公司 / 行业动态 2016 年 12 月 13 日 行业更新 期待已久的新能源汽车补贴政策即将发布分析员 : 布家杰, CFA (markpo@chinastock.com.hk; 电话 : (852) 3698 6318) 预计新的补贴政策将在短期内发布 根据来自电动汽车网的消息,2017 年新能源车补贴政策已由工信部 发改委等四部委会签定完毕, 预计在短期内会正式公布 乘用车电动汽车补贴政策的修改可能不大, 但电动商用车补贴政策的草案将大幅修改 随着新的补贴政策出台, 多家电动商用车龙头的经营业绩或明显受到影响 在过去几年, 政府补贴 ( 中央政府和地方政府 ) 是新能源汽车需求的主要驱动力 预计新政策将 ( 一 ) 提高取得补贴的门坎 ;( 二 ) 使电动商用车销售受较大的影响 ( 相对电动乘用车销售 );( 三 ) 触发行业整合 有关乘用车的新政策包括 : 纯电动乘用车的调整 : 平均而言,2017 年补贴将较 2016 年下降 20% 新政策对电池能量密度有额外要求, 并不能低于 90wh/kh 中国政府可能会就每 100 公里最低电池功耗提出新的要求 根据新政策, 高密度锂电池 ( 超过 120wh/ 公斤 ) 的电动汽车车型可获得更高的补贴 :48,400 元人民币, 对比密度为 90-120wh/ 公斤的电动汽车的补贴为 44,000 元人民币 电动商用车的调整 : 与客运车辆的情况相似, 预期经修订的商用车 2017 年补贴政策也会提升门坎, 并引入四个附加标准 : ( 一 ) 非快速充电电动商用车所需的最低电池能量密度为 85wh/ 公斥 ; ( 二 ) 电池占电动车的重量占比最高为 20%; ( 三 ) 仅依靠电池电量的最小行驶距离为 200 公里 ; ( 四 ) 最大 Ekg(wh/ 公斤 公里, 锂电池效率的指标 ) 为 0.25 商业车辆补贴计划的变化有点复杂 ; 我们用以下条件的电动商用车说明补贴下调的幅度 : 长度为 10<L 12,Ekg 为 0.25wh/ 公里. 公斤和行驶里程超过 250 公里 在削减补贴前, 补贴金额为每台 40 万元人民币 然而, 削减补贴后, 合资格车辆的补贴将最高为每台 23 万元人民币, 降幅为 42.5% 据业内人士透露, 中国政府可能再次推动 NMC 的发展, 因为新的补贴计划较注重电池的能量密度 预计 NMC 电池的渗透率将显着提高, 这或为没有 NMC 电池专业技术的电池生产商带来压力 我们认为, 新补贴政策的发布将减低新能源汽车行业的不明朗因素 除了补贴会在 2017 年开始下调外, 汽车车型亦将在新系统下重新进行评估 我们认为, 新能源汽车销售将在 2017 年上半年受影响 我们还认为, 领先的新能源汽车生产商和零部件供应商将长远受益 新政策正在鼓励新能源汽车生产商安装更高能量密度和更高质量的锂电池, 这将是取得补贴的关键 然而, 随着补贴在 2017 年下降, 这将使电池和组件生产商之间的竞争加剧 在短期内, 新能源汽车供应链的利润率似乎难免会下降 我们认为, 除了补贴削减外, 中国政府延迟发放补贴亦将对新能源汽车产业链公司的流动资金产生压力 我们预计, 当新能源汽车相关公司在 2017 年 3 月公布 2016 年业绩时, 应收账款将会大增 除非中国政府释除所有忧虑及处理未解决的问题, 否则新能源汽车供应链的短期前景仍将受到政府政策的不确定性所影响 尽管近期股价出现调整, 但是我们认为, 由于政府政策存在不确定性, 新能源汽车相关公司包括比亚迪 (1211.HK) 五龙电动车[0729.HK] 和宇通客车等汽车生产商, 以及光宇国际 [1043.HK] 天能电力[0819.HK] 和正道集团 [1188.HK] 的股价仍会受压 我们仍然认为投资者应该审慎, 如果市场忧虑增长前景, 或引发该板块大幅度调整 1
COMPANY / INDUSTRY NEWS INDUSTRY UPDATE Long-waited NEV subsidy policy expected to be released soon. Analyst: Mark Po, CFA (markpo@chinastock.com.hk; Tel: (852) 3698 6318) December 13, 2016 The new subsidy program is expected to be released soon. Based on news from EVLOOK, the 2017 new energy vehicle (NEV) subsidy policy has been signed by four ministries, including the Ministry of Industry, Information and Technology (MIIT) and the National Reform and Development Committee (NDRC). It is expected that an official announcement will be made in the near future. The electric passenger vehicle subsidy policy may be slightly revised, but the draft subsidy policy for electric commercial vehicles will be significantly revised. The operating performance of leading players in the electric commercial vehicle segment maybe affected substantially by the proposed subsidy policy. Government subsidies (from