20131011-招商证券_香港_-Hong_Kong_Morning_Daily_14页_214kb

报告摘要

Core Content: Lenovo has further solidified its leadership in the global PC market despite a decline in demand due to tablet cannibalization and the slow adoption of touch-based Windows 8 systems.
Main Points:
- Global PC shipment data for 3Q13 showed a YoY decline of -7.6% (IDC) and -8.6% (Gartner), better than previous estimates.
- Lenovo's market share increased, and the company expanded its network, reinforcing its leadership position.
- The company's smartphone segment and potential M&A activities are viewed as positive catalysts.
Key Information:
- The report reiterates a "BUY" rating with a target price of HK$9.2.
- Analysts remain optimistic about Lenovo's future performance despite the weak demand outlook.

Core Content: Anta Sports signed Rajon Rondo, an NBA superstar, as a new endorser and launched the RR1 basketball shoe.
Main Points:
- RR1 is priced at RMB399, which is lower than Li Ning's "Wade of Way" but includes all necessary functions for top players.
- The endorsement is part of Anta's strategy to promote its "Basketball is Priceless" concept.
- Anta aims to increase brand awareness and boost mid-end product sales through the star effect.
Key Information:
- Rajon Rondo is a four-time NBA All-star and has been a Nike endorser.
- Anta plans to release the RR1 in mid-October, with a 1-year target price of HK$11.06.

Core Content: Great Wall Motor reported a 18% YoY increase in September sales, reaching 59,834 units.
Main Points:
- SUV and pickup sales showed strong growth, while sedan sales declined slightly.
- Monthly production is believed to have reached capacity, limiting further growth.
- The company's sales growth for 2013 is expected to be 18% for the year, with a 2013-2015 EPS forecast of RMB2.78, RMB3.41, and RMB3.74.
Key Information:
- The 12-month target price is HK$38.62, with a "NEUTRAL" rating.

Core Content: Geely reported a 22% MoM increase in September sales, reaching 43,027 units.
Main Points:
- Total sales for the first nine months of 2013 reached 375,810 units, up 16% YoY.
- SUV sales increased by 26% YoY, but overall sales slightly missed expectations.
- The company's 2013-2015 EPS estimates are RMB0.33, RMB0.39, and RMB0.41.
Key Information:
- The 12-month target price is HK$5.4, with a "BUY" rating.

Core Content: Country Garden clarified that the suspected sensitive information leakage was due to unverified internal figures.
Main Points:
- The company met its RMB62 billion annual sales target, with RMB64.7 billion in contracted sales as of Sept. 30, 2013.
- The stock price increased more than 11% following the clarification.
Key Information:
- The stock is considered fairly valued with a P/E ratio of 16.5x.

Core Content: A summary of recent performance of major global and world indices.
Main Points:
- HK Indices: HSI and Finance declined slightly, while Properties rose.
- World Indices: FTSE 100, DAX 30, and CAC 40 saw positive changes, while others showed mixed performance.
Key Information:
- The data is sourced from Bloomberg and reflects the market's recent trends.

Core Content: Updates on the performance of key global commodities and exchange rates.
Main Points:
- Brent Oil and LME Aluminum showed positive changes, while BDI and API Coal declined.
- USD/RMB and USD/HKD remained stable, with slight fluctuations in other currencies and indices.
Key Information:
- The data is sourced from Bloomberg and provides insights into market conditions.

Core Content: FremantleMedia signed a multi-year digital deal with Youku, providing premium content.
Main Points:
- The deal includes 202 hours of programming in the first year, including global hits.
- It is expected to help Youku attract viewer traffic and improve video ad sales.
Key Information:
- The agreement is a strategic move to counter competitive pressure.

Core Content: TCL Comm reported a significant increase in profit and smartphone shipments in September.
Main Points:
- Smartphone shipments exceeded 2 million units, up 162% YoY.
- The company's profit growth is attributed to increased smartphone sales and declining feature phone costs.
Key Information:
- The report reiterates a "BUY" rating with a target price under review.

Core Content: Research highlights from the China Merchants Securities (HK) Research Center.
Main Points:
- The focus is on power distribution, with a recommendation to increase allocation to the sector.
- Key companies in the power distribution sector include Xj Electric, NARI, and others.
- The report suggests a 20-30% increase in investment for the distribution network in 2014.
Key Information:
- The report also includes insights on various sectors, including automotive, oil & gas, and property.

Core Content: A detailed stock pool update with ratings, target prices, and performance data.
Main Points:
- Various stocks across different sectors are analyzed, including Textiles, Auto, Oil & Gas, and Property.
- Ratings range from "BUY" to "SELL", with target prices and upside potential provided.
Key Information:
- The update includes data on EPS, P/E ratios, and 1-month performance for each stock.

Core Content: Summary of key companies and their respective analysts.
Main Points:
- Analysts such as Ivy Zhao, Colleen Li, and Duan Feiqin provide insights on different stocks.
- The report includes detailed analysis on each company's performance and future outlook.
Key Information:
- The report covers a wide range of stocks, from Anta Sports to Evergrande, with varying ratings and target prices.

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