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BOCOM International: Under the support of policies, the update cycle of home appliances is coming. It is recommended to pay attention to leading white goods companies such as Haier Smarthome.
Bocom International has released a research report stating that the National Development and Reform Commission issued a policy on July 25th to allocate approximately RMB 300 billion to support large-scale equipment upgrades and the policy of old-for-new for consumer goods. Bocom International believes that the home appliance renewal cycle is approaching, so there are still a large number of home appliance products with demand for replacement and upgrading that have not yet been released in the market. The bank recommends paying attention to the three major domestic white goods leaders such as Midea Group, Haier Smart Home (06690), Gree Electric Appliances, Inc. of Zhuhai, and Hangzhou Robam Appliances. The report states that the support intensity of this round of home appliance support policy is stronger than that of the first round policy introduced in 2009. The design of the first-round policy only included five categories of home appliances.
Bocom Intl: Maintains a neutral rating for Datang Renew, with the target price lowered to HKD 2.02.
Bocom International released a research report stating that it has lowered the target price of Datang Renew (01798) to HKD 2.02 and maintained a 'neutral' investment rating. The bank predicts that Datang Renew's profits for the first half of this year will decrease by 7.9% year-on-year, as the decrease in wind power generation offsets the increase in photovoltaic power generation. The group's power generation in the first half of this year was flat compared to the same period last year. Despite the scenario of continued pressure on utilization in the second half of the year, the bank lowered its forecasts for Datang Renew's power generation in 2024 and 2025 by 1.7% and 1.9%, respectively. The group's predicted net debt-to-total capitalization ratio in 2024 is lower than the industry average covered by the bank. Bocom International believes that.
BOCOM International: Dongfang Buy's anchor Dong Yuhui leaves his position, lowering next year's GMV, revenue, and profit forecasts.
Bocom International released a research report stating that Eastbuy (01797) announced that its anchor Dong Yuhui has resigned, and the group will pay the promised welfare and compensation, and distribute all remaining undistributed profits to him. In addition, Eastbuy sold it to Dong Yuhui for 76.59 million yuan RMB, with the same net value as Yuhui Tongxing, without generating income or losses. The group believes that the brand is closely related to Dong Yuhui's intellectual property rights, and it will be difficult to continue the operation after his resignation. Selling it is in the best interests of the group and shareholders. The related intellectual property rights are considered to have no significant value due to the expected lack of economic benefits for the group.
BOCOM Intl: Maintains Buy Rating on Ping An Insurance with a Target Price of HKD 51.
Bocom intl released a research report and maintained a "buy" rating on Ping An Insurance (02318), with a target price of HKD 51. The bank expects that the new business value of Ping An Insurance will increase by 12% annually in the first half of 2024, mainly due to the increase in the new business value rate compared to the same period last year, and the estimated annual growth of the new business value in the second quarter is 2%, which slows down from the first quarter due to a high base. In addition, Bocom intl expects the company's profit growth rate to rebound in the second half of this year.
Bocom Intl maintains a "buy" rating for Alibaba-SW with a target price of HKD 107.
Bocom Intl released a research report maintaining a "buy" rating on Alibaba-SW (09988), expecting the growth rate of EBITA in Q1 of 2025 fiscal year to still be under pressure, mainly due to Taobao's continuing investment and positive layout in international commercial overseas, maintaining the judgment that the profit margin will gradually recover by 2026 and the target price is 107 Hong Kong dollars. The bank expects that Alibaba's total revenue in the first quarter will be RMB 251 billion, a year-on-year increase of 7%; Adjusted EBITA profit margin is 17%, a year-on-year decrease of about 2 percentage points, mainly due to increased investment in e-commerce business to gain market share. In addition, Bocom Intl expects
Bocom Intl: Maintains a "buy" rating on Bilibili-W with a target price increase to HKD 155.
Bocom intl released a research report stating that it maintains a "buy" rating on bilibili-W (09626) with a target price raised by 17% to HKD 155. The report stated that due to higher-than-expected revenues from new games, the second quarter income for this year has been slightly raised by 1% to 6.1 billion yuan, a 16% YoY increase. Due to economies of scale and an increased proportion of advertising revenue, the group's gross margin is expected to increase by 6 percentage points YoY and expand by 1 percentage point QoQ to 29%. At the same time, based on game revenue adjustments, the bank raised bilibili's total revenue for the next two years by 5%/8%. The bank stated that the game "San Mao" drove game revenue to accelerate, thus the bank raised it.
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