BYD ELECTRONIC: NOTICE OF BOARD MEETING
[Brokerage Focus] CMB International is optimistic about the technology industry and expects the sector to have good allocation opportunities at present.
King's Financial News | CMB International expresses an optimistic attitude towards the technology sector. Recently, the global technology sector has seen a correction, mainly due to concerns about the global economic slowdown, impact of the appreciation of the yen, mixed performance of overseas technology leaders, and the postponement of GB200 new products. On the fundamental side, the consumer terminal is steadily recovering, AI computing power demand continues to increase, some industrial demand has reached its bottom, and demand for autos is weak. Looking ahead, the bank believes that the technology sector currently has good allocation opportunities and continues to be bullish on high-growth AI computing power demand and innovative growth in the end-side AI, recovery of mobile/PC demand, and continuous improvement of industry chain performance.
Global EV Battery Market Share in H1 2024: CATL 37.8%, BYD 15.8%
Electrification In The Maritime Industry, Challenges And Prospects
[Brokerage Focus] Guoyuan International: Continuous iteration of AI technology is expected to promote the sustained development of the industry in the medium to long term. Recommend Xiaomi Corporation-W (01810).
According to Guoyuan International Research, all major global smartphone manufacturers have already laid out AI-enabled phones, stimulating demand and driving growth in the industry. The global smart phone market achieved three consecutive quarters of growth in Q2 2024, with a year-on-year growth of 12%, reaching a shipment volume of 0.288 billion units. Canalys predicts that the penetration rate of AI-enabled phones worldwide will reach 16% by 2024 and 54% by 2028. According to Counterpoint data, the proportion of smart phones with GenAI functionality in the global smart phone sales in Q1 2024 surged from 1.3% in the previous quarter to 6%.
When will the lithium salt industry be cleared out as prices drop below 8? | Jianzhi Research
The spot and futures prices of lithium carbonate hit a new low for the year, posing a challenge for lithium salt manufacturers to survive.
Hong Kong stock market concept tracking: Apple's third quarter revenue is expected to recover, benefiting from increased sales of apples in the supply chain. (Attached concept stocks)
Data shows that iPhone sales account for nearly half of Apple's total revenue, and are expected to decrease by 2.2% in the second quarter, with a significant improvement compared to the previous decline.
EVTank: In the first half of the year, the penetration rate of electric heavy trucks in China has greatly increased to 5.6%, driving the installed capacity of lithium batteries for heavy trucks to reach 11.4 GWh.
In the first half of 2024, the sales volume of electric heavy trucks in China was 0.028 million, a year-on-year increase of 141.8%, and the electrification of the entire heavy truck industry increased significantly to 5.6%. In January-June 2024, the installed capacity of lithium-ion batteries for China's electric heavy trucks was 11.4 GWh.
[Brokerage Focus] CMB International raises BYD Electronic (00285) target price by 0.3% and believes current valuation is attractive.
Jinwu Financial News | CMB International released a research report stating that BYD Electronic (00285) will announce its 1H24 performance in August.
Hong Kong stock anomaly | Apple supplier stocks continue to decline, iPhone shipments fall out of the top five for the first time. Institutions believe that the short-term adjustment of consumer electronics does not change the trend of industry growth.
Apple supplier stocks continue to decline. As of press time, Cowell (01415) fell 4.22%, closing at HK$20.4; FIH (02038) fell 3.66%, closing at HK$0.79; and Genius (02382) fell 3.16%, closing at HK$42.9.
CMB International: Maintains a "Buy" rating for BYD Electronic (00285) with a target price of HKD 45.28.
Zhitong Finance and Economics APP learned that CMB International released a research report stating that it maintains a "buy" rating on BYD Electronic (00285) and lowers the eps for FY24-26E by 6%, mainly due to weak gross margin.
Founder Securities: Prices of non-ferrous industry and industrial metals are weakening, and gold prices are reaching new highs.
Domestic demand for industrial metals has entered the off-season, coupled with increasing expectations of a U.S. economic downturn. Industrial metal prices may remain weak, and attention can be paid to downstream demand changes in the off-season. In addition, the expectation of interest rate cuts is gradually fermenting, coupled with the weakening of the U.S. credit system, and the short-term gold price may maintain a high-level shock trend.
Tianfeng Securities is bullish on the recovery of passive component demand and the increase in AI demand.
In the second quarter of 2024, the mobile phone market showed signs of recovery, with a year-on-year increase of 6.5% in shipments. Honor and ByteDance deepened their cooperation on the large-scale model of AI, empowering the development of the mobile phone market with AI.
Dongya Securities: gives a "buy" rating to BYD Electronic (00285), with a target price of HKD 42.4.
Byd Electronic's forecasted profit CAGR from 2023 to 2025 is 27.6%, and the accelerated growth of profits will help maintain its higher valuation.
Lithium battery stocks under pressure, BYD Electronic (00285) fell 3.7%. Cui Dongshu expects that the demand for electric vehicle batteries will grow slower than the total vehicle growth.
Jingu Finance News | Lithium battery stocks under pressure, BYD Electronic (00285) fell 3.7%, Tianqi Lithium Corporation (09696) fell 3.01%, Ganfeng Lithium (01772) fell 2.33%, and Zhongchuangxinhang (03931) fell 2.44%. Cui Dongshu, secretary general of the China Passenger Car Association, wrote that lithium battery installations in June 2024 reached 43 GWh, an increase of 30% YoY. The installation of ternary batteries was 11 GWh, accounting for 26%, which is lower than the same period last year. The installation of lithium iron phosphate batteries was 32 GWh, accounting for 74%, and the growth rate of ternary batteries has slowed down. The total lithium battery installations from January to June was 203 G, a YoY growth of 3.
Cui Dongshu: In June, 43 GWh of lithium batteries were installed, with phosphate iron lithium batteries accounting for 74%, and the growth of ternary batteries slowing down.
In June, the shipment volume of lithium batteries was 43 GWh, a 30% YoY increase; the shipment volume of lithium iron phosphate batteries was 32 GWh, accounting for 74%, and the growth of ternary batteries slowed down. From January to June, the shipment volume of lithium batteries was 203 G, with a YoY increase of 34%.
Hong Kong stocks fluctuate: the performance of Apple suppliers is weak, and Sunny Optical Technology Group (02382) fell by 3%. Guo Mingchi predicts that there will be no significant change in iPhone 16 orders.
Apple suppliers have performed poorly. As of press time, Sunny Optical (02382) fell 3.12%, reporting HKD 48.1; Tongda Group (00698) fell 2.35%, reporting HKD 0.083.
The surplus situation is difficult to change, and the price of lithium carbonate continues to decline! How long can the cost line of 0.08 million yuan/ton last?
Approaching the cost line
Soochow Securities: domestic forklift lithium battery short delivery advantage can be sustained, bullish on increasing market share and structural optimization for going abroad.
In 2024, under the trend of tightening eco-friendly policies, the stock of National IV diesel vehicles will replace National II and below diesel vehicles, and the penetration rate of high-value lithium electric forklifts will increase. Domestic sales are expected to continue to grow, optimizing the structure.
The contradiction between supply and demand is prominent! The price of lithium carbonate continues to fall, and the cost line of 80,000 yuan/ton is in danger.
Due to oversupply and continuous insufficient demand, the price of lithium carbonate has been falling steadily in the recent period.
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