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HS-中国-汽车行业-中国汽车业:随着需求回升,市场调整似乎过头了-2020.5.8.pdf

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文档介绍:8 May 2020

Equity Research Report


Equities
China Autos Automobiles


Market correction looks overdone as demand returns China

 We cut our 2020-21e auto sales forecasts but see a 2Q20
Yuqian Ding* (Reg no: S1700519090001)
recovery and discuss four bullish factors for the sector Head of A-share Auto Research
HSBC Qianhai Securities Limited
 yuqian.ding@hsbcqh.com.cn
1) Attractive valuations, 2) pent-up demand, 3) government +86 10 5795 2350
support, and 4) industry consolidation will help the leaders
* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is
 We continue to favour leading local brands Geely, GAC (A/H) not registered/ qualified pursuant to FINRA regulations
and Great Wall H (all Buy-rated)

The economic damage caused by COVID-19 has turned out to be more severe than
we expected and as a result we cut our 2020-21e China auto demand growth
forecasts. However, we see a recovery starting in 2Q20, especially as retail sales
data rebounded in the first four weeks of April. Thus, we see the recent correction in
Chinese auto makers as overdone and believe there are select buying opportunities
based on:

1) Attractive valuations: Both the A- and H-shares o

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HS-中国-汽车行业-中国汽车业:随着需求回升,市场调整似乎过头了-2020.5.8.pdf

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