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1 Equity Research 股票研究 Morning Research Department Table of Contents 目录 19 July 2017 今晨焦点证券研究报告 Equity Research Report Morning Industry and Company Focus 行业和公司焦点 Dongfeng Motor (00489HK): Overall Vehicles Sales Increased 1.4% YoY in June 2017 东风汽车 (00489HK):2017 年 6 月整体汽车销售同比上升 1.4% China Communication Construction Corporation (01800 HK): To Sell 29.99% Equity Interest of Zhenhua Heavy Industries ( CH) to CCCG 中交建 (01800 HK): 向中交集团出售 29.99% 的振华重工 ( CH) 权益 Latest Reports 最新报告摘要 Company Name 公司名称 Environmental Protection Sector 环保行业 Code 代码 Title 标题 Flash Note: PPP Model Will be Implemented in All Sewage and Waste Treatment Fields 快讯 : 污水及垃圾处理领域将全面实施 PPP TP 目标价 Chg 变动 Rating 评级 Chg 变动 EPS Est. Change? 盈利预测是否改变 -- Outperform N -- 跑赢大市否 Appendices:Chinese Version of the Industry and Company Focus, Latest Reports. 后附 : 行业和公司焦点, 最新报告摘要中文版 HSI Performance HSCEI Performance 29,000 16,000 27,000 25,000 23,000 21,000 19,000 17,000 Jul/16 Oct/16 Jan/17 Apr/17 Jul/17 Source: Bloomberg 14,000 12,000 10,000 8,000 6,000 Jul/16 Oct/16 Jan/17 Apr/17 Jul/17 Source: Bloomberg See the last page for disclaimer Page 1 of 6

2 Morning Industry and Company Focus Dongfeng Motor (00489HK): Overall Vehicles Sales Increased 1.4% YoY in June 2017 Analyst: Toliver Ma What happened: Dongfeng Motor ( DFM ) announced its June 2017 sales data. Overall vehicle sales recorded a yoy increase of 1.4%. PV sales was 210,213 units, a yoy decrease of 3.6%, whereas CV sales was 41,837 units, a yoy increase of 37.6%. In 1H17, overall sales reached 1,471,291 units, a yoy increase of 3.5%. Comments and Views: DFM PV segment has underperformed in 1H17, mainly due to a number of underperforming brands, including Dongfeng PSA and self own units (Fengshen and Liuqi). PV sales continue to decline in Jun for Dongfeng PSA / DF PV / DF Liqui, which down 49.5% / 21.6% / 13.3% yoy respectively. On the positive note, Japanese brand has been thriving due to a strong product upgrades and capturing shares from Korean brands due to a Sino-Korean tension, in our view. DF Nissan and DF Honda increased 11.5% and 34.9% yoy in 1H17. In particular, DF Honda has also increase their sales target for the year to 680,000 units (previously 650,000). We expect this will be achievable as it has already completed 49.2% of the revised target and its best selling SUV, CR-V, will launch a new generation in 2H17 which should boost further sales. We expect Japanese brands will be able to maintain strong growth in this year. In CV segment, growth continued to outpace PV sales growth, mainly driven by the strong demand from HDT, which recorded yoy increase of 70.2% yoy in 1H17. Investment suggestion: Overall PV growth is below average and the sales performance provides a mixed picture of the company. We do not foresee and change of the current situation in this year. Our investment rating is Neutral, with TP of HK$ 9.94, representing 5.6x 2017 PER, 5.0x 2018 PER, 0.63x 2017 PBR and 0.57x 2018 PBR. China Communication Construction Corporation (01800 HK): To Sell 29.99% Equity Interest of Zhenhua Heavy Industries ( CH) to CCCG Analyst: Gary Wong What happened: China Communication Construction Corporation (01800 HK) announced that it is to sell 29.99% of Zhenhua Heavy Industries ( CH, ZHHI ) to CCCG (holding CCCC 63.84%), at a total consideration of RMB5,716 million. After the sales, the Company still holds 16.24% of ZHHI, and ZHHI s results will no longer be consolidated in the Company s financial reports as a subsidiary. The Company estimated that the gain of disposal will be approximately RMB2,428 million. Comments and Views: