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钞尉吉
5 years ago
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1 China Water Sector Water companies to report strong results Water companies will release 1H14 results soon. We believe SGL, CTE and BEW are likely to deliver strong 1H14 results due to robust top line growth. SGL, currently trading at only 16x 14PE, remains our top pick in the sector with a rich project pipeline to sustain a solid longterm growth. Industry-wise, we believe listed sewage operators would continue to benefit from the on-going sector consolidation, as the industry is too fragmented and 49% of some 3,000 sewage treatment plants in Chinese cities at end-2013 were still operated by the government directly. China / Environmental & Clean Energy 18 August 2014 Overweight Sector Performance 70,000.0 Sound Global (967.HK, BUY, TP: $9.7) SGL will report its 1H results on 20 August. We believe the company would continue to deliver solid results due to strong EPC and O&M/BOT revenue. We estimate 1H14 net profit would rise by 31.5% YoY to Rmb228mn, accounting for 42% of our FY14 full year estimates (FY13: 41%). Six more new BOT projects (total = 0.58mn tons/day) have been announced since our initiation early July this year. Total new BOT/TOT projects that have been announced but not yet in operation as of end of 2013 are expected to have increased to 2.46mn tons/day (Detail breakdown of new projects in figure 2) 60, , , , , , Aug13 Source: Bloomberg HSI EqualWeightedIndex Aug CT Environment (1363.HK, BUY, TP: $7.1) CTE will report its 1H results on 28 August. We believe the company would continue to deliver strong results as more new projects have been consolidated into the company during the period. We estimate 1H14 net profit to rise by 83.4% YoY to HKD165mn, accounting for 47% of our FY14 full year estimates (FY13: 40%). CTE has announced a profit alert in which 1H14 results would be increased by at least 75% YoY on 11 August. Beijing Enterprises Water (371.HK, BUY, TP: $5.9) BEW will report its 1H results on 29 August. We believe the company would continue to deliver solid results due to strong construction and recurring operation revenue. We estimate 1H14 net profit to rise by 43% YoY to HKD736mn, accounting for 48% of our FY14 full year estimates (FY13: 48%). Many M&A opportunities in the Chinese sewage market According to a research report from E20 Environmental Industry Research Institute (E20 环境产业研究院调研 ), at the end of 2013, 49% of sewage treatment plants in Chinese cities were still operated by the government directly. As the government is in the process of accelerating market-oriented reform for municipal public utilities, we believe many of these sewage plants would be good M&A targets for the listed sewage operators. Raymond Ip, CFA SFC CE No.: AMB raymond.ip@guosen.com.hk Figure 1: Sector Valuation Summary Price(18 Aug 14) FYE1 FYE2 FYE1 FYE2 Target Price Stock BBG HK$ PE(x) PE(x) Yield(%) Yield(%) HK$ Upside(%) Rating Beijing Enterprises Water 371 HK Buy CT Environmental 1363 HK Buy Sound Global Ltd 967 HK Buy Source: Guosen Securities (HK) Guosen Securities (HK) 1

