31 May 2018 Page | 1 研究部研究部研究部研究部五五五五月研究報告回顧月研究報告回顧月研究報告回顧月研究報告回顧 Hong Kong | INVESTNOTES REPORTS REVIEW 行業: 汽車&航空 (章晶) 醫藥&消費 (周霖) 科技、媒體和電信、教育與金融 (李學滔) 汽車汽車汽車汽車& 航空航空航空航空 於本月本人發佈了四篇港股上市公司報告，包括三篇公司更新報告和一篇調研報告 ，分別是長城汽車 (2333. HK)，比亞迪 (1211. HK) 和 吉利汽車 (175. HK)，五龍電動車 (729. HK)。於其中 ，我們更傾向推薦吉利汽車。 吉利2017年共有四 款車月均銷量過萬，兩款車月均銷量過兩萬，進入2018年以來 ，原有強勢車型熱度不減，新推車型穩步爬坡，預計今年月銷過萬車型將增加到5-6款，過兩萬車型有望增加到3款。我們認為吉利汽車將繼續受益于成功的戰略帶來的紅利，未來公司在外延跨越式發展、出口市場方面看點多多，管理層幾次大筆增持顯示強烈信心。估值上，我們上調盈利預測，並調整目標價至36港元 ，對應2018/2019年18/13倍預計市盈率，上調至買入評級。 醫藥醫藥醫藥醫藥&消費消費消費消費 本月我發佈了三篇研究報告，分別是上海醫藥（2607HK）、 石藥集團（1093HK）、 網龍（777HK）。 於其中我們著重推薦網龍（777HK）和上海醫藥（2607HK）。 網龍是中國線上教育社區龍頭，公司以1.375億美元收購教育網站EDMODO，將與公司現有的課程軟體以及硬體資源產生協同互補效應，形成一個從設備到軟體到平臺的閉環，未來的商業化變現十分具有想像空間 。上海醫藥方面，公司先後發佈年報及一季報業績，增長高於我們預期，工業持續高增長，零售業務增速提升。國務院辦公廳發佈檔指出，應及時將仿製藥納入採購目錄，將品質和療效一致的仿製藥納入與原研藥可相互替代藥品目錄，與原研藥品質和療效一致的仿製藥和原研藥按相同標準支付，促進仿製藥替代使用。我們認為未來一致性評價將給公司帶來量價齊升機會 。 教育教育教育教育 我發佈一篇關於新高教集團（2001HK）的研究報告。集團是中國領先的高等教育辦學團體 ，分別在雲南、貴州、新疆、黑龍江、湖北和河南六個省份辦學，並正在甘肅興建新學校。受惠於國內經濟發展迅速和高等教育逐步普及，相信中國對高等教育的需求會愈來愈大。雖然出生率下降令全國高考人數由2008年的高峰回落，但部份省份的高考人數卻不跌反升，而集團七所學校中的四所正是位處這類省份（包括：雲南、貴州、河南及新疆），因為我們看好集團未來二至三年的學生增長 。 Review Report 31 May 2018 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 投資建議投資建議投資建議投資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2018/5/4 2333 HK长城汽車ZJ增持8.229.6 16.79%7.75-5.72%8.02-3.37%2018/5/9 2607 HK上海醫藥EU增持21.825.5 16.97%23.26.42%21.557.66%2018/5/14 1211 HK比亞迪ZJ增持52.0560 15.27%50.75-2.50%55.15-7.98%2018/5/16 1093 HK石藥集團EU增持2224.8 12.73%24.7512.50%20.222.52%2018/5/18 175 HK吉利汽車ZJ買入23.236 55.17%22.75-1.94%218.33%2018/5/23 777 HK網龍EU買入19.635.7 82.14%20.44.08%18.997.42%2018/5/25 2001 HK新高教集團TE增持7.38.19 12.19%7.462.19%5.8228.18%2018/5/29 729 HK五龙电动车ZJNA0.165 NANA0.1660.61%0.248 -33.06% A股公司價格以人民幣計算 Source: Company, Phillip Securities Research Review Report 31 May 2018 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 and exercise of judgment. The fact that this publication has been m