CN-SH-COR-0384HK-Target price has been reached, ma¡K

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1 中國燃氣 (0384.HK) 目標價已達成, 再次給予增持 Bloomberg Reuters POEMS 384 HK 0384.HK 0384.HK 行業 : 石油與天然氣年報回顧評級 : 增持收市價 : 7.99 目標價 : 9.17 公司簡介中國燃氣控股有限公司是一家在香港聯交所上市的天然氣運營服務商, 主要於中國大陸從事投資經營管理城市燃氣管道基礎設施, 向居民和工業用戶輸送天然氣, 建設及經營加油站和加氣站, 開發與應用石油天然氣相關技術, 是中國最大的跨區域城市燃氣分銷商和集管道天然氣液化石油氣分銷為一體的燃氣運營商投資概要公司 2012 年錄得營業收入億港元, 較 2011 年同期的億港元增加了 19.4%; 實現淨利潤則由 2011 年的 6.26 億港元大幅增加了 52.4% 至 9.54 億港元 ; 折合實現基本每股盈利 0.22 港元管道燃氣業務銷售收入同比增長 37.2% 至億港元, 占公司總營收的比例增至 40.5% 公司 2012 年全年累計銷售天然氣億立方米, 同比增長 25% 工業商業居民 CNG 汽車用氣分別占公司銷量的 66.6% 11.5% 12.7% 9.2% 公司液化石油氣業務 2012 年錄得銷售收入億港元, 同比增長 20.1%; 經營收益扭虧為盈, 由 2011 年的 2240 萬港元的虧損增長至 8070 萬港元的盈利液化氣銷售量同比減少 9.2% 至 89.4 萬噸由於居民用戶占天然氣市場中的份額並不大, 政府限價的影響並不大, 反而反而使得下游分銷企業對工業用戶而言具有一定的定價權公司管理層亦表示能夠及時將額外成本轉移至終端用戶公司已與中石化達成戰略合作框架協議, 共同成立合資公司, 拓展液化石油氣市場和大型城市管道燃氣專案我公司未來將從中石化龐大的分銷網路中收益公司的業績保持穩定增長, 符合我們此前的預期, 其股價亦已達成我們此前設定的目標價位總體來看, 我們仍對公司的 2013 年業績維持強烈的樂觀預期, 綜合考慮將其 6 個月目標價增至 9.17 港元, 維持增持評級 China Gas Phillip Securities (Hong Kong) Ltd Phillip Securities Research Rating 2.00 Accumulate - Previous Rating 2.00 Accumulate Target Price (HKD) Previous Target Price (HKD) 8.03 Closing Price (HKD) 7.99 Expected Capital Gains (%) 14.8% Expected Dividend Yield (%) 0.3% Expected Total Return (%) 15.1% Raw Beta (Past 2yrs w eekly data) 0.82 Market Cap. (HKD mn) 36, w eek range (HKD) Closing Price in 52 w eek range 輝立證券研究部 libin@phillip.com.cn (0) Key Financial Summary FYE F 2014F Revenue (HKD mn) 15,862 18,934 22,974 26,783 Net Profit, adj. (HKD mn) ,370 1,659 EPS, adj. (HKD) P/E (X),adj BVPS (HKD) P/B (X) DPS (HKD) Div. Yield (%) 0.6% 1.1% 0.3% 0.6% Source: Bloomberg. *All multiples & yields based on current market price Valuation Method EV 17-May Jun Jul Aug Sep Oct Nov-12 0% 50% 100% 17-Dec Jan Feb Mar Apr-13 Volume, mn 384 hk equity HSI 17-May of 1

