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Real-time News
On January 3, Deutsche Bank analyst Wang Bin said in a research report that Ideal Auto (02015.HK) deliveries could grow 40% to 700,000 vehicles in 2025. He pointed out that Ideal Autos December delivery data was boosted by pre-order demand due to concerns that the 20,000 yuan per unit trade-in subsidy would expire in 2025. The analyst said that a three-year zero-interest financing plan and the expansion of the retail network also contributed to the record monthly deliveries. Ideal Auto is expected to launch a large pure electric SUV i16 in mid-2025, which will be priced between 200,000 yuan and 250,000 yuan. He added that the companys expanding network of supercharging stations could provide a solid foundation for the expansion of pure electric vehicle sales.On January 3, in 2025, we will work with all localities and departments to thoroughly implement the spirit of the Central Economic Work Conference, further focus on improving investment efficiency and precision efforts, and give full play to the key role of investment. First, promote the "double-heavy" construction with high quality. Increase the issuance scale of ultra-long-term special treasury bonds, expand the scope of support for the "double-heavy" construction, and further increase the proportion of treasury bond funds to support projects. Second, make good use of government investment with high efficiency. Moderately increase the scale of investment within the central budget and optimize the scope of support, focus on public sector projects where the market cannot effectively allocate resources, and continue to make up for shortcomings, adjust the structure, and benefit peoples livelihood. Third, mobilize social investment at a high level. Select key private investment projects to deepen investment and loan linkage cooperation, promote the implementation of more PPP new mechanism projects, and support the expansion of the infrastructure REITs market with greater efforts. Through these measures, continue to help private enterprises solve financing difficulties, financing costs and other development problems.On January 3, Goldman Sachs published a research report, expressing optimism about the profitability of AAC Technologies (02018.HK), and expects its operating margin to gradually increase from 7% in 2024 to 10% in 2027, mainly due to the growth in shipments of mobile phone lenses and improved product mix, the expansion of the automotive acoustics market and more high-end mobile phone sound effects, and the expansion of the terminal market for RF mechanical products. At the same time, it is expected that the companys operating efficiency will also improve. In response to the reduction in revenue from automotive acoustic solutions and lens modules, Goldman Sachs lowered AACs revenue forecasts for 2024 to 2027 by 2%, 7%, 1% and 1% respectively, but still optimistic about the endogenous growth of revenue from automotive acoustic solutions last year. The improvement in product mix has driven the bank to increase AACs gross profit margin forecasts for 2025 to 2027 by 1.0, 0.7 and 0.6%, and lowered its profit forecast for 2025 by 3%, while raising its profit forecasts for 2026 and 2027 by 2%. Goldman Sachs maintained its buy rating on AAC Technologies and continued to list it as a top pick, while its target price was raised from HK$47 to HK$48.Goldman Sachs: In the coming months, TTF natural gas prices will rise in the range of 63-84 euros/MWh, posing significant risks to the oil-substitution economy.On January 3, a relevant person in charge of the National Development and Reform Commission said that in 2025, efforts should be made to expand the implementation of the "two new" policies and support the "two heavy" projects with greater efforts. The scope of support for equipment updates will be expanded to include electronic information, production safety, and facility agriculture. Subsidies will be provided for the purchase of new digital products such as mobile phones, and individual consumers will be given subsidies for the purchase of three types of digital products, including mobile phones, tablets, and smart watches and bracelets. Subsidies for the renewal of new energy city buses and power batteries, and the renewal of agricultural machinery will be further increased. Support for the replacement of household consumer goods will be increased.
