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Technology Hardware:CES 2017 Marks An Exciting Year For Tech

国信证券


Sector Research Technology Hardware
Technology Hardware CES 2017 Marks An Exciting Year For Tech Dual cameras, IoT and smart cars emerged as the key trends in CES 2017. Sunny should be a big winner from the rising trends of dual cameras and smart cars. While Q Tech should also benefit from dual cameras. More wireless electronic devices will be favorable to Ten Pao and SMIC. Lenovo also announced a very attractively priced VR headset which may synergize with its existing AR product sales. Qualcomm: Most handset makers will go to two cameras Qualcomm announced the Snapdragon 835, a mobile chip that offers support to dual 16MP cameras and smooth optical zoom, along with faster speed and better efficiency over its predecessor. Huawei announced two new phones release: Honor Magic (US$500) and 6X (US$200). Both feature dual cameras. We believe this presents upside to our forecast of 15% adoption rate in 2017 as dual cameras are beginning to be used in low-end smartphones. The development should be highly positive to (1) Sunny Optical (2382 HK, BUY, TP: HKD45) as it is Huawei’s key supplier; (2) Q Tech (1478 HK, BUY, TP: HKD5.3) as its key clients Oppo and Vivo will also likely pursue dual cameras aggressively in their 2017 product lineup.
Hong Kong
Technology Hardware
9 January 2017 Figure 1: Sector Valuation Summary Px St o ck B B G HKD Q Tech 1478 HK 4.3 2382 Sunny 36.6 HK Tongda 698 HK 2.1 Ten 1979 HK 1.4 Pao Truly 732 HK 3.1 Lenovo 992 HK SM IC 981 HK 5 1.6 TP HKD 5.3 45 3 1.9 n.a. n.a. n.a. PE( x) FY 1 20.7 31.6 13.2 7.6 11.0 10.5 18.2 FY 2 11.2 24 9.9 6.2 9.4 9.4 16.1 D iv yield F Y 1( %)F Y 2 1.0 0.9 2.5 3.4 3.1 4.2 0.1 1.8 1.2 3.3 4.9 3.3 3.8 0.4 R at in g Buy Buy Buy Buy NR NR NR
Source: Bloomberg, Guosen Securities (HK) Research
Christopher Tse SFC CE No.: BAZ779 +852 2899 6768 christopher.tse@guosen.com.hk
Internet of Things becoming a reality Smart cars remains a key topic in this year’s CES. Features commonly seen among this year’s smart cars are artificial intelligence, self-driving capabilities supported by touch screen displays acting as infotainment terminals. Self-driving capability requires multiple of vehicle cameras, which Sunny is a top supplier of, among other sensors. Increased use of touch screens in automotives is positive to Truly (732 HK), which is a leading supplier with 10% revenue exposure. Spurred by the increasing popularity of voice assistant devices, numerous connected smart home appliances are also announced in the conference. Demand for lightweight processors and mobile connectivity used in smart cars and connected devices is poised to rise. This indirectly benefits semiconductor manufacturers such as SMIC (981 HK), which has 41%/46% revenue exposure to consumer electronics and communication ICs in 3Q16. The rise of IoT also implies rising number of consumer electronic devices per household, which is also favorable to power controller and charger OEM Ten Pao (1979 HK, BUY, TP: HKD1.86) while Truly’s newly completed AMOLED production line will specifically target IoT devices.
Lenovo enters VR at an attractive price point Lenovo (992 HK, NR) announced a PC-based VR headset with full motion tracking and 1440x1440 display resolution per eye, above Vive and Rift’s spec. The system is attractively priced at US$400, vs ~$800 for existing competition. Lenovo will be the only company to own both VR and AR platforms, presenting a unique potential if the two can be synergized. Wireless is also key theme for VR in 2017: HTC is developing a wireless VR solution with Intel. Intel separately aims to release a reference design for “merged” reality wireless headsets in 2H17. We believe wireless VR can fuel adoption by early-mid 2018 if technical barriers can be adequately solved.
See the last page of this report for important disclosures
1
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


