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1、ChinaAuto&InternetDeutscheBankMarketsResearchAsiaIndustryDateChina28November2017ChinaAuto&Automobiles&ComponentsInternetIndustryUpdateAuto&Internettriptakeaways-moreopportunitiesandcompetitionaheadVincentHa,CFAOverallautodemandtostaymildbutNEVdemandtosurgeResearchAnalystWespentmos
2、toflastweekinChinavisitingpassengervehicle(PV)OEMs,dealers,auto-relatedinternetcompaniesandindustryexperts.Ingeneral,these+852-22036247entitiesfeelthatChina'snewPVdemandgrowthwillstaymildin2018whilenewAlvinJiangenergyvehicle(NEV)demandwillsurgewiththegovernmentpush.Thatsaid,Resear
3、chAnalystwecanfeeltheincrementalcostpressureatOEMstobecompliantwithfuture+852-22036241fueleconomyandNEVcreditstandards,nottomentiontheheatfromincreasedcompetitionintheNEVspacewithmorenewOEMsandlowersubsidies.WethinkFeiSun,CFAthatsuchanenvironmentmaybenegativeforSUV-orientedcompani
4、essuchasResearchAnalystGreatWallMotor.+852-22036130Incrementalincomeopportunitiesforauto?nancingandusedcarsalesYukiLuOnthepositiveside,weobserveincrementalincomeopportunitiesfortheResearchAssociateautoindustryintheareaofauto?nancing/leasingandusedcarsales,driven+852-22035925bythes
5、till-smallused-carmarketsizeandlowauto?nancepenetrationinChinavs.theglobalnorm.ItsvastmarketopportunitiesalsoattracttheCompaniesfeaturedparticipationofmoreentitiessuchasinternetcompanies,withtheiremphasisAutohome(ATHM.N),USD61.06Buyonserviceandconveniencetousers,especiallytheyoung
6、ergeneration.WeZhengtongBuythinkthedevelopmentoftheauto?nancingbusinesswillbene?tcompanieslikeAutoServices(1728.HK),HKD8.45ZhengtongandcompanieslikeAutohomewillalsobene?tfromnewbusinessGreatWallMotor(2333.HK),HKD9.37Sellinitiativesinusedcarsandbigdataservices.GreatWallMotor-ASell(
7、601633.SS),CNY11.44Belowisalistofourvisitedplaces,alongwithasummaryofthemeetingsintheSource:DeutscheBanknextsection.WevalueChineseautoOEMsmainlyonaP/Ebasiswithrespecttotheirearningsgrowth.WeuseP/E-to-growthtovalueAutohomeforitsabilitytobalanceearningsgrowthwithvaluationmultiples,a
8、nduseDCFtovaluedealers.Upsidesect
