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Stock Connect C H I N A S E C U R I T I E S ( I N T ’ L ) R E S E A R C H
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[table_main]
公司深度模板
Equity Research · Company
Gearing up for new growth
DC as the traditional stronghold. United Electronics Co., Ltd. (“UEC”)
boasts an extensive DC customer base in fields such as energy, telecom,
manufacturing, government and finance, and has gained a first-mover
advantage in the emerging biology industry.
Moving into financial IT storage. UEC announced on Jul. 7, 2017 the
buyout of storage system integration solution provider Shenzhen
Zanrong Electronic Technology Co., Ltd. for RMB840mn in cash and
shares. The acquisition offers a good complementation to UEC’s existing
customer base, facilitates cross-selling in different industries and regions,
and improves customer stickiness.
Entering the DNA sequencing space. By visualizing analysis results, UEC’s
integrated DNA sequencing instrument makes the supposedly
complicated DNA analysis and interpretation job easier for end-users.
China currently has around 1,100 tier-1 hospitals and 6,700 tier-2
hospitals. Based on a DNA sequencing instrument penetration of 50%
(10% for tier-1/tier-2 hospitals) and a unit sales price of RMB1mn, we
estimate the market potential for UEC’s integrated DNA sequencing
instrument could amount to about RMB1bn in China.
Tapping into IoV. UEC’s IoV division posted RMB143mn in net profit in
2016, up 30% YoY. China’s car insurance market is worth nearly
RMB500bn with a 15% CAGR. If China frees up its car insurance premium
rates, its UBI penetration is expected to reach 25% by 2020, translating
into a market size of RMB300bn, boding well for UEC.
Profitability forecast. We project UEC to reach an operating revenue of
RMB1.75bn/3.03bn/3.68bn for FY17-19, with RMB250mn/310mn/
420mn in net profit attributable to the parent company and a 3-year
CAGR of 20%, corresponding to EPS of RMB0.39/0.46/0.63. Recommend
an Outperform rating with a target price of RMB21.0.
[table_invest]
002642
Rating
Issuing analyst:
Steven, CFA, PhD, (CE No.: AMO971)
stevenliu@csci.hk +852 3465 5652
Date：
30 October 2017
Share prices performance
[table_industrytrend]
-26%
-16%
-6%
4%
14%
24%
09/11/11
09/12/11
10/1/11
10/2/11
10/3/11
10/4/11
10/5/11
10/6/11
10/7/11
10/8/11
10/9/11
10/10/11
股票名称
上证指数
[table_stkcode]
United Electronics
(002642)
Listed company in-depth
[table_page]
United Electronics
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Contents
1. DC as the traditional stronghold ............................................................................................................................ 1
1.1 A strong player in system integration .......................................................................................................... 1
1.2 M&A push .................................................................................................................................................... 3
2. Moving into financial IT storage............................................................................................................................. 3
2.1 Acquisition of Zanrong Electronic ................................................................................................................ 3
2.2 Synergy......................................................................................................................................................... 4
3. Entering the DNA sequencing space ...................................................................................................................... 4
3.1 DNA sequencing industry chain ................................................................................................................... 4
3.2 UEC’s integrated DNA sequencing instrument ............................................................................................ 5
3.3 Promising growth on the horizon ................................................................................................................ 6
3.4 Benchmarking against foreign peers............................................................................................................ 7
3.4.1 23andMe ........................................................................................................................................... 8
3.4.2 Genetic testing all the rage in Japan ................................................................................................. 9
3.4 Policy tailwinds in China .............................................................................................................................. 9
4. Tapping into IoV ..................................................................................................................................................... 9
4.1 UEC’s IoV business ....................................................................................................................................... 9
4.1.1 One Platform, Three Terminals ......................................................................................................... 9
4.1.2 Adopting the B2B2C model ............................................................................................................. 10
4.1.3 Solid net profit growth .................................................................................................................... 10
4.2 Maturing UBI business ................................................................................................................................11
5. Profitability forecast ..............................................................................................................................................11
6. Risk alert .............................................................................................................................................................. 12
1
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United Electronics
1. DC as the traditional stronghold
1.1 A strong player in system integration
United Electronics Co., Ltd. (“UEC”) is an IT system integrator mainly engaging in medium- and large-scale DC
construction and the provision of related products and services.
