PDF 原檔：報告_廣發香港_比亞迪電子0285_20260831_original.pdf
圖片清單（已驗證 2026-09-01）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_廣發香港_比亞迪電子0285_20260831_001.png |
57KB | 真資料圖 | 比亞迪電子 12 個月 forward P/E 帶狀走勢圖，Jul-17 至 Jul-26，PER 線疊加 17x 平均線；可見 PER 在 2021 年高點約 40x 後回落，近期落於平均線 17x 附近震盪 |
原始內容
BYD Electronics (00285 HK)
Likely Trough Behind, but Recovery Needs a Show-me
Maintain Hold with TP of HK$30: On Aug 28, BYDE reported 1H26 results with a margin miss, due to unfavorable mix and FX impact. However, management believes the trough is behind, with AI revenue set to ramp, driving growth and margin improvement. Cold plate shipments for Vera Rubin remain on track, supported by new project wins from a top -3 Chinese CSP. That said, we think investors will seek greater visibility into margin recovery and content value expansion for components, amid ongoing FX/memory headwinds. By factoring results, guidance, and lower GM/OPEX assumptions, we revise our earnings estimate by -18%/+6% for 2026E/2027E. Our TP of HK$30 is based on 15x 2027E P/E.
Soft 1H26 Results: BYDE 1H26 revenue came in at RMB 82.2bn, +2% YoY, below consensus and our estimates. GM was at 4.9%, -2pts YoY, dragged by unfavorable FX and inferior mix due to lower content on iPhone. Accordingly, net income was down by 75% YoY to RMB 426mn, despite normalized OPEX. Segment-wise, Assembly revenue of RMB55.95bn, Component of RMB11.9bn, -24% YoY, and AI infrastructure of RMB752mn. Of note, NEV revenue rose 6% YoY to RMB13.6bn, a bright spot despite 15% YoY decline in BYD's EV shipments during 1H26, driven by ASP improvements on higher penetration rate of intelligent suspension systems/fast-charging products.
VR200 CP on track; HVDC/Connectivity still early : BYDE is on track to ship cold plate (via Lead Wealth) for VR200 starting in Sep with a ramp in 4Q26, and accelerate further in 2027 where we anticipate multiple -fold growth YoY. To support this ramp, the company is planning to expand capacity from its current 40,000 m² to 200,000 m² within six months. Longer -term, BYDE is positioning for the meaningful contribution from HVDC/SST and connectivity products in 2028 -2029, though these remain in early stages. Currently, we forecast RMB3.8bn/12bn for AI computing infrastructure sales in 2026E/2027E.
Risks: 1) Smartphone sales deterioration; 2) AI share lower than expected; 3) Competition.
Profit forecast
| 2024 | 2025 | 2026E | 2027E | 2028E | |
|---|---|---|---|---|---|
| Revenue (m) | 177,306 | 179,477 | 187,324 | 206,981 | 225,479 |
| Revenue YoY ( % ) | 36.4 | 1.2 | 4.4 | 10.5 | 8.9 |
| Net profit (m) | 4,266 | 3,515 | 2,288 | 3,856 | 5,045 |
| Net profit YoY ( % ) | 5.5 | -17.6 | -34.9 | 68.5 | 30.8 |
| EPS (RMB) | 1.9 | 1.6 | 1.0 | 1.7 | 2.2 |
| P/E | 11.2 | 13.5 | 20.8 | 12.3 | 9.4 |
| ROE ( % ) | 13.8 | 10.5 | 6.5 | 10.2 | 12.0 |
Source: Company data, GF Securities (Hong Kong) Brokerage.
Please be sure to read the disclosures at the end of this report carefully.
