,

Size: px

Start display at page:

Download ","

颔隙扶
5 years ago
Views:

1 Company Research Company visit Boer Power (1685 HK) A proxy play to China s efficiency drive Established in 1985 and listed in 21, Boer Power is one of the leading integrated electrical distribution system and solutions providers in China. Positioned itself as high-end service providers, the company owns a quality client base. Against the backdrop of national policies on promoting environment protection and energy conservation, given that Boer Power is one of the leading equipment and solution provider, its future growth momentum is expected to remain strong. China s conservation push put Boer in the favourable spot National policies on environmental protection and energy saving as well as corporates optimization of energy management and cost effectiveness opens up huge market opportunity for equipment players like Boer Power. In view of the increasing demand of electricity end users in various industries for higher standard of safety and stability in electrical distribution, Boer Power s products meet the need for a higher automation level of the existing electrical distribution equipment and an intelligent system that allows effective collection of data and systematic analysis of electricity use and performance. Medical and health system reform presents lucrative opportunity Boer Power will continue to expand its client base in different sectors, especially medical industry. Benefitting from the National Informatization under the 12 th Five-Year Plan issued by Ministry of Health, the company foresees that, growth from its medical business in the coming years will continue to be strong on the back of increasing demand for data center, telecommunication and comprehensive information services. Boer Power had participated in 33 new hospital constructions and projects for the redevelopment of existing hospitals nationwide. Medical clients accounted for 12% of total FY14 sales and contribution from this segment is expected to grow going forward. Profound customer base to aid further growth About 8% of Boer Power s customers are old customers, with the remaining 2% new clients. Boer Power prefers to work with the market leaders in the respective sectors, such as China Unicom and China Mobile in telecommunications field, Mc Donald and Chow Tai Fook in retail and Peking University International Hospital in the medical field. This strategy enables the company to grow alongside with its clients expansion. Target 3% business growth this year Order backlog as of end of FY14 amounted to RMB2.5b, 39% YoY increase compared to FY13. Out of RMB2.5b, 54% is from ieds Solutions, and 34% EE Solutions. The company invests 3% of total sales in R&D annually to strengthen its core competitiveness. The company is in net cash position, with RMB866m as of end of FY14. The counter is now trading at consensus earnings of 14.5x FY15PE versus sector average FY15 PE of 23x. Figure 1: Financial Summary Year to Dec 31 (RMBmn) 212A 213A 214A Revenue 1,221 1,354 2,48 Reported Profit EPS (CNY) EPS growth (%) BVPS (CNY) P/E (x) P/B (x) Dividend Yield (%) ROE (%) ROA (%) Source: Guosen Securities(HK) China / Machinery 23 April 215 Non rated Last price (22 Apr 15) HK$14.3 HSI Mkt cap (HK$bn/US$bn) 11.1/ week range (HK$) Avg trading volume daily (US$mn) 1.1 Free float (%) 3 Source: Bloomberg Performance HK$ Apr-14 Price(LHS) Performance 1M 3M 12M Absolute (%) Absolute (US$, %) Relative to HSI (%) Source: Bloomberg Company background Boer Power Holdings Ltd. designs, manufactures, and sells integrated electrical distribution systems and solutions in China. The Company offers products that include complete sets of power plant instrumentation, voltage switchgear, and automation management systems,is a leading energy metering and energy efficiency management expert focusing in providing integrated total solutions in efficient and effective energy management and energy saving. Source: Bloomberg E Wuen Tan SFC CE No.: ANY ewuen.tan@guosen.com.hk Dec-14 Rel. to HSI(RHS) 12% 11% 1% 9% 8% 7% 6% 5% See the last page of this report for important disclosures 1