2 中国水务行业水务公司将发布强劲上半年业绩水务公司将很快发布其 14 年上半年业绩我们相信, 桑德国际, 中滔环保和北控水务将在强劲的收入增长带动下公布稳健之上半年业绩桑德国际目前之 14 年市盈率在 16 倍左右, 已新签订之多个污水项目能使公司维持长期稳固之增长, 仍然是我们在这板块中之首选行业方面, 我们认为已上市之污水运营商将继续受惠于持续的行业整合, 因现阶段行业仍然过于分散, 约 3000 座城市中之污水处理厂于 2013 年底前, 仍有 49% 由政府直接经营桑德国际 (967.HK, 买入, 目标价 :$9.7) 桑德国际将于 8 月 20 日公布其上半年业绩我们相信在强劲之 EPC 和 O&M/BOT 收入增长带动下, 该公司将继续录得亮丽业绩我们预计 14 年上半年净利润将同比上升 31.5% 至人民币 2.28 亿元, 占我们 14 年全年之估计约 42%(2013 财年 :41%) 公司于七月到现在公布了六个新的 BOT 项目 ( 总容量 =58 万吨 / 日 ) 总计已公布之新 BOT/ TOT 项目, 但尚于 2013 年年底前未运作之总容量预计将增加至 246 万吨 / 日 ( 见图 2) 中滔环保 (1363.HK, 买入, 目标价 :$7.1) 中滔环保将于 8 月 28 日公布其上半年业绩我们相信在新项目增长带动下, 该公司将继续录得强劲业绩我们预计 14 年上半年净利润将同比上升 83.4% 至 1.65 亿港元, 占我们 14 年全年之估计约 47%(2013 财年 :40%) 公司于八月 11 日已发布盈喜, 预计业绩将将同比增长至少 75% 北控水务 (371.HK, 买入, 目标价 :$5.9) 北控水务将于 8 月 29 日公布其上半年业绩我们相信强劲之建筑和营运收入增长带动下, 该公司将继续录得亮丽业绩我们预计 14 年上半年净利润将同比上升 43% 至 7.36 亿港元, 占我们 14 年全年之估计约 48%(2013 财年 : 48%) 中国污水处理市场有大量并购机会据 E20 环境产业研究院调研的一份研究报告, 在 2013 年年底, 约 49% 之中国城市污水处理厂仍然由政府直接运作由于政府正处于加快市政公用事业市场化之改革过程中, 我们认为已上市之污水运营商将继续受惠于持续的行业整合中国 / 行业 2014 年 8 月 18 日股价表现资料来源 : 国信证券 ( 香港 ) 叶伟焯 CFA 证监会中央编号 :AMB raymond.ip@guosen.com.hk 评级行业概览股价 (18 Aug 14) 股票代码 ( 港元 ) FYE1 FYE2 FYE1 FYE2 目标价市盈率 (x) 市盈率 (x) 股息率 (%) 股息率 (%) ( 港元 ) 上升空间 (%) 评级北控水务集团 371 HK Buy 中滔环保 1363 HK Buy 桑德国际 967 HK Buy 资料来源 : 国信证券 ( 香港 ) Guosen Securities (HK) 2

3 Six more new BOT projects (total = 0.58mn tons/day) have been announced since our initiation early July this year Figure 2 SGL - BOT/TOT projects that are in the pipeline Announced date Location Type Mode Capacity (tons/day) 2013 Fujian Fuqing WWT BOT 80, Hebei Baoding WWT Industrial park BOT 30, Jiangsu Xinghua WWT Rural BOT 30, Sha anxi Huxia n Dongchang WWT BOT 30, Shaanxi Xingping WWT BOT 50, Sha ndong Xintai WWT Rural BOT 15, Shandong Xintai Guodu WWT Industrial park BOT 10,000 9-Jan-14 Anhui Fuya ng Yingzhou WWT BOT 100, Jan-14 Xinjiang Tacheng WWT BOT 40, Jan-14 Xinjiang Yining Phase 1 WWT BOT 25, Jan-14 Xinjiang Yining Phase 2 WWT BOT 25, Jan-14 Xinjiang Urumqi City Yamalike Hill WWT BOT 75, Jan-14 Jiangsu Siyang Wood Park Phase 1 WWT Industrial park BOT 15, Jan-14 Jiangsu Siyang Wood Park Phase 2 WWT Industrial park BOT 15, Feb-14 Fujian Sanmingjikou Phase 1 WWT Industrial park BOT 15, Feb-14 Fujian Sanmingjikou Phase 2 WWT Industrial park BOT 30, Feb-14 Guizhou Xishui WWT Rural BOT 10, Feb-14 Shaanxi Ankang Xunyang Phase 1 WWT BOT 15, Feb-14 Shaanxi Ankang Xunyang Phase 2 WWT BOT 15, Feb-14 Hebei Qian'an Phase 1 Water Supply BOT 15, Feb-14 Hebei Qian'an Phase 2 Water Supply BOT 15, Feb-14 Hebei Qian'an Phase 1 WWT BOT 10, Feb-14 Hebei Qian'an Phase 2 WWT BOT 10, Mar-14 Jilin Changbaishan WWT BOT 15, Mar-14 Jilin Changbaishan Water Supply BOT 20, Mar-14 Jilin Lishu Guojiadian WWT BOT 25, May-14 Gua ngdong Donggua n Ningzhou Phase 1WWT BOT 100, May-14 Gua ngdong Donggua n Ningzhou (Remai WWT BOT 600, May-14 Gua ngdong Donggua n Haidao Pha se 1 WWT BOT 10, May-14 Gua ngdong Donggua n Haidao Pha se (ReWWT BOT 80, May-14 Shaanxi Dingbian Phase 2 WWT BOT 20, May-14 Guizhou Huangping WWT Rural BOT 5, May-14 Anhui Huoqiu WWT Rural BOT 50, May-14 Anhui Taihe WWT Rural TOT 20, May-14 Anhui Taihe Water Supply BOT 40,000 3-Jun-14 Inner Mongolia Tongliao WWT BOT 100,000 3-Jun-14 Inner Mongolia Tongliao Reclaimed water BOT 20, Jun-14 Shanxi Linfen Longci WWT BOT 80, Jun-14 Shanxi Linfen Longci Water Supply BOT 20,000 3-Jul-14 Fujian Beimei WWT BOT 200,000 3-Jul-14 Sichua n Dazhou WWT Rural BOT 10, Aug-14 Hunan Leiyang WWT BOT 200, Aug-14 Gua ngxi Chongzuo Jiangnan WWT BOT 60, Aug-14 Sichua n