数据来源：公司财务报表，广发证券发展研究中心
Maintain Target price
Hold
HK$ 30
Evan Lee
SFC CE No. BVI629 evanlee@gfgroup.com.hk
Jeff Pu, CFA
SFC CE No. BNO719 jeffpu@gfgroup.com.hk
Earnings Forecast
1H26 Results soft
For 1H26, revenue was RMB82.2bn, +2% YoY, below consensus and our estimates. GM was 4.9%, -2ppts YoY, a miss due to FX headwinds and unfavorable mix. Accordingly, net income of RMB426mn, -75% YoY, despite better OPEX control. Segment wise, Assembly revenue reached RMB55.95bn, Component revenue of RMB11.9bn, -24% YoY, AI infrastructure revenue of RMB752mn, and auto business revenue of RMB13.6bn, +6% YoY, which was the silver lining of the results.
For 2026, we forecast revenue of RMB187bn, +4% YoY, mainly driven by AI infrastructure revenue ramp in 2H26, which we expect to reach RMB3.8bn.
Figure 1: BYDE's 1H26 results
| RMBm | 1H26 | 2H25 | HoH | 1H25 | YoY | GFHK | Diff | Consensus | Diff |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 82,234 | 98,872 | -17% | 80,606 | 2% | 78,184 | 5% | 79,838 | 3% |
| Gross profit | 4,037 | 5,214 | -23% | 5,546 | -27% | 4,528 | -11% | 5,908 | -32% |
| OPEX | 3,465 | 3,831 | -10% | 4,161 | -17% | 3,950 | -12% | 4,437 | -22% |
| Op. profit | 572 | 1,382 | -59% | 1,385 | -59% | 578 | -1% | 1,471 | -61% |
| Pre-tax Income | 481 | 2,028 | -76% | 1,896 | -75% | 838 | -43% | 2,047 | -77% |
| Net Income | 426 | 1,788 | -76% | 1,730 | -75% | 755 | -44% | 1,801 | -76% |
| EPS (RMB) | 0.19 | 0.80 | -76% | 0.77 | -75% | 0.34 | -44% | 0.80 | -76% |
| ppt. | ppt. | ppt. | ppt. | ||||||
| GM | 4.9% | 5.3% | (0.4) | 6.9% | (2.0) | 5.8% | (0.9) | 7.4% | (2.5) |
| OPM | 0.7% | 1.4% | (0.7) | 1.7% | (1.0) | 0.7% | (0.0) | 1.8% | (1.1) |
| Pre-tax margin | 0.6% | 2.1% | (1.5) | 2.4% | (1.8) | 1.1% | (0.5) | 2.6% | (2.0) |
| Net Margin | 0.5% | 1.8% | (1.3) | 2.1% | (1.6) | 1.0% | (0.4) | 2.3% | (1.7) |
Sources: Company data, GF Securities (Hong Kong) Brokerage
Earnings revision
By factoring results, guidance, lower GM & OPEX, we revise our 2026E/2027E EPS estimates by -18%/+6%.
Figure 2: Earnings revision
| RMBm | 2025 | 2026E | 2026E | 2027E | 2027E | Change (%) | Change (%) |
|---|---|---|---|---|---|---|---|
| RMBm | 2025 | Old | New | Old | New | 2026E | 2027E |
| Net sales | 179,477 | 174,897 | 187,324 | 207,276 | 206,981 | 7% | 0% |
| Gross profit | 10,757 | 10,738 | 9,814 | 13,036 | 12,484 | -9% | -4% |
| Operating profit | 2,764 | 2,588 | 2,349 | 3,736 | 3,634 | -9% | -3% |
| Pre-tax Income | 3,921 | 3,110 | 2,549 | 4,084 | 4,333 | -18% | 6% |
| Net profit | 3,515 | 2,799 | 2,288 | 3,634 | 3,856 | -18% | 6% |
| EPS (RMB) | 1.56 | 1.25 | 1.02 | 1.62 | 1.72 | -18% | 6% |
| Key ratios (%) | |||||||
| Gross margin | 6.0% | 6.1% | 5.2% | 6.3% | 6.0% | ||
