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辉立证券-研究部三月研究报告回顾-200401

研报作者:章晶,段煉 来自:辉立证券 时间:2020-04-01 10:21:40
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研究报告内容

1 April 2020 Page | 1 研究部三月研究報告回顧 Hong Kong | INVESTNOTESREPORTSREVIEW 行業: 汽車&航空(章晶) 環保(段煉) 汽車&航空 於本月本人更新了四篇公司報告,分別是分別是敏實集團(425.HK),廣汽集團 (2238.HK),三花智控(002050.CH),和中炬高新(600872.CH)。

四家公司均憑藉 其獨特競爭優勢獲得成功。

于其中,我們更推薦中炬高新。

中炬高新2019年實現營業收入46.75億元,同比增12.20%;歸屬于上市公 司股東的淨利潤7.18億元,同比增長18.19%,每股收益0.90元,去年爲 0.76元。

業績基本符合我們年初預期。

公司的調味品板塊快速增長,美味鮮 2019年實現收入44.68億元,同比增15.98%,增速較往年提高6個百分點, 實現淨利潤7.96億元,同比勁升27.6%。

公司再次提及五年雙百目標,即 2023年達到産量100萬噸,收入100億元。

爲了助力目標實現,除了陽西工 廠二期擴産項目穩步推進之外,公司擬投資12.75億元對中山廠區進行升級 改造和擴産,將産能從現有31.43萬噸提升至58.42萬噸,預計項目帶來新 增營業收入15.75億元,新增淨利潤3.55億元。

另一方面,渠道下沉和員工 激勵力度將加大,地級市開發率計劃提高至87.83%,區縣開發率達到 46.23%,并繼續加强自媒體和網絡廣告投放。

寶能入主公司後,激勵機制和 管理效率的提高將爲公司長遠發展打下基礎,與第一梯隊差距的縮小也有望 打開公司的成長空間。

我們預計公司2020/2021年的每股盈利分別爲1.05, 1.31元人民幣。

環保 本月發佈了光大水務(1857.HK)的報告更新。

2019年公司錄得收入55.5億港 元,同比增長16%,較2019前三季度收入增速增加2.4個百分點。

收入增長 主要是由於建造收入增長3億港元,運營收入增長3億港元,財務收入增長 7,600萬港元,技術服務收入增長9,900萬港元,同比分別增長11%、25%、 10%及98%。

上述收入的增加主要是由于新建項目的增加、部分新項目投入 營運及部分項目水價上調所致。

公司毛利為18.9億港元,同比增長17%,較 2019年前三季度毛利增速降低2.1個百分點。

毛利率維持34%,是因為建造 業務(毛利率約24%)及運營服務(毛利率約47%)的收入占比與上年相 似,其中建造收入、建造合約收入及技術服務收入合共收入約58%。

公司權 益持有人應佔盈利為8.3億港元,同比增長23%,較2019年前三季度增速增 加5.9個百分點。

公司各項經營指標均超過我們預期,反映公司良好的項目 增長及成本管控能力。

我們認爲,新型肺炎疫情對公司造成的影響較爲有限,雖然部分工業企業停 工對公司工業園區廢水處理量有所影響,但市政生活污水的的略微提升抵消 這部分的影響,并且工業污水的處理量預計會于近期逐漸回升,相信很快能 恢復到正常水平;建設工程方面,公司今年節後復工時間較往年有所延遲, 不過目前已逐漸復工,相信政府鼓勵復工復產也會逐步緩解停工的情況。

Review Report Page | 2 Fig 1.本月推薦公司股票一覽 日期代碼公司分析師投資建議建議時股價目標價 預期 回報率 該月 收盤價 該月 回報率 上一月 收盤價 該月股票 漲跌幅 20200304425 HK敏實集團ZJ買入27.7533.3220.07% 17.32 -37.59% 27.4 -36.79% 202003051857 HK光大水務LD買入1.72.547.06% 1.28 -24.71% 1.68 -23.81% 202003112238 HK廣汽集團ZJ增持8.669.59.70% 7.66 -11.55% 8.69 -11.85% 20200318002050 CH三花智控ZJ增持18.8422.418.90% 16.28 -13.59% 19.88 -18.11% 20200325600872 CH中炬高新ZJ增持41.5458.43% 45.128.72% 37.819.37% A股公司價格以人民幣計算 Source: Phillip Securities Research Review Report Page | 3 PHILLIPRESEARCHSTOCKSELECTIONSYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERALDISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in this research should take into account existing public information, including any registered prospectus in respect of such security. Disclosure of Interest Analyst Disclosure: Neither the analyst(s) preparing this report nor his associate has any financial interest in or serves as an officer of the listed corporation covered in this report. Firm’s Disclosure: Phillip Securities does not have any investment banking relationship with the listed corporation covered in this report nor any financial interest of 1% or more of the market capitalization in the listed corporation. In addition, no executive staff of Phillip Securities serves as an officer of the listed corporation. Availability The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. 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 . 2020 Phillip Securities (Hong Kong) Limited Total Return Recommendation Rating Remarks >+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% Sell 5 >20%downside from the current price Review Report Page | 4 Contact Information (Regional Member Companies) SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 179101 Tel : (65) 65336001 Fax : (65) 65356631 Website: .sg MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block BLevel 3 Megan Avenue II, Number 12, Jalan Yap Kwan Seng,50450 Kuala Lumpur Tel (603) 21628841 Fax (603) 21665099 Website: .my HONGKONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/FUnited Centre 95 Queensway Hong Kong Tel (852) 22776600 Fax (852) 28685307 Websites: JAPAN PhillipCapital Japan K.K. Nagata-cho Bldg., 8F,2-4-3 Nagata-cho, Chiyoda-ku, Tokyo 100-0014 Tel (81-3) 35953631 Fax (81-3) 35953630 Website:.co.jp INDONESIA PTPhillip Securities Indonesia ANZTower Level 23B, Jl Jend Sudirman Kav 33A Jakarta 10220 – Indonesia Tel (62-21) 57900800 Fax (62-21) 57900809 Website: .co.id CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 436 Heng Feng Road, Green Tech Tower Unit 604, Postal code 200070 Tel (86-21) 51699400 Fax (86-21) 60911155 Website: THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand Tel (66-2) 6351700 / 22680999 Fax (66-2) 22680921 Website .co.th FRANCE King & Shaxson Capital Limited 3rd Floor,35 Rue de la Bienfaisance 75008 Paris France Tel (33-1) 45633100 Fax (33-1) 45636017 Website: UNITEDKINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel (44-20) 74265950 Fax (44-20) 76261757 Website: UNITEDSTATES Phillip Futures Inc 141 WJackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL 60604 USA Tel +1.312.356.9000 Fax +1.312.356.9005 ../../AppData/Local/Temp/WPDNSE/AppData/Local/Temp/WPDNSE/%7b01A70165-01DE-01DF-A101-A001A9016101%7d/ Review Report Page | 5 AUSTRALIA PhillipCapital Australia Level 10,330 Collins Street Melbourne VIC 3000 Tel (+61) 386339803 Fax (+61) 386339899 Website: .au

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