Rosy outlook for dual cameras Qualcomm has said “most handset makers will go to two cameras... similar to iPhone 7 Plus”. It will release its flagship chipset, Snapdragon 835, which supports dual camera modules in 16MP configuration and optical zoom. Huawei also announced two new phones, both equipped with dual cameras. Asus also announced its newest Zenfone, which will also be equipped with dual cameras. We believe this sets the trend for upcoming smartphone in 2017 and presents upside to our forecast of 15% adoption rate in 2017. Figure 2 Dual camera adoption rate (2015-2020F) Smartphone shipment (m units) 2,500
2,000 1,500 1,000 500 1%
4%
15%
23%
28%
33%
0 2015 2016F 2017F Single camera Source: Guosen Securities (HK) Research
2018F Dual camera
2019F
2020F
Sunny will likely benefit from the rising trends of dual cameras and self-driving cars in 2017. Huawei’s aggressive adoption of dual cameras should be highly positive for Sunny as it is Huawei’s major camera module supplier. Artificial intelligence in self-driving vehicles make real time decisions based on images captured through vehicle camera systems, which could be equipped with many cameras modules. We expect contribution from dual camera modules to substantially increase to 32% of total revenue in FY17, from 13% in FY16. We expect vehicle lens revenue to rise 25% YoY in FY17 while sales mix remains stable at 7%. We have a 35% core earnings CAGR on Sunny. Our current BUY rating and target price of HKD45 are based on 0.8x PEG to FY17F’s 33% earnings growth. Figure 3 Sunny Optical revenue mix
Sales mix (%) HCM Conventional Dual camera HLS VLS Others Total Source: Company data, Guosen Securities (HK) Research
FY14
FY15
FY16F
FY17F
FY18F
78% 0% 3% 5% 14% 100%
70% 1% 9% 6% 14% 100%
59% 13% 8% 7% 12% 100%
41% 32% 8% 7% 11% 100%
33% 41% 8% 8% 11% 100%
Guosen Securities (HK)
2
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


Q Tech also benefits from faster adoption of dual cameras, as its top clients Oppo and Vivo will likely include dual cameras in their newest smartphone models in 2017. We currently expect Q Tech will be able to ship 30m dual camera modules in FY17, accounting for 33% of total revenue. We forecast strong earnings growth of 88%/83% in FY16/17. To recall, we have a BUY rating on Q Tech with HKD5.3 target price based on 13x FY17F P/E. Figure 4 Q Tech revenue mix
Sales mix (%) Conventional Dual camera Fingerprint modules Total
FY14 100% 0% 0% 100%
FY15 100% 0% 0% 100%
FY16F 77% 15% 8% 100%
FY17F 46% 33% 21% 100%
FY18F 38% 38% 23% 100%
Source: Company data, Guosen Securities (HK) Research
Ten Pao derives 75% of its revenues from consumer electronics. Spurred by the increasing popularity of voice assistant devices, numerous connected smart home appliances have made appearances in the conference. The rise of IoT implies increasing number of consumer electronic devices per household, which is favorable to power controller and charger OEM Ten Pao. Recent depreciation of CNY should also be positive to Ten Pao’s 1H17 margins as 70% of its revenues are denominated in USD. From our calculations, 1% depreciation of CNY vs USD enhances Ten Pao’s net profit by 4-5%. We currently forecast 22% EPS CAGR in FY16-18 on the back of stable revenue growth and margin enhancement. We have a BUY rating and target price of HKD1.86 based on 8x FY17F P/E.
Guosen Securities (HK)
3
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 – 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 – 12 months. Sell: A negative return of 10% or more relative to overall market within 6 –12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 –12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 –12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 – 12 months.
Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively “Guosen Securities (HK)”) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has investment banking relationship within the past 12 months to Ten Pao Group Holdings Limited (1979.HK). Guosen Securities (HK) has no investment banking relationship within the past 12 months, to the other listed companies. Guosen Secur ities (HK) has no individual employed by the listed companies.
Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rath er than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will se ek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the li sted companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the part icular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advise d to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK)’s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such infor mation and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdictio n where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction.
Guosen Securities (HK)
4
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


