Morning Brief

MarketResearch MorningBrief [September10th,2024] MorningBrief ZHOUJinyu021‐38674924zhoujinyu011178@gtjas.comS0880516080007 Contents TopRecommendations ●OceanShippingSector:SpecialReport ●BYD(002594):OW,TP@RMB298.75↑ ●SkyverseTech(688361):OW,TP@RMB81.31↓ ●AutomobileSector:UpdateReport LatestReports ●Akeso(9926.HK):OW ●ChinaLesso(2128.HK):OW ●EnergyNewMaterial(002812):OW,TP@RMB31.82↓ ●NARITech(600406):CO↓,TP@RMB26.29 ●BTRNewMaterial(835185):OW,TP@RMB17.86↓ ●SanxingMedical(601567):OW,TP@RMB44.55↑ ●Monalisa(002918):OW,TP@RMB10.30↓ ●DongpengHoldings(003012):OW,TP@RMB7.80↓ ●KeshunWaterproof(300737):OW,TP@RMB6.65↓ ●ZelgenBiopharma(688266):OW,TP@RMB75.02 ●InnoCarePharma(9969.HK):OWSectorRatingsoftheMonthMarketStrategyWeeklyViewpoint 本报告内容译自同日发布的简体中文报告《国泰君安晨报》，报告观点及内容如有任何不一致的地方，一律以该简体中文版报告为准。 TopRecommendations OceanShippingSector:SpecialReport Wemaintain“Overweight”ratingfortheoilshippingindustry.Inthepastthreeyears,therisingbusinessclimateandhugeamountofbusinessordersoftheshippingindustryhavenotonlydrivenupthebusinessclimateoftheshipbuildingindustrybutalsocreatedthebottleneckoftheshippingcapacitysupplyoverthenextseveralyears.Inthepasttwoyear,thetraderestructuringunderde‐globalizationandtheeastwardrelocationofrefinerieshavesubstantiallydrivenupthedemandforoilshipping.Inthenextseveralyears,thedemandwillcontinuetogrowsteadily.Meanwhile,theshippingsupplywillremainlimitedduetotheshortageofshipberthsandlimitedshipbuildingordersfromshipowners.Therefore,theprosperityoftheoilshippingindustrywillbebiggerandlastlongerthanexpectation.Offeaturedcompanies,wemaintain“Overweight”ratingforNanjingTanker(601975),COSCOEnergyTransportation(600026),ChinaMerchantsEnergyShipping(601872)andCSSC(HK)Shipping(3877.HK). BYD(002594):OW,TP@RMB298.75↑ [Rating:OW(Prv:OW);TP:RMB298.75(Prv:N/A);MP:RMB249.98;Mkt‐Cap:RMB727258mn] WemaintainourforecastsoftheCompany’s2024‐2026EPSofRMB11.95,15.32and19.94.Beingaleadingalternativeenergyautomanufacturer,theCompanyismoreabletorealizesolidbusinessperformanceduringthemarketclearing.Wesuggest2024PEof25xandraisethecorrespondingtargetpricetoRMB298.75.“Overweight”ratingmaintained. SkyverseTech(688361):OW,TP@RMB81.31↓ [Rating:OW(Prv:OW);TP:RMB81.31(Prv:RMB84.20);MP:RMB47.80;Mkt‐Cap:RMB15296mn] InviewofthepossiblelaggeddeliveryandhugerR&DexpensesoftheCompanyin2024,welowerourforecastsoftheCompany’s2024revenuetoRMB1.301bn(from1.351bn)andEPStoRMB0.47(from0.81).Asbright/darkfieldtestingmaystarttocontributerevenuein2025,weraiseourforecastsoftheCompany’s2025‐2026revenuetoRMB1.934bn(from1.911bn)and2.845bn(from2.596bn),andEPStoRMB1.27(from1.24)and2.08(from1.78).WithreferencetothePSofcomparablecompanies,andalsotakingintoaccountthepotentialofimportsubstitutionandfasterrevenuegrowthoftheindustry,wesuggest2024PSof20xandlowerthecorrespondingtargetpricetoRMB81.31(from84.20).“Overweight”ratingmaintained. AutomobileSector:UpdateReport TheFSD’sentryintoChinaisgoingtoincreasethedomesticcompetitionsandthereforespeedupthedevelopmentofChina’sintelligentdriving,whichwillinturnbenefittheleadingautomanufacturersandautopartssuppliers.Offeaturedcompanies,werecommendJianghuaiAutomobile(600418),ChanganAutomobile(000625),DesaySVAutomotive(002920),Keboda(603786)andXingyu(601799).BecauseFSDwillenhanceproductpowerandstimulatedomesticsales,oftheTesla suppliers,werecommendTuopuGroup(601689),Xingquan(603179),ShuanghuanDriveline(002472)andYinlun(002126). LatestReports Akeso(9926.HK):OW [Rating:OW(Prv:OW);TP:N/A(Prv:N/A);MP:HKD55.80;Mkt‐Cap:HKD48315mn] AslearnedfromtheoutstandingclinicaldataofIvonescimab,theCompany’scoreproductsareenteringtheharvestseasonsoon.Accordingly,weraiseourforecastsoftheCompany’s2024‐2026revenuefromRMB2.907bn,4.697bnand6.457bntoRMB2.924bn,4.769bnand6.595bn.Wemaintain“Overweight”rating. ChinaLesso(2128.HK):OW [Rating:OW(Prv:OW);TP:N/A(Prv:N/A);MP:HKD2.56;Mkt‐Cap:HKD7942mn] TheCompanyreported2024H1revenueofRMB13.564bn(‐11.33%yoy)andnetprofitofRMB1.043bn(‐30.19%yoy),inlinewithexpectation.Asthedemandsideremainsweakin2024,weforecasttheCompany’s2024‐2026netprofitofRMB2.088bn,2.280bnand2.546bn.Wemaintain“Overweight”rating. EnergyNewMaterial(002812):OW,TP@RMB31.82↓ [Rating:OW(Prv:OW);TP:RMB31.82(Prv:RMB82.19);MP:RMB26.43;Mkt‐Cap:RMB25842mn] Becauseofthemarkdownofdiaphragmprices,welowerourforecastsoftheCompany’s2024‐2026EPStoRMB0.67(‐2.75),1.02(‐2.84)and1.40.Withreferencetothevaluationsofcomparablecompanies,wesuggest2024PBof1.15xandlowerthecorrespondingtargetpricetoRMB31.82.“Overweight”ratingmaintained. NARITech(600406):CO↓,TP@RMB26.29 [Rating:CO(Prv:OW);TP:RMB26.29(Prv:RMB26.29);MP:RMB25.14;Mkt‐Cap:RMB201945mn] TheCompany’s2024H1resultswereinlinewithexpectation.TakingintoaccounttheprogressoftheCompany’son‐grid,off‐gridandoverseasbusinesses,welowerourforecastsoftheCompany’s2024‐2026EPStoRMB1.00(from1.08),1.10(from1.25)and1.20.TheCompanyisaleadingpowergridsecondaryequipmentproducerwhoseprimaryequipmentofsoftDCconvertervalvesalsohavebetterpenetrationratiointheultrahigh‐voltagefield,wesuggest2025PEof23.90x(20%higherthanthatofcomparab