The Company s share of profit from ZHHI in 2015 and 2016 were less than 1% of its total profit, the disposal will not post material effect on its results. In addition, the disposal can improve the Company s balance sheets, and is positive to the Company s increase in infrastructure investment. Overall we think the disposal is slightly positive to the Company. Investment suggestion: We think the disposal of the non-strategic manufacturing business can enable the Company to focus in its infrastructure investment business. Current valuation is attractive. Maintain Accumulate with a TP of HKD See the last page for disclaimer Page 2 of 6

3 Morning Latest Reports Environmental Protection Sector:PPP Model Will be Implemented in All Sewage and Waste Treatment Fields Rating: Outperform 6-18m TP: n.a. Analyst: Gary Wong Report Date: Summary The Ministry of Finance, the Ministry of Housing, the Ministry of Agriculture and the Ministry of Environmental Protection issued the Notice on the Full Implementation of the PPP Model on the Government's Participation in Wastewater and Waste Disposal Project (the Notice ). They also put forward the full implementation of the PPP model for new sewage and garbage disposal projects involving the government and orderly transformed existing projects to the PPP model. In addition, they requested to form a social capital-based, unified, standardized and efficient PPP market as soon as possible. The Notice also stressed that if the PPP model policy is not effectively and fully implemented, in principle, relevant budget expenditure should not be arranged. Local governments at all levels should actively promote the transformation of financial funds in the field of sewage and garbage disposal, and use subsidies as the main way of investing in financial capital. They can also arrange pre-payment of funds from financial funds as support and gradually reduce capital investment and investment subsidy. We think that the Notice is one of the most important documents ever issued regarding the application of a PPP model to the sewage and waste treatment industry. Not only are local governments explicitly obliged to fully implement the PPP model for newly constructed projects, government support is regulated to only support PPP projects with financial funds. We expect that the Notice will accelerate private capital entering the environmental protection industry and promote industry consolidation. We think that large-scale project operators with a SOE and private capital background such as BEWG (00371 HK) and China Everbright International (00257 HK) are the main beneficiaries of the Notice as they have more experience in practice of PPP models and their dominant edge in capital and industry status outweighs other average private companies; local governments are much more willing to support them to win projects. Reiterate Outperform rating for the sector. Maintain Buy ratings for BEWG (00371 HK) and China Everbright International (00257 HK), with TP of HKD7.33 and HKD12.48, respectively, and Accumulate rating for Dongjiang Environmental Protection (00895 HK) with a TP of HKD Chinese Translation 中文翻译行业和公司焦点东风汽车 (00489HK):2017 年 6 月整体汽车销售同比上升 1.4% 分析员 : 马守彰事件描述 : 东风汽车公布其 2017 年 6 月的销售数据, 整体汽车销售同比上升 1.4% 乘用车销量为 210,213 辆, 同比下跌 3.6%; 商用车销量为 41,837 辆, 同比上升 37.6% 2017 上半年月度累计整体销量为 1,471,291 台, 同比增长 3.5% 观点评论 : 东风汽车乘用车板块于 2017 上半年表现不佳, 主要是由于东风神龙和自主品牌 ( 风神柳汽乘用车 ) 等多个品牌表现下滑东风神龙 / 东风乘用车 / 东风柳汽的乘用车销量在 2017 年 6 月份继续 See the last page for disclaimer Page 3 of 6

