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J.P. Morgan: Maintain "Shareholding" rating on FUYAO GLASS (03606) with a Target Price of 52 HKD.
FUYAO GLASS remains the top choice for JPMorgan in the Auto Parts sector in China.
According to JPMorgan, FUYAO GLASS (03606.HK) remains the top choice in China's Auto Parts sector; the recent stock price pullback presents a good opportunity for Shareholding.
JPMorgan released a Research Report stating that year-to-date, the stock price of FUYAO GLASS (03606.HK) has decreased by 7%. In addition to the possibility of profit-taking after a 42% increase last year, the recent rise in Henry Hub Natural Gas prices in the USA and the European Union may also lead to adjustments in its stock price. The firm believes that the rise in USA natural gas prices has very limited impact on the gross margin of FUYAO GLASS, while the increase in energy prices in the European Union actually enhances the competitiveness of the company's export model. Furthermore, natural gas prices in China decreased year-on-year in the fourth quarter of last year and may remain stable this year, which is positive news for FUYAO GLASS as most of its production is located.
China Merchants International recommends the Industry's complete vehicle/parts by first promoting Geely (00175.HK) and FUYAO GLASS (03606.HK), followed by BYD (01211.HK).
China Merchants published a report indicating that domestic Electric Vehicle companies performed strongly in December last year, with high growth expected this year, particularly during the policy vacuum period in January and February, which allows for low absorption of quality stocks. Among them, BYD (01211.HK) delivered 0.509 million Electric Vehicles last month, representing a year-on-year and month-on-month increase of 49.8% and 1.1%, respectively; with a total delivery of 4.25 million vehicles for the year, an annual increase of 41.1%. This year’s sales are estimated to be between 5 million and 5.5 million vehicles, which reflects a 23.5% year-on-year growth based on the median, with a goal to double overseas expansion. This year will focus on the iteration of pure electric platforms, and the second generation of new blade Battery technology will be released to improve charging speed and endurance.
Hong Kong stocks movement | Solar energy stocks warmed up in the morning, with multiple links in the Industry Chain experiencing price increases. Institutions state that the basic situation of the Industry is at an upward turning point at the bottom.
In the morning session, solar stocks are rebounding. As of publication, XINYI SOLAR (00968) is up 3.82%, trading at HKD 3.26; GCL TECH (03800) is up 3.7%, trading at HKD 1.12; FLAT GLASS (06865) is up 3.46%, trading at HKD 11.96; XINYI ENERGY (03868) is up 1.32%, trading at HKD 0.77.
Express News | Soochow: The domestic automotive landscape and valuations are expected to undergo a new round of reshaping.
Sinolink: A turning point in Photovoltaic Glass inventory has emerged, pay attention to the downstream component factory restocking demand after the Spring Festival.
The inventory turning point in the Photovoltaic Glass Industry has been observed, expecting a price turning point, and focusing on the demand for downstream component manufacturers to restock after the Spring Festival.