both the Central government and local governments) have been the major driver of NEV demand in the past several years. The new policy is expected to (a) raise the entry barriers for getting subsidies; (b) impact electric commercial vehicle sales more than the electric passenger vehicles sales; and (c) trigger industry consolidation. The new policies on passenger vehicles include: Adjustments for pure electric passenger vehicles: The subsidy, on average, will be cut by a maximum of 20% in 2017 vs. 2016. The new policy has an additional requirement for battery energy density, which cannot be lower than 90wh/kh. The Chinese government is likely to introduce a new requirement regarding the minimum required battery power consumption per 100km. Based on the new policy, electric vehicle (EV) models with higher density lithium batteries (over 120wh/kg) can receive higher subsidies: RMB48,400 vs. RMB44,000 for those with a density of 90-120 wh/kg. Adjustments for electric commercial vehicles: In line with passenger vehicles, the revised potential commercial vehicle subsidy policy for 2017 also raises entry barriers by introducing four additional standards: (a) minimum required battery energy density of 85wh/kg for non-fast-charging electric commercial vehicles; (b) maximum required weight of battery as a percent of total EV weight at 20%; (c) minimum required driving distance relying only on battery power at 200km; and (d) maximum Ekg (wh/kg km, the indicator of lithium battery efficiency) of 0.25. The change in the commercial vehicle subsidy program is somewhat complicated; we applied electric commercial vehicles with a length 10<L 12, Ekg, 0.25wh/km.kg and driving range of over 250km to illustrate the magnitude of the subsidy cut. Before the cut, the subsidy amount was RMB400,000 per unit. However, after the cut, the subsidy for qualified vehicles will be RMB230,000 per unit at best, which implies a 42.5% decline. According to industry sources, the Chinese government is likely to promote the development NMC again, as the new subsidy program has more emphasis on the energy density of batteries. The penetration rate of NMC batteries is expected to climb significantly faster, which may put pressure on battery makers without expertise in NMC batteries. We share the view that the release of the new subsidy policy will provide clarity to the NEV industry. Apart from subsidy cuts starting in 2017, the car models will be re-evaluated under the new system. We maintain the view that NEV sales will be