Figure 1: UEC traditionally focuses on DC construction
Source: Research Dept, CSCI
UEC’s system integration services provide consultation and planning, IT system architecture design, software/hardware
selection and integration and (if necessary) software development for DC construction and upgrade, helping to address
practical issues relating to computation, storage, network, security, application integration, energy saving and
consumption reduction.
Figure 2: UEC’s extensive DC related services
Source: company announcements; Research Dept, CSCI
UEC’s technical services cover DC O&M, data migration and software development and upgrades.
传统业务
系统集成 专注于数据中心建设
技术服务
为数据中心提供的运行
维护、数据迁移、软件
开发与升级等服务
系统产品销售
数据中心软硬件产品的
销售及简单的安装调试
服务
2
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Listed company in-depth
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United Electronics
Table 1: UEC’s technical services
服务种类
服务内容
年度运维服务
为客户的数据中心提供系统维护、性能优化、软件升级、硬件维修、备件保障、定期巡检、技术培训等一揽子的运行
保障服务，该类服务一般按年度签订合同。
单次服务
根据客户的要求，就某一具体问题提供的服务，服务内容除了包括单次运维服务之外，还包括业务流程和 IT 咨询、系
统评估、数据迁移等服务。单次服务一般需要单独签订合同。
技术开发服务
根据客户的某个具体需求而承担的软件定制开发等工作。
Source: company announcements; Research Dept, CSCI
UEC has built up sales channels for DC software/hardware products from major IT vendors, offering basic installation
and testing services as well.
System integration and related product sales now account for around 90% of UEC’s operating revenue.
Figure 3: Respective division’s revenue as a percentage of
UEC’s 2016 revenue
Figure 4: Respective division’s 2016 gross margin
Source: company announcements; Research Dept, CSCI
Source: company announcements; Research Dept, CSCI
UEC boasts an extensive customer base in fields such as energy, telecom, manufacturing, government and finance, and
has gained a first-mover advantage in the emerging biology industry. The company’s traditional businesses have
registered steady revenue growth in recent years but are facing increasing competition along with higher market
penetration and lower gross margins.
Figure 5: UEC’s FY13-16 operating revenue and growth rate
(hundred million yuan)
Figure 6: UEC’s FY16 operating revenue by industry
Source: company announcements; Research Dept, CSCI
Source: company announcements; Research Dept, CSCI
43.98%
9.19%
46.81%
0.02%
系统集成
系统产品
技术开发与服务
车载信息终端
0%
20%
40%
60%
80%
0%
10%
20%
30%
40%
0
5
10
15
20
2013 2014 2015 2016
营业收入 增速
8%
18%
20%
7%
11%
11%
20%
3% 能源
电信
政府
生物医疗
制造
金融
其他行业
行业应用服务商
3
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1.2 M&A push
UEC has embarked on a spree of M&A following its floatation. It has moved into the Internet of Vehicles (IoV) area by
taking over Beijing Carsmart Technology Co., Ltd. and completed the acquisition of Beijing Tescomm Communication Co.,
Ltd., a carrier network quality and business process management solution provider.
