类别:策略 机构:中国国际金融股份有限公司 研究员: 日期:2020-08-06

  Joincare Pharmaceutical (600380.SH): A frontrunner in the inhalation preparation industry-Initiate withOUTPERFORM

      We initiate coverage with an OUTPERFORM rating and a SOTP-based target price of Rmb24.90 (45.2x 2020e and 37.3x 2021eP/E), offering 25.3% upside. Joincare has accelerated R&D of inhalation preparations; synergies between production andmarketing to facilitate commercialization of its products. R&D platforms to boost growth in the long term. Our 2020 and2021 EPS forecasts are Rmb0.55 and Rmb0.67, a CAGR of 20.2%. Stock is trading at 36.1x 2020e and 29.8x 2021e P/E.

      **Yanyin ZHU, SAC Reg. No.: S0080517120001, SFC CE Ref: BIH554; Peng ZOU, SAC Reg. No.: S0080513090001, SFC CE Ref: BCC313

      Xinyi Glass (00868.HK): Resilient despite headwinds; sales volume and prices to rise in 2H20-MaintainOUTPERFORM

      Xinyi Glass announced 1H20 results: Revenue fell 4% YoY to HK$7.13bn and net profit declined 34.9% YoY to HK$1.38bn.

      Excluding HK$486mn one-off gains from disposing its equity stake of Xinyi Solar in 1H19, 1H20 recurring profit fell slightly YoY,in line with our forecast. We expect sales volume and prices to rise in 2H20 thanks to market uptrend and capacity expansion.

      Given higher sales volume and price assumptions, we raise our EPS forecasts by 6% to HK$1.11 and 5% to HK$1.29. Wemaintain an OUTPERFORM rating. The stock is trading at 10.8x 2020e and 9.3x 2021e P/E. As we roll over valuation to 2021,we raise our TP by 39% to HK$14.9 (13.4x 2020e and 11.6x 2021e P/E), offering 24% upside.

      **Coral Keyue LI, CFA, SAC Reg. No.: S0080517070004, SFC CE Ref: BKW500; Yan CHEN, CFA, SAC Reg. No.: S0080515060002, SFC CE Ref:

      ALZ159; Qing GONG, SAC Reg. No.: S0080118090071

      GreatStar Industrial (002444.SZ): Global market share for hand tools rising rapidly-Maintain OUTPERFORMGreatStar Industrial is one of the largest hand tool manufacturers with strong profitability in China. We are optimistic aboutthe firm’s rising global market share for hand tools, and we expect the firm to achieve rapid growth in markets of lasermeasuring tools and tool cases and cabinets. We reiterate our OUTPERFORM rating. As the firm’s global market share isrising faster than expected, we raise 2021 earnings forecast by 5.1% to Rmb1.44bn and maintain 2020 earnings forecast.

      Stock is trading at 17.3x 2020e and 14.5x 2021e P/E. We believe its valuation is attractive. Due to potential improvement inthe firm’s longer-term growth and valuation rollover, we raise our TP by 44% to Rmb26.74 (20x 2021e P/E, 38% upside).

      Maintain OUTPERFORM.

      **Lingxin KONG, SAC Reg. No.: S0080514080006, SFC CE Ref: BDA769

      NIO (NIO.US): Delivery volume strong; new orders hit record high in July-Maintain OUTPERFORMNIO announced its delivery volume increased 322% YoY to 3,553 units in July. Delivery volume remained strong andincremental orders hit a record high in July. EC6 was launched at a reasonable price, which may expand customer base. Saleschannels expansion continued and BaaS promotion stayed on track. We revise our 2020 and 2021 net loss forecasts toRmb8.37bn and Rmb4.75bn based on new assumptions for sales volume and cost. We use EV/sales unit valuation method toevaluate the firm. Given strong sales volume, ample orders and production capacity expansion, we raise the valuation toRmb4mn EV/sales unit and lift TP 11% to US$15, offering 26% upside.

      **Lei WANG, SAC Reg. No.: S0080118040030, SFC CE Ref: BNN451; Chang LIU, SAC Reg. No.: S0080120030009; Jing CHANG, SAC Reg. No.:S0080518110003, SFC CE Ref: BMX565