8 October 2024 | 6:08PM CST revenue recognition will likely accelerate per mgmt as ocean freight congestion eases) and we forecast +28% yoy revenue into 2H24E. Shenzhen Inovance Technology Co. (300124.SZ): Sept IA orders slightly down yoy/up mom | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---- ...

10 October 2024 | 1:35AM HKT NAURA (002371.SZ): Long-term demand solid; 3Q Rev/ NI up 31% / 36% YoY; Buy We are positive on Naura's long-term growth potential, driven by the strong expansion of China foundries and IDMs for domestic capacities. According to our latest forecast, China's Semis capex will grow to US$36bn / US$40bn / US$42bn in 2024E / 2025E / 2026E, further increasing from the high base of US$30bn in 2023 (read more in our report). As the domestic SPE leader, we expect Naura's competitive produ ...

8 October 2024 | 3:58PM HKT | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------------------------------------------------------------------|-------|-------|------------------------------|-------| | | Angel Yeast (600298.SS) 3Q24 preview: Sales on rebound despite logi ...

11 October 2024 | 4:35AM KST _ Asia Pacific Technology: Semiconductors - Memory: Nanya Tech 3Q24 read-across; Hynix/SEC to see stronger ASP growth due to HBM/DDR5 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------- ...

10 October 2024 | 7:54AM CST Clean Technology: Solar: Data Update: Minor changes to estimates We make minor changes to estimates for our solar coverage, reflecting the latest industry trends in 3Q24 (for details see our newly launched monthly tracker). As a result, our 2024E-30E book values for main value chain players are fine-tuned by 2% on average, and our 2024E-30E EBITDA for Hangzhou First is tweaked by -1%. Accordingly, our 12m target prices change by -1% to 0%. We do not view these changes as materia ...

M Update Guangzhou Automobile Group | Asia Pacific October 7, 2024 10:06 AM GMT Thoughts on the share outperformance GAC-H rose 19% today (Oct 7), significantly outperforming the market (Hang Seng Index +1.6%) and H-share peers (DFM +6.8% and BAIC +11.8%). We believe this was driven mainly by: 1) potential short position coverage; and 2) expanded A/H share premium of 220% from previous trough of ~50% in 2018. Although we have not heard of any material fundamental changes at this point during the Chinese Nat ...

8 October 2024 | 7:54AM HKT | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-------|-------------------------------------------------------------------|----------------|----------------------------|------------------------------|-------| | | | | | | | | | | | | COSCO SH ...

9 October 2024 | 9:45AM CST _ China Clean Technology: Solar Tracking the profitability inflection: Uneven pace in Sept; poly slightly improved while others further deteriorated Solar industry's supply/demand re-balancing progress has been investors' top of mind. We launch this new monthly tracker to monitor higher frequency of monthly spot prices/input costs implied cash GP & EBITDA margin trend for our coverage companies versus interim results. Research | Equity Jacqueline Du +86(21)2401-8948 | jacqueline. ...

_ 10 October 2024 | 7:30AM CST | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------- ...

Equity Research Report Ganyuan Foods (002991 CH) Revenue Growth Slowed in 2024, 3Y Dividend Plan Announced Huatai ResearchInterim Results Review 14 August 2024 | China (Mainland)Food Qoq slowdown in 2Q24 due to off-season and personnel adjustments Ganyuan Foods' (Ganyuan) revenue/attributable net profit (NP)/recurring NP were RMB1,040/170/140mn for 1H24 (+26.1/+39.3/+40.0% yoy) and RMB460/80/60mn for 2Q24 (+4.9/+16.9/+13.6% yoy). In 2Q24, revenue fell during the off-season for snack sales. This, coupled wit ...