| Operating margin | 1.5% | 1.5% | 1.3% | 1.8% | 1.8% | ||
| Pre-tax margin | 2.2% | 1.8% | 1.4% | 2.0% | 2.1% | ||
| Net profit margin | 2.0% | 1.6% | 1.2% | 1.8% | 1.9% |
Sources: Company data, GF Securities (Hong Kong) Brokerage
Figure 3: BYDE's P&L forecast
| (RMB m) | 2025 | 1H26 | 2H26E | 2026E | 1H27E | 2H27E | 2027E |
|---|---|---|---|---|---|---|---|
| Sales | 179,477 | 82,234 | 105,090 | 187,324 | 94,225 | 112,756 | 206,981 |
| COGS | 168,721 | 78,198 | 99,313 | 177,510 | 88,738 | 105,759 | 194,497 |
| Gross profit | 10,757 | 4,037 | 5,777 | 9,814 | 5,488 | 6,997 | 12,484 |
| Opex | 7,993 | 3,465 | 4,000 | 7,465 | 4,200 | 4,650 | 8,850 |
| Operating profit | 2,764 | 572 | 1,777 | 2,349 | 1,288 | 2,347 | 3,634 |
| Non-operating profit | 1,157 | -91 | 291 | 201 | 349 | 349 | 698 |
| Pre-tax profit | 3,921 | 481 | 2,068 | 2,549 | 1,637 | 2,696 | 4,333 |
| Income tax | 407 | 55 | 207 | 261 | 180 | 297 | 477 |
| Net Income | 3,515 | 426 | 1,862 | 2,288 | 1,457 | 2,399 | 3,856 |
| EPS(RMB) | 1.6 | 0.2 | 0.8 | 1.0 | 0.6 | 1.1 | 1.7 |
| Outstanding shares | 2,248 | 2,246 | 2,246 | 2,246 | 2,246 | 2,246 | 2,246 |
| Margin analysis | |||||||
| Gross margin | 6.0% | 4.9% | 5.5% | 5.2% | 5.8% | 6.2% | 6.0% |
| Operating margin | 1.5% | 0.7% | 1.7% | 1.3% | 1.4% | 2.1% | 1.8% |
| Pre-tax margin | 2.2% | 0.6% | 2.0% | 1.4% | 1.7% | 2.4% | 2.1% |
| Effective tax rate | 10.4% | 11.3% | 10.0% | 10.3% | 11.0% | 11.0% | 11.0% |
| Growth (YoY%) | |||||||
| Sales | 1% | 2% | 6% | 4% | 15% | 7% | 10% |
| Operating profit | -30% | -59% | 29% | -15% | 125% | 32% | 55% |
| Net income | -18% | -75% | 4% | -35% | 242% | 29% | 69% |
| EPS | -17% | -75% | 4% | -35% | 242% | 29% | 69% |
| Product mix (%) | |||||||
| Assembly | 64% | 68% | 65% | 66% | 63% | 61% | 62% |
| Components | 16% | 14% | 15% | 15% | 15% | 15% | 15% |
| NEV | 15% | 17% | 17% | 17% | 17% | 18% | 18% |
| AI Computing | 4% | 1% | 3% | 2% | 5% | 6% | 6% |
Sources: Company data, GF Securities (Hong Kong) Brokerage
Valuation and Recommendation
Hold with TP of HK$30
We rate BYDE (00285 HK) Hold and set our TP at HK$30, which is based on 15x our 2027E EPS estimate. We adopt P/E methodology as we believe the market now mainly focus on the company's earnings outlook, and we usually apply P/E method to downstream firms.
BYDE's P/E traded at an average of 17x, or in a range of 12x to 22x since 2021 when the company transited from the mask business to consumer and automotive. We derive our target price based on 15x P/E (and convert it to HKD), which is below its average, reflecting the broad-based consumer electronics weakness and near-term margin headwinds. We believe investor may wait for more visibility into its improving sales/margin trajectory.