4 Morning 下滑, 分别同比下降 49.5%/ 21.6%/ 13.3% 从正面看, 日本品牌发展良好我们认为是得益于强劲产品升级和中韩紧张局势而抢下韩系的市场份额日产和本田于 2017 年上半年分别同比增长 11.5% 和 34.9% 本田也将本年的销售目标提高至 68 万台 ( 年初目标为 65 万台 ) 我们预计这是可以实现的, 因为现在本田已经完成新修订目标的 49.2%, 及畅销 SUV (CR-V) 将在下半年推出新一代, 这将进一步推动销售在商用车分部, 增长继续超过乘用车, 主要受重卡强劲需求的推动, 上半年同比增长 70.1% 投资建议 : 整体乘用车增长低于行业平均水平, 销售数据呈现出好坏参差的格局我们认为此状态今年也不会改变目前公司的的投资评级为中性及 9.94 港元的目标价, 相当于 5.6 倍 2017 年市盈率和 5.0 倍 2018 年市盈率, 0.63 倍 2017 年市净率和 0.57 倍 2018 年市净率中交建 (01800 HK): 向中交集团出售 29.99% 的振华重工 ( CH) 权益分析员 : 黄家玮事件描述 : 中交建 (00390 HK) 公布向持有其 63.84% 权益的中交集团出售 29.99% 的振华重工 ( CH) 权益, 作价共亿元 ( 人民币, 下同 ) 出售后公司将仍持有 16.24% 的振华重工权益, 其将不再为公司的附属公司, 财务业绩将不会并入公司财报公司预计出售总收益约为亿元观点评论 : 公司于 2015 及 2016 年分占振华重工纯利占其总纯利低于 1%, 出售振华重工股份不会对其业绩造成影响另外, 出售振华重工股份将改善公司的资产负债情况, 有利公司加大对基建业务的投资我们认为对公司轻微利好投资建议 : 我们认为出售非战略性的制造业务将使公司有更多资源专注于基建投资现估值吸引维持收集评级及港元的目标价最新报告快讯 : 环保行业 : 污水及垃圾处理领域将全面实施 PPP 评级 : 跑赢大市 6-18m 目标价 : n.a. 分析员 : 黄家玮报告日期 : 报告摘要财政部住建部农业部环保部印发关于政府参与的污水垃圾处理项目全面实施 PPP 模式的通知 (< 通知 >), 提出政府参与的新建污水垃圾处理项目全面实施 PPP 模式, 并有序推进存量项目转型为 PPP 模式另外, 要尽快在该领域内形成以社会资本为主, 统一规范高效的 PPP 市场 < 通知 > 还强调, 未有效落实全面实施 PPP 模式政策的项目, 原则上不予安排相关预算支出各级地方财政要积极推进污水垃圾处理领域财政资金转型, 以运营补贴作为财政资金投入的主要方式, 也可从财政资金中安排前期费用奖励予以支持, 逐步减少资本金投入和投资补助我们认为 < 通知 > 是历来对 PPP 模式应用于污水及垃圾处理行业最重要的文件之一, 不但明确强制地方政府对新建项目必需全面实施 PPP 模式, 亦规范了政府的财政支持必需只对 PPP 项目提供预计 < 通知 > 将加速民营资本进入环保行业, 以及推动行业整合我们认为 < 通知 > 对北控水务 (00371 HK) 中国光大国际(00257 HK) 等兼具国资及民资背景的大型项目运营企业将最为有利, 因其对 PPP 模式有更丰富的实践经验, 而其行业地位及资金优势非一般普通民营企业可以比拟, 地方政府将更乐意让其赢取项目重申行业跑赢大市评级维持北控水务 (00371 HK) 及中国光大国际 (00257 HK) 的买入评级, 目标价分别为 7.33 港元及港元, 以及东江环保 (00895 HK) 的收集评级, 目标价为港元 See the last page for disclaimer Page 4 of 6

5 Morning Research Department 研究部 Grace Liu 刘谷 Head of Research, Market Strategy, Petrochemicals 主管, 市场策略石化 (852) Noah Hudson Noah Hudson Consumer (Hotels), Gaming 消费 ( 酒店 ) 博彩 [email protected] (86755) Gary Wong 黄家玮 Environmental Protection, Infrastructure 环保基建 [email protected] (852) Ray Zhao 赵睿 Conglomerate, E-commerce 综合电子商务 [email protected] (86755) Square Chui 徐惠芳 Futures 期货 [email protected] (852) Kevin Guo 郭勇 Raw Materials, Gas 原材料燃气 [email protected] (86755) Ricky Lai 黎柏坚 Telecommunications, Internet 电信互联网 [email protected] (852) Richard Cao 曹柱 Banking 银行 [email protected] (86755) Jun Zhu 朱俊杰 Solar, Electric Equipment 太阳能电力设备 [email protected] (852) Andrew Song 宋涛 Consumer (Retailing), Home Appliances 消费 ( 零售 ) 家电 [email protected] (852) Van Liu 刘斐凡 Property 房地产 [email protected] (86755) Sean Xiang 向宇豪 Machinery, Construction Materials 机械建材 [email protected] (86755) Terry Hong 洪学宇 Consumer (Apparel) 消费 ( 服装 ) [email protected] (86755) Johnny Wong 王俊浩 Macroeconomics, Property 宏观房地产 [email protected] (852) Toliver Ma 马守彰 Aviation, Automobiles & Components 航空汽车 [email protected] (852) Spencer Fan 范明 Shipping & Logistics, Ports, 航运物流港口 [email protected] (86755) Barney Wu 吴宇扬 Consumer (Food & Beverage, Household Products) 消费 ( 食品饮料日用品 )[email protected] (86755) Gary Ching 程嘉伟 Market Strategy 市场策略 [email protected] (852) Jake Wang 汪昌江 Wind & others, Market Strategy 风电及其他市场策略 [email protected] (86755) Wiley Huang 黄重钧 Insurance, Fixed-income 保险债券 [email protected] (852) David Liu 刘静骁 Petrochemicals 石化 [email protected] (852) Kay Mai 麦梓琪 Health care 医药 [email protected] (86755) Danny Law 罗沛达 Research Assistant 研究助理 [email protected] (852) Gary Yang 杨光 Research Assistant 研究助理 [email protected] (852) Danny Deng 邓协 Research Assistant 研究助理 [email protected] (852) Esabella Zhao 赵舒蔓 Research Assistant, Translator 研究助理翻译员 [email protected] (86755) Penny Pan 潘凌蕾 Secretary, Translator 秘书翻译员 [email protected] (852) See the last page for disclaimer Page 5 of 6