信息披露 公司评级、行业评级及相关定义
公司评级 买入:我们预计未来 6-12 个月内,个股相对大盘涨幅在 10%以上; 中性:我们预计未来 6-12 个月内,个股相对大盘涨幅介于-10%与 10%之间; 减持:我们预计未来 6-12 个月内,个股相对大盘跌幅大于 10%。
行业评级 超配:我们预计未来 6-12 个月内,行业整体回报高于市场整体水平 10%以上; 中性:我们预计未来 6-12 个月内,行业整体回报介于市场整体水平-10%与 10%之间; 低配:我们预计未来 6-12 个月内,行业整体回报低于市场整体水平 10%以上。
利益披露声明 报告作者为香港证监会持牌人士,分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员,也未持有 其任何财务权益。
本报告中,国信证券(香港)经纪有限公司及其所属关联机构(合称国信证券(香港))并无持有该公司须作出披露的财务 权益(包括持股),亦无进行该公司有关股份的庄家活动。国信证券(香港) 在过去 12 个月内与天宝集团控股有限公司 (1979.HK)有投资银行关系; 而在过去 12 个月内与其他公司并无投资银行关系。国信证券(香港)员工均非该上市公司的雇 员。
免责条款 证券价格有时可能非常波动。证券价格可升可跌,甚至变成毫无价值。买卖证券未必一定能够赚取利润,反而可能会招致损 失。 本研究报告内容既不代表国信证券(香港)的推荐意见,也并不构成所涉及的个别股票的买卖或交易要约。国信证券(香港) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务(例如配售代理、牵头经办人、保荐人、包销商或 从事自营投资于该股票)。国信证券(香港)不排除其员工有个人投资于本报告内所提及的上市法团。
报告中的资料均来自公开信息,我们力求准确可靠,但对这些信息的正确性、公正性及完整性不做任何保证。本报告没有考 虑到个别客户特殊的投资目标、财务状况或需要,并不构成个人投资建议,客户据此投资,责任自负。客户在阅读本研究报 告时应考虑报告中的任何意见或建议是否符合其个人特定状况。本报告并不存在招揽或邀约购买或出售任何证券的企图。
本报告仅向特定客户传送,未经国信证券香港书面授权许可,任何人不得引用、转载以及向第三方传播,否则可能将承担法 律责任。研究报告所载的资料及意见,如有任何更改,本司将不作另行通知。在一些管辖区域内,针对或意图向该等区域内 的市民、居民、个人或实体发布、公布、供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 (香港)受制于任何注册或领牌规定,则本研究报告不适用于该等管辖区域内的市民、居民或身处该范围内的任何人或实体。
Guosen Securities (HK)
5

Technology Hardware:CES 2017 Marks An Exciting Year For Tech

发布机构:国信证券
报告类型:外行报告 发布日期:2017/1/9
报告评级:
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报告下载:79 文件类型:PDF文档
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内容简介


Sector Research Technology Hardware
Technology Hardware CES 2017 Marks An Exciting Year For Tech Dual cameras, IoT and smart cars emerged as the key trends in CES 2017. Sunny should be a big winner from the rising trends of dual cameras and smart cars. While Q Tech should also benefit from dual cameras. More wireless electronic devices will be favorable to Ten Pao and SMIC. Lenovo also announced a very attractively priced VR headset which may synergize with its existing AR product sales. Qualcomm: Most handset makers will go to two cameras Qualcomm announced the Snapdragon 835, a mobile chip that offers support to dual 16MP cameras and smooth optical zoom, along with faster speed and better efficiency over its predecessor. Huawei announced two new phones release: Honor Magic (US$500) and 6X (US$200). Both feature dual cameras. We believe this presents upside to our forecast of 15% adoption rate in 2017 as dual cameras are beginning to be used in low-end smartphones. The development should be highly positive to (1) Sunny Optical (2382 HK, BUY, TP: HKD45) as it is Huawei’s key supplier; (2) Q Tech (1478 HK, BUY, TP: HKD5.3) as its key clients Oppo and Vivo will also likely pursue dual cameras aggressively in their 2017 product lineup.
Hong Kong
Technology Hardware
9 January 2017 Figure 1: Sector Valuation Summary Px St o ck B B G HKD Q Tech 1478 HK 4.3 2382 Sunny 36.6 HK Tongda 698 HK 2.1 Ten 1979 HK 1.4 Pao Truly 732 HK 3.1 Lenovo 992 HK SM IC 981 HK 5 1.6 TP HKD 5.3 45 3 1.9 n.a. n.a. n.a. PE( x) FY 1 20.7 31.6 13.2 7.6 11.0 10.5 18.2 FY 2 11.2 24 9.9 6.2 9.4 9.4 16.1 D iv yield F Y 1( %)F Y 2 1.0 0.9 2.5 3.4 3.1 4.2 0.1 1.8 1.2 3.3 4.9 3.3 3.8 0.4 R at in g Buy Buy Buy Buy NR NR NR
Source: Bloomberg, Guosen Securities (HK) Research
Christopher Tse SFC CE No.: BAZ779 +852 2899 6768 christopher.tse@guosen.com.hk
Internet of Things becoming a reality Smart cars remains a key topic in this year’s CES. Features commonly seen among this year’s smart cars are artificial intelligence, self-driving capabilities supported by touch screen displays acting as infotainment terminals. Self-driving capability requires multiple of vehicle cameras, which Sunny is a top supplier of, among other sensors. Increased use of touch screens in automotives is positive to Truly (732 HK), which is a leading supplier with 10% revenue exposure. Spurred by the increasing popularity of voice assistant devices, numerous connected smart home appliances are also announced in the conference. Demand for lightweight processors and mobile connectivity used in smart cars and connected devices is poised to rise. This indirectly benefits semiconductor manufacturers such as SMIC (981 HK), which has 41%/46% revenue exposure to consumer electronics and communication ICs in 3Q16. The rise of IoT also implies rising number of consumer electronic devices per household, which is also favorable to power controller and charger OEM Ten Pao (1979 HK, BUY, TP: HKD1.86) while Truly’s newly completed AMOLED production line will specifically target IoT devices.
Lenovo enters VR at an attractive price point Lenovo (992 HK, NR) announced a PC-based VR headset with full motion tracking and 1440x1440 display resolution per eye, above Vive and Rift’s spec. The system is attractively priced at US$400, vs ~$800 for existing competition. Lenovo will be the only company to own both VR and AR platforms, presenting a unique potential if the two can be synergized. Wireless is also key theme for VR in 2017: HTC is developing a wireless VR solution with Intel. Intel separately aims to release a reference design for “merged” reality wireless headsets in 2H17. We believe wireless VR can fuel adoption by early-mid 2018 if technical barriers can be adequately solved.
See the last page of this report for important disclosures
1
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