Ba zhong Enyang Water Supply BOT 80, Aug-14 Sichua n Ba zhong Enyang WWT BOT 30,000 Announced new BOT/TOT projects (as of 18 August 2014) 2,461,500 BOT/TOT projects in operation (as of end of 2013) 1,299,400 Total BOT/TOT projects (as of 18 August 2014) 3,760,900 Source: Company data, Guosen Securities(HK) Research Many M&A opportunities in the Chinese sewage market According to a research report from E20 Environmental Industry Research Institute (E20 环境产业研究院调研 ), at the end of 2013, 49% of sewage treatment plants in Chinese cities were still operated by the government directly. As the government is in the process of accelerating marketoriented reform for municipal public utilities, we believe many of these sewage plants would be good M&A targets for the listed sewage operators. Guosen Securities (HK) 3

4 Figure 3 49% of sewage treatment plants in Chinese cities were still operated by the government as of end 2013 Operated by market-oriented players Operated by the government 46.99% 48.99% Others 4.02% Source: E20 Environmental Industry Research Institute (E20 环境产业研究院调研 ), Guosen Securities(HK) Research Sewage industry in China is too fragmented each operating entity operated only 1.4 sewage plants on average While there are over 3,000 sewage treatment plants in Chinese cities, each operating entity only operated 1.4 sewage plants on average as of end of In addition, industry concentration is extremely low with only 8 operating entity, including BEW and SGL, operated 20 or above sewage plants in China. This highly fragmented industry structure means that there is huge room for growth through M&A and further consolidation. Figure 4 Each operating entity operated only 1.4 sewage plants on average in China Operates 20 or more sewage plants 8 Operates sewage plants 18 Operates 6-9 sewage plants 30 Operates 3-5 sewage plants 66 Operates 2 sewage plants 132 Only operates 1 sewage plant ,000 1,500 2,000 2,500 Source: E20 Environmental Industry Research Institute (E20 环境产业研究院调研 ), Guosen Securities(HK) Research Guosen Securities (HK) 4

5 Summary financial statements for Sound Global (967.HK) Profit & Loss (RMBmn) 2012A 2013A 2014E 2015E 2016E Financial Ratios 2012A 2013A 2014E 2015E 2016E Revenue from Waste Revenue growth (%) Revenue from Water 2,652 3,140 3,881 4,717 5,483 Operating profit growth (%) Other Revenue Reported profit growth (%) 3.3 (1.0) Revenue 2,652 3,140 3,881 4,717 5,483 Underlying profit growth (%) 3.3 (1.0) Cost of sales (1,852) (2,181) (2,685) (3,250) (3,761) Underlying EPS growth (%) 3.3 (1.0) Gross profit ,195 1,467 1,722 Dividend growth (%) (100) Other income/(expense) Gross profit margin (%) Operating expenses (179) (191) (256) (311) (362) Operating profit margin (%) Operating profit ,034 1,251 1,455 Underlying profit margin (%) Other non operating inc/(exp) Net debt/equity (%) (60.9) (44.4) (16.6) Finance income Net debt/total assets (%) (23.6) (15.5) (6.0) Finance expenses (174) (285) (322) (362) (406) Current ratio (%) Associates & JCE Dividend payout (%) Profit before taxation ,049 Interest cover (x) Taxation (76) (141) (157) (196) (231) Dividend cover (x) Non-controlling interests 0 (2) (2) (2) (2) Dupont Analysis 2012A 2013A 2014E 2015E 2016E Net profit Tax burden (%) Other Adjustments on UP Interest burden (%) Underlying Profit Operating profit margin (%) Asset turnover (x) Leverage ratio (x) ROA (%) ROE (%) Balance Sheet (RMBmn) 2012A 2013A 2014E 2015E 2016E Cashflow (RMBmn) 2012A 2013A 2014E 2015E 2016E Fixed assets Operating profit ,034 1,251 1,455 Associates & JCE Depreciation & amortization Others 1,783 2,410 3,567 4,792 5,983 Interest income Non-current assets 1,831 2,460 3,621 4,849 6,044 Change in working capital (694) (621) (1,324) (1,528) (1,584) Inventories Tax paid (57) (66) (139) (164) (203) Debtors & prepayments 1,433 1,569 1,746 2,123 2,467 Other operating cashflow (36) (53) (4) (5) (5) Bank deposits & cash 2,912 3,534 3,238 2,905 2,645 Operating activities (106) 117 (427) (439) (328) Others 639 1,207 1,481 1,824 2,252 Purchase of non-current assets (Capex) (5) (130) (10) (11) (12) Current assets 5,008 6,338 6,499 6,893 7,413 Free cash flow (111) (13) (437) (450) (340) Bank & other borrowings Disposal of non-current assets Trade & payables 1,171 1,654 1,940 2,359 2,741 Associates & JCE (net) Taxation Interest received Others Dividends received Current liabilities 1,763 2,569 2,872 3,322 3,733 Other investing cashflow (24) (31) Bank & other borrowings 889 1,518 1,981 2,516 3,070 Investing activities (19) (150) (10) (11) (12) Others 1,533 1,637 1,637 1,637 1,637 New loans raised 1,816 1, Non-current liabilities 2,421 3,154 3,618 4,153 4,707 Repayment of loans (677) (424) Net assets 2,655 3,074 3,630 4,268 5,017 Dividends paid (65) 0 0 (55) (69) Share capital Other financing cashflow (110) (264) (322) (362) (406) Premium & reserves 1,811 2,237 2,790 3,426 4,174 Financing activities Shareholders' funds 2,644 3,070 3,624 4,260 5,007 Inc/(dec) in cash (296) (332) (261) Non-controlling interests Cash at beginning of year 2,074 2,912 3,534 3,238 2,905 Total equity 2,655 3,074 3,630 4,268 5,017 Foreign exchange effect 0 (6) Cash at end of year 2,912 3,534 3,238 2,905 2,645 Guosen Securities (HK) 5

6 Summary financial statements for CT Environment (1363.HK) Profit & Loss (HK$mn) 2012A 2013A 2014E 2015E 2016E Financial Ratios 2012A 2013A 2014E 2015E 2016E Revenue from Waste Revenue growth (%) (17.0) Revenue from Water ,121 1,363 Operating profit growth (%) (1.2) Other Revenue Reported profit growth (%) Revenue ,121 1,363 Underlying profit growth (%) Cost of sales (131) (179) (381) (452) (548) Underlying EPS growth (%) Gross profit Dividend growth (%) Other income/(expense) (3) Gross profit margin (%) Operating expenses (22) (42) (80) (96) (117) Operating profit margin (%) Operating profit Underlying profit margin (%) Other non operating inc/(exp) Net debt/equity (%) Finance income Net debt/total assets (%) Finance expenses (37) (32) (39) (49) (54) Current ratio (%) Associates & JCE Dividend payout (%) Profit before taxation Interest cover (x) Taxation (36) (49) (78) (95) (117) Dividend cover (x) Non-controlling interests 0 0 (5) (7) (8) Dupont Analysis 2012A 2013A 2014E 2015E 2016E Net profit Tax burden (%) Other Adjustments on UP Interest burden (%) Underlying Profit Operating profit margin (%) Asset turnover (x) Leverage ratio (x) ROA (%) ROE (%) Balance Sheet (HK$mn) 2012A 2013A 2014E 2015E 2016E Cashflow (HK$mn) 2012A 2013A 2014E 2015E 2016E Fixed assets ,617 1,856 2,127 Operating profit Associates & JCE Depreciation & amortization Others Interest income Non-current assets 845 1,142 2,103 2,390 2,714 Change in