PDF《协合新能源 （182.HK）》

yields based on current market price 研研研研研 张坤 张坤 张坤 张坤(+

86 21 51699400-104) zhangkun@phillip.com.cn Page |

2 | PHILLISECURITIES (HK) RESEARCH 协合新能源 协合新能源 协合新能源 协合新能源( ( ( (182HK) ) ) ) 更新报告 更新报告 更新报告 更新报告 财务报告 财务报告 财务报告 财务报告 For Financial Summary at the end of report FYE FY12 FY13 FY14 FY15F FY16F Valuation Ratios P/E(X) 8.8 26.5 13.3 8.8 6.6 P/B (X) 0.9 0.8 0.8 0.7 0.6 Dividend Payout ratio 0.00% 0.00% 0.00% 16.67% 12.50% Dividend Yield 0.00% 0.00% 0.00% 1.89% 1.89% Per share data (HKD) EPS, reported 0.06 0.02 0.04 0.06 0.08 EPS, adj. 0.06 0.02 0.04 0.06 0.08 DPS 0.00 0.00 0.00 0.01 0.01 BVPS 0.60 0.67 0.66 0.75 0.84 Growth Revenue 5.1% 59.8% 67.7% 23.4% 6.2% Net Income, adj. -89.1% 274.2% 110.4% 62.9% 38.2% Key Ratios Net profit margin 3.05% 7.14% 8.96% 11.83% 15.40% Return on average equity 0.90% 3.21% 5.92% 6.07% 6.86% Liability/asset 40.66% 49.31% 46.66% 53.47% 61.25% Income statement (HKD mn) FY12 FY13 FY14 FY15F FY16F Total revenue 1,325 2,117 3,550 4,379 4,650 Profit before tax

113 193

392 580

802 Net profit attributable to equity holders

40 151

318 518

716 (财务数刂8月19日) Page |

3 | PHILLISECURITIES (HK) RESEARCH 协合新能源 协合新能源 协合新能源 协合新能源( ( ( (182HK) ) ) ) 更新报告 更新报告 更新报告 更新报告 Total Returns Recommendation Rating >

+20% Buy

1 +5% to +20% Accumulate

2 -5% to +5% Neutral

3 -5% to -20% Reduce

4 +20% Buy

1 >

20% upside from the current price +5% to +20% Accumulate

2 +5% to +20%upside from the current price -5% to +5% Neutral

3 Trade within ± 5% from the current price -5% to -20% Reduce

4 -5% to -20% downside from the current price 20%downside from the current price Page |

5 | PHILLISECURITIES (HK) RESEARCH 协合新能源 协合新能源 协合新能源 协合新能源( ( ( (182HK) ) ) ) 更新报告 更新报告 更新报告 更新报告 Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited ( PSHK ) believed to be accurate. PSHK does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. PSHK (or its affiliates or employees) may have positions in relevant investment products. For details of different product'

s risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. ?

2015 Phillip Securities (Hong Kong) Limited PHILLIP SECURITIES (HK) RESEARCH |

6 | P a g e Updated report Contact Information (Regional Member Companies) SINGAPORE Phillip Securities Pte Ltd

250 North Bridge Road, #06-00 Raffles City Tower, Singapore

179101 Tel : (65)

6533 6001 Fax: (65)

6535 3834 www.phillip.com.sg MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3, Megan Avenue II, No. 12, Jalan Yap Kwan Seng,

50450 Kuala Lumpur Tel (60)

3 2162

8841 Fax (60)

3 2166

5099 www.poems.com.my JAPAN Phillip Securities Japan, Ltd 4-2 Nihonbashi Kabutocho, Chuo-ku Tokyo 103-0026 Tel: (81)

3 3666

2101 Fax: (81)

3 3664

0141 www.phillip.co.jp INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A, Jakarta 10220, Indonesia Tel (62)

21 5790

0800 Fax: (62)

21 5790

0809 www.phillip.co.id CHINA Phillip Financial Advisory (Shanghai) Co. Ltd. No

436 Heng Feng Road, Green Tech Tower Unit

604 Shanghai

200 070 Tel (86)

21 5169

9400 Fax: (86)

21 6091

1155 www.phillip.com.cn INDIA PhillipCapital (India) Private Limited No. 1, 18th Floor, Urmi Estate,