2 公司报告公司参观博耳电力 (1685 HK) 中国的效率驱动带动增长成立于 1985 年, 并于 21 年上市, 博耳是中国领先的作為智能配電系統和能效管理一站式解決方案的提供者定位于高端解決方案的提供者, 公司拥有优质的客户群对在促进环境保护和节能减排的国家政策的大背景下, 基于博耳是中国领先的设备及解决方案供应商之一, 其未来的增长势有望保持强势受惠于中国的環保節能的大趨勢在環保節能國家政策和企業優化能源管理及成本效益的背影下, 这开辟了巨大的市场机会于装备公司, 博耳是其中一个有利的受益者鉴于电力用户在各行业的安全性和稳定性的配电更高标准的需求不断增加, 板电源产品符合现有的配电设备和智能系统的高自动化水平的需要, 使有效的收集数据和电力的使用和性能进行系统的分析医疗卫生体制改革提供丰厚的市场机会博耳将继续扩大其来自不同行业的客户群, 尤其是医疗行业醫療領域方面, 受惠於衛生部所發佈的國家信息化十二五規劃, 醫療衛生信息化已被列為醫藥衛生體制改革的重要組成部份, 作為智能配電系統和能效管理一站式解決方案的提供者, 博耳亦從中受益此外, 隨著當前資訊科技技術的迅速發展信息化社會的快速推進, 對數據中心通訊綜合資訊服務等的需求大幅增加目前博耳已參與全國 33 家新醫院建設和現有醫院改造工程医疗客户占 FY14 的销售的 12%, 来自这部分的贡献预计将会增长高质量的客户基础, 有助于进一步增长目前约 8% 的博耳电力客户是老客户, 剩下的 2% 的新客户博耳选拔与在各自的领域的市场领先者合作, 如中国联通和中国移动在电信行业 ; 零售的麦当劳和周大福和医疗领域的北大国际医院这将有助于推动公司与客户一起扩张今年目标 3% 的业务增长订单于 FY14 年底的总额为 25 亿人民币,39% 的同比增幅 54% 是来自 ieds 解决方案, 而 34% 则来自 EE 解决方案公司将继续投入收入的 3% 在研发博耳处与净现金财政状况 FY14 净现金为 866 百万人民币博耳 FY15 的市盈率为 14.5 倍, 相对于中国同业平均之 32 倍中国 / 机械 215 年 4 月 23 日未评级收盘价 (22 Apr 15) HK$14.3 恒生指数总市值 (HK$/US$bn) 11.1/ 周最高 / 最低 (HK$) 日均成交额 (US$mn) 1.1 流通量 (%) 3 资料来源 : 彭博股价表现 HK$ Apr-14 股票数据 1M 3M 12M 绝对回报 (%) 绝对回报 (US$, %) 相对 HSI 回报 (%) 资料来源 : 彭博公司簡介博耳电力控股有限公司专门生产中低压成套开关柜及电网自动化管理系统, 同时为重要客户提供电力配电增值服务资料来源 : 彭博 Price(LHS) Dec-14 Rel. to HSI(RHS) 12% 11% 1% 9% 8% 7% 6% 5% Figure 2: 盈利预测截至 Dec 31 ( 人民币百万 ) 212A 213A 214A 营业额 1,221 1,354 2,48 净利润每股盈利 (CNY) 每股盈利增长 (%) 每股账面价值 (CNY) 市盈率 (x) 市净率 (x) 股息率 (%) 净资产收益率 (%) 资产报酬率 (%) 资料来源 : 国信证券 ( 香港 ) 陈仪雯证监会中央编号 :ANY ewuen.tan@guosen.com.hk 研究报告仅代表分析员个人观点, 请务必阅读正文之后的免责声明 2

One of the key winners from China s efficiency drive Listed in 21, Boer Power is one of the leading one-stop high-qualitty integrated electrical distribution systems and solutions provders in China,

