 2017. If SACL cannot receiverental from Dec 2016, our net profit estimate for 2016/2017 would be negativelyaffected by 1%/7%. What's next: SACL plans to hold an special general meeting on March 2, 2017, toseek shareholders’ approval for the contract termination.
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春秋航空 航空运输行业 2017-02-15 37.05 51.94 39.74% 39.98 7.91%
39.98 7.91% -- 详细
SPA’s RPK growth improved further to +22.4% YoY in Jan-17, from +17.8% in Dec-16, reflecting robust traffic demand during the CNY period. Both domestic andinternational routes showed stronger momentum at +30.2%/+11.7% YoY,respectively, vs. +29.9%/-1.4% in Dec-16, while regional routes showed weakness(-1.5% vs. +12.3% YoY in Dec-16). Given +20.9% ASK growth YoY, SPA’s PLF improved by 1.1ppt YoY to 92.7% inJan-17. Specifically, domestic PLF edged up 0.7ppt YoY to 94.1% on 29.2% ASKgrowth YoY, while international PLF improved 1.5ppt YoY to 89.9% on 9.8% YoYASK growth. As regional ASK declined by -2.1% YoY, regional PLF improved by0.5ppt YoY to 93.5%.
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深圳机场 公路港口航运行业 2017-02-15 8.17 8.90 -- 8.86 8.45%
9.16 12.12% -- 详细
Pax momentum accelerated slightly – to +11.4% YoY in Jan-17, from +10.9% inDec-16, driven by robust pax traffic during the CNY period. Aircraft movement growth moderated but was still strong – at +8.4% in Jan-17,vs. +9.8% in Dec-16. As a result, average pax per aircraft rose to 132, from 130 inDec-16. Average daily landings were also higher at 923/day, vs. 910/day in Dec-16. Cargo and mail volume, however, showed weakness – at -2.1% YoY, reversingfrom the positive YoY trend since Mar-16, mainly because of lower businessactivity during the CNY holiday.
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宇通客车 交运设备行业 2016-12-21 19.60 28.00 29.93% 19.95 1.79%
21.07 7.50%
详细
Operating cashflow and working capital should improve: Yutong announcedthat it has received a subsidy of Rmb3.09bn (out of Rmb3.23bn total) regardingOctober to December 2015 NEV sales. Yutong's accounts receivable balancecontinued to increase to Rmb12.9bn as of end-3Q16 from Rmb11.2bn at end-1H16,mainly reflecting an increase in government subsidy receivables. Thus, we expectthe settlement of 2015 NEV subsidy receivable to improve its 2016 operatingcashflow and working capital. In addition, given the strong NEV bus sales in December, we believe Yutong willbe able to achieve this annual NEV sales target of 25k units for 2016: That'sdespite the uncertainty in NEV policy. We maintain our OW rating on Yutong: Its 3Q16 GP margin improved both YoYand QoQ thanks to an improving product mix as well as declining EV batterycost. We expect the potential relaxation of the ban on usage of NCM batteries inNEV buses in 2017 could help Yutong to lower its costs and maintain stablemargins for its NEV buses, despite a tapering subsidy scheme in the next year. Moreover, we believe its high dividend yield (~6.6% in 2016e) makes it anattractive investment against a backdrop of declining return on financialproducts in China.
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春秋航空 航空运输行业 2016-11-28 41.78 51.94 39.74% 42.98 2.87%
42.98 2.87%
详细
As part of management's incentive plan, SPA announced the granting of580,000 shares of restricted stock (0.0725% of its existing shares) to 30 selectemployees. The shares are to be granted at Rmb24.29/share, with a valid periodof 66 months with four installment periods for unlocking. The first unlockingperiod starts 18 months after the record date. The shares will be unlocked at25% each period when weighted average profit per aircraft is no less thanRmb20mn. Subscription of the additional shares will contribute Rmb13.51mncash to capital reserves. After the shares are granted, Shanghai Spring International Travelservice Co., Ltd,the controlling shareholder of SPA, will have a slightly lower shareholding at62.95% from 63.00%.