distorted in 1H 2017. We also believe that the leading NEV makers and component suppliers should benefit in the long term. The new policy is encouraging NEV makers to install better quality lithium batteries with higher energy density, which is becoming the key to receiving subsidies. However, the subsidy cut in 2017 should trigger more intense competition among battery and component makers. Margin deterioration seems to be inevitable for the NEV supply chain in the near term. Apart from subsidy cuts, we also highlight that the delay in releasing subsidies by the Chinese government has put pressure on the working capital of companies in the value chain of the NEV sector. We are expecting NEV-related names to report a substantial increase in accounts receivable (AR) when they announce their 2016 results in Mar 2017. Unless the Chinese government clears up all concerns and outstanding issues, the near-term outlook for the NEV supply chain will be shadowed by uncertainty because of government policy. Despite recent corrections, the shares of companies in the NEV-related sector, including auto-makers, such as BYD [1211.HK], FDG [0729.HK] and Yutong Bus, and component suppliers, such as Coslight [1043.HK], Tianeng Power [0819.HK] and Hybrid Kinetic [1188.HK], are under pressure, in our view, because of uncertainty about government policy. We still maintain the view that investors should be prudent; the sector may see a major correction triggered by concerns about the growth outlook. 2
Subsidy amount (RMB) Subsidy amount (RMB) COMPANY / INDUSTRY NEWS December 13, 2016 Figure 1: Potential revised passenger EV subsidy policy Energy density Driving range requirement (wh/kg) Car Type R 50 100 R < 150 150 R < 250 250 R < 350 2013 / Pure EV Passenger vehicle / 35,000 50,000 60,000 2014 / Pure EV Passenger vehicle / 33,250 47,500 57,000 2015 / Pure EV Passenger vehicle / 31,500 45,000 54,000 2016 / Pure EV Passenger vehicle / 25,000 45,000 55,000 2017* 90-120 Pure EV Passenger vehicle / 20,000 36,000 44,000 > 120 Pure EV Passenger vehicle / 22,000 39,600 48,400 2018^ Pure EV Passenger vehicle / 20,000 36,000 44,000 2019^ Pure EV Passenger vehicle / 15,000 27,000 33,000 2020^ Pure EV Passenger vehicle / 15,000 27,000 33,000 Sources: MIIT, NDRC, Internet, CGIS Research. *: proposed change in subsidy policy; ^: subject to change Figure 2: Potential revised commercial EV subsidy policy Old scheme New scheme Energy density / 85-95 wh/kg 95-115 wh/kg > 115 wh/kg Coefficient / 0.8 1.0 1.2 RMB k/kwh 1.4 1.8 2.6 Sources: MIIT, Internet, CGIS Research 2013 500,000 2014 500,000 2015 500,000 2016 500,000 2017* 400,000 Celling at 230,000 Celling at 230,000 Celling at 230,000 2018^ 400,000 2019^ 300,000 2020^ 300,000 3
