碧水源 (7.SZ) 公司報告荅瞳夔薯 (%) 噱瞳薹禱瞳薹內生 + 外延持續拓展未來公司將持續鞏固膜技術優勢, 加快市場開拓與産品推廣, 同時輔以投資並購壯大公司實力另外值得一提的是, 公司在

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月與雲南城投採用 PPP 模式合資成立的雲南水務成功在港上市, 爲水務行業 PPP 模式的深化推廣樹立了標杆買入評級 13 February 17 現價 : RMB 15.9 ( 現價截至月 9 日 ) 目標價 : RMB 19. (.6%) 公司資料普通股股東 ( 百萬股 ) : 3,13 市值 (RMB 百萬元 ) : 49,75 5 周最高價 / 最低價 (RMB 元 ) :.

1 機構股票研究碧水源 (7.SZ) 估值再現吸引力香港環保公司研報公司概況作爲世界上少數擁有膜産品全系列生産技術與生產線的公司之一以及全球膜産能最大的公司之一, 碧水源主要通過先進的膜技術爲客戶提供建造給水與汙水處理廠再生水廠海水淡化廠及城市生態系統的整體技術解決方案公司擁有水處理領域的全産業鏈, 並在 PPP 模式上擁有領先的實踐經驗, 目前公司已擁有四十多家 PPP 模式合資公司,15 年 5 月與雲南城投採用 PPP 模式合資成立的雲南水務成功在港上市, 爲水務行業 PPP 模式的深化推廣樹立了標杆買入評級 13 February 17 現價 : RMB 15.9 ( 現價截至月 9 日 ) 目標價 : RMB 19. (.6%) 公司資料普通股股東 ( 百萬股 ) : 3,13 市值 (RMB 百萬元 ) : 49,75 5 周最高價 / 最低價 (RMB 元 ) :.6/13.54 翋茠凳傖 (15FR) 主要股東, % 文劍平 1.17 股價表現, % 1 個月 3 個月 1 年碧水源上證綜指股價 & 恒生指數拹阨揭燴淕极賤樵源偶庈淉迵跤齬阨馱最噱阨訂單充裕, 業績持續高增根據 16 三季報, 公司營收同比增長 88.5% 至 3.5 億元, 歸母淨利潤同比增長 73.5% 至 4.39 億元, 業績大增主要得益於 PPP 專案的加速落地截止 9 月底, 公司新增訂單 119 個, 訂單金額 5 億, 期末未確認收入達億管理層預計 16 全年將新簽訂單 - 億元 ( 主要以 BOT 類型的 PPP 專案爲主 ), 相比於 15 年的 177 億, 訂單增速顯著公司預告 16 全年盈利增速在 %-5%, 歸母淨利潤在億元, 低於市場普遍預期, 主要因公司業績確認具有季節性特點, 第四季度業績貢獻占比高, 由於四季度部分專案推遲至 17 年一季度確認收入, 導致 16 年全年業績較預期偏弱但總體而言, 公司基本面表現仍穩中向好作爲汙水處理龍頭企業, 公司市場份額有望受益於環保政策的穩步實施以及監管趨嚴而持續擴大而且, 公司訂單充足且拿單速度仍在加速,17 年首月新簽訂單已達億元, 可以預期公司業績持續高增趨勢無憂 Source: Phillip Securities (HK) Research 財務資料 RMB mn FY14 FY15 FY16E FY17E Revenue 3,449 5,14 7,196 9,786 Net Profit 941 1,36 1,866,468 P/E,x EPS,RMB P/B, x BVPS, RMB ROE, % Source: Company reports, Phillip Securities Est. 研究分析員王彥囡 ( ) Page 1 PHILLISECURITIES (HK) RESEARCH

2 碧水源 (7.SZ) 公司報告荅瞳夔薯 (%) 噱瞳薹禱瞳薹內生 + 外延持續拓展未來公司將持續鞏固膜技術優勢, 加快市場開拓與産品推廣, 同時輔以投資並購壯大公司實力另外值得一提的是, 公司在家用及商用淨水領域已積澱多年,16 上半年該業務收入占比達到 4% 左右, 毛利率上升至 5% 左右, 部分緩衝了整體毛利率下行風險, 隨著消費者飲水安全理念的提升以及産品技術的進步, 預計該業務將迎來快速成長, 有望爲整體業績快速增長增添新的動力牉煦珛昢禱瞳薹 (%) 拹阨揭燴淕极賤樵源偶庈淉迵跤齬阨馱最噱阨財務概況 16 年前三季度資産負債率僅爲 3.73%, 低於環保行業 5% 的平均水平, 流動比率和速動比率分別爲 1.71 和 1.56, 反映其債務負擔較輕, 財務較爲穩健 ; 但另一方面, 應收賬款較去年期末增加.%, 應收賬款周轉率下降至.4, 反映公司資金回收慢導致應收賬款持續增加, 現金回收風險值得警惕 Page PHILLISECURITIES (HK) RESEARCH

