PDF《招金矿业（ 招金矿业（HK.1818）》

123 122

128 148 Intangibleassets 2,933 3,178 3,500 3,880 Sellinganddistributioncosts (38) (56) (85) (95) Totalcurrentassets 2,149 3,962 5,301 4,502 Administrativeexpenses (547) (615) (770) (930) Cashandcashequivalents

782 1,246 1,562 1,172 Otheroperatingexpenses (109) (138) (135) (165) Prepayments andotherreceivables

373 521

868 1,129 Operatingprofit 1,740 2,377 2,729 3,294 Inventories

779 2,131 1,800 2,000 Financecosts (92) (98) (215) (250) Totalliabilities 3,632 6,294 8,398 7,608 Shareofprofitandloss ofanassociate

4 7

9 12 Totalcurrentliabilities 1,478 3,911 5,822 4,968 PROFITBEFORETAX 1,652 2,287 2,523 3,056 Interest-bearingbankandotherborrowings

370 1,510 1,550 1,750 Incometaxexpense (410) (564) (568) (688) Tradepayables

447 1,538 1,176 1,294 PROFITFORTHEYEAR 1,242 1,723 1,955 2,369 Otherpayables andaccruals

483 501

550 600 Minorityinterests (40) (61) (82) (100) Totalnon-currentliabilities 2,154 2,383 2,576 2,640 NetProfit 1,202 1,662 1,873 2,269 Interest-bearingbankandotherborrowings71

158 100

100 EPS(RMB) 0.41 0.57 0.64 0.78 Deferredtaxliabilities

457 476

674 728 Dividends

437 612

702 851 Corporatebond 1,490 1,491 1,493 1,495 DPS(RMB) 0.30 0.21 0.24 0.29 Totalequity 5,776 6,997 8,377 10,068 Dividendpayoutratio 36.36% 36.82% 37.50% 37.50% Equityattributabletoowners oftheCompany 5,387 6,584 7,756 9,322 Growth&

margins(%)

2010 2011 2012E 2013E BVPS(RMB) 1.85 2.26 2.66 3.20 Revenuegrowth 46.51% 40.10% 12.49% 23.20% KeyRatios

2010 2011 2012E 2013E Gross Profitgrowth 59.45% 32.59% 17.19% 20.76% Asset-liabilityRatio 38.72% 47.36% 50.06% 43.04% NetProfitgrowth 59.41% 38.27% 12.70% 21.11% Currentratio 1.45 1.01 0.91 0.91 AveragePayableTurnover 36.53 63.10 172.75 124.51 Gross profitmargin 56.39% 53.37% 55.60% 54.50% InventoryTurnover 128.08 198.38 250.20 191.57 Netprofitmargin 29.33% 28.95% 29.00% 28.51% Averageassets Turnover 799.99 720.72 849.64 790.22 ROA 13.38% 14.66% 12.46% 13.17% AverageEquityTurnover 443.33 380.54 405.24 391.74 ROE 24.15% 27.77% 26.12% 26.57% Cashflowstatement(RMBmil)

2010 2011 2012E 2013E Valuation

2010 2011 2012E 2013E (Loss)/Profitbeforetax 1,652 2,287 2,523 3,056 P/EX 22.29 16.03 14.28 11.71 Netcashflows from operatingactivities 1,084 1,453

474 3,260 P/BX 4.94 4.04 3.43 2.86 Netcashflows from investingactivities (1,873) (1,681) (1,715) (1,700) Netcashflows from financingactivities (639)

692 1,557 (1,950) Netchange (1,428)

464 316 (391) 招金矿业 招金矿业 招金矿业 招金矿业( ( ( (HK.1818) ) ) ) Phillip Securities (Hong Kong) Ltd Research

5 September

2012 5 of

5 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qua........