Charging China’s cars of tomorrow;Initiating with a Buy

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(发表于: 国轩高科股吧更新时间: )

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Charging China’s cars of tomorrow;Initiating with a Buy 查看PDF原文

研报日期：2016-06-02

　　GUOXUAN HIGH-TECH(002074)　　Most leveraged major player to EV lithium battery; initiating with Buy　　Guoxuan is the fourth-largest EV lithium battery player in China, in terms ofsales in 2015. It is also the most leveraged major player on the stock market tothe EV lithium battery business, which is set to contribute 90% of its revenueand 94% of its gross profit in 2016. We believe Guoxuan’s aggressive capacityexpansion and competitive advantages should help it to grow market sharesignificantly and make it a major beneficiary of the Chinese government’starget to put 5mn EV units on the road by end-2020. We initiate with a Buy.　　Quick growth rate of EV sales　　China EV sales rose to 331k units last year, up 340% YoY, driven by bothimprovements in demand and government stimulus. The Chinese governmentplans to put 5m units on the road by the end of 2020. We expect China EVsales to grow 27%/57%/36% in the next three years, generating 19/30/39 Gwhlithium battery demand in our forecast years. We believe EV sales will likelyrally in 2H16 after the renewal of subsidy policies in June.　　EV lithium battery focus with aggressive expansion　　Guoxuan High-Tech has been focused on producing EV lithium batteries sinceits establishment and this segment is set to contribute 90% of its revenue and94% of its gross profit in 2016. This makes it the most leveraged stock to EVlithium batteries in the market. The company has a very aggressive expansionplan and total capacity should expand from c.0.16Gwh in 2011 to c. 8.9Gwh in2018, with a CAGR of 78%. Though the group’s operating margin will likely fallfrom a high level of 27% in 2015 to 20% in 2020, driven by lower ASP, strongvolume growth should push the bottom line higher in the next three years.　　The strong will likely become stronger　　We expect Guoxuan to catch up with industry peers and gain more marketshare due to its stronger competitiveness, stemming from 1) first-moveradvantage, as it is already listed as one of the……[德意志银行][点击查看PDF原文] 今日最新研究报告

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娄枇

不懂日文

2016-06-02 11:22:59
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茅曼挂

看不懂，书念少了。

2016-06-02 11:24:24
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房佘宸

我英语8级，看懂了

2016-06-02 11:24:34
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邴柴

The strong will likely become stronger

2016-06-02 11:25:30
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侯舟姚

叫大家买

2016-06-02 11:25:30
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熊肉昨

希望明天来个小语种，考验下国轩股东的文化素质。

2016-06-02 11:28:01
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邓血忍

买入评级

2016-06-02 11:34:15
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包酒况

为毛有英文研报出自德国的媒体

2016-06-02 11:34:31
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相型

英文版！好牛！

2016-06-02 11:35:41
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班子甲

这研报这么洋气

2016-06-02 11:35:42
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童偶

德意志银行在中国有业务的

2016-06-02 11:38:31
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羿仗

你妈这是让谁看啊～～

2016-06-02 11:39:31
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越冬冒

此股是中国锂电奇葩，市盈率20多倍，在中国动力电池排老二，市值在锂电概念排前十都排不上。

2016-06-02 11:40:29
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全密呆

第一季度业绩翻14.5倍。____________000957中通客车新能源整车龙头，股本2.96亿。EPS：去年1.58，10股送10股派5元。〓中通客车预计今年利润7.5亿，EPS高达近3元。绩优蓝筹新能源-目标百元，珍惜!!〓 __-___-_______000957中通客车新能源整车龙头，股本2.96亿。EPS：去年1.58，10股送10股派5元。〓中通客车预计今年利润7.5亿，EPS高达近3元。绩优蓝筹新能源-目标百元，珍惜!!〓

2016-06-02 11:41:41
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费玉

求解？

2016-06-02 11:44:09
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郭冶昀

从2015销售看，国轩是中国第四大电动汽车锂电池的厂家。是股票市场上主营锂电池业务的股票，2016年主营收入占90%，利润总额占94%。我们相信，国轩的攻击能力、扩张和竞争优势应该有助于增长市场份额，使其成为中国政府的主要受益者。因为它已经被列为25个优质生产商之一。电动汽车市场的主要生产商有良好的客户关系。其证明能力的研发，以提高能源密度和足够的资金支持产能扩张。我们的目标价是基于rmb40.4 26X 2017e EPS和暗示29%上行的潜力。我们相信我们的多是有道理的，在未来三年给定一个盈利年复合增长率46%、高净资产收益率30%以上。关键风险：意想不到的变化，在政府的补贴政策，电动车的需求量。德意志银行总裁：高峰

2016-06-02 11:55:13
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高况

这个内部文件怎跑出来？接手大宗交易的难道是他？

2016-06-02 12:06:40
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酆券爹

我落伍了！

2016-06-02 12:18:41
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廖曲末

强者恒强

2016-06-02 12:23:55
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苏段血

为了股价李缜也是蛮拼的了，都叫上国际忽悠了，外来的和尚念的经到底会不会灵？

2016-06-02 12:41:50
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