Rosy outlook for dual cameras Qualcomm has said “most handset makers will go to two cameras... similar to iPhone 7 Plus”. It will release its flagship chipset, Snapdragon 835, which supports dual camera modules in 16MP configuration and optical zoom. Huawei also announced two new phones, both equipped with dual cameras. Asus also announced its newest Zenfone, which will also be equipped with dual cameras. We believe this sets the trend for upcoming smartphone in 2017 and presents upside to our forecast of 15% adoption rate in 2017. Figure 2 Dual camera adoption rate (2015-2020F) Smartphone shipment (m units) 2,500
2,000 1,500 1,000 500 1%
4%
15%
23%
28%
33%
0 2015 2016F 2017F Single camera Source: Guosen Securities (HK) Research
2018F Dual camera
2019F
2020F
Sunny will likely benefit from the rising trends of dual cameras and self-driving cars in 2017. Huawei’s aggressive adoption of dual cameras should be highly positive for Sunny as it is Huawei’s major camera module supplier. Artificial intelligence in self-driving vehicles make real time decisions based on images captured through vehicle camera systems, which could be equipped with many cameras modules. We expect contribution from dual camera modules to substantially increase to 32% of total revenue in FY17, from 13% in FY16. We expect vehicle lens revenue to rise 25% YoY in FY17 while sales mix remains stable at 7%. We have a 35% core earnings CAGR on Sunny. Our current BUY rating and target price of HKD45 are based on 0.8x PEG to FY17F’s 33% earnings growth. Figure 3 Sunny Optical revenue mix
Sales mix (%) HCM Conventional Dual camera HLS VLS Others Total Source: Company data, Guosen Securities (HK) Research
FY14
FY15
FY16F
FY17F
FY18F
78% 0% 3% 5% 14% 100%
70% 1% 9% 6% 14% 100%
59% 13% 8% 7% 12% 100%
41% 32% 8% 7% 11% 100%
33% 41% 8% 8% 11% 100%
Guosen Securities (HK)
2
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