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春秋航空 航空运输行业 2016-11-21 42.76 51.94 39.74% 42.98 0.51%
42.98 0.51%
详细
SPA’s RPK growth decelerated significantly to 11.5% YoY inOct-16, from 21.1% in Sep-16, reflecting sudden weakness inmarket demand. Specifically, the weakness was mainly led by a notable slowdown in internationalroutes to +13.5% YoY from +51.2%, and a decline in regional routes to -2.2% YoYfrom +4.9%. Domestic RPK ramped up marginally to +11.4% YoY from 10.9%,which may have been partly led by capacity reallocation. YTD, RPK growth remained weak at 11.5% YoY, vs. 46.3% YoY for the same periodin 2015. Specifically, RPK growth in domestic, international and regional routeswas -1.3%, 51.8% and -9.5% YoY, respectively. Due to demand weakness, ASK growth slowed to 16.1% YoY, from 25.5% in Sep-16, but was significantly higher than RPK growth. As result, PLF fell -3.6ppt YoYto 87.3% in Oct-16, with -4.4ppt and -3.2ppt YoY in domestic and internationalPLFs, to 78.3% and 91.7%, respectively - the lowest levels seen in 2016. For the first 10months of 2016, overall PLF was 92.2% (-1.4ppt YoY). PLFs ondomestic, international and regional routes remained high at 94.5% (-0.7ppt),88.1% (-1.5ppt) and 94.1% (+1.9ppt), respectively.
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上海机场 公路港口航运行业 2016-11-17 26.80 31.26 6.11% 28.12 4.93%
28.15 5.04%
详细
SIAC's pax growth softened slightly to +8.4% YoY in Oct-16, from +9.8% YoY inSep-16. Specifically, improvement was found in domestic routes (9.8% vs. 7.2%),while weakened in international routes (9.1% vs. 14.9%), and regional routes (-2.1% vs. 2.6%). YTD, pax growth was flat at 9.8% YoY, after 10.0% YoY for F9M16,but below 17.3% YoY for F10M15. Aircraft movement picked up slightly to +5.5% YoY, following +5.2% YoY in Sep-16. Improvement was mainly driven by further acceleration in domestic routes(6.8% vs. 4.2%), while slowdown was reported in international routes (4.1% vs. 7.1%) and regional routes (0.5% vs. 2.5%). YTD, flight traffic growth was 7.2% YoY,below 7.5% YoY for F9M16 and 12.1% YoY for F10M15. Cargo and mail throughput growth strengthened further to +11.0% YoY, from+7.4% YoY in Sep-16. For F10M16, growth was 3.5% YoY, higher than 2.6% YoY inF9M16 and flat with 3.5% YoY for the same period in 2015. CAAC penalty update: According to CAAC official news on Oct. 25, 2016,approval of temporary flights, chartered flights and new route applications atSIAC will cease, due to its low punctuality from March to Sep. SIAC has beenunder the same penalty since May 2016.
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恒瑞医药 医药生物 2016-11-02 46.26 46.67 -- 47.11 1.84%
48.66 5.19%
详细
Hengrui continued to deliver 20% growth in revenue andprofit. It also made significant headway in the R&D pipeline. Delivering 20% growth in 3Q again: Revenue was Rmb3.0bn, +20% YoY. For Jan-Sept, revenue was also up 20% YoY. Although segment breakdown is onlyavailable in its half yearly reports, our check of hospital prescription salesindicated that Hengrui's oncology portfolio delivered growth of 13% and 22% YoYin July and August, respectively, while the CNS portfolio delivered growth of 16%and 29% YoY. Novel oncology drug apatinib and US sales have been majordrivers of growth this year. Cyclophosphamide generated US$112mn of sales inJan-Aug, up 6% YoY at the brand level (sold via partner Sandoz, IMS sales). Wethink the launch of sevoflurane this year will also mitigate the slower growth ofits maturing chemo generic drug portfolio. Hengrui also sells irinotecan, letrozole,and oxaliplatin in the US but they are relatively much smaller contributors.Margins held steady vs. 3Q15, leading to profit growth of 20% as well. Significant headway in its "tinib" pipeline in 3Q: After the successful of launchof apatinib in China for stomach cancer, Hengrui has followed on with trials tobroaden its label. In 3Q, it started patient recruitment for head and neck cancers(combined Phase 1/2) and liver cancer (Phase 3). For famitinib (or SHR1020), itstarted a Phase 3trial in metastatic non-small cell lung cancer. Lastly, it started aPhase 3trial for pyrotinib in HER2positive metastatic breast cancer. See our Oct.7, 2016, pipeline tracker for details. Becoming a contender in the biosimilar space: Hengrui received an IND approvalto begin clinical trial on bevacizumab in 3Q. This is potentially a biosimilar toRoche's Avastin, which is approved for colon, lung, ovarian, cervix, kidney, andbrain cancers. Hengrui has deep expertise in mAB. Its SHR1314and PD-1molecules have now entered early stage clinical trial. Generic application for albumin-bound paclitaxel receiving fast-track status: Thebranded original Abraxane (US$968mn global sales, 2015) is approved in the USfor advanced pancreatic, non-small cell lung, and breast cancers. It is available inChina but not reimbursed. Several players are racing to develop a first generic,including CSPC, Hisun, Chia Tai, Kelun, and Qilu. Only Hengrui has received thefast-track status (Oct 28release by CDE), which is now at production review.
