J.P. Morgan China/HK FTM 6 Jul 26 Kanzhun; Tencent (0700); China Healthcare; China Equity Strategy; China Banks; Goldwind - H; EHang - ADR; Guotai Haitong Securities - H

研报英文原文证据摘录

J.P. Morgan China/HK FTM 6 Jul 26 Kanzhun; Tencent (0700); China Healthcare; China Equity Strategy; China Banks; Goldwind - H; EHang - ADR; Guotai Haitong Securities - H

tion,

generating operating cash flow to fund future aircraft while competitors remained in certification. Instead,

regulators have continued moving the commercialization goalposts since 2H25, while the recent nationwide

suspension of most general aviation activities following the Beijing aviation accident (26 June) further delays

passenger deployment. We cut our FY26E/27E/28E revenue forecasts to Rmb261mn/Rmb290mn/

Rmb319mn (55%/66%/75% below consensus), forecast non-GAAP net losses of Rmb407mn/Rmb176mn/

Rmb89mn (also below consensus), and lower our valuation multiple to 7.7x FY27E P/S, reverting to

4Q23/1Q24 levels as the commercialization premium unwinds. Despite the stock declining 52% YTD,

versus western eVTOL peers (-30%) and the Nasdaq (+11%), we believe the market continues to price

EHang as a commercialization story when it has effectively reverted to a certification story.

CW | Guotai Haitong Securities - H (2611.HK, N – HK$15.25), China (Peter Zhang)

2Q26 profit +290-304% y/y, a strong beat; positive share-price reaction and sector read-across

expected

2Q26 result a strong beat. After market close on 3 July, Guotai Haitong announced its preliminary 1H26

results (link). 2Q26 net profit grew by 290-304% y/y to Rmb13.6bn-14.1bn, a record high. We highlighted the

potential for a strong 2Q26 result in our positive catalyst watch note in June (link), but 2Q26 profit came in

62ppt above our estimates, which we view as a strong beat. 1H26 net profit represents 72-73%/74-76% of

JPM and Bloomberg consensus FY26E net profits, respectively, indicating room for consensus earnings

upgrades.