China Autos & Auto Parts

秋云飞

June 6, 2017 08:01 PM GMT
Morgan Stanley Research
共计64页

Contents
5 Investment summary
6 Stock preference
7 What's in the Price?
8 China PV sales to rise at 6% CAGR in 2016-20,
with mid-to-high-end SUVs outpacing other
segments
12 Key factors behind the success of domestic
brands in China
14 What are the key factors that go into auto
purchase decisions?
16 Case Study One: Lessons from China's
Smartphone Industry
18 What Have We Learned from China's Smartphone
Market?
20 What's the Read-Across to The Stocks We Cover?
21 Case Study Two: Lessons From the Sportswear
Industry in China
25 Valuation
27 Valuation comparison
28 Financials - Geely
29 Risk-Reward Snapshot: Geely Automotive
(0175.HK, HK$14.18, EW, PT HK$15.00)
30 Geely: Upgrading to Equal-weight on its initiatives
to tap into mid-to-high-end SUV segment
32 Valuation – Geely
34 Financials - GAC
35 Guangzhou Auto H-shares (2238.HK, HK$12.72,
OW, PT HK$17.00)
36 Guangzhou Auto A-shares (601238.SS,
Rmb26.20, UW, PT Rmb17.00)
37 Valuation – GAC H-Shares
38 Financials - Great Wall Motor
39 Great Wall Motor H-Shares (2333.HK, HK$8.55,
EW, PT HK$8.70)
40 Great Wall Motor A-Shares (601633.SS, Rmb12.17,
UW, PT Rmb8.70)
41 Valuation - GWM H Shares
43 Valuation - GWM A Shares
44 Financials- SAIC
45 Risk-Reward Snapshot: SAIC (600104.SS,
Rmb30.29, OW, PT Rmb40)
46 Valuation - SAIC
47 Appendix 1: Local brands' current model line-ups
51 Appendix 2: Local brands now mainly compete in
the <Rmb150k ASP SUV market
55 Appendix 3: Local brand model pipelines enter
the new battlefield of the >Rmb150k ASP market