3 One of the key winners from China s efficiency drive Listed in 21, Boer Power is one of the leading one-stop high-qualitty integrated electrical distribution systems and solutions provders in China, with about 3 years of industry experiences. Boer Power is one of the few suppliers in China who are able to offer one-stop integrated electrical distribution systems and solutions in China. Boer Power s electrical distribution systems and solutions are used for distributing a suitable volume and voltage of power from the power connection to the premises and facilities of its customers in accordance with the specific needs of their business operations. Positioned itself as high-end service providers, Boer Power offers electrical distribution systems and solutions to its customers from diverse industries, including infrastructure construction, telecommunications, water and waste water processing and medical. Boer Power s business is predominantly project-based. A typical project secured by it will take c. 3-6 momths to complete from tendering to project implementation. Figure 3 Boer Power solutions and mega data model Source: Company data; Guosen Securities(HK) Research Business segment overview Boer Power s business can be divided into the following four segments:- Intelligent Electrical Distribution System Solutions (ieds Solutions). Boer Power offers a more advance ieds Solutions that provide certain automation features, which link all the electromechanical equipment together for automatic data acquisition, analysis, remote control and automated diagnosis. The users can remotely control the related data for energy saving solutions analysis. This segment accounted for 57% of FY14 total sales. Sales of ieds Solutions increased by 26.5% YoY to RMB1,157b in FY14. The gross margin of ieds is naturally higher than traditional EDS Solutions (FY14: 32% vs 26%). Electrical Distribution System Solutions (EDS Solutions). EDS Solutions are used in power connection between the power mains and the facilities of the customers. The main purpose of an electrical distribution system is to distribute power to the end clients facilities at suitable voltage and with suitable volume according to the clients specific purposes and function. This segment only accounted for 1% of total sales in FY14. A decrease in sales of EDS Solution of 2.8% was recorded in FY14. As EDS Solutions only provides basic solutions and most of its customers are now adopting the more advance ieds Solutions, which resulted in the decline in sales last year. Energy Efficiency Solutions (EE Solutions). Based on the data collected by ieds Solutions, EE Solutions are able to analyze the power consumption status of the users, hence offering the most appropriate power saving solution for customers through system management and with consideration of power source in order to save energy costs. Boer Power recorded a 192% YoY increase of EE Solutions sales to RMB689m in FY14. This segment accounted for 34% of FY14 total sales. Guosen Securities (HK) 3

4 Components and Spare Parts Business (CSP). Boer Power also manufactures and sells components and parts for application on electrical distribution equipment or the basic functions units of the solutions to its customers. Sales of this business only edged up marginally by.2% YoY to RMB193m in FY14, contributing 9% of total sales. Figure 4 FY14 Sales mix EDS Solutions 1% CSP 9% ieds Solutions 56% EE Solutions 34% Figure 5 FY14 Customers mix Medical 12% Power grid 9% Infrastructur e 1% Others 7% Telecom. & data center 15% EPC contract customers 37% CSP 9% Water supply and sewage treatement 1% Figure 6 EE Solutions Figure 7 ieds Solutions 25 6, 35 1, , 4, 3, 2, 1, , 6, 4, 2, FY211 FY212 FY213 FY214 FY211 FY212 FY213 FY214 Contract (no.) ASP (RMB') Contract (no.) ASP (RMB') Figure 8 Historical turnover and net profit (RMBm) Figure 9 Margin trend for each product line (%) 2, , 4 5 1, , FY21 FY211 FY212 FY213 FY214 Turnover (RMBm) Net profit (RMBm) FY211 FY212 FY213 FY214 ieds Solutions EE Solutions CSP EDS Solutions Guosen Securities (HK) 4

5 Figure 1 Peer comparable Company Ticker Mkt cap (US$m) PER Hist (x) PER FY1 (x) PER FY2 (x) EPS FY1 YoY% EPS FY2 YoY% 3-Yr EPS Div yld Hist Div yld FY1 Cagr (%) (%) (%) P/B Hist (x) P/B FY1 (x) Boer Power Holdi 1685 HK 1, HSI (12.6) CSI Adjusted sector avg* Wasion Group * 3393 HK 1, Shenzhen Clou-A 2121 CH 1, N/A.1 N/A 7.59 N/A Jiangsu Linyan-A CH 2, Ningbo Sanxing-A CH 3, N/A N/A N/A N/A N/A 1.2 N/A 7.69 N/A Sieyuan Electr-A 228 CH 1, (11.7) Xj Electric-A 4 CH 4, Source: Bloomberg, Guosen Securities(HK) Research Note: * Based on Guosen Securities projection Figure 11 Trailing PE band chart HK$ Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 max 16.9X +1sd 13.7X avg 1.2X PE(x) 9.1X -1sd 6.6X min 5.1X Figure 12 Trailing PB band chart 12. max 3.1X 1. +1sd 2.6X 8. PB(x) 1.9X 6. avg 1.8X 4. -1sd 1.1X min.9x 2.. Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 Source: Bloomberg, Guosen Securities(HK) Research Source: Bloomberg, Guosen Securities(HK) Research Guosen Securities (HK) 5

