Citigroup reiterates China Overseas Development (00688) “buy” rating byd shares (01211) was sung well by institutions

2022-05-17 0 By

Bank of America Securities is optimistic about BYD shares (01211) future electric vehicle sales growth and better product mix to enable its profit growth.Bofa Securities expects China Ocean Holdings (01919) to have room to rise in the second quarter, mainly due to the large increase in trans-Pacific contracts.Citi reiterates “buy” on China Overseas Development (00688), supported by cheap valuation and sustainable 5% dividend yield;Believe gross margin near bottom, further narrowing space is limited.Societe Generale Securities said, Longyuan Power (00916) will be the first to benefit from the possibility of subsidy arrears to solve the problem, cash flow is expected to usher in a substantial improvement, the valuation may have further space to rise.Bank of America Securities:Bank of America Securities said, BYD shares (01211) in March total sales of 105,000 vehicles, up 157% year on year, up 15% from the beginning of the year to March sales reached the bank expected this year’s sales of 21%,Bullish on future growth in electric vehicle sales and a better product mix for profit growth.The company has stopped producing fuel cars since March this year and will focus on pure electric vehicles (BEVs) and plug-in electric vehicles (PHEVs) in the future. It also believes that the move shows that the company’s backlog of ELECTRIC vehicles is stable, the release of more electric vehicle capacity, and the company’s successful transformation to pure electric vehicle company.The company’s superior delivery ability is due to its competitive costs, electric vehicle models, new capacity and self-supply of some key components.Bank of America Securities: Maintain hk $21.50 “buy” target price for China Ocean Holdings (01919) Bank of America Securities said first-quarter net income of China Ocean Holdings (01919) is expected to rise 27% quarter-on-quarter to RMB27.6 billion (01919).The bank saw a strong performance and still sees room for growth in the second quarter, mainly due to strong growth in trans-Pacific contracts.The company’s low dividend ratio last year was due to conservatism and future capital spending rather than any near-term concerns.The company is quite optimistic about the container shipping outlook. Management believes that the extremely tight container shipping situation in the first half of the year will not improve much, and it will take a long time for the supply chain to return to normal. It also believes that the supply imbalance will continue in 2022, supporting long-term strong interest rates and earnings.Goldman Sachs expects Vanke (02202) to create greater value for all stakeholders with improved operating efficiency. Goldman Sachs will lower its earnings per share forecast by 25%, 17% and 14% for 2022-24, and its target price will be lowered to HK $25.The company’s net profit last year fell 46% year on year, far worse than the bank and market expectations, mainly due to the slower recovery of gross margin than expected, impairment provisions, the sharp decline in joint venture income.Citi: Reiterates China Overseas Development (00688) ‘buy’ target price to HK $29In addition, the company lowered its eps forecast for 2022-23 by 11.4% and 14.3%, but it believes its gross margin is near the bottom and the room for further narrowing is limited. The target price was raised to HK $29 from HK $22.24, which is equivalent to the forecast p/E ratio of 7 times this year.With the reduction of competition in the industry, the company expects that there will be more projects with higher return on investment, and it is expected that the narrowing of the gross margin of internal housing will gradually ease, which is an obvious positive factor for the leading state-owned enterprise like the Company with a strong balance sheet.Everbright Securities:Everbright Securities said, greentown services (02869) released 2021 annual performance report, revenue growth of 24%, return to the mother net profit growth of 19%, the company has the brand and scale advantages, the balanced development of business in various plates, science and technology business to obtain high-tech enterprise certification,It is expected to gain greater development space in community construction and government and enterprise technology services in the future.The report mentioned that the company in recent years in the incubation of science and technology business, the construction of smart park achievements, a number of subordinate enterprises (Greentown Information, Huixiang Information, Greentown construction science, etc.) obtained high-tech enterprise certification, enjoy 15% preferential income tax rate;In 2021, the company established Shuzhi Science and Technology Group, which enables internal integration of science and technology to improve efficiency, and increases the output of scientific and technological achievements to achieve greater development space in community construction and government and enterprise science and technology services in the future.Tianlun Gas (01600) announced in December last year the outline of its new development strategy for 2022-24, which mentioned vigorously developing innovative businesses, including low-carbon energy services such as photovoltaic, zhongtai international said.The bank expects the company to participate in an asset-light model, providing EPC(engineering procurement and construction) and operations management services.The company has recently set a target of achieving about 1GW of cumulative pv development in townships during 2022-25. It is expected that the company will implement new business within this year and develop rooftop PV power generation projects through cooperation with third parties, such as Henan Electric Power Co., LTD., China Power Investment Group or zhuhai Port (000507SZ), its strategic shareholder.Zhongtai international stressed that the company has set a target of 20-25% year-on-year growth in retail sales in 2022, which is lower than the actual growth rate in 2021, but much higher than zhongtai international’s original 14.4% growth assumption.Taking geopolitical risks into account, Zhongtai international slightly lowered its 2022 shareholder net profit forecast by 0.8 percent, but raised its 2023 forecast by 3.5 percent.Industrial Securities: Maintain a “buy” rating on Longyuan Power (00916) with a “buy” price target of HK $22.1, corresponding to 20x PE in 2022.As the leading wind power operator in China, it will be the first to benefit from the possibility of solving the problem of subsidy arrears, cash flow is expected to usher in substantial improvement, and the valuation may have further room to rise.The asset-liability ratio has certain advantages, the smooth return to A-shares to achieve dual listing, with a-shares financing placement is beneficial to shareholders of Hong Kong shares, the bank expects the parent company’s asset injection to bring profit flexibility.Conservatively estimated, the company’s revenue in 2022-24 will reach 414.9/444.18/48264 billion yuan;The net profit attributable to the parent will reach 75.3/85.11/9.221 billion yuan.China Sinotruk (03808) will be downgraded from “neutral” to “underweight”, cut the 2022-23 earnings forecast by 53% and 60%, about 46% to 55% lower than the consensus forecast;The share price is down 11% year-to-date and is forecast to fall further. The target price is cut 53% from HK $17 to HK $8.Following a 14 percent decline in the heavy duty truck (HDT) sector last year, the bank expects a structural decline of about 20 percent in the HDT sector, the report said.Even though sinotruk’s management expects new energy trucks and exports to support some revenue, the bank believes the company’s earnings decline is structural and will continue into 2022-23.This article is from Zhitong Financial network