Figure 4: BYDE's 12-month forward P/E
Sources: Company data, GF Securities (Hong Kong) Brokerage
Risks
1) Smartphone sales deterioration; 2) AI share lower than expected; 3) Competition.
| Balance Sheet | [Table_FinanceDetail] | [Table_FinanceDetail] | [Table_FinanceDetail] | [Table_FinanceDetail] | RMB mn |
|---|---|---|---|---|---|
| 2024 | 2025 | 2026E | 2027E | 2028E | |
| Current assets | 60,416 | 54,678 | 56,875 | 60,824 | 67,651 |
| Cash and cash equivalents | 7,052 | 13,552 | 13,797 | 13,405 | 16,078 |
| Inventory | 18,089 | 18,482 | 19,445 | 21,306 | 23,125 |
| Accounts Receivable | 32,777 | 14,999 | 15,655 | 17,298 | 18,843 |
| Other current assets | 2,497 | 7,645 | 7,979 | 8,816 | 9,604 |
| Non-current assets | 29,932 | 28,934 | 36,006 | 32,203 | 35,973 |
| Long-term equity investment | - | - | - | - | - |
| Fixed assets | 17,113 | 17,798 | 18,006 | 18,203 | 17,973 |
| Other long-term assets | 12,819 | 11,136 | 18,000 | 14,000 | 18,000 |
| Total assets | 90,347 | 83,612 | 92,881 | 93,027 | 103,623 |
| Current liabilities | 50,823 | 46,628 | 53,115 | 50,292 | 55,676 |
| Accounts Payable | 35,331 | 29,476 | 34,510 | 35,896 | 40,002 |
| Short-term borrowings | 6,505 | 7,184 | 8,201 | 2,901 | 3,152 |
| Other current liabilities | 8,987 | 9,968 | 10,403 | 11,495 | 12,522 |
| Non-current liabilities | 7,122 | 2,543 | 3,494 | 3,378 | 3,545 |
| Long-term Debt | 5,595 | 1,099 | 2,050 | 1,934 | 2,101 |
| Other non-current liabilities | 1,528 | 1,444 | 1,444 | 1,444 | 1,444 |
| Total liabilities | 57,946 | 49,170 | 56,608 | 53,669 | 59,221 |
| Total Equity | 32,402 | 34,442 | 36,272 | 39,357 | 44,402 |
| Share Capital | 4,052 | 4,052 | 4,052 | 4,052 | 4,052 |
| Additional Paid-in Capital | - | - | - | - | - |
| Retained earnings | 28,349 | 30,390 | 32,220 | 35,305 | 40,350 |
| Minority interests | - | - | - | - | - |
| Total Liabilities & Equity | 90,347 | 83,612 | 92,881 | 93,027 | 103,623 |
| Income Statement | RMB mn | ||||
|---|---|---|---|---|---|
| 2024 | 2025 | 2026E | 2027E | 2028E | |
| Revenue | 177,306 | 179,477 | 187,324 | 206,981 | 225,479 |
| Cost of sales | 165,004 | 168,721 | 177,510 | 194,497 | 211,109 |
| Gross profit | 12,301 | 10,757 | 9,814 | 12,484 | 14,370 |
| Operating Expense | 8,374 | 7,993 | 7,465 | 8,850 | 9,500 |
| Operating profit | 3,927 | 2,764 | 2,349 | 3,634 | 4,870 |
| Interest Income | - | - | - | - | - |
| Interest Expense | 521 | 370 | 337 | 302 | 202 |
| Net other Non-op. Income/(Loss) | 1,334 | 1,528 | 537 | 1,000 | 1,000 |
| Pre-tax profit | 4,740 | 3,921 | 2,549 | 4,333 | 5,669 |
| Income tax | 475 | 407 | 261 | 477 | 624 |
| Profit for the year | 4,266 | 3,515 | 2,288 | 3,856 | 5,045 |
| Minority interest | - | - | - | - | - |
| Net profit to ord. equity | 4,266 | 3,515 | 2,288 | 3,856 | 5,045 |
| EPS (RMB) | 1.9 | 1.6 | 1.0 | 1.7 | 2.2 |
| Cash Flow | Statement | Statement | Statement | Statement | RMB mn |
