5 June 2019 Page | 1 研究部研究部研究部研究部五五五五月月月月研究報告回顧研究報告回顧研究報告回顧研究報告回顧 Hong Kong | INVESTNOTES REPORTS REVIEW 行業: 汽車&航空 (章晶) TMT&教育 (李學滔) 零售&房地產(顧慧宇) 汽車汽車汽車汽車 & & & & 航空航空航空航空 於本月 本人 更新 了四篇公司報告 ，分別是 分別是 中國 南方 航空(1055.HK)，上海機場(600009.HK)，長城 汽車(2333.HK)和匯川技術(300124.CH)。四家公司均憑藉其獨特競爭優勢獲得成功。于其中 ，我們 更推薦 匯川技術 。 匯川技術 公告 擬以現金+股權方式收購貝思特100%股權 ，交易總金額為24.87億元 ，對應PS\PE\PB分別 為1.03、10.57、4.57倍。貝思特是面向海外的優質電梯零部件供應商，貝思特的人機界面交互系統、電綫電纜系統等產品在國際品牌電梯廠商市場中處于領先地位，其與包括奧的斯、通力 、蒂森克虜伯、迅達 、富士達等絕大多數國際知名電梯廠商均有穩定合作關係，且已進入其中部分廠商的全球供應商體系。匯川技術與貝思特在客戶、產品方面形成互補 ，協同作用明顯，此次通過貝思特打開海外市場，將進一步擴大海外業務規模 ，拓展業務發展空間。 TMTTMTTMTTMT &&&& 教育教育教育教育 本月我發布了四篇研究報告 ，分別是 ：網龍(777.HK)、新高教(2001.HK)、中國民航信息網絡(696.HK)及新意網(1686.HK)。其中我們重點推薦網龍。自遊戲版號在2018年底解禁 ，集團已有三款遊戲獲發牌號，包括 ：《魔域互通版》、《魔域傳說》和《無境戰地》。 此外 ，集團目前約有8個準備推出或正在開發的游戲，如：《終焉誓約》、《 魔域2》、《 英魂王座》、《 决戰巨神峰》等等 。同時 ，集團亦繼續變現手上的經典IP《魔域 》及《英魂之刃》，今年將推出《魔域世紀》、《 魔域傳說》、《 英魂王座》、《Heroes of Ages》等IP改編遊戲 。在教育方面，普羅米修斯推出新一代互動白板V7，更獲得紅點設計大獎(Red Dot Design Award)。隨著產品的功能更成熟，這有助提高產品ASP及競爭力 。此外 ，普羅米修斯未來會透過在自家 產品提供應用程式平臺，使變現能力進一步加强。Edmodo在今年亦會推出更多變現渠道，集團預計在2019年下半年推出作業輔導服務，幷按每月收費。未來，平臺將會透過高質量的教材來進行內容變現 ，目前平臺有近7億個教學資源。此外 ，101PPT雖然仍然虧損，但產品現時首要目標是提升用戶數目和粘性。截至2018年，101PPT的用戶數目達到500萬，較去年120萬大幅增加。 Review Report 4 June 2019 Page | 2 Fig 1.本月推薦公司股票一覽本月推薦公司股票一覽本月推薦公司股票一覽本月推薦公司股票一覽 日期日期日期日期代碼代碼代碼代碼公司公司公司公司分析師分析師分析師分析師投資投資投資投資建議建議建議建議建議時建議時建議時建議時股價股價股價股價目標價目標價目標價目標價預期預期預期預期回報率回報率回報率回報率 該 月 該 月 該 月 該 月收盤價收盤價收盤價收盤價 該 月 該 月 該 月 該 月回報率回報率回報率回報率上一月上一月上一月上一月收盤價收盤價收盤價收盤價該月股票該月股票該月股票該月股票漲跌幅漲跌幅漲跌幅漲跌幅201905031055 HK南方航空ZJ增持6.847.59.65%5.04-26.32%6.84-26.32%20190514600009 CH上海机场ZJ增持67.54749.56%69.142.37%70.63-2.11%201905202333 HK长城汽车ZJ增持5.966.5910.57%5.7-4.36%5.998-4.97%20190527300124 CH汇川技术ZJ買入22.9428.4123.84%22.65-1.26%25.17-10.01%20190509777.HK網龍TE買入2230.2237.36%20.65-6.14%22.9-9.83%201905172001.HK新高教TE買入3.144.2635.67%3-4.46%3.5-14.29%20190523696.HK中國民航信息網絡TE買入16.6223.7442.84%16.24-2.29%20.15-19.40%201905301686.HK新意網TE中性6.66.12-7.27%6.46-2.12%6.69-3.44% A股公司價格以人民幣計算 Source: Phillip Securities Research Review Report 4 June 2019 Page | 3 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient’s own independent verification a