COMPANY / INDUSTRY NEWS September 29, 2016 Figure 3: Peer comparison Sector Ticker Company PE EV/EBITDA P/B ROE ROA Div yield Share Price Performance 2015 2016F 3M 6M Price Market Cap 2016F 2017F 2018F 2016F 2017F 2018F 2015 2016F 2015 2016F 2015 2016F 1M 12M Lcy US$m x x x x x x x x % % % % % % % % % % Automaker 41.90 18,007 20.0 17.1 14.4 12.5 11.0 9.5 2.2 2.0 10.4 11.6 3.8 4.0 n.a. 1.4-11.0-21.7-8.8 5.1 PV 1211 HK Byd Co Ltd-H 175 HK Geely Automobile Holdings Lt 7.80 8,927 14.6 10.4 8.4 8.6 6.2 5.2 2.9 2.6 12.3 19.0 6.5 8.3 0.5 0.9 1.2 17.3 87.5 84.4 2238 HK Guangzhou Automobile Group-H 9.61 17,193 7.7 6.9 6.4 29.1 25.6 22.8 1.3 1.2 11.4 17.1 10.9 9.0 n.a. 3.7 2.6-13.7 4.8 34.2 2333 HK Great Wall Motor Company-H 7.46 12,623 6.6 6.4 6.5 6.8 6.5 6.5 1.4 1.4 22.5 22.0 12.8 11.4 n.a. 4.7 3.8-4.8 16.6-21.4 1958 HK Baic Motor Corp Ltd-H 7.08 6,931 8.9 7.1 6.6 5.6 4.3 3.9 1.3 1.2 9.7 14.0 2.8 3.9 2.4 3.9-1.7-6.5 34.9-2.9 Bus 600104 CH Saic Motor Corp Ltd-A 24.34 38,815 8.5 7.7 7.3 10.0 8.5 7.1 1.5 1.4 17.9 17.1 6.3 5.1 n.a. 5.9 1.5 12.8 19.8 19.3 600066 CH Zhengzhou Yutong Bus Co -A 20.41 6,536 11.3 10.6 9.6 8.9 8.4 7.6 3.8 3.2 29.9 29.3 14.8 14.1 n.a. 6.1 1.2-7.5 3.1-1.0 000957 CH Zhongtong Bus & Holding Co-A 17.07 1,464 11.0 9.2 8.0 n.a. n.a. n.a. 4.1 n.a. 25.0 24.3 7.3 8.6 n.a. 0.6-3.1-11.7 5.0 42.8 000868 CH Anhui Ankai Automobile-A 6.62 666 n.a. n.a. n.a. n.a. n.a. n.a. 3.6 n.a. 3.2 n.a. 0.5 n.a. n.a. n.a. -7.5-4.1-1.3-27.6 600166 CH Beiqi Foton Motor Co Ltd-A 3.15 3,039 35.8 21.0 15.5 15.2 10.1 20.3 1.1 1.1 2.4 2.2 1.0 5.0 n.a. 0.5 10.5 16.2 15.0 4.1 476 HK China Dynamics Holdings Ltd 0.29 136 n.a. n.a. n.a. n.a. n.a. n.a. 0.3 n.a. -1.5 n.a. -2.9 n.a. 0.0 n.a. -3.4-3.4 0.0-38.0 729 HK Fdg Electric Vehicles Ltd 0.37 1,053 n.a. n.a. 12.2 n.a. n.a. n.a. 2.5 n.a. -21.5-39.7-8.5-12.8 0.0 n.a. 1.4-23.2-19.8-21.5 Average 13.8 10.7 9.5 12.1 10.1 10.4 2.2 1.8 10.1 11.7 4.6 5.7 0.7 3.1-0.4-4.2 13.1 6.5 300073 CH Beijing Easpring Material-A 42.81 1,133 66.8 47.2 34.9 58.8 37.1 26.8 6.0 5.9 1.3 7.7 4.0 5.4 n.a. n.a. -17.4-21.6-33.6 16.4 Cathode materials 000839 CH Citic Guoan Information-A 9.87 5,596 n.a. n.a. n.a. n.a. n.a. n.a. 5.9 n.a. 5.4 n.a. 2.7 n.a. n.a. n.a. -7.4-16.3 31.1 4.7 000009 CH China Baoan Group-A 10.07 3,131 n.a. n.a. n.a. n.a. n.a. n.a. 4.8 n.a. 20.4 n.a. 1.8 