3 碧水源 (7.SZ) 公司報告 3,5. 3,.,5.,. 1,5. 1,. 5.. 茼彶梖遴摯 S 擂 (RMB:mn) 茼彶梖遴摯擂梩軞訧莉掀估值評級公佈業績預告後, 公司股價深跌, 目前股價對應市盈率爲 3 倍, 估值具有吸引力作爲環保水處理行業龍頭企業, 我們認爲公司業績增長確定性強, 未來成長空間廣闊預測公司年歸屬母公司淨利潤 18.6 億 4.6 億, 對應 EPS 分別爲.6.79 元, 對應估值分別爲 6.6x.1x, 目標價 19. 元 ( 現價截至月 9 日 ) /14 /14 /14 /14 / 7 4 / 7 6 / 7 8 / 7 1 / 7 / 14 1 / 7 / 14 Historical P/E Valuation / 7 /15 4 / 7 /15 6 / 7 /15 8 / 7 /15 P/E 1 / 7 / 15 1 / 7 / 15 Average Source:Bloomberg,Phillip Secutities(HK)Research / 7 /16 4 / 7 /16 6 / 7 /16 8 / 7 /16 1 / 7 / 16 1 / 7 / 16 /17 / 7 Page 3 PHILLISECURITIES (HK) RESEARCH

4 碧水源 (7.SZ) 公司報告 6 Peer Comparison-PE(TTM) 5 風險提示資金回收較慢, 壞賬風險 ; 專案進度不及預期 ; Page 4 PHILLISECURITIES (HK) RESEARCH

5 碧水源 (7.SZ) 公司報告財務報告 FYE FY13 FY14 FY15 FY16E FY17E Valuation Ratios Price Earnings(P/E) Price to Book(P/B) Per share data(rmb) EPS,Adjusted Book Value Per Share Dividends Per Share..... Growth & Margins(%) Growth Revenue 76.9%.1% 51.% 38.% 36.% Operating income 51.4%.9% 45.% 37.5% 3.% Net profit 49.3% 1.% 44.7% 37.1% 3.3% Margins Gross profit margin 37.% 39.1% 41.% 41.%.% Operating profit margin 33.4% 33.7% 3.4% 3.3% 31.4% Net income margin 6.8% 7.3% 6.1% 5.9% 5.% Key Ratios ROE(%) 17.3% 15.5%.% 1.% 14.1% ROA(%) 1.5%.1% 9.4% 9.3%.4% Income Statement(RMB mn) Revenue 3,133 3,449 5,14 7,196 9,786 - Cost of Goods Sold 1,968,99 3,66 4,45 5,87 Gross Income 1,166 1,35,149,95 3,914 - Operating Expenses ,1 Operating Income 1,48 1,16 1,687,31 3,68 - Net Non-Operating Losses (G () (13) (8) (7) (7) Pretax Income 1,68 1,175 1,695,38 3,75 - Income Tax Expense Net profit ,36 1,866,468 Source: Company, Phillip Securities (HK) Research Estimates ( 財務資料截至月 9 日 ) Page 5 PHILLISECURITIES (HK) RESEARCH

6 PHILL 碧水源 (7.SZ) 公司報告 PHILLIP RESEARCH STOCK SELECTION SYSTEMS Total Return Recommendation Rating Remarks >+% Buy 1 >% upside from the current price +5% to +% Accumulate +5% to +%upside from the current price -5% to +5% Neutral 3 Trade within ± 5% from the current price -5% to -% Reduce 4-5% to -% downside from the current price <-% Sell 5 >%downside from the current price 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 GENERAL DISCLAIMER 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 17 Phillip Securities (Hong Kong) Limited Contact Information (Regional Member Companies)

7 PHILL 碧水源 (7.SZ) 公司報告 SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 5, North Bridge Road #6- Singapore 1791 Tel : (65) Fax : (65) Website: HONG KONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre 95 Queensway Hong Kong Tel (85) 7766 Fax (85) Websites: INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 3B, Jl Jend Sudirman Kav 33A Jakarta Indonesia Tel (6-1) 5798 Fax (6-1) Website: THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 5 Thailand Tel (66-) / Fax (66-) 6891 Websitewww.phillip.co.th UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, Cannon Street, London, EC4N 6AS Tel (44-) Fax (44-) Website: MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 1, Jalan Yap Kwan Seng, 545 Kuala Lumpur Tel (63) Fax (63) Website: JAPAN PhillipCapital Japan K.K. Nagata-cho Bldg., 8F, -4-3 Nagata-cho, Chiyoda-ku, Tokyo -14 Tel (81-3) Fax (81-3) Website: CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 436 Hengfeng Road, Greentech Unit 64, Postal code 7 Tel (86-1) Fax (86-1) Website: FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance 758 Paris France Tel (33-1) 4563 Fax (33-1) Website: UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 5 The Chicago Board of Trade Building Chicago, IL 664 USA Tel Fax AUSTRALIA PhillipCapital Australia Level 1, 15 William Street, Melbourne, Victoria, Australia Tel (613) Fax (613) 97 Website:

濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康

濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康機構股票研究濟川藥業 (600566.CH) 兒童藥市場將支撐高速增長中國醫藥公司研報 19 August,2016 上半年業績大幅增長 2016 年上半年實現營收 23.5 億元, 同比增長 25.7%, 扣非後歸母淨利潤 4.2 億元, 同比增長 37.8%, 基本每股收

碧水源 (7.SZ) 公司報告 荅瞳夔薯 (%) 噱瞳 薹 禱瞳薹 內生 + 外延持續拓展 未來公司將持續鞏固膜技術優勢, 加快市場開拓與産品推廣, 同時輔以投資並購壯大公司實力 另外值得一提的是, 公司在

碧水源 (7.SZ) 公司報告荅瞳夔薯 (%) 噱瞳薹禱瞳薹內生 + 外延持續拓展未來公司將持續鞏固膜技術優勢, 加快市場開拓與産品推廣, 同時輔以投資並購壯大公司實力另外值得一提的是, 公司在