Table 2: UEC’s M&A spree
收购标的
标的介绍
交易对价（万）
持股比例
业绩承诺（万）
收购时间
一维天地
专注于以微软为基础技术架构进行产品和项
目开发以及微软相关产品的销售
1100
64.17%
NA
2013年1月
车网互联
基于移动互联网及物联网技术，向车辆向车
辆或其他移动资源对象提供远程管理信息服
务整体解决方案
56250
75%
13-16年：
6276、8312、10910、13733
2013年12月
壮志凌云
主营业务为电子商务平台建设业务
2180
100%
14-16年累计业绩不低于1200万
2014年1月
泰合佳通
主营为电信运营商网络质量管理及业务流程
管理解决方案提供商
62532
100%
14-16年：
3810、5456、7470
2014年11-12月
安徽朗坤
致力于用物联网、云计算与移动互联等新技
术来推动农业信息化、现代化发展，保障粮
食安全与食品安全。
7845
15%
NA
2016年3月3日
车网互联
18750
25%
2016-06-01
Source: company announcements; Research Dept, CSCI
2. Moving into financial IT storage
2.1 Acquisition of Zanrong Electronic
UEC announced on Jul. 7, 2017 the buyout of Shenzhen Zanrong Electronic Technology Co., Ltd. for RMB840mn in cash
and shares. Zanrong Electronic, a storage system integration solution provider, has made a profit commitment of no
lower than RMB70mn/80mn/90mn for FY17-19.
Table 3: Zanrong Electronic’s main business activities
业务类型
具体内容
企业级数据存储解
决方啊
支持 NFS、CIFS、FC、iSCSI、FTP、HTTP 等多种数据访问和文件传输协议，兼容所有类型的客户端和磁盘存储设备；
利用存储虚拟化技术整合构平台的存储设备，形成统一管理的存储池；通过自动精简存储配置模式实现对存储空间
的优化；通过图形化管理工具软件，简化对存储系统的管理
企业级数据备份与
保护解决方案
整合数据备份、系统恢复、灾难恢复、本地和异地容灾等功能，在不改变原有系统结构的前提下完整保护客户的数
据；实现数据的快速备份和恢复，保证业务的连续性
远程容灾存储解决
方案
提供业务关键型数据灾难恢复，实现灾备站点用于其他业务活动；跨操作系统、虚拟化技术以及存储硬件，实现数
据远程灾备；自动检测整个数据中心高可用性和灾难恢复基础架构，确保 DR
计划的无缝应用
年度巡检服务
根据客户合同规定的巡检周期，检查设备的健康状态，及时发现设备存在的隐患并及时解决，使设备始终报持在一
个良好状态
日常维保服务
针对不定期出现的设备故障报警、用户呼叫或其他服务请求，公司提供现场服务，并在服务完成后填写相应的服务
报告归档
Source: official website; Research Dept, CSCI
4
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2.2 Synergy
The acquisition offers a good complementation to UEC’s existing customer base, facilitating cross-selling in different
industries and regions, increasing market presence, and improving customer stickiness.
Figure 7: Composition of Zanrong Electronic’s customer base
Source: company announcements; Research Dept, CSCI
3. Entering the DNA sequencing space
3.1 DNA sequencing industry chain
DNA sequencing industry chain encompasses sequencing instruments and consumables, sequencing services and
biological information analysis, respectively reaching a market size of around USD3bn, USD3.5bn and USD900mn.
Illumina accounts for two thirds of the global DNA sequencing instrument market with a sales revenue of about USD2bn
in 2016.
Figure 8: UEC’s positioning in the DNA sequencing industry chain
Source: Research Dept, CSCI
50%
11%
4%
4%
4%
27% 招商银行
平安银行
工商银行
交通银行
恒丰银行
其他
•Illumina
•Life Tech
•Roche
设备&耗材供应商 •BGI华大基因
•Macrogene千年基因
•Broad Institute in Cambridge
•药明康德
第三方测序服务
机构
•CLC Bio（QIAGEN）
•NextBIO（Illumina）
•Biomatters
•BGI online
生物信息分析软
件供应商
•医院
•制药企业
•政府研究机构
•高校研究所
终端用户
5
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United Electronics
Figure 9: DNA sequencing market size composition
Source: Research Dept, CSCI
3.2 UEC’s integrated DNA sequencing instrument
During its cooperation with BGI Genomics, a global leader in DNA sequencing, UEC utilized its expertise in biological data
analysis and processing to build up a biological cloud platform composed of public cloud, private cloud and localization.
