The Global Point

研报英文原文证据摘录

The Global Point

pronounced softness of 2Q retail sales, we expect sequentially greater challenges

for its 26E full-year topline guidance (+HSD YoY). Nevertheless, we believe that Li

Ning’s recent share price weakness has largely reflected the market’s substantially

lowered expectation on its 2H26E outlook and a possible cut of mgmt’s 26E

topline guidance. Given all above, we anticipate a relief of investors’ pessimism on

Li Ning upon its 2Q26 retail sales release tomorrow (July 15), when most negatives

possibly materialize. Despite our unchanged relative preference of Anta (Buy) over

Li Ning (Buy), we believe that Li Ning’s share price is more sensitive to improved

market sentiments in China sportswear sector and hereby open a short-term

positive view on Li...

Xiaopo Wei, CFA | Vincent Young

Dajin Heavy (1081.HK) - Leading Export Oriented Wind Equipment Maker;

Initiate at Buy

We initiate on Dajin Heavy (1081.HK) with a Buy rating and a DCF-derived TP of

HK$50/share in view of (i) strong growth in European offshore wind installations

(34.5GW in 2026-30E or 2.4x the capacity installed in 2021-25 per WindEurope);

(ii) Dajin aiming to lift its share of monopile orders from European offshore wind

from 30% to 40% in 2026E; (iii) net profit growth forecast to triple in 2025-28E;

and (iv) further upside from shipbuilding. We attribute recent share price weakness

to slower-than-expected new order flow year-to-date and relatively high

valuation of the H-share implied at the IPO price. Dajin’s current valuation at 9.0x

2027E PE and 1.4x PB looks undemanding vs. its 39% 2026-28E EPS CAGR and is

well-below its European peers trading at 17.7x PE and 3.7x PB. Key catalysts

include further new orders in 2H26E. Dajin is our Top Pick in China Wind

Equipment sector.

Pierre Lau, CFA