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1、AutoPartsDeutscheBankMarketsResearchAsiaIndustryDateChina1December2017HongKongAutoPartsAutomobiles&ComponentsForecastChangeAutopartstriptakeaway-robustmomentumcontinuesFeiSun,CFAStaypositiveonthesectorafterthetrip;ourtoppickremainsNexteerResearchAnalystWevisitedsomeauto
2、partcompaniesinNingbolastweekandwalkedawaywithapositiveoutlookfortheChinaautopartssectorfor4Q17-2018E.Webelieve+852-22036130theproductionmomentumatthesecompaniesremainssolidandthatneworderVincentHa,CFAintakesaretrackingaheadofexpectations.NexteerremainsourtoppickintheRe
3、searchAnalystspaceandwemaintainBuyratingsonMinth,HuayuandTuopu.+852-22036247Minth-solidexecutionandmarginoutlook;newordersontrackYukiLuManagementmaintainedfull-yearrevenueandmarginguidanceandmentionedResearchAssociatethatgrossmarginsforMexicoandHuai'anplantshavebeenimpr
4、ovingsteadily.+852-22035925Revenuecontributionfromaluminumproductscontinuedtoincreasein2H17from23-24%in1H17andithasalreadyachieveditsfull-yearneworderstargetKeyChangesofRMB4.5bn.ManagementestimatedthattheimpactfromrawmaterialpriceCompanyTargetPriceRating?uctuationisless
5、than1pptandisundercontrolthroughmixandutilization.0425.HK38.20to47.60-1316.HK16.70to19.10-Tuopu-temporarymarginweaknessin3Q17likelywon'tdetergrowth601689.SS34.90to31.50-Tuopu's3Q17marginweaknesswasduemainlytoincreasingproductioncosts600741.SS27.20to30.80-amidgovernmente
6、nvironmentalchecksinAug-SepandincreasesinrawmaterialSource:DeutscheBankprices.Managementcommentedthatitwentbacktonormalin4Q17andtheCompaniesfeaturedcompanysawrobustvolumegrowthgivenstrongsalesatGeely,oneofitsmajorMinthGroupLimitedBuyOEMcustomers.AccordingtoTuopu,itbooke
7、dRMB760mrevenuefromGeely(0425.HK),HKD44.40in2016andexpectstodoublethatamountthisyear.Thecompanyisroadtesting2016A2017E2018EitsIBSproductandplansmassproductioninlate2018.P/E(x)12.520.817.0NexteerAutomotiveBuyGroupLiJoysonElectronics-activesafetyproductsgainingstream(1316
8、.HK),HKD17.06Thecompanyreiteratedits2021revenuetargetofUSD10bnwith70%from2016A2017E2018EKSS,25%fromautoelectro