Public cloud charges customers for computation, storage and analysis services; private cloud helps third-party biological
sequencing companies construct and maintain infrastructures; and localization offers an integrated DNA sequencing
instrument incorporating data storage, analysis and interpretation functions.
Figure 10: UEC’s biological cloud platform
Source: Research Dept, CSCI
By visualizing analysis results, UEC’s integrated DNA sequencing instrument makes the complicated DNA analysis and
interpretation job easier for end-users (hospitals and DNA sequencing companies). China currently has around 1,100
tier-1 hospitals and 6,700 tier-2 hospitals. Based on a DNA sequencing instrument penetration of 50% and 10% for tier-
1 and tier-2 hospitals respectively and a unit sales price of RMB1mn, we estimate the market potential for UEC’s
integrated DNA sequencing instrument could amount to about RMB1bn.
41%
47%
12%
设备&耗材 测序服务 生物分析
生物云
公有云 数据计算存储与解
析
私有云
第三方生物测序公
司的基础设施建设
与维护
本地化 测序分析一体机
6
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Figure 11: UEC’s integrated DNA sequencing instrument makes DNA analysis and interpretation easier
Source: Research Dept, CSCI
3.3 Promising growth on the horizon
Given the sheer volume and complicacy of biological data, SMEs in the medical field, scientific research personnel and
medical staff will usually outsource biological data storage, analysis and interpretation to third-party companies. Hence,
the biological data analysis segment, though with a relative small market size at the moment, could see promising growth
in the future.
Figure 12: A simplified process of DNA sequencing
Source: Research Dept, CSCI
DNA sequencing is currently applied in detecting diseases such as tumors and inherited and blood diseases, and
particularly in noninvasive prenatal testing (NIPT), a blood test used to screen for Down syndrome and a few other
chromosomal conditions.
A DNA sequencing service usually costs RMB2,500-3,000 in China. There are around 20mn pregnant women in China
every year, and with a penetration of 50%, DNA sequencing for Down syndrome alone will create an annual market
potential of RMB10-15bn.
测序分析一体机
存储 Helicube底层
分析 Balsa elsa技术
解读
查询已建数据库
图形化界面
建库
•DNA样品准备，
如唾液血液等
测序（仪器及试
剂）
•测定个人基因组生
物数据
变异基因验证
•通过比对，发现并
确认变异基因所在
疾病诊疗
•通过变异基因与疾
病的映射，根据变
异基因，确认疾病
种类，从而进行个
性化诊疗
7
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Currently there are more than 8,000 types of single gene inheritance diseases, chromosome abnormalities and
mitochondrial diseases and 3,672 inherited diseases discovered, among which 20 have been approved in China,
compared to 2,500 in the US. BGI Genomics can now use its technologies to detect nearly 1,000 of them, suggesting
rosy growth prospects.
Figure 13: Growing operating revenues at BGI Genomics
Figure 14: Basic scientific research and reproductive health services
account for more than 50% of BGI Genomics’s operating revenue
Source: company announcements; Research Dept, CSCI
3.4 Benchmarking against foreign peers
DNA sequencing cost per genome was dramatically cut to USD5,000 in 2013 from USD100mn, and further down to
USD1,000 in 2014 when Illumina announced that it could finish sequencing a human genome within 24 hours.
That makes DNA sequencing more affordable, presenting ample market opportunities for human genome sequencing.
