20211123-马银证券_香港_-每日港股简评_2页_137kb

Market Overview Summary

Core Content

The document provides a market overview and company news updates from the 19th Auto Guangzhou and other related developments in the Chinese automotive and logistics sectors. It highlights the market's focus on new inclusions in the Hang Seng Index and auto industry players, as well as the performance of several listed companies in the sector.

Main Market Themes

• New Inclusions in Hang Seng Index: Several companies, including CR Beer (291 HK), JD-SW (9618 HK), NetEase-S (9999 HK), and ENN Energy (2688 HK), were newly included in the Hang Seng Index.
• Tech Sector Softening: Tech stocks, particularly "ATMX", saw a correction of 1-2%.
• Hang Seng Index Performance: The index closed down 98 points to 24,951 points, with a daily turnover of HKD129.2 billion.
• Focus on Results Announcements: The market will turn its attention to results from Chow Tai Fook (1929 HK), Xiaomi-W (1810 HK), Kuaishou-W (1024 HK), and Xpeng-W (9868 HK).

Key Company Updates

Great Wall Motor (2333 HK)

• Launched a new "saloon" brand at the 19th Auto Guangzhou, targeting the luxury all-electric vehicle market with a suggested selling price of RMB488,000.
• Unveiled multiple new models, including Haval Shenshou, Haval H6S, and the second TANK model, TANK 500.
• ORA Good Cat, ORA Baleimao, WEY Mocha PHEV, and Maqiduo PHEV were also introduced.

GAC Group (2238 HK)

• Unveiled the new flagship SUV 'AION LX plus', which offers a global range of 1,008 km in CLTC and features a lighter and smaller battery cell.
• The company's in-house battery cell plant is set to begin production before the end of 2022.
• Plans to increase production capacity to 200,000 units in early 2022.
• The spin-off process of GAC AION has made good progress, with goals to complete the employee ownership program and strategic investor fundraising by the end of 2021.

BYD Co. (1211 HK)

• Maintained its 2022E NEV shipment guidance of 1.5 million units, up from 600,000 units in 2021E.
• Plans to launch 10 new models in 2022, including Yuan Plus EV, Seagull BEV, Seal BEV, and several DM-i and DM-P models.
• Expanded its battery business into the EU market, with a target of 100GWh battery capacity by end-2021E and 200GWh by end-2022E.
• Secured an external client in the EU, with 20% of its battery capacity allocated to this order.

Weichai Power (2338 HK)

• Hydrogen engines have already been installed in buses, covering approximately 10 million kilometers of operation.
• Extended the application of fuel-cell engines to heavy-duty trucks, with logistics vehicles and tractors operating in certain industrial and mining areas.
• Launched a fuel-cell truck with a full load of 49 tons and 160kW, completing road tests on the Laiwu-Jinan-Qingdao route.
• The truck consumes approximately 12 kg of hydrogen per 100 km.

JD Logistics (2618 HK)

• Recorded 3Q21 revenue of RMB25.75 billion, up 43% YoY, but reported an operating loss of RMB727 million (vs. RMB84 million operating income in 3Q20).
• Management expects positive earnings in 4Q21 due to the peak season.
• Set a long-term target of a 1.5-2% net profit margin.

Disclaimer

• The document is for general circulation and informational purposes only.
• It does not constitute investment research or recommendations.
• Information is based on data from recognized sources and is not independently verified.
• Kim Eng (HK) accepts no liability for any loss resulting from reliance on the content.
• The content may include opinions that are subject to change without notice.
• Kim Eng (HK) may have financial interests in companies mentioned, including participation in financing transactions or serving as directors.
• The document is not a solicitation to buy or sell securities and may not be reproduced or distributed without consent.