Q Tech also benefits from faster adoption of dual cameras, as its top clients Oppo and Vivo will likely include dual cameras in their newest smartphone models in 2017. We currently expect Q Tech will be able to ship 30m dual camera modules in FY17, accounting for 33% of total revenue. We forecast strong earnings growth of 88%/83% in FY16/17. To recall, we have a BUY rating on Q Tech with HKD5.3 target price based on 13x FY17F P/E. Figure 4 Q Tech revenue mix
Sales mix (%) Conventional Dual camera Fingerprint modules Total
FY14 100% 0% 0% 100%
FY15 100% 0% 0% 100%
FY16F 77% 15% 8% 100%
FY17F 46% 33% 21% 100%
FY18F 38% 38% 23% 100%
Source: Company data, Guosen Securities (HK) Research
Ten Pao derives 75% of its revenues from consumer electronics. Spurred by the increasing popularity of voice assistant devices, numerous connected smart home appliances have made appearances in the conference. The rise of IoT implies increasing number of consumer electronic devices per household, which is favorable to power controller and charger OEM Ten Pao. Recent depreciation of CNY should also be positive to Ten Pao’s 1H17 margins as 70% of its revenues are denominated in USD. From our calculations, 1% depreciation of CNY vs USD enhances Ten Pao’s net profit by 4-5%. We currently forecast 22% EPS CAGR in FY16-18 on the back of stable revenue growth and margin enhancement. We have a BUY rating and target price of HKD1.86 based on 8x FY17F P/E.
Guosen Securities (HK)
3
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 – 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 – 12 months. Sell: A negative return of 10% or more relative to overall market within 6 –12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 –12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 –12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 – 12 months.
Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively “Guosen Securities (HK)”) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has investment banking relationship within the past 12 months to Ten Pao Group Holdings Limited (1979.HK). Guosen Securities (HK) has no investment banking relationship within the past 12 months, to the other listed companies. Guosen Secur ities (HK) has no individual employed by the listed companies.
Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rath er than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will se ek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the li sted companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the part icular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advise d to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK)’s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such infor mation and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdictio n where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction.
Guosen Securities (HK)
4
Technology Hardware Christopher Tse, +852 2899 6768, christopher.tse@guosen.com.hk


信息披露 公司评级、行业评级及相关定义
公司评级 买入:我们预计未来 6-12 个月内,个股相对大盘涨幅在 10%以上; 中性:我们预计未来 6-12 个月内,个股相对大盘涨幅介于-10%与 10%之间; 减持:我们预计未来 6-12 个月内,个股相对大盘跌幅大于 10%。
行业评级 超配:我们预计未来 6-12 个月内,行业整体回报高于市场整体水平 10%以上; 中性:我们预计未来 6-12 个月内,行业整体回报介于市场整体水平-10%与 10%之间; 低配:我们预计未来 6-12 个月内,行业整体回报低于市场整体水平 10%以上。
利益披露声明 报告作者为香港证监会持牌人士,分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员,也未持有 其任何财务权益。
本报告中,国信证券(香港)经纪有限公司及其所属关联机构(合称国信证券(香港))并无持有该公司须作出披露的财务 权益(包括持股),亦无进行该公司有关股份的庄家活动。国信证券(香港) 在过去 12 个月内与天宝集团控股有限公司 (1979.HK)有投资银行关系; 而在过去 12 个月内与其他公司并无投资银行关系。国信证券(香港)员工均非该上市公司的雇 员。
免责条款 证券价格有时可能非常波动。证券价格可升可跌,甚至变成毫无价值。买卖证券未必一定能够赚取利润,反而可能会招致损 失。 本研究报告内容既不代表国信证券(香港)的推荐意见,也并不构成所涉及的个别股票的买卖或交易要约。国信证券(香港) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务(例如配售代理、牵头经办人、保荐人、包销商或 从事自营投资于该股票)。国信证券(香港)不排除其员工有个人投资于本报告内所提及的上市法团。
报告中的资料均来自公开信息,我们力求准确可靠,但对这些信息的正确性、公正性及完整性不做任何保证。本报告没有考 虑到个别客户特殊的投资目标、财务状况或需要,并不构成个人投资建议,客户据此投资,责任自负。客户在阅读本研究报 告时应考虑报告中的任何意见或建议是否符合其个人特定状况。本报告并不存在招揽或邀约购买或出售任何证券的企图。
本报告仅向特定客户传送,未经国信证券香港书面授权许可,任何人不得引用、转载以及向第三方传播,否则可能将承担法 律责任。研究报告所载的资料及意见,如有任何更改,本司将不作另行通知。在一些管辖区域内,针对或意图向该等区域内 的市民、居民、个人或实体发布、公布、供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 (香港)受制于任何注册或领牌规定,则本研究报告不适用于该等管辖区域内的市民、居民或身处该范围内的任何人或实体。
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