working capital 63 (130) (46) (41) (52) Inventories Tax paid Debtors & prepayments Other operating cashflow (26) (62) (43) (93) (113) Bank deposits & cash Operating activities Others Purchase of non-current assets (Capex) (249) (131) (1,200) (350) (400) Current assets ,136 Free cash flow 29 (9) (720) Bank & other borrowings Disposal of non-current assets Trade & payables Associates & JCE (net) (31) (25) Taxation Interest received Others Dividends received Current liabilities Other investing cashflow 0 (51) (33) (36) (40) Bank & other borrowings Investing activities (280) (207) (1,046) (386) (440) Others New loans raised Non-current liabilities Repayment of loans (107) (56) Net assets 392 1,128 1,739 2,053 2,449 Dividends paid 0 0 (91) (120) (135) Share capital Other financing cashflow (154) (49) (54) Premium & reserves ,248 1,555 1,943 Financing activities (40) (87) (95) Shareholders' funds 390 1,126 1,731 2,038 2,427 Inc/(dec) in cash (41) 379 (101) Non-controlling interests Cash at beginning of year Total equity 392 1,128 1,739 2,053 2,449 Foreign exchange effect Cash at end of year Guosen Securities (HK) 6

7 Summary financial statements for Beijing Enterprises Water (371.HK) Profit & Loss (HK$mn) 2012A 2013A 2014E 2015E 2016E Financial Ratios 2012A 2013A 2014E 2015E 2016E Revenue from Waste Revenue growth (%) Revenue from Water 3,727 6,407 9,173 10,973 12,932 Operating profit growth (%) Other Revenue Reported profit growth (%) Revenue 3,727 6,407 9,173 10,973 12,932 Underlying profit growth (%) Cost of sales (2,290) (3,901) (5,706) (6,630) (7,609) Underlying EPS growth (%) Gross profit 1,437 2,506 3,467 4,343 5,323 Dividend growth (%) Other income/(expense) Gross profit margin (%) Operating expenses (440) (775) (1,082) (1,295) (1,526) Operating profit margin (%) Operating profit 1,531 2,178 2,969 3,633 4,382 Underlying profit margin (%) Other non operating inc/(exp) Net debt/equity (%) Finance income Net debt/total assets (%) Finance expenses (494) (788) (1,034) (1,189) (1,339) Current ratio (%) Associates & JCE Dividend payout (%) Profit before taxation 1,092 1,497 2,096 2,686 3,333 Interest cover (x) Taxation (225) (352) (482) (618) (767) Dividend cover (x) Non-controlling interests (117) (61) (81) (103) (128) Dupont Analysis 2012A 2013A 2014E 2015E 2016E Net profit 750 1,084 1,533 1,965 2,438 Tax burden (%) Other Adjustments on UP Interest burden (%) Underlying Profit 750 1,084 1,533 1,965 2,438 Operating profit margin (%) Asset turnover (x) Leverage ratio (x) ROA (%) ROE (%) Balance Sheet (HK$mn) 2012A 2013A 2014E 2015E 2016E Cashflow (HK$mn) 2012A 2013A 2014E 2015E 2016E Fixed assets Operating profit 1,531 2,178 2,969 3,633 4,382 Associates & JCE 2,426 3,028 6,028 7,028 8,028 Depreciation & amortization Others 14,657 25,568 29,995 32,917 36,160 Interest income Non-current assets 17,611 28,974 36,594 40,569 44,859 Change in working capital (1,542) (2,653) (1,219) (1,073) (1,123) Inventories Tax paid Debtors & prepayments 7,781 7,362 8,883 10,063 11,353 Other operating cashflow (417) (460) (720) (776) (944) Bank deposits & cash 4,291 5,513 1, Operating activities (427) (936) 1,029 1,783 2,315 Others 1,576 2,282 2,882 3,482 4,082 Purchase of non-current assets (Capex) (109) (70) (100) (100) (100) Current assets 13,679 15,212 13,060 14,304 15,833 Free cash flow (536) (1,005) 