标题：Huayu Automotive AlertFY15 a small beat on both revenue and JV income; maintaining Buy
发布日期：2016-03-25 14:59:17
内容： We think that the stable sales growth outlook at SAIC (600104.SS, CNY19.88, Buy) will continue to ensure a solid revenue source for Huayu in FY16-17. In addition, the expanding overseas sales of Yanfeng – Huayu’s wholly owned interior trim subsidiary – after the set-up of the new interior trim JV with Johnson Controls (JCI.N, USD38.09, Hold), should provide an additional growth driver for Huayu. We maintain our Buy recommendation given what we see as attractive FY16E P/E valuation of 8x. Key downside risks are weakerthan- expected auto sales volume, an inability to acquire new customers, market share loss, and an unexpected increase in raw material prices.
发布日期：2016-03-25 14:59:17
内容： We think that the stable sales growth outlook at SAIC (600104.SS, CNY19.88, Buy) will continue to ensure a solid revenue source for Huayu in FY16-17. In addition, the expanding overseas sales of Yanfeng – Huayu’s wholly owned interior trim subsidiary – after the set-up of the new interior trim JV with Johnson Controls (JCI.N, USD38.09, Hold), should provide an additional growth driver for Huayu. We maintain our Buy recommendation given what we see as attractive FY16E P/E valuation of 8x. Key downside risks are weakerthan- expected auto sales volume, an inability to acquire new customers, market share loss, and an unexpected increase in raw material prices.