Figure 15: Lower DNA sequencing costs present more market opportunities
Source: Research Dept, CSCI
0
2
4
6
8
10
12
14
16
18
2013 2014 2015 2016
营业收入（亿元） 归母净利润（亿元）
55%
19%
23%
3%
华大基因2016年度各产品营收占比（%）
生育健康类服务
基础科研类服务
复杂疾病类服务
药物研发类服务
个人基因组测序市场推
广三大瓶颈
准确性
测序本身的准确性（现基本可以达
到99.99%）
测序结果解析的准确性（变异基因
与疾病的映射）
速度 个人基因测序之前需几周甚至几个
月，现可以在24小时完成
成本 个人基因测序之前需要上亿元，现
只需要1000美元
8
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3.4.1 23andMe
23andMe in the US boasts to be the first and only genetic service provider targeting the consumer market, with its
ancestry service costing only USD99, down from USD299 in 2012.
Figure 16: 23andMe valued at USD1.1bn in Oct. 2015 following its latest round of financing
Source: Research Dept, CSCI
deCODE genetics and Navigenics are the two main rivals of 23andMe. Founded in 1996, deCODE genetics never turned
itself into the black until eventually going broke in 2009; it was acquired by the US biopharmaceutical company Amgen
in 2012. Navigenics mainly sold high-end services and products before being snapped up by Life Technologies in 2012.
Besides offering genetic services, 23andMe also sells genetic data covering a population of more than 800,000 people
to pharmaceutical or biotech companies, opening its API to developers so that they can develop innovative tools and
applications by mining such a massive amount of genetic data.
Figure 17: 23andMe works with third parties to mine its massive reservoir of genetic data
Source: Research Dept, CSCI
2012年，两大
竞争对手
（deCODE和
Navigenices）
被收购。
2013年12月，
FDA叫停用户健
康方面的基因检
测服务。
2015年，FDA给一
次性批准了
23andme可以开展
36项遗传病的基因
检测，包括祖源分
析、非医学性状
等。
2015年10月14日，
23&me宣布1.15亿美
元的E轮融资，估值
达到11亿美元。
由Fidelity领投，
Google、Casdin、
以及中国基因测序公
司药明康德跟投。
•2015年1月与Genentech
完成6000万美元的交
易，为Genentech提供用
户的一名基因数据来进
行医药研发。
与Genentech合作
•2015年1月，允许辉瑞
访问其研究平台，包括
23andme的服务和80多
万人口的基因数据分
析，以协助其进行基因
组学研究和药物开发。
与辉瑞合作
•2015年4月，在
Superdrug网站及旗下英
国600多家实体店推出CE
认证的个人基因组服
务。
与英国最大的药妆
店Superdrug合作
9
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3.4.2 Genetic testing all the rage in Japan
In Japan, genetic testing is increasingly sought after by many an investment institution, with traditional medical
organizations and drug companies also beginning to enter this space. As of 2013, there were as many as 738 genetic
testing service providers in Japan.
Figure 18: Japanese Internet giants are moving into the genetic industry
Source: Research Dept, CSCI
3.4 Policy tailwinds in China
Starting from June 2014, state policies have been in favor of DNA sequencing development, boding well for domestic
industry players like UEC.
4. Tapping into IoV
4.1 UEC’s IoV business
4.1.1 One Platform, Three Terminals
UEC’s IoV service can be summed up into “One Platform, Three Terminals”.
One Platform refers to the Carsmart platform at the core, which provides data processing tools and computing and
storage capabilities.
Three Terminals include Tracker (vehicle tracking), iPND (data collection and presentation) and iOBD.
2014年中旬 2014年10月2014年10月2014年11月
123 4
宣布推出名为Mycode的
基因
检测服务，服务包
括283项
检测内容，并且
给出
检测后相应的饮食
和锻炼跟踪提示。
日本移动游戏巨头
DeNA
启动个人基因组数据库
“Health Data Lab”项
目。模仿23andMe的操作
方式（网络招募+在家采
集+
检测外包）构建日本
人的基因数据库。
日本雅虎
通过物联网的思维进入
基因行业。日本电报电
话公司开发了一种手表
式的传感器，希望通过
基因
检测能够帮助人们
预防疾病。
日本大型电机制造商
和通信公司
开发了一种缩短基因分
析的系统，只需要一周
时间就能完成分析。
日本东芝集团
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Figure 19: UEC’s IoV services
Source: Research Dept, CSCI
4.1.2 Adopting the B2B2C model
Carsmart adopts the B2B2C model, meaning that it sells telematics products and services directly to auto manufacturers
and dealers, which will in turn give such offerings for free to consumers to boost car sales. These end-users will then
register with Carsmart to access relevant services.
