研究报告全文：GUOTAIJUNANINTERNATIONALUniverseWeeklyUpdate国泰君安国际研究股票每周更新13October2023ChangesinthepastweekEarningsEstchg02602HKONEWO-HInitialcoverageRatingisbuy6to18monthstargetpriceisHK3240N00220HKUNI-PRESIDENTCHINA6to18monthstargetpriceisHK650YTableofcontentsPage2SectorsandrelatedlistedcompaniesPage2AutomobilesEnergyOperationNewEnergyFoodBeverageConstructionEngineeringMachineryMediaCultureNonferrousmetalsPropertyTelecommunicationCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingRelativePerformanceBuyRelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulateRelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutralRelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduceRelativePerformanceis-15to-5orthefundamentaloutlookofthecompanyorsectorisunfavorableSellRelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableCompliedbyMiaLIU刘敏85225097247mialiugtjascomhk第1页GUOTAIJUNANINTERNATIONALUniverseWeeklyUpdate国泰君安国际研究股票每周更新13October20236to18MonthsTargetEPSDPSNETPROFITMnNBVROEDateofLastStockCodeCompanyNameRatingCurrencyAnalystUpdateHKUS21A22A23F24F25F21A22A23F24F25F21A22A23F24F25F21A22A23F24F25F21A22A23F24F25FddmmyyyyAutomobiles00175GEELYAUTOBuy1333RMB0481052406170720081201710186024502860322484752606194722681437643837088529412100337373808893IvanWu2703202302333GREATWALLMOTOR-HBuy1150RMB07280910047709941567037004550238049707836726826640468432132966727718079718466924711313061121177IvanWu0109202301316NEXTEER-RBuy800USD00470023006700960099001000050013001900201185816724025007790771083209150995623083110104IvanWu1808202300425MINTHGROUPBuy2900RMB12991304159418942269054005210638075809081497150118522200263613913146981563916895184079791106116129IvanWu1307202303808SINOTRUK-RBuy2150RMB1565065110821379171205500290043305520685432217972988380847261292013006137981474415905128508197112IvanWu28072023EnergyOperations00002CLPHOLDINGSAccumulate8000HKD3361405442784419310031003100310084911024310809111645015351141523545370875909293PeterShao0703202200006POWERASSETSBuy5300HKD28802650276328532988282028202820282028206140564958986088637740654406974093441178414347165686972PeterShao0308202201798DATANGRENEW-HBuy310RMB0208040304080517067400300050004800590075203234853500428954341775218325433001360079121111124142PeterShao2109202302380CHINAPOWER-RBuy410RMB0040022002880493067001300055012201150197256264835626100828933833234379739754353075672113139PeterShao2808202300836CHINARESPOWER-RBuy1954HKD03301460222827723399029505860891110913602138704210719133351635218500170961801719680217202486124141157PeterShao21062023NewEnergy03931CALB-HBuy3800RMB011304411201230636980000000000000000000014069221294086655416039193982521833683430240824547896PeterShao25072022FoodBeverage00322TINGYIAccumulate1350RMB06760467062207250796112009110622072507973802263235054084448533162374236125652768191164263294299AndyChen2007202300220UNI-PRESIDENTCHINABuy650RMB0347028303450404046904170340041404850563150112221490174420253187305230623056304510991113132154AndyChen1210202300345VITASOYINTLAccumulate1320HKD0149004301490263037700000027009401660238159461602824043048278428983075330046155388118AndyChen2606202300506CHINAFOODS-RBuy365RMB020502360257029203220125013301670190021057266072081890218441973206421662279113124127138145AndyChen3103202306186CHINAFEIHEBuy867RMB0771061807050797024302250293036968715617640572402466324640924956113134176205AndyChen0712202200291CHINARESBEER-RBuy7250RMB1414133916781958223905660536067107830896458743445444635372657531833594091064012040201169189195197AndyChen2703202300168TSINGTAOBREW-HBuy11400RMB2328273633833964441511001800160019002100315537114616540860241685918688222562638631001137146152150142AndyChen0905202302319MENGNIUDAIRYBuy3210RMB127413421472170119800382040204410510059450265303581567207822933610148109501218613632144138140147153AndyChen07092023ConstructionEngineering00830CSCDEVELOPMENT-RBuy310HKD0135019102590346045800470065009101280183292422585780103307750948112313781709190224253276297GaryWong2308202302163BROADHOMES-HBuy390RMB006716570410009305790000000000000019011632808197452798513672563966489705008218621486GaryWong1109