China Fund News reporter Guo Minjun
On April 30, the three major indexes of Hong Kong stocks rose at the beginning of the session and then continued to fall, and turned from rising to falling in the afternoon, narrowing the decline at the end of the session, and closing the three major indexes were mixed. The Hang Seng Index closed up 0.09% at 17,763.03 points, recording a seven-day winning streak. The Hang Seng Tech Index fell 0.34% to 3,700.67. The Hang Seng China Enterprises Index fell 0.14% to 6,273.75 points. The market turnover was HK$130.86 billion, and southbound funds bought HK$3.249 billion.
Haier Smart Home rose 7.93%, OOIL International rose 5.15%, and Techtronic Industries rose 3.80%, leading the blue-chip gains. Energy and auto stocks strengthened, with CNOOC up 2.73%, China Shenhua up 1.71%, and Li Auto up 2.67%.
Most of the big tech stocks were lower, with JD.com down 2.71%, Alibaba Health down 2.31%, Weibo down 2.19%, Meituan down 1.71%, and Kuaishou, Tencent, and NetEase all down.
In terms of industry performance, the Hang Seng Sector Index was mixed during the day, with the Energy Index up 1.92%, the Consumer Discretionary Index up 0.4%, and the Consumer Discretionary Index up 0.29%. In terms of declines, the healthcare index fell by 0.81%, the composite enterprise index fell by 0.59%, and the information technology index fell by 0.54%.
From the disk point of view, most of the Wind concept sector fell, the auto dealer index fell 3.67%, the steel index fell 3.57%, and the security monitoring index fell 3.03%. In terms of gains, the air control index rose 7.33%, the home appliance index rose 7.26%, and the makeup and beauty index rose 5.52%.
The results exceeded expectations
Haier Smart Home rose nearly 9%
Stimulated by the better-than-expected performance, on April 30, Haier Smart Home's share price opened higher and higher, with a maximum increase of 8.86%, closing at HK$29.25 throughout the day, up 7.93%.
After the market closed on April 29, Haier Smart Home announced its results for the first quarter of 2024, with operating income of 68.978 billion yuan, an increase of 6.01% year-on-year, and net profit attributable to shareholders of listed companies of about 4.773 billion yuan, an increase of 20.16% year-on-year.
Huatai Securities released a research report saying that Haier Smart Home's performance significantly exceeded the previous expectation of a year-on-year increase of 10%-13%. Considering that the benefits of the company's digital transformation continue to bloom and the internationalization and high-end strategies continue to advance, Huatai Securities raised its earnings per share forecasts for the company from 2024 to 2026 to 2.07 yuan, 2.40 yuan and 2.74 yuan respectively. The average P/E ratio of comparable companies in 2024 is 12 times, the company's share of advantageous businesses continues to increase, and the strategic development industry is steadily advancing. Huatai Securities gives the company a 2024 P/E ratio of 17 times, gives a target price of HK$35.48 to H shares, and maintains a "buy" rating.
Artificial intelligence concept stocks rose against the market
Intelligent driving ushered in a positive situation, and Hong Kong-listed artificial intelligence concept stocks, especially smart car-related stocks, rose against the market amid the decline of the Hang Seng Technology Stock Index. Haier Smart Home rose 7.93%, Li Auto rose 2.67%, and Xpeng Motors rose 2.60%, leading the rise in the constituents of the Hang Seng Technology Index.
On April 28, the China Association of Automobile Manufacturers and the National Computer Network Emergency Technology Processing and Coordination Center issued the "Notice on the Testing of Four Safety Requirements for Automotive Data Processing (First Batch)", announcing that 76 models of six companies, including BYD, Ideal, Lotus, Hezhong New Energy, Tesla, and NIO, meet the four compliance requirements for automotive data security.
Among them, it is particularly noteworthy that all models produced by Tesla's Shanghai Gigafactory meet compliance requirements, becoming the only foreign-funded car company that meets compliance requirements.
Guoyuan International released a research report saying that full self-driving (FSD) is Tesla's research and development focus in recent years. Previously, Tesla had built Tesla's Shanghai data center in 2021 to achieve localized data storage. The passage of the national authoritative data security test has laid an important foundation for the implementation of FSD in China.
Guoyuan International said that if FSD is implemented in the mainland market, it is likely to adopt a software charging model. At that time, driven by Tesla, the industry leader, mainland companies are likely to follow up, and charging for software services may account for an increasing proportion of car companies' revenue. Guoyuan International believes that the mainland is accelerating the construction of a legal and regulatory environment that matches autonomous driving, and the development of the industry is expected to accelerate, and it is recommended to actively pay attention to the industry leaders.
According to Company E, recently, Baidu's artificial intelligence car business has been good recently. Nissan (China) Investment Co., Ltd. and Baidu Online Network Technology (Beijing) Co., Ltd. signed a memorandum of understanding to conduct a feasibility study on strategic cooperation in the field of artificial intelligence and intelligent vehicles. It is reported that Nissan's models in China will be equipped with Baidu's AI solution.
On April 22, at the Baidu Apollo smart car product launch conference, Shang Guobin, vice president of Baidu, announced that Baidu would cooperate with Tesla, and Baidu Map real lane-level navigation will soon be launched in Tesla's world.
Tianfeng Securities released a research report saying that based on more than 100 million kilometers of road test mileage data in complex cities in China, Baidu has trained the Apollo visual perception model. Tianfeng Securities believes that with the further enrichment of the company's road test mileage data, the area and population covered by the carrot fast running business are increasing, and Baidu's intelligent driving technology is expected to usher in a paradigm breakthrough moment.
Editor: Xiao Mo
Review: Muyu