Carsmart also provides solutions either directly to end-users or via business integrators. For instance, it has developed
a wireless Internet-based on-board diagnostics (OBD) platform for Heilongjiang Red Valley Automotive Test Co., Ltd., and
has designed a dairy industry informatization platform for a Harbin-based electronic engineering company, which then
provides services to China Telecom and Qiqihar Bureau of Aquatic Products and Animal Husbandry.
4.1.3 Solid net profit growth
Carsmart posted RMB264mn in operating revenue and RMB143mn in net profit (up 30% YoY) in 2016.
Figure 20: Carsmart saw its net profit growing from 2013 to 2016
Source: Research Dept, CSCI
车网互联
Carsmart移动资源管理
平台及子平台
奶业信息化子平台开发
车辆综合信息管理子平台开发
位置信息管理子平台开发
车况信息管理子平台开发
车载信息终端
iPND 终端（数据的采集与展现）
Tracker 终端（数据的采集）
iOBD 终端（数据的采集）
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
0.5
1
1.5
2
2.5
3
2013 2014 2015 2016
营业收入（亿元） 净利润（亿元） 净利润增速
11
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4.2 Maturing UBI business
UEC has been eying usage-based insurance (UBI) to expand its IoV business. Based on a vast accumulation of vehicle
data, it originally planned to install 1mn OBD boxes within three years, but has decided to use a recreational app to
replace OBD characterized by high costs and low user stickiness.
In 2015, Carsmart started in-depth cooperation with The Floow from the UK to build a UBI model offering comprehensive
solutions combining insurance and IoV big data. Carsmart now counts the likes of Sunshine Insurance, Urtrust Insurance,
Ping An Insurance and China Life Property & Casualty Insurance as its customer line-up.
China’s car insurance market now amounts to nearly RMB500bn with a 15% CAGR. If China frees up its car insurance
premium rates, its UBI penetration is expected to reach 25% by 2020, hitting a market size of RMB300bn.
5. Profitability forecast
Stripping out Zanrong Electronic’s activities for 2017 and incorporating Zanrong Electronic’s contribution and a shares
increase of RMB25.24mn for 2018, we project UEC to post RMB200mn/1.1bn/1.23bn in FY17-19 operating revenue for
its financial business, up 10%, 465% and 12% YoY.
Given that UEC’s R&D efforts in IoV are expected to bear fruits in 2018, we estimate the company will register a growth
of over 30% in operating revenue in this field.
In terms of UEC’s biological cloud division, we forecast an operating revenue of RMB130mn/170mn/230mn for FY17-19,
up 11%, 31% and 35% YoY.
In light of an operating revenue growth of more than 30% anticipated for both the energy and government sectors, we
estimate UEC to respectively post RMB180mn/230mn/310mn and RMB430mn/530mn/780mn in operating revenue for
its energy and government related businesses for FY17-19.
Based on the above projections, we predict that UEC will reach an operating revenue of RMB1.75bn/3.03bn/3.68bn for
FY17-19, along with RMB250mn/310mn/420mn in net profit attributable to the parent company and a 3-year CAGR of
20%, corresponding to EPS of RMB0.39/0.46/0.63. Recommend an Outperform rating with a target price of RMB21.0.