n.a. n.a. n.a. -3.7-4.9 0.1-19.6 600390 CH Kingray New Materials Sci -A 14.85 969 39.1 35.4 32.3 n.a. n.a. n.a. 5.3 2.0-35.9 3.1-7.7 2.2 0.0 n.a. -0.7 6.3 10.3-2.7 002056 CH Hengdian Group Dmegc -A 13.09 1,556 n.a. n.a. n.a. n.a. n.a. n.a. 2.8 n.a. 9.5 n.a. 6.9 n.a. n.a. n.a. -12.1-10.3-13.2 4.0 002176 CH Jiangxi Special Electric -A 12.14 2,580 45.8 26.1 18.1 44.6 25.8 n.a. 3.8 4.8 1.8 10.5 2.7 3.0 n.a. 0.4-1.9-6.1-18.9-21.5 Anode material 002091 CH Jiangsu Guotai Int Group -A 13.00 1,027 23.4 19.8 16.5 8.8 7.6 4.6 3.9 2.2 14.7 12.5 7.9 7.0 n.a. 1.3-7.5-6.3-20.8-25.6 000009 CH China Baoan Group-A 10.07 3,131 n.a. n.a. n.a. n.a. n.a. n.a. 4.8 n.a. 20.4 n.a. 1.8 n.a. n.a. n.a. -3.7-4.9 0.1-19.6 Li-ion battery separator 000973 CH Fspg Hi-Tech Co Ltd -A 7.62 1,066 n.a. n.a. n.a. n.a. n.a. n.a. 3.6 n.a. 4.1 n.a. 1.9 n.a. n.a. n.a. -11.2-13.3-24.6-35.6 002389 CH Zhejiang Nanyang Technolog-A 26.23 2,689 134.5 122.0 104.9 n.a. n.a. n.a. 5.4 5.4 3.7 4.0 3.4 3.7 n.a. 0.1 102.2 102.2 102.2 42.7 002168 CH Shenzhen Hifuture Electric-A 14.49 1,729 n.a. n.a. n.a. n.a. n.a. n.a. 9.1 n.a. 11.6 n.a. 1.4 n.a. n.a. n.a. -0.8 3.5 3.2 30.8 002108 CH Cangzhou Mingzhu Plastic -A 21.43 1,989 27.1 23.4 19.8 19.7 15.9 14.0 6.4 6.0 12.7 23.5 15.1 18.9 n.a. 1.1-3.5-10.9-19.2 27.5 002091 CH Jiangsu Guotai Int Group -A 13.00 1,027 23.4 19.8 16.5 8.8 7.6 4.6 3.9 2.2 14.7 12.5 7.9 7.0 n.a. 1.3-7.5-6.3-20.8-25.6 Electrolytic solution 300037 CH Shenzhen Capchem Technolog-A 51.98 1,384 37.2 31.1 22.3 24.4 20.3 n.a. 4.5 4.3 7.7 12.2 9.7 9.6 n.a. 0.8-14.6 1.0-16.8 15.0 002407 CH Do-Fluoride Chemicals Co-A 27.91 2,536 30.5 23.5 23.1 20.4 15.9 14.9 7.0 5.9 2.2 20.2 9.5 13.2 n.a. 1.3-14.8-20.3-34.2 3.8 002411 CH Jiangsu Bicon Pharmaceutic-A 24.94 5,527 37.2 18.9 16.9 n.a. n.a. n.a. 5.5 6.3 17.4 16.9 13.7 11.1 n.a. 0.4-4.9 13.0 33.4 34.8 Power core 002190 CH Sichuan Chengfei Integrat -A 35.50 1,772 78.9 37.8 21.6 41.0 21.0 12.1 7.0 6.7 5.3 8.6 2.4 n.a. n.a. n.a. 0.0-1.4-0.1-8.3 300068 CH Zhejiang Narada Power Sour-A 19.15 2,172 38.4 27.4 21.6 22.3 17.7 15.9 2.6 2.9 7.0 7.4 4.0 4.6 n.a. 0.3-7.5-9.6-15.6 8.3 000049 CH Shenzhen Desay Battery Tec-A 39.67 1,178 36.2 28.5 29.2 22.7 18.7 16.9 7.9 7.2 27.5 21.7 4.6 6.7 n.a. 0.4-11.8 3.7-4.5-35.3 BMS 300207 CH Sunwoda Electronic Co Ltd-A 12.84 2,401 34.1 21.7 14.8 23.4 16.2 12.5 7.9 6.1 20.0 20.8 6.5 8.1 n.a. 0.5-10.8-5.9 2.3-4.6 002139 CH Shenzhen Topband Co Ltd -A 13.23 865 n.a. n.a. n.a. n.a. n.a. n.a. 3.6 n.a. 10.6 n.a. 6.0 n.a. n.a. n.a. -7.7-3.3-9.3-15.7 600699 CH Ningbo Joyson Electronic -A 33.73 3,363 39.4 24.5 20.4 19.5 13.7 11.5 5.6 3.3 12.9 11.5 2.9 4.7 n.a. 0.2 0.8 3.0-9.7 7.9 Lithium materials 002460 CH Jiangxi Ganfeng Lithium Co-A 29.26 3,185 40.0 29.6 20.2 26.9 17.8 14.7 9.7 7.1 7.7 27.3 17.4 23.2 n.a. 0.8-5.5-3.9-16.5-2.3 000762 CH Tibet Mineral Development-A 16.98 1,279 188.7 125.8 102.9 58.9 26.4 20.8 4.2 4.1 1.9 2.1 1.0 n.a. n.a. n.a. -20.6-10.3-37.7-37.9 000792 CH Qinghai Salt Lake Industry-A 19.28 5,180 68.9 43.6 28.4 22.5 18.7 16.2 1.6 1.5 2.8 2.6 0.4 0.5 n.a. 0.2-5.4 1.0 0.7-16.2 Battery 002466 CH Tianqi Lithium Industr Ind-A 36.00 5,178 21.0 19.5 18.7 14.4 12.8 11.8 8.3 5.4 8.2 35.9 16.9 24.2 n.a. 1.2-7.0-5.0-22.9-12.6 1043 HK Coslight Technology Intl Gp 4.54 234 7.0 5.1 3.7 5.4 4.4 3.6 0.8 0.7 0.3 n.a. 1.4 n.a. 0.0 n.a. -21.0-27.9 44.1 38.4 002074 CH Guoxuan High-Tech Co Ltd 30.91 3,918 23.0 17.3 14.6 17.7 13.4 11.2 7.3 6.3 28.4 28.8 13.6 13.3 n.a. 0.9-12.1-13.5-19.2-12.2 819 HK Tianneng Power Intl Ltd 7.29 1,060 8.6 6.9 5.6 5.6 4.7 3.9 2.1 1.8 20.2 22.3 7.0 8.0 4.1 3.5 8.2 11.1 38.9 9.5 951 HK Chaowei Power Holdings Ltd 6.94 991 10.1 8.2 7.1 7.8 6.6 5.9 2.3 1.9 13.8 20.6 4.8 6.7 1.6 3.0-5.2 10.2 36.1 35.8 378 HK Fdg Kinetic Ltd 1.34 887 n.a. n.a. n.a. n.a. n.a. n.a. 4.2 n.a. -120.7 n.a. -88.2 n.a. 0.0 n.a. 2.3 3.1 1.5 97.1 1188 HK Hybrid Kinetic Group Ltd 0.22 587 n.a. n.a. n.a. n.a. n.a. n.a. 2.2 n.a. -24.9 n.a. -17.6 n.a. 0.0 n.a. 16.7-5.1-8.2-37.8 Super Capacitor 894 HK Man Yue Technology Holdings 0.77 47 n.a. n.a. n.a. n.a. n.a. n.a. 0.3 n.a. -3.1 n.a. -1.0 n.a. 0.0 n.a. -4.9 1.3-4.9 10.0 002484 CH Nantong Jianghai Capacitor-A 14.01 1,271 20.9 14.7 n.a. n.a. n.a. n.a. 3.0 n.a. 7.9 n.a. 4.9 n.a. n.a. n.a. -5.3-0.8 2.2-0.9 Average 43.1 31.2 25.8 23.0 16.0 12.5 4.6 4.1 4.9 14.3 2.1 8.6 0.8 0.9-3.3-1.9-2.6 0.3 Permanent magnetic material 000970 CH Beijing Zhongke Sanhuan Hi-A 13.88 2,138 44.9 33.2 22.4 23.1 17.8 12.4 3.7 3.5 7.2 7.9 6.0 6.5 n.a. 0.6-20.1-15.5-7.2-3.8 600360 CH Jilin Sino-Microelectronic-A 8.95 955 n.a. n.a. n.a. n.a. n.a. n.a. 3.3 n.a. 2.2 n.a. 1.5 n.a. n.a. n.a. -14.8-9.9-20.0-18.9 002249 CH Zhongshan Broad Ocean Moto-A 8.80 3,011 36.7 28.0 22.9 23.5 18.1 14.4 2.5 3.4 9.5 10.3 4.1 7.0 n.a. 1.5-10.5-21.4-27.0-29.0 3898 HK Zhuzhou Crrc Times Electric 41.10 6,227 14.6 13.2 11.7 11.7 10.4 9.5 3.0 2.7 24.2 20.1 14.0 12.8 1.2 1.4 4.1 0.9-3.1-8.5 Motor driver 300124 CH Shenzhen Inovance Technolo-A 19.41 4,503 31.6 26.5 21.8 32.3 26.2 21.3 7.0 6.7 21.5 21.5 15.5 16.3 n.a. 1.6-3.7 6.6 1.8-13.6 002196 CH Zhejiang Founder Motor Co -A 