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春秋航空 航空运输行业 2016-09-19 46.20 16.09 -- 46.32 0.26%
46.32 0.26%
详细
After an NDR with SPA management to meet key investors inHong Kong, we think more patience is needed before there is ameaningful improvement in capacity allocation in 4Q16. 3Q16capacity was further affected by Shanghai traffic restrictionsdespite the belated arrival of new aircraft. Key takeaways: We took SPA management on a non-deal roadshow onSeptember 13, 2016 post its 1H16 results. We summarize several key points asfollows:1. Capacity issue not settled: Due to the delayed aircraft delivery in 1H16, SPA’sASK grew by only 8.4% YoY in the period. While it did receive 10 aircraft fromlate June-16 to Aug-16, actual ASK growth of 18.5%/18.4% YoY in July/Aug-16 wasstill below management's previous expectation of capacity expansion, which theysaid was attributable to extended traffic restrictions at Shanghai Airport put inplace by CAAC. Management said this had disrupted SPA’s original capacityexpansion plan, and the subsequent allocation of the new planes to ad-hocroutes (e.g. Shijiazhuang – Manzhouli) had led to sub-optimal yield and lowerutilization hours. 2. Tighter capacity control: Management cautioned there was a risk that feweraircraft introductions could be approved by CAAC for 2017, depending on therelease of a new 13th Five Year Plan for China's aviation industry. According tomanagement, a more stringent capacity plan may result in only ~10 new aircraftbeing added in 2017, vs. the original plan of 14. 3. Initiatives for ancillary sales: New efforts have been made to upgrade inflightancillary sales by adding more high-end products (from Rmb200 to Rmb700price range) with POS terminals installed for credit card payment. SPA is furtherexploring the opportunities of cross-border e-Commerce by leveraging its surplusfreight capacity, especially on Japanese/Korean routes. 4. New market focus: Management said it would continue to explore newdomestic routes to be launched from Shenzhen, Kunming and Urumqi, as well asinternational routes to Cambodia and Thailand. While PLF and yields arebeginning to improve on Japanese routes, it expects full recovery in 1H17. 5. Government subsidies: With the support of sustainable government subsidies,especially on international routes, SPA continues to focus on maintaining highPLFs. It receives subsidies from about 30 airports.
未署名
大秦铁路 公路港口航运行业 2016-09-05 6.29 7.99 7.97% 6.54 3.97%
7.49 19.08%
详细
Despite further earnings cuts on the back of weaker-thanexpectedvolume growth, risk-reward profile becomes morepositively skewed. Given 26% upside potential plus 3.5%dividend yield, we are raising our rating to OW. Earnings trough in 2016: Led by compounded effects of demand weakness,traffic diversions and tariff cuts, DQR’s earnings fell significantly by 50% YoY in1H16. The negative trend may continue in 2H16, but we expect 2016 to be thetrough with a 51% dip in profit. Despite our further earnings cuts on moreconservative assumptions, we expect a recovery of 5% and 4% YoY in 2017 and2018, led by normalizing traffic and tariffs, as well as potential demand recoveryfor coal. Resilient dividends: Based on a 50% payout ratio of our revised earningsestimates, we expect sustained DPS of Rmb0.21, Rmb0.22 and Rmb0.23 for2016e, 2017e and 2018e, implying yields of 3.3%, 3.5% and 3.7%, respectively, onthe current share price. The stock is trading at 14.3x 2017e P/E, still at 9%discount to both global peers and its own historical mean. Key catalysts: In our view, the significant -25% share correction in the last 12months has largely reflected DQR’s weak traffic and earnings performance YTD. A positive sign of monthly traffic recovery could serve as a potential catalyst inthe short term. Moreover, we see the possibility of tariff recovery led byimproving financial conditions of the coal firms. Finally, a potential industryreform should bring long term benefits, such as tariff hikes, managementincentives and meaningful M&A, we think. Key risks: 1) Prolonged demand weakness led by macro headwinds; 2) moresignificant substitution of coal by other energy forms such as solar/hydro/wind;3) the risk of lower dividend payout on weak 2016 earnings.