|---|---|---|---|---|---|
| 2024 | 2025 | 2026E | 2027E | 2028E | |
| Operating cash flow | 8,995 | 4,951 | 16,470 | 11,194 | 7,508 |
| Profit for the year | 4,041 | 4,266 | 3,515 | 2,799 | 3,634 |
| Depreciation & amortization | 2,791 | 5,808 | 5,593 | 5,133 | 5,521 |
| Change in working capital | 2,163 | -5,122 | 7,363 | 3,262 | -1,648 |
| Others | - | - | - | - | - |
| Investing cash flow | -18,897 | -3,128 | -4,595 | -5,341 | -5,341 |
| Capex | -9,556 | -2,279 | -5,347 | -4,410 | -4,410 |
| Change in investment | - | - | - | - | - |
| Others | -9,341 | -849 | 752 | -930 | -930 |
| Free cash flow | -9,901 | 1,823 | 11,875 | 5,853 | 2,167 |
| Financing cash flow | 14,184 | -5,318 | -5,375 | -574 | -4,641 |
| Change in Capital | -346 | -1,194 | -1,474 | -560 | -727 |
| Net Change in Debt | 14,530 | -4,123 | -3,901 | -14 | -3,914 |
| Others | - | - | - | - | - |
| Exchange influence | - | - | - | - | - |
| Net increase in cash | 4,282 | -3,494 | 6,500 | 5,279 | -2,474 |
| Key Financial Ratios | |||||
|---|---|---|---|---|---|
| Growth (%) | |||||
| Revenue growth | 36.4 | 1.2 | 4.4 | 10.5 | 8.9 |
| Operating profit growth | 6.0 | -29.6 | -15.0 | 54.7 | 34.0 |
| Net profit growth | 5.5 | -17.6 | -34.9 | 68.5 | 30.8 |
| Profitability (%) | |||||
| Gross profit margin | 6.9 | 6.0 | 5.2 | 6.0 | 6.4 |
| Operating Profit Margin | 2.2 | 1.5 | 1.3 | 1.8 | 2.2 |
| Net profit margin | 2.4 | 2.0 | 1.2 | 1.9 | 2.2 |
| Key Ratio (%) | |||||
| ROA | 4.8 | 4.0 | 2.6 | 4.1 | 5.1 |
| ROE | 13.8 | 10.5 | 6.5 | 10.2 | 12.0 |
| Stability | |||||
| Gross debt/equity | 37.3 | 24.0 | 28.3 | 12.3 | 11.8 |
| Interest Coverage | 10.1 | 11.6 | 8.6 | 15.4 | 29.1 |
| Current Ratio | 1.2 | 1.2 | 1.1 | 1.2 | 1.2 |
| Quick Ratio | 0.8 | 0.8 | 0.7 | 0.8 | 0.8 |
| Net debt/equity | 15.6 | Net cash | Net cash | Net cash | Net cash |
Rating definitions
Benchmark: Hang Seng Index (Hong Kong)
Company ratings Buy
Stock expected to outperform benchmark by more than 10 %
Hold
Expected stock relative performance ranges between -10 % and 10 %
Underperform
Stock expected to underperform benchmark by more than 10 %
Sector ratings Positive
Sector expected to outperform benchmark by more than 10%
Neutral
Expected sector relative performance ranges between -10% and 10%
Cautious
Sector expected to underperform benchmark by more than 10%
Hong Kong Company
GF Securities (Hong Kong) Brokerage Limited
Address
27/F, GF Tower, 81 Lockhart Road, Wan Chai, Hong Kong
Telephone
(852) 37191111
evanlee@gfgroup.com.hk
Disclaimer
This report has been prepared by GF Securities (Hong Kong) Brokerage Limited ('GF Securities (Hong Kong) Brokerage'). According to the laws, regulations and regulatory requirements in different countries and regions, this report is distributed by GF Securities (Hong Kong) Brokerage with relevant legal and compliant operation qualifications in these countries and regions.