2 公司 2012 年錄得營業收入億港元, 較 2011 年同期的億港元增加了 19.4%; 實現淨利潤則由 2011 年的 6.26 億港元大幅增加了 52.4% 至 9.54 億港元 ; 折合實現基本每股盈利 0.22 港元圖一 : 公司營業收入和淨利潤變化趨勢及預測圖 ( 百萬港元 ) 如此, 由於居民用戶占天然氣市場中的份額並不大, 政府限價的影響並不大, 反而反而使得下游分銷企業對工業用戶而言具有一定的定價權公司管理層亦表示能夠及時將額外成本轉移至終端用戶公司已與中石化達成戰略合作框架協議, 共同成立合資公司, 拓展液化石油氣市場和大型城市管道燃氣專案我們認為, 公司未來將從中石化龐大的分銷網路中收益如果充分利用中石化的液化石油氣資源, 公司 LPG 業務未來的利潤率以及市場份額均將有較大提升空間在天然氣業務方面, 中石化亦將協助公司進行分銷網路的建設, 並保證上游供應圖三 : 公司市盈率和市淨率變化趨勢及預測圖管道燃氣業務銷售收入同比增長 37.2% 至億港元, 占公司總營收的比例增至 40.5% 公司 2012 年全年累計銷售天然氣億立方米, 同比增長 25% 工業商業居民 CNG 汽車用氣分別占公司銷量的 66.6% 11.5% 12.7% 9.2% 圖二 : 公司天然氣銷售市場份額占比情況估值公司的業績保持穩定增長, 符合我們此前的預期, 其股價亦已達成我們此前設定的目標價位總體來看, 我們仍對公司的 2013 年業績維持強烈的樂觀預期, 綜合考慮將其 6 個月目標價增至 9.17 港元, 維持增持評級圖四 : 同業市盈率對比圖公司液化石油氣業務 2012 年錄得銷售收入億港元, 同比增長 20.1%; 經營收益扭虧為盈, 由 2011 年的 2240 萬港元的虧損增長至 8070 萬港元的盈利液化氣銷售量同比減少 9.2% 至 89.4 萬噸天然氣十二五規劃表示將儘快形成市場化定價機制預計上游企業將會提高天然氣出廠價格, 而天然氣終端價格則受政府干預的影響, 短期內難以大幅提高儘管 2 of 2

3 財務預測專案 ( 單位 : 百萬港元 ) 截止 12 月 31 日止年度 F 2014F 主營業務收入 15,862 18,934 22,974 26,783 經營成本 12,951 15,328 17,891 20,392 毛利 2,910 3,606 5,083 6,391 其他營業收入營業開支 1,456 1,668 1,849 2,592 交易贏 ( 虧 ) 1,633 2,242 2,996 3,450 稅前利潤 1,097 1,620 2,234 2,793 所得稅支出非常專案前收入 781 1,142 1,656 2,080 淨利潤 ,370 1,659 異常專案前基本每股收益基本每股收益異常專案前攤薄每股收益攤薄每股收益每股股利總計流動資產 10,499 10,784 12,657 13,083 總計長期資產 20,400 21,090 24,905 28,048 總資產 30,899 31,874 37,562 41,131 總計流動負債 12,302 14,064 15,029 15,084 總長期負債 8,257 6,934 9,024 10,965 總負債 20,559 20,998 24,053 26,049 總股東權益 10,340 10,876 13,509 15,082 每股帳面價值市盈率市淨率 of 3

4 PHILLIP RESEARCH STOCK SELECTION SYSTEMS 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 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. 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5 Contact Information (Regional Member Companies) SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore 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 (852) Fax (852) Websites: INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A Jakarta Indonesia Tel (62-21) Fax (62-21) Website: THAILAND Phillip Securities (Thailand) Public Co. Ltd 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok Thailand Tel (66-2) / Fax (66-2) Website UNITED KINGDOM King & Shaxson Capital Limited 6th Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS Tel (44-20) Fax (44-20) Website: MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level 3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng, Kuala Lumpur Tel (603) Fax (603) Website: JAPAN PhillipCapital Japan K.K. Nagata-cho Bldg., 8F, Nagata-cho, Chiyoda-ku, Tokyo Tel (81-3) Fax (81-3) Website: CHINA Phillip Financial Advisory (Shanghai) Co. Ltd No 550 Yan An East Road, Ocean Tower Unit 2318, Postal code Tel (86-21) Fax (86-21) Website: FRANCE King & Shaxson Capital Limited 3rd Floor, 35 Rue de la Bienfaisance Paris France Tel (33-1) Fax (33-1) Website: UNITED STATES Phillip Futures Inc 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL USA Tel Fax AUSTRALIA PhillipCapital Australia Level 37, 530 Collins Street, Melbourne, Victoria 3000, Australia Tel (613) Fax (613) Website: 5 of 5

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