929 1,683 2,215 Bank & other borrowings 2,810 3,980 4,776 5,731 6,878 Disposal of non-current assets Trade & payables 1,919 2,755 3,669 4,389 5,173 Associates & JCE (net) (507) (2,807) (3,000) (1,000) (1,000) Taxation Interest received Others 4,276 4,573 4,573 4,573 4,573 Dividends received Current liabilities 9,258 11,651 13,404 15,188 17,237 Other investing cashflow (3,943) (2,366) (2,602) Bank & other borrowings 10,465 15,303 17,803 19,803 21,803 Investing activities (560) (2,857) (7,043) (3,466) (3,702) Others 836 1,308 1,308 1,308 1,308 New loans raised 5,502 8,386 3,296 2,955 3,146 Non-current liabilities 11,300 16,611 19,111 21,111 23,111 Repayment of loans (1,407) (4,693) Net assets 10,731 15,924 17,138 18,574 20,343 Dividends paid (347) (346) (400) (633) (797) Share capital Other financing cashflow (1,125) 2,079 (1,020) (1,189) (1,339) Premium & reserves 7,776 12,454 13,587 14,919 16,561 Financing activities 2,623 5,425 1,876 1,134 1,010 Shareholders' funds 8,467 13,298 14,431 15,763 17,404 Inc/(dec) in cash 1,636 1,632 (4,138) (549) (378) Non-controlling interests 2,264 2,627 2,707 2,811 2,939 Cash at beginning of year 1,923 3,640 5,366 1, Total equity 10,731 15,924 17,138 18,574 20,343 Foreign exchange effect Cash at end of year 3,640 5,366 1, Guosen Securities (HK) 7

8 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 12 months. Sell: A negative return of 10% or more relative to overall market within 6 12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securities (HK) has no individual employed by the listed companies. Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the particular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advised to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK) s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such information and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction. Guosen Securities (HK) 8

9 信息披露公司评级行业评级及相关定义公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级超配 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 低配 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上利益披露声明报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何财务权益本报告中, 国信证券 ( 香港 ) 经纪有限公司及其所属关联机构 ( 合称国信证券 ( 香港 )) 并无持有该公司须作出披露的财务权益 ( 包括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动本公司员工均非该上市公司的雇员免责条款证券价格有时可能非常波动证券价格可升可跌, 甚至变成毫无价值买卖证券未必一定能够赚取利润, 反而可能会招致损失本研究报告内容既不代表国信证券 ( 香港 ) 的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约国信证券 ( 香港 ) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理牵头经办人保荐人包销商或从事自营投资于该股票 ) 国信证券 ( 香港 ) 不排除其员工有个人投资于本报告内所提及的上市法团报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性公正性及完整性不做任何保证本报告没有考虑到个别客户特殊的投资目标财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负客户在阅读本研究报告时应考虑报告中的任何意见或建议是否符合其个人特定状况本报告并不存在招揽或邀约购买或出售任何证券的企图本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用转载以及向第三方传播, 否则可能将承担法律责任研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知在一些管辖区域内, 针对或意图向该等区域内的市民居民个人或实体发布公布供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 ( 香港 ) 受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民 Guosen Securities (HK) 9

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February 21, 2012 Company Report Haier Electronics(1169.HK) 3 rd /4 th -tier channels the key BUY Price Target:HK$ 11.2 Upside:+13% Key Data Price(HK$) 9.89 Shares Outstanding 2,351 Market Cap. (HK$ m)