Gongniu Group _Core category sales deceleration in sight; downgrade to Neutral_
ray dalio·2024-09-26 16:38
abc 20 September 2024 Global Research and Evidence Lab YES Powered by UBS Evidence Lab Gongniu Group Core category sales deceleration in sight; downgrade to Neutral Property-dragged core category sales will not be fully offset by share gains We expect demand for China's sockets & switches, Gongniu's core category (c30% of sales/profit currently), to decelerate into H224, dragged by a significant decline in residential GFA completions in H124. We do not think this can be fully offset by a share gain. We also ...