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春秋航空 航空运输行业 2016-09-02 46.97 76.09 104.71% 47.94 2.07%
47.94 2.07%
详细
Opinion on results – Neutral: Net profit increased by 19.5% YoY in 1H16toRmb740mn, 3.6% above our estimate. However, we view the -12.2% and -24.8%YoY weakness in GP and OP, respectively, as disappointing, missing our estimatesby 17.6% and 31.8%. Notably, led by significant challenges in 2Q16, GP and OPplunged by 39.7% and 69.7%, vs. 9.4% and 10.8% growth in 1Q16. Thanks tohigher-than-expected government subsidy income (Rmb531m), net profitincreased slightly, by 2.3% YoY, in 2Q16. Ancillary revenues / Internet initiatives – Positive: In 1H16, ancillary revenuesincreased by 10% to Rmb330.9mn, driving segment GP up by 13% YoY with highersegment margin at 87% (+2ppt YoY). ASP further improved by 5% to Rmb50.4per passenger. Moreover, the company made more effort in fostering onlinesales that drove online revenues up 38% YoY to over Rmb2bn. As of 1H16, thenumber of online registrations reached 21mn while active online members rose18% YoY. The volume of Spring’s App downloads boomed by 328% YoY to 20mn. Passenger services – Neutral: Despite limited capacity growth, RPK increased by7.5% YoY as the company reallocated capacity from domestic routes (-8.7% inRPK) to support international growth (+64.2% in RPK). Passenger revenues rosemarginally, by 0.1% YoY to Rmb3.7bn, amid -6.9% yield weakness. Specifically,yield declined on most routes (Domestic: -7.6%, international: -13.7%; regional: -5.9%). Overall PLF slightly fell, by 0.8ppt to 93%, with lower domestic (-0.02ppt)and international PLF (-1.0ppt). Opinion on margin – Negative: Operating cost rose 3.5% YoY in 1H16, partlydriven by 48% YoY increase in depreciation cost that even offset the low fuelprices. GP fell 12.2% YoY, with -2.6ppt weakness in GP margin to 18.5%. As netfinancial expenses rose 36.2% YoY, OP dropped further, by 24.8% YoY. Opinion on outlook – Positive: While 1H16results could have been hampered bylimited capacity growth with delayed fleet deliveries, we remain positive on 2H16,as the delivery of a total of 14new aircraft should boost overall growth.Moreover, we see a potential recovery in international yields.
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歌尔股份 电子元器件行业 2016-07-11 27.90 38.00 11.76% 28.47 2.04%
32.11 15.09%
详细
We hosted an NDR for GoerTek. Investors are mostly interested inGoerTek's strategic focus and how GoerTek copes with the change. Reiterate OW: 1) VR continues strong momentum: After Sony officially confirmedPSVR launch date in mid-June, our checks with the supply chain suggest Sony isexpecting larger initial volume thanks to the PS4 installed base. Managementguided for strong VR momentum in 2016/2017. 2) Reaffirmed duopoly status inacoustic after the Taiwanese regulator rejected Merry's private placement dealfor Luxshare on June, 30: We note Luxshare has been aggressive in the acousticspace; the potential change in collaboration could hinder Luxshare's progress inacoustic and reaffirm AAC/GoerTek's duopoly. We also see potential upside inGoerTek's 2017 iPhone earpod assembly share allocation, where we previouslyexpected share loss to Luxshare. 3) Valuation is at 25x/18x 2016e/17e P/E. AverageP/E was over 30x when GoerTek delivered 35% earnings CAGR in 2012-14.Management addressing key investor questions: 1) Potential for VR Management guided industry-wide volume for high-end VR to reach 2mn in 2016and GoerTek to take a high percentage of share; in 2017 GoerTek should haveanother 80-100%YoY growth. Management believes it is hard to be replaced inODM side though in the OEM side there could be new competitors. 2) Hard toforecast assembly revenue, which doesn't seem to be stable and has been driven bydifferent products in past few years GoerTek has a product planning team basedin US that reviews the pipeline each quarter, led by CEO himself. GoerTekparticipate in idea generating process and hence there is no need for a OEM tocompletely replace a supplier once trust was built. 3) How to adjust to high SKU,low volume business model GoerTek continues investment in automation toensure quality consistency (2,000+ automation engineers). It is essential toapproach smaller clients on broad basis; once they grow big, there is limitedopportunity to penetrate for assembly, though GoerTek will need to manage therisk of payback and long-term growth potential. 4) Do these recent newinvestments generate sufficient return Mgmt expects the earnings momentum toresume soon after these new investments. (For details please see below.) Management shareholding change: Investors have asked us about the chairman'spersonal holding change back in June 2015, when the chairman appeared to sell1.94% of personal holdings at Rmb33.3. However, these personal holdings wereactually to support employee shareholdings and transferred directly into theemployee shareholding scheme (Home #1) with a block trade (Exhibit 1). Duringthe period of Sep-Dec 2015, senior management collectively increasedshareholdings by ~1.6%. There's no change in management holdings YTD.
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