24.36 935 39.9 27.1 20.2 38.1 25.3 19.5 2.8 2.8 3.9 7.0 5.6 5.0 n.a. 1.6-14.2-13.0-28.9-17.7 000970 CH Beijing Zhongke Sanhuan Hi-A 13.88 2,138 44.9 33.2 22.4 23.1 17.8 12.4 3.7 3.5 7.2 7.9 6.0 6.5 n.a. 0.6-20.1-15.5-7.2-3.8 000799 CH Jiugui Liquor Co Ltd-A 20.20 949 68.9 51.1 32.7 35.1 24.3 16.4 3.6 3.6 5.2 5.2 4.2 3.9 n.a. n.a. -5.8 0.4-8.0 24.4 002176 CH Jiangxi Special Electric -A 12.14 2,580 45.8 26.1 18.1 44.6 25.8 n.a. 3.8 4.8 1.8 10.5 2.7 3.0 n.a. 0.4-1.9-6.1-18.9-21.5 600366 CH Ningbo Yunsheng (Group) Co-A 20.20 1,629 17.3 25.1 n.a. 10.0 22.1 n.a. 2.4 2.6 10.2 20.2 16.0 17.3 n.a. 2.7-10.7-9.1-16.5-1.0 600580 CH Wolong Electric Group Co L-A 9.05 1,687 31.5 17.7 20.1 19.8 16.6 n.a. 2.3 2.3 9.4 7.2 1.7 1.9 n.a. 0.6-8.3-8.7-19.5-33.9 002664 CH Xinzhi Motor Co Ltd-A 25.29 1,463 39.5 31.0 28.4 29.5 24.0 21.3 6.2 5.9 14.4 14.7 10.9 8.5 n.a. 0.2-0.7-5.8-21.2-5.3 Average 37.8 28.4 22.1 26.4 20.8 15.9 3.7 3.8 9.7 12.1 7.4 8.1 1.2 1.1-8.9-8.1-14.6-11.0 Charging equpment 002227 CH Shenzhen Auto Electric Pow-A 24.24 773 n.a. n.a. n.a. n.a. n.a. n.a. 6.9 n.a. 1.2 n.a. 0.6 n.a. n.a. n.a. -13.4-17.3-22.7-43.0 600406 CH Nari Technology Co Ltd-A 15.76 5,537 25.9 22.8 20.1 22.7 19.8 17.2 4.7 4.2 17.1 16.8 11.9 8.5 n.a. 1.4 2.8 0.8 18.1 8.8 002028 CH Sieyuan Electric Co Ltd-A 11.92 1,303 20.7 17.0 n.a. 16.9 13.5 n.a. 2.2 2.1 10.2 10.5 6.4 6.6 n.a. 0.8 0.5 7.6 14.4-5.5 600680 CH Shanghai Potevio Co Ltd - A 30.07 1,290 n.a. n.a. n.a. n.a. n.a. n.a. 9.3 n.a. -7.2 n.a. -3.3 n.a. n.a. n.a. -14.4-21.1-33.6-41.2 002518 CH Shenzhen Kstar Science And-A 21.81 1,405 31.6 25.1 20.3 27.6 22.3 19.4 5.2 5.1 14.2 16.4 11.6 11.2 n.a. 0.7 3.0 2.9-10.6 3.6 300141 CH Suzhou Industrial Park Hes-A 22.62 546 43.9 28.6 21.8 29.7 16.4 12.0 5.5 5.0 3.3 11.3 2.8 4.4 n.a. 0.5-15.4-10.5-33.2-15.1 2188 HK China Titans Energy Technolo 1.21 144 n.a. n.a. n.a. n.a. n.a. n.a. 1.9 n.a. -5.9 n.a. -3.1 n.a. 0.0 n.a. 1.7-12.9-1.6-34.2 3393 HK Wasion Group Holdings Ltd 4.77 624 10.4 9.4 8.4 8.3 7.5 6.7 1.1 1.0 11.5 9.7 5.2 5.5 4.7 4.2 1.9 7.9 22.9-38.4 763 HK Zte Corp-H 11.74 8,792 11.7 10.5 10.2 9.7 9.2 9.1 1.1 1.1 11.8 10.5 3.2 2.8 n.a. 2.2 0.5 3.2 16.9-30.0 1366 HK Jiangnan Group Ltd 1.15 605 6.5 5.6 4.9 7.6 6.6 5.9 0.8 0.8 17.3 11.9 5.4 5.8 6.0 3.6-2.5-0.9-10.2-22.3 Average 21.5 17.0 14.3 17.5 13.6 11.7 3.9 2.7 7.3 12.5 4.1 6.4 3.6 1.9-3.5-4.0-4.0-21.7 HSI Index -0.4-3.7 6.6 4.5 HSCEI Index 2.8 0.5 9.8 4.2 SHCOMP Index -1.3 4.3 7.7-8.2 Sources: Bloomberg, Company, CGIS Research 4
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