20220511-马银证券_香港_-每日港股简评_2页_157kb

Market Overview Summary

Core Content

The Hong Kong stock market experienced a significant decline, reaching a near 2-month low, driven by concerns over the deteriorating economic outlook for both the U.S. and China. This was further exacerbated by the tightening of lockdown measures in Shanghai, which aligns with President Xi's commitment to maintaining the "zero-COVID" policy. The Hang Seng Index closed at 19,633 points, a drop of 368 points, with a daily turnover of HKD143.6 billion. The market is closely watching the release of China's April inflation data, with the CPI expected to rise 1.8% YoY and the PPI to increase 7.7% YoY.

Main Sector Insights

China Auto Sector - In-line Weak April Data

• April Sales Decline: Total passenger vehicle retail and wholesale sales dropped 35% and 46% YoY, respectively, to 1,052,000 units and 903,000 units.
• Regional Impact: The decline was attributed to supply chain bottlenecks in Shanghai.
• Brand Performance: SAIC was more severely impacted, with a 60% YoY decline.
• Recent Improvement: There was a slight easing of the decline in the last week of April, likely due to the expansion of Shanghai's resumption plan and reduced nationwide lockdowns.

Conch Cement (914 HK)

• Impact of Lockdowns: The company reported that the resurgence of COVID-19 and lockdowns in Shanghai and surrounding areas negatively affected local road transportation, downstream operations, and cement shipment volumes.
• Shipment Loss: Estimated daily shipment volume loss of 80-100,000 tons, or 8-10% of total volume.
• Guidance Unchanged: The company maintained its 2022E full-year self-owned cement and clinker shipment guidance at 325 million tons, citing support from infrastructure investments.
• New Investment: Recently invested in Hongji Cement in Inner Mongolia, motivated by its good asset quality, and is looking for development opportunities in Northern and Northeastern China.

Xiaomi-W (1810 HK)

• Technology Investment: Announced a tender offer for giga-press equipment to implement single-piece die-casting technology for NEV production.
• Industry Trend: This technology is gaining traction among OEMs such as Tesla and Volvo, as well as component providers.
• Market Outlook: The market is optimistic about the efficiency and cost-saving benefits of this technology, expecting broader adoption in the industry.

Sunny Optical (2382 HK)

• April Shipments: Handset-lens sets (HLS) increased 7% MoM to 128.1 million units; handset camera modules (HCM) rose 7% MoM to 51.2 million units; vehicle-lens sets (VLS) increased 8% MoM to 6.3 million units.
• YTD Performance: HCM and VLS shipments slightly missed expectations, likely due to weak smartphone demand and component shortages.
• Reasons for Decline: Management cited a high base and weak demand in the smartphone market as reasons for the YoY decline in camera modules.
• Competitive Pressure: Market concerns about increasing competition in the smartphone camera sector are expected to affect Sunny Optical's shipments and gross profit margins.

Great Wall Motor (2333 HK)

• April Sales Decline: April sales volume dropped 41% YoY to 53,000 units, primarily due to the resurgence of COVID-19 in Shanghai and nearby regions.
• Production Pause: Production of the Tank 300 SUV was temporarily paused from 14 April due to supply chain disruptions.
• Resumption Plan: Production resumed on 22 April, leading to a sequential improvement in retail sales trends.
• Guidance: The company guided for a sequential improvement in May sales.

Key Information

• Market Sentiment: The overall market sentiment is negative due to economic concerns and lockdown measures.
• Sector Performance: The auto and cement sectors are experiencing challenges due to supply chain issues and lockdowns, but some signs of recovery are emerging.
• Investment Outlook: Companies are adapting to the current environment by investing in new technologies and expanding into new regions.
• Inflation Data: The release of April CPI and PPI data will provide further insight into China's economic health and may influence market trends.

Disclaimer

This summary is for general information purposes only and is not intended as investment advice. The information is based on data from recognized sources and is not independently verified. No representation is made regarding the accuracy or completeness of the information. MIB (HK) does not take responsibility for any loss resulting from reliance on this information. Investors are advised to consult their financial advisors for personalized guidance.