GF Securities (Hong Kong) Brokerage is licensed by the Securities and Futures Commission of Hong Kong ('SFC') to conduct Type 4 Regulated Activity 'Advising on Securities'. It is regulated by the SFC, and is responsible for the distribution of this report in Hong Kong. Information about the qualifications of the research analyst(s) who is(are) the author(s) of this report as licensed by the SFC are disclosed in the section where research analyst names are shown.
The research analyst(s) primarily responsible for the content of this report, in whole or in part, certifies that with respect to the company or relevant securities that the analyst(s) covered in this report: 1) all of the views expressed accurately reflect his or her personal views on the company or relevant securities mentioned herein; and 2) no part of his or her remuneration was, is, or will be, directly or indirectly, in connection with his or her specific recommendations or views expressed in this report.
This report is published solely for information purpose and does not constitute an offer to buy or sell any securities or a solicitation of an offer to buy, or recommendation for investment in, any securities.
The securities mentioned in this report may not be allowed to be sold in certain jurisdictions. No action has been taken to permit the distribution of the research report to any person in any jurisdiction that the circulation or distribution of such research report is unlawful. This report is distributed solely to clients or designated institutions authorized by GF Securities (Hong Kong) Brokerage, and is not distributed publicly. It is distributed to certain clients based on the conclusion that they are able to assess investment risks independently, execute investment decisions independently and assume corresponding risks independently.
This report has been issued and based on information obtained from sources generally available to the public and believed by the research analyst(s) to be reliable but which has not been independently verified. No representation or warranty, either express or implied, is made by GF Securities (Hong Kong) Brokerage as to their accuracy and completeness of the information contained in this report. GF Securities (Hong Kong) Brokerage accepts no liability for all loss arising from the use of the materials presented in this report, unless is excluded by applicable laws or regulations. Please be aware of the fact that investments involve risks and the price of securities may be fluctuated and therefore return may be varied, past results do not guarantee future performance. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any individuals. This report is not to be taken in substitution for the exercise of judgment by respective recipients of this report, where necessary, recipients should obtain professional advice before making investment decisions.
GF Securities (Hong Kong) Brokerage may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information presented in the research report. The points of view, opinions and analytical methods adopted in the research report are solely expressed by the analysts but not that of GF Securities (Hong Kong) Brokerage or its affiliates. The information, opinions and forecasts presented in the research report are the current opinions of the analysts as of the date appearing on this material only which may subject to change at any time without notice. The salesperson, dealer or other professionals of GF Securities (Hong Kong) Brokerage may deliver opposite points of view to their clients and the proprietary trading division with respect to market commentary or dealing strategy either in writing or verbally. The proprietary trading division of GF Securities (Hong Kong) Brokerage may have different investment decision which may be contrary to the opinions expressed in the research report. GF Securities (Hong Kong) Brokerage or its affiliates or respective directors, officers, analysts and employees related to research report business may have rights and interests in securities mentioned in the research report. Recipients should be aware of relevant disclosure of interest (if any) when reading this report.
GF Securities (Hong Kong) Brokerage and its affiliates may be seeking or building business relationships with company(ies) mentioned in this report. Therefore, investors should consider the impact on the independence of this report by GF Securities (Hong Kong) Brokerage and its affiliates due to potential conflicts of interests. Investors should not make any investment decisions based solely on the contents of this report. Investors should make their own investment decisions and bear their own risk. No written or verbal commitment of sharing gains or losses from securities investments in any form shall be effective.
This report may contain and/or describe/present factual historical information on prices of Futures contracts (the 'information'). Please note that this information is solely for the purpose of forming part of the argument/grounds/evidence in our research methodology/analysis to support our conclusion on our view of the relevant industry/company mentioned. It does not, by any means (express or implied) to be associated with or constituted as SFC Type 5 Regulated Activity (Advising on futures contracts).
Important Notices
GF Securities Co. Ltd and its affiliates may be seeking or building business relationships with companies mentioned in this report. Therefore, investors should consider the impact on the independence of this report by GF Securities Co. Ltd and its affiliates due to potential conflicts of interests. Investors should not make any investment decisions based solely on the contents of this report.