202301186CHINARAILCONS-HBuy920RMB160117602106239627120246028003350381043124690266423134435283395671979421391233642558128064929299102104GaryWong2104202300390CHINARAILWAY-HBuy770RMB103711981391155617380196020002320260029027618312763602140068445361457817212185792011121742100104109110112GaryWong1404202301800CHINACOMMCONS-HAccumulate600RMB1041114512621384151402040217024302650288183492006521959239342603916098174321854519759210797071737576GaryWong1105202303311CHINASTATECON-RBuy1500HKD134915791814210023390405048005500630071068017957914210582117881120511472127361420615836129139150156156GaryWong2808202301599UCD-HBuy386RMB06830721069607760829016801900181020202168729729391046111845595040554661416769150150131133128GaryWong19072023Machinery00558LKTECHBuy1243HKD04560387062008031007010100920139018302326265338531106138631083237381545605490203141203222231AlexBai0507202301882HAITIANINTLAccumulate2110RMB191214191547173418730546077304810525058830522265247027682990998410659117251293414219199137138141138AlexBai2208202303899CIMCENRIC-RBuy1095RMB0447052806050738086701200116018002090255884105512281498176140654507493054556062114121128142150AlexBai2408202300669TECHTRONICINDAccumulate8910USD0600058905190583064202150251022202200245109910779531072118525742837312834833870255217174176175AlexBai1808202303969CHINACRSC-HAccumulate408RMB029803340360039604410170017001830201022332753634390142904760411342804478470149507682848893AlexBai2808202303898TIMESELECTRIC-HBuy4195RMB16331805205623812789090005500550055005502018255630053465404326400243822595427850301557176849198AlexBai0405202309930HORIZONCDBuy388RMB02220235029103620418000000000000000000007106679311158133618802357287932413659125105117118121AlexBai1708202302285CHERVONAccumulate3690USD035702850237028803600000007200720060007314513912114718416621930210523432643274160122135151AlexBai29082023MediaCulture03738VOBILEGROUPBuy579HKD00120020002200620111000000000000000000002358692043650803079009611045119220282968106TeddyLin2808202306988JOYSPREADERBuy273HKD01130015004200820000000000000000245341001951071129212841366109133362TeddyLin0212202200136CHINARUYIBuy250RMB12792843020816040763200000000000000000000117579020871591306120852082608820956346116267683TeddyLin1505202302518AUTOHOME-SBuy7373RMB429836203862419445651344100010141014101422491855190420692256478885026252635546515700810876757882TeddyLin0308202301119IDREAMSKYBuy485RMB012517980129034604350000000000000000000015724921834916633341129414181785212643897106237248TeddyLin3006202301896MAOYANENTBuy1317RMB032200920636081010190000000000000000000036910572892611656997714777898606963347138599112TeddyLin29082023NonferrousMetals00358JIANGXICOPPER-HBuy1920RMB1667196721502320050002950323034857736812744580322015721829236572562989949594KevinGuo3103202203993CMOC-HBuy642RMB0237028104010554057300710169024003330344510660678657119741238218452394255427763005130133162208198KevinGuo1109202301378CHINAHONGQIAOBuy1056RMB1772095914951508144510500480074807542167160738702135631368213104893510191106171144312310211105155145139KevinGuo3006202301818ZHAOJINMINING-HBuy1505RMB001001230374047405250000004101120142015834402122215491718603361306264658169710224739094KevinGuo2704202302899ZIJINMINING-HBuy1570RMB059507610863105412800200034303880474057615673200422271027745336882698337838524432513601251239254267KevinGuo0709202302099CHINAGOLDINTL-RAccumulate3206USD067405620233066507420250000000000233026026722392263294462548025074550459870012148128132KevinGuo2408202301164CGNMiningBuy136HKD002700760121014401570000004600720086009417851581296610600327049705460603066685187231250248KevinGuo1905202300098XINGFAALUM-RBuy1173RMB2119109321782886363208000900100012001200888458915121315261069311113112751245414141217100195243273KevinGuo31052023Property00832CENTRALCHINANeutral052RMB02121632015602410142000000540084605482846171531631502165718445870099138ChunliZhan0209202203319A-LIVING-HNeutral560RMB16691296127314131556041000000318035303892308184018072006220980898778100501114512348249156135133132ChunliZhan3008202301502FINSTREETPPT-HBuy300RMB036903240384046305660222016302110254031113812114