6 Summary financial statements Profit & Loss (RMBmn) 212A 213A 214A Financial Ratios 212A 213A 214A Revenue 1,221 1,354 2,48 Revenue growth (%) Cost of sales (771) (867) (1,326) Operating profit growth (%) Gross profit Reported profit growth (%) Other income/(expense) Underlying profit growth (%) Operating expenses (156) (21) (223) Underlying EPS growth (%) Operating profit Dividend growth (%) Other non operating inc/(exp) Gross profit margin (%) Finance income Operating profit margin (%) Finance expenses (8) (74) Underlying profit margin (%) Associates & JCE Net debt/equity (%) (36.1) (54.7) (49.9) Profit before taxation Net debt/total assets (%) (26.2) (33.2) (26.7) Taxation (3) (17) (94) Current ratio (%) Non-controlling interests 4 Dividend payout (%) Net profit Interest cover (x) Other Adjustments on UP Dividend cover (x) Underlying Profit Dupont Analysis 212A 213A 214A Source: Guosen Research estimates Tax burden (%) Interest burden (%) Operating profit margin (%) Asset turnover (x) Leverage ratio (x) ROA (%) ROE (%) Source: Guosen Research estimates Balance Sheet (RMBmn) 212A 213A 214A Cashflow (RMBmn) 212A 213A 214A Fixed assets EBIT Associates & JCE Depreciation & amortization (21) (25) (23) Others Interest income (21) (8) (21) Non-current assets Change in working capital (47) Inventories Tax paid (36) (49) (43) Debtors & prepayments 1,12 1,98 1,652 Other operating cashflow (3) 34 5 Bank deposits & cash ,287 Operating activities Others Purchase of non-current assets (Capex) (14) (1) (2) Current assets 2,79 2,921 3,762 Free cash flow Bank & other borrowings Disposal of non-current assets Trade & payables ,432 Associates & JCE (net) (1) (1) Taxation Interest received Others Dividends received Current liabilities 65 1,26 1,92 Other investing cashflow (497) (369) 214 Bank & other borrowings Investing activities (513) (362) 28 Others New loans raised 678 5,379 Non-current liabilities Repayment of loans (38) (244) (5,392) Net assets 1,738 1,963 2,193 Dividends paid (63) (72) (186) Share capital Other financing cashflow (2) (71) (82) Premium & reserves 1,671 1,893 2,127 Financing activities (13) 291 (281) Shareholders' funds 1,738 1,959 2,193 Inc/(dec) in cash (269) Non-controlling interests 4 (1) Cash at beginning of year Total equity 1,738 1,963 2,193 Foreign exchange effect (3) (8) (2) Source: Guosen Research estimates Cash at end of year ,288 Source: Guosen Research estimates Guosen Securities (HK) 6

7 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 1 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -1% to 1% relative to overall market within 6 12 months. Sell: A negative return of 1% or more relative to overall market within 6 12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 1% or higher within 6 12 months. Neutral: The sector performance will range from -1% to 1% relative to overall market within 6 12 months. Underweight: The sector will underperform the overall market by 1% 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 disclo sable 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 se ek 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 li sted 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 part icular 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 advise d 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 infor mation 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 jurisdictio n 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) 7

8 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 1% 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 -1% 与 1% 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 1% 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 1% 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 -1% 与 1% 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 1% 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居民或身处该范围内的任何人或实体 Guosen Securities (HK) 8

,

公司报告业绩分析国药控股 (1099 HK) 持续改革以稳定增长国药控股于 8 月 22 日公布总体盈利和核心净利润分别为人民币 25.29 亿 ( 同比升 32%) 及 25 亿 ( 同比升 35%), 较我们预期高 17% 及 8%, 原因是融资成本和税率下降 16 第 2