The research analyst(s) primarily responsible for the content of this research report, in whole or in part, certifies that with respect to the company or relevant securities that the analyst(s) covered in this report: (1) all of the views expressed accurately reflect his or her personal views on the company or relevant securities mentioned herein; and (2) no part of his or her remuneration was, is, or will be, directly or indirectly, in connection with his or her specific recommendations or views expressed in this research report.
The remuneration for the production of this report by research staff is determined based on various factors including the quality of research, client review and workload, and it is also affected by factors including GF Securities' overall revenue, part of which is generated from GF Securities' investment banking business.
This report is distributed solely to clients or designated institutions authorized by GF Securities, and is not distributed publicly. It can only be used by the targeted recipients who have the obligation to maintain confidentiality. GF Securities does not view any persons who have received or read this report through other means as its clients.
This report is distributed to a certain client based on the conclusion that this client is deemed to be able to assess investment risks independently, execute investment decisions independently and assume corresponding risks independently.
The contents of this report is for reference only. Information contained or opinions expressed in this report does not constitute an offer or inquiry. Customers should not substitute their independent judgment with this report or make decisions based on this report.
This report is published solely for information purpose and does not constitute an offer to buy or sell any securities or a solicitation of an offer to buy, or recommendation for investment in, any securities. The research report is intended solely for use of the clients of GF Securities. The securities mentioned in the research report may not be allowed to be sold in certain jurisdictions. No action has been taken to permit the distribution of the research reports to any person in any jurisdiction that the circulation or distribution of such research report is unlawful. No representation or warranty, either express or implied, is made by GF Securities as to their accuracy and completeness of the information contained in the research report. GF Securities accepts no liability for all loss arising from the use of the materials presented in the research report, unless is excluded by applicable laws or regulations. Please be aware of the fact that investments involve risks and the price of securities may be fluctuated and therefore return may be varied, past results do not guarantee future performance. Any recommendation contained in the research report does not have regard to the specific investment objectives, financial situation and the particular needs of any individuals. The report is not to be taken in substitution for the exercise of judgment by respective recipients of the report, where necessary, recipients should obtain professional advice before making investment decisions.
GF Securities may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information presented in the research report. The points of view, opinions and analytical methods adopted in the research report are solely expressed by the analysts but not that of GF Securities or its affiliates. The information, opinions and forecasts presented in the research report are the current opinions of the analysts as of the date appearing on this material only which may subject to change at any time without notice. The salesperson, dealer or other professionals of GF Securities may deliver opposite points of view to their clients and the proprietary trading division with respect to market commentary or dealing strategy either in writing or verbally. The proprietary trading division of GF Securities may have different investment decision which may be contrary to the opinions expressed in the research report. GF Securities or its affiliates or respective directors, officers, analysts and employees related to research report business may have rights and interests in securities mentioned in the research report. Recipients should be aware of relevant disclosure of interest (if any) when reading the report.
[Table_InterestDisclosure]
Disclosure of Interests
- 1) The research analyst(s) and his/her associate has not served as an officer of the company(ies) mentioned in this report, and does not have any financial interests in the company(ies) mentioned in this report.
- 2) GF Securities (Hong Kong) Brokerage and/or its affiliates does not have any financial interests and has not invested in interests aggregate to an amount equal to or more than (i) 1 % of the market capitalization; or (ii) 1 % of the issued share capital, or issued units, in the company(ies) mentioned in this report.
- 3) GF Securities (Hong Kong) Brokerage and/or its affiliates does not have any market making activities, and has not employed any individual(s) serving as officer(s) of the company(ies) mentioned in this report.
- 4) GF Securities (Hong Kong) Brokerage and/or its affiliates does not have any investment banking relationship in Hong Kong with the company(ies) mentioned in this report in the past 12 months.
[Table_Copyright]
Copyright © GF Securities (Hong Kong) Brokerage
Without the prior written consent obtained from GF Securities (Hong Kong) Brokerage, any part of the materials contained herein should not (i) in any forms be copied or reproduced or (ii) be re-disseminated.