417321130573159338036323943125104118132149ChunliZhan2808202302202CHINAVANKE-HBuy1300RMB1938195117271635174809700680068906520697225242261820091190202033020296208662190122847239429895817375ChunliZhan0109202309979GREENTOWNMGMTBuy960RMB02940384046405810708020003800371046505665657459321168142317381930194421542397176210244284311ChunliZhan0208202309983CCNEWLIFENeutral230RMB04910443-002104050462039303550158020302316205622751859123392320203022772536220191-10188192ChunliZhan2308202306626YUEXIUSERVICES-RBuy420RMB027502730324038004330083009601130133015136041649257865822412117234526122911203135147160166ChunliZhan2408202302602ONEWO-HBuy3240RMB164613961615201925270000024105650707088416681510190323792977976415209150471650018320207115111128145ChunliZhan10102023Telecommunication00285BYDELECTRONICBuy4100RMB102508241553211126990103016503110422054023101858350047566081106641137712765145651684110075129154172GinYu3008202300763ZTE-HBuy2920RMB147017102058239027830300040005140598069668138080974511321131831088212382142281636518853144147155156158GinYu1403202300788CHINATOWER-HBuy120RMB00420050005600640075002600320038004500547329878798571121513186108311071131115711883946505664GinYu0419202300728CHINATELECOM-HBuy515RMB03070327037204140457017001960240027703162595127593313823499938615511751175276543155876664727783GinYu2403202300762CHINAUNICOM-RBuy800RMB05470631072008140274034904340532167451930722025248921122711586119591234150566167GinYu0903202300941CHINAMOBILE-RBuy7800RMB5673587763756881743134243952461851575792116148125459136080146897158637589176077462528642486588399100103109114GinYu2703202300552CHINACOMSERVICE-HAccumulate450RMB045604850528057406230173019402220252028631573358365539724313554558276161651368838485889193GinYu3103202306088FITHONTENGBuy195USD0020002400220026003100000000000000000000138170151182216035503350357038204136072637078GinYu30052023第2页GUOTAIJUNANINTERNATIONALUniverseWeeklyUpdate国泰君安国际研究股票每周更新13October2023Note1HrepresentsH-sharesRrepresentsRedchips2Updatedon13October20233Analystchange4ForthefiscalyearsnotendedonDecember31DISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforGUOTAIJUNANI01788HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKZHONGANSERVICE02271HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKJIAXINGGAS09908HKGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavehadinvestmentbankingrelationshipswithSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKXPENG09868HKCHINASUNTIEN00956HKCHINASTATECONSTRUCTIONDEVELOPMENT00830HKSINOPECKANTONS00934HKCHINANONFERROUSMINING01258HKXINGFAALUMINIUM00098HKNAGACORP03918HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKYEAHKA09923HKCEBBANK06818HKWUXIAPPTEC02359HKSPC00338HK360DIGITECH-S03660HKBOSSZHIPIN02076HKZHIHU-W02390HKIDREAMSKY01119HKCHOVSGOCEANS00081HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKKUAISHOU-WR-HSHARES81024HKXIAOMI-WR-HSHARES81810HKJD-SWR-HSHARES89618HKSINOHYTEC-HSHARES02402HKCHINAOVERSEASLANDINVESTMENT00688HKCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCHINAGAS00384HKCHINASTATECONSTRUCTIONINTERNATIONAL03311HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKSINOPECENGINEERING-HSHARES02386HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKBANKOFCHINA-HSHARES03988HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKJDCOM09618HKCHINALESSO02128HKSMIC00981HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKA-LIVING03319HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKFOSUNINTL00656HKKUAISHOU-W01024HKWEIGAOGROUP01066HKCHENMING01812HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesaremakingorwillmakeamarketinthesecuritiesinrespectofCHINAMERCHANTSBANK-HSHARES03968HKBANKOFCHINA-HSHARES03988HKHSBC00005HKAGRICULTURALBANKOFCHINA-HSHARES01288HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKAACTECHNOLOGIESHOLDINGS02018HKCITICSEC-HSHARES06030HKCHINAOVERSEASLANDINVESTMENT00688HKLENOVO00992HKCHINATELECOM-HSHARES00728HKCHINAUNICOM00762HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKmentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793Websitewwwgtjaicom第3页