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Cross Asset Strategy

<ul><li>Shipbuilding /In Depth: Low-carbon transition has China’s shipbuilders seeing green</li><li>Luxury /: China’s appetite for luxury is back</li><li>Corruption /: Former top Xiamen legislator sentenced to life in prison</li></ul>

Shipbuilding /In Depth: Low-carbon transition has China’s shipbuilders seeing greenLuxury /: China’s appetite for luxury is backCorruption /: Former top Xiamen legislator sentenced to life in prison

CX Daily: Low-Carbon Transition Has China’s Shipbuilders Seeing Green

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>Luckin Coffee’s new blockbuster Moutai Latte achieved 5.42mn cup sold with RMB100mn GMV in first day. </li>
<li>We think Luckin Coffee had effectively achieved two goals through the new premium product: 1) de facto price lifting; 2) extend potential customer base and step into the monetization stage.</li>
<li>We raised our 2023 revenue and non-GAAP NI on Luckin by 1.6%/4.4%. We maintain the stock as BUY rating and raise TP by US$1 to US$44/ADS.</li>
</ul>


Luckin Coffee’s new blockbuster Moutai Latte achieved 5.42mn cup sold with RMB100mn GMV in first day. 
We think Luckin Coffee had effectively achieved two goals through the new premium product: 1) de facto price lifting; 2) extend potential customer base and step into the monetization stage.
We raised our 2023 revenue and non-GAAP NI on Luckin by 1.6%/4.4%. We maintain the stock as BUY rating and raise TP by US$1 to US$44/ADS.


[Luckin Coffee (LKNCY US, BUY, TP US$44) TP Change]: Moutai Latte Is Not Just a Blockbuster

Thematic (Sector/Industry)

<ul>
<li>Luckin Coffee: Price war continue and competition in low tier cities expansion intensified</li>
<li>CATL/ LI: CATL unveils Shenxing Battery ( + / +)</li>
<li>700.HK: Honor of Kings Faces Reputation Crisis Recently( - )</li>
</ul>


Luckin Coffee: Price war continue and competition in low tier cities expansion intensified
CATL/ LI: CATL unveils Shenxing Battery ( + / +)
700.HK: Honor of Kings Faces Reputation Crisis Recently( - )


China TMT Update-Luckin/CATL/LI/700.HK:HoK Crisis;Coffee Price War Continue; Shenxing Battery

<ul>
<li>1810. HK: Takeaways for Xiaomi from Apple’s F3Q23 earnings (-)</li>
<li>NIO:  local benchmarking platform revealed NIO phone's core specs (+)</li>
<li>LKNCY: Luckin Coffee sold 7.39mn cups on the Start of Autumn（+）</li>
</ul>


1810. HK: Takeaways for Xiaomi from Apple’s F3Q23 earnings (-)
NIO:  local benchmarking platform revealed NIO phone's core specs (+)
LKNCY: Luckin Coffee sold 7.39mn cups on the Start of Autumn（+）


China TMT Update-1810. HK/NIO/LKNCY- NIO Phone's Core Specs/Luckin Sold 7.39mn Cups/Apple’s Earnings

<ul>
<li>Luckin Coffee: Luckin Coffee “store transfer” program achieved preliminary result</li>
<li>CPNG/BABA: Statistics Korea published 2Q23 cross-border ecommerce data (- /+)</li>
<li>3690.HK: Douyin taking measures to boost local services business (-)</li>
</ul>


Luckin Coffee: Luckin Coffee “store transfer” program achieved preliminary result
CPNG/BABA: Statistics Korea published 2Q23 cross-border ecommerce data (- /+)
3690.HK: Douyin taking measures to boost local services business (-)


China TMT Update-Luckin /CPNG/BABA/3690.HK/Douyin-Store Transfer/Korea Cross-Border Ecommerce

China

Luckin Coffee Inc. provides non-alcoholic beverages. The Company offers various types of coffee. Luckin Coffee serves customers in China.

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Luckin Coffee (LKNCY US)

CX Daily: Low-Carbon Transition Has China’s Shipbuilders Seeing Green

Shipbuilding /In Depth: Low-carbon transition has China’s shipbuilders seeing green Luxury /: China’s appetite for luxury is back Corruption /:...

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