6 Morning Company Rating Definition The Benchmark: Hong Kong Hang Seng Index / NASDAQ Composite Index Time Horizon: 6 to 18 months Rating Definition Buy Relative Performance >15%; or the fundamental outlook of the company or sector is favorable. Accumulate Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. Reduce Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Sell Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable. Sector Rating Definition The Benchmark: Hong Kong Hang Seng Index / NASDAQ Composite Index Time Horizon: 6 to 18 months Rating Definition Outperform Relative Performance >5%; or the fundamental outlook of the sector is favorable. Neutral Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Underperform Relative Performance <-5%; or the fundamental outlook of the sector is unfavorable. DISCLOSURE OF INTERESTS (1) Except for Shenzhen International Holdings Limited (00152 HK), the Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Except for SMI Holdings Group (00198 HK), Guotai Junan International Holdings Limited (01788 HK), Binhai Investment Company Limited (02886 HK), Link Holdings Limited (08237 HK), GFI MSCI A I-R (CNY) (83156 HK), GFI MSCI A I (03156 HK) and CAM SCSMALLCAP (03157 HK), Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have had investment banking relationships with Powerlong Real Estate (01238 HK) / Modern Land (01107 HK) / China Aoyuan Property (03883 HK) / SMI Holdings Group (00198 HK) / Evergrande Real Estate (03333 HK) / GOME Electrical Appliances (00493 HK) / Dongjiang Environmental- H shares (00895 HK) / Xiao Nan Guo Restaurants (03666 HK) / Sundart Holdings Ltd. (01568 HK) / China Singyes Solar Technologies (00750 HK) / China Wood Optimization (01885 HK) / Anhui Conch Cement- H shares (00914 HK) / 361 Degrees (01361 HK) / Huaneng Renewables- H shares (00958 HK) / Huaneng Power- H shares (00902 HK) / Tianyun International (06836 HK) / Huishang Bank- H shares (03698 HK) mentioned in this Research Report within the preceding 12 months. (5) Guotai Junan and its group companies are not making a market in the securities mentioned in this Research Report. (6) Guotai Junan and its group companies have not employed an individual serving as an officer of any issuers mentioned in this Research Report. There is no officer of any issuers mentioned in this Research Report associated with Guotai Junan and its group companies. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Guotai Junan Securities (Hong Kong) Limited ("Guotai Junan"). Guotai Junan and its group companies may do business that relates to companies covered in research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor, underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by sales persons, dealers and other professional executives of Guotai Junan group of companies. Any opinions expressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment banking groups of Guotai Junan. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report, Guotai Junan does not guarantee the accuracy and completeness of the information and data herein. This Research Report may contain some forward-looking estimates and forecasts derived from the assumptions of the future political and economic conditions with inherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guotai Junan and its group companies to any registration or licensing requirement within such jurisdiction Guotai Junan Securities (Hong Kong) Limited. All Rights Reserved. 27/F., Low Block, Grand Millennium Plaza, 181 Queen s Road Central, Hong Kong. Tel.: (852) Fax: (852) Website: See the last page for disclaimer Page 6 of 6

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Equity Research 股票研究 Morning Research Department Table of Contents 目录 13 June 2017 今晨焦点证券研究报告 Equity Research Report Morning Industry and Company Focus 行业和公司焦点 Latest Reports 最新报告摘要 Company Name 公司名称 PICC