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1、DeutscheBankMarketsResearchAsiaPeriodicalDateChinaMadeinChina9June2017MichaelTong,CFALukaZhuD/gPinggao/XJElectrictoHold;InternetResearchAnalystResearchAssociate(+852)22036167(+852)22036173tourtakeaways,Education,Alibabamichael.tong@db.comluka.zhu@db.comTHEMEOFTHEDAYDailyMarketStatistics08/0
2、6/2017PerformancePrice1D%chg1M%chgChinaA-shareT&Dequipment-EmergingUHVrisks,shrinkingupside;d/gHSI26,0630.35.7PinggaoandXJElectric(LukaZhu)H-share10,6500.46.3WeseeincreasinguncertaintyovertheoutlookforChina’sUHVinvestment.A3003,5610.85.7Projectapprovalsarelikelytobeaffectedbypersistingpower
3、oversupplyandVolumePrice1D%chg1M%chgrisingdistributedenergyinvestment.Nearlyhalfwaythroughtheyear,weHIS1,684-22.416.9observesignsofUHVprojectdelayandtendersfallingshyofexpectations.ForH-share1,657-52.87.6UHVsuppliers,potentialUHVordercontractionswouldmaketheproductmixA3009,022-15.7-37.2less
4、favorableandpointtoaweakerearningsgrowthprofileinFY18-19(2-9%).Withmodestandlessvisiblegrowthahead,valuations(13-14xFY17E)offerlimitedupside.WedowngradePinggaoandXJElectrictoHold;wepreferXJDBEconomicforecastsforitsmoredefensiveDCinvestmentoutlookandhigherdistributionexposure.HongKong2016201
5、72018(LukaZhu–85222036173)GDP(%)1.92.73.5Merch.Exp.(%)0.23.66.5http://pull.db-gmresearch.com/p/1600-6784/214605190/0900b8c08cecbee9.pdfCPI(%)2.40.03.0YY-dbAccessChinainternettourtakeaways:gainingnewusers(YY.OQ,Buy,China201620172018TargetPrice:USD66.00,ClosingPrice:USD60.00,EileenDeng)GDP(%)
6、6.76.76.3Merch.Exp.(%)-7.710.02.5WehadYY'snewCFOMr.BingJinpresentingatourChinainternettour.TheCPI(%)2.01.72.7companysawinitialsuccesswiththenewlylaunchedoutdoorchannel(DAUFXrate(eop)CNY/USD6.97.48.12mn)andsocialgameHappyWerewolfKillapp(peaktimeDAU3mn).AnupdatedversionofYYLivewaslaunchedatth
7、eendofMay,fullyopenedSource:DeutscheBankAGestimatesshort-formvideo.Thestockhasinflatedby50%YTD,whichwebelievereflectsthesefavourableoutcomes.Weexpectmoreonlinesocialgameswhicharehotinofflinescenarios.Wearepositiveontheshort-formvideoandtheenhancingsocial