Table 4: Earnings forecast by sector (million yuan)–UEC
各业务分项预测
2016
2017E
2018E
2019E
电信
289
298
313
331
增长率（%）
1%
3%
5%
6%
毛利率（%）
44%
44%
45%
45%
营业成本
163
167
172
182
金融
177
195
1100
1232
增长率（%）
7%
10%
465%
12%
毛利率（%）
29%
30%
23%
24%
营业成本
125
136
847
936
能源
135
176
232
309
增长率（%）
24%
30%
32%
33%
毛利率（%）
43%
43%
44%
44%
营业成本
78
100
130
173
生物医疗
119
132
173
234
增长率（%）
3%
11%
31%
35%
毛利率（%）
49%
49%
56%
59%
营业成本
61
67
76
96
12
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Listed company in-depth
[table_page]
United Electronics
行业应用服务商
46
49
53
58
增长率（%）
-26%
5%
9%
10%
毛利率（%）
15%
15%
15%
15%
营业成本
39
41
45
50
政府
322
428
577
779
增长率（%）
33%
33%
35%
35%
毛利率（%）
29%
29%
30%
30%
营业成本
230
304
404
546
制造
180
191
214
246
增长率（%）
-4%
6%
12%
15%
毛利率（%）
27%
27%
28%
28%
营业成本
132
140
154
177
其他业务
327
278
364
487
增长率（%）
-13%
-15%
31%
34%
毛利率（%）
72%
71%
73%
75%
营业成本
92
81
98
122
总收入
1596
1746
3026
3678
Source: Research Dept, CSCI
Table 5: UEC’s earnings performance (million yuan)
利润表
2016
2017E
2018E
营业收入
1596
1746
3026
3678
减: 营业成本
921
1036
1927
2282
营业税金及附加
7
5
9
12
营业费用
112
113
200
246
管理费用
257
279
484
588
财务费用
15
12
23
29
资产减值损失
11
19
30
34
加: 公允价值变动损益
0
0
0
0
加：投资收益
11
11
11
11
营业利润
285
293
365
497
加: 营业外收入
7
7
7
7
减：营业外支出
1
0
0
0
利润总额
291
300
371
504
减: 所得税
51
52
65
88
净利润
240
248
306
416
减: 少数股东损益
0
0
0
0
归属母公司股东净利润
240
248
307
416
Source: Wind; Research Dept, CSCI
6. Risk alert
DNA sequencing industry activity and UBI business development may fall short of expectations.
13
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Listed company in-depth
[table_page]
United Electronics
Research
Institutional Sales & Trading
LIU Taisheng, Steven
TMT
(852) 3465 5652
stevenliu@csci.hk
SO Lai Shan, Jennifer
Consumer
(852) 3465 5781
jenniferso@csci.hk
CHAN Ka Yeung, Duncan
Commodity
(852) 3465 5654
duncanchan@csci.hk
TIAN Yang
Automotive
(852) 3465 5775
tianyang@csci.hk
SUN Lingxiao, Roger
Industrials
(852) 3465 5785
rogersun@csci.hk
YAO Xue, Snowy
snowyyao@csci.hk
+852 3465 5675
SHEN Xiangfei, Thomas
(852) 3465 8689
thomasshen@csci.hk
XU Qiwen
(852) 3465 8690
xuqiwen@csci.hk
XIANG Xinrong, Ron
(852) 3465 5633
ronxiang@csci.hk
HO Wen Hao, Jack
(852) 3465 5685
jackho@csci.hk
WANG Zhuo, Gary
(852) 3465 8655
wangzhuo@csci.hk
LEE Ying Ju, Rose
(852) 3465 5707
roselee@csci.hk
LI Jiageng, Mike
(852) 3465 5636
mikeli@csci.hk
XIA Tian
(852) 3465 5670
xiatian@csci.hk
XU Xiaowei, Vincent
(852) 3465 5795
vincentxu@csci.hk
LI Tianyi, Miranda
(852) 3465 8653
mirandali@csci.hk
14
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Listed company in-depth
[table_page]
United Electronics
Company Rating Definition
The Benchmark: Hong Kong Hang Seng Index; Time Horizon: 12 months
Buy
12-month absolute total return: >=10%
Hold
12-month absolute total return: >-10% but <10%
Sell
12-month absolute total return: <=-10%
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