INSTITUTIONAL EQUITY RESEARCH 新秀麗 (1910.HK) Q1 表現持續強勁 HONG KONG CONSUMING COMPANY UPDATE 投資概述 2015 年 Q1 新秀麗的銷售淨額同比增 10.8% 至 5.67 億美元, 如撇除匯兌影響, 綜合銷售淨額較

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新秀麗 (1910.HK) Q1 表現持續強勁 HONG KONG CONSUMING COMPANY UPDATE 投資概述 2015 年 Q1 新秀麗的銷售淨額同比增 10.8% 至 5.67 億美元, 如撇除匯兌影響, 綜合銷售淨額較 2014 年第一季度增 18.5% 期內, 按固定貨幣基準計算, 亞洲銷售淨額增 18% 至 2.32 億美元, 北美洲銷售淨額增 25.3% 至 1.

1 新秀麗 (1910.HK) Q1 表現持續強勁 HONG KONG CONSUMING COMPANY UPDATE 投資概述 2015 年 Q1 新秀麗的銷售淨額同比增 10.8% 至 5.67 億美元, 如撇除匯兌影響, 綜合銷售淨額較 2014 年第一季度增 18.5% 期內, 按固定貨幣基準計算, 亞洲銷售淨額增 18% 至 2.32 億美元, 北美洲銷售淨額增 25.3% 至 1.83 億美元, 歐洲銷售淨額增 13.6% 至 1.12 億美元, 拉丁美洲銷售淨額增 11.5% 至 3,700 萬美元 Q1 的銷售額增速符合我們預期, 四個洲際市場的銷售額增速均繼續保持兩位數 ( 固定匯率 ) 顯示了公司業務強勁的內生能力, 其中兩個核心市場 : 亞洲和北美洲市場的增速顯著優於歐洲和拉美, 對於支撐銷售額的持續增長意義重大 Q2 開始, 有幾個積極因素會對新秀麗的經營業務產生正面推動首先是, 收購的 Rolling Luggage, 預料對銷售帶來正面影響此外是匯率因素, 美元指數在 Q1 探頂 100 關口後, 在一線持續展開震盪, 我們預計強勢美元格局結束對亞洲歐洲和拉丁美洲市場的銷售均有積極意義 2014 年新秀麗完成對三個品牌產品的收購我們可以看到, 新秀麗在多元化其產品和品牌的道路上堅定前行, 其對於公司在新興市場的業務拓展和業績增長提供了潛在的動能在財務上, 三筆交易的收購代價總計約 2 億美元,2014 年帶來 1.1 億美元的收入和 110 萬美元的盈利雖然收購價格難說便宜, 但有助於增加企業價值和建立更多的競爭優勢 2014 年末其債務總計 0.67 億, 較 2013 年末的 0.15 億增加 346%, 主要是短期債務上升顯著, 杠杆比率由 2013 年末的 1.3% 升至 5.2%, 但由於債務規模較小, 整體仍處於淨現金狀態期末, 公司的現金由 2.25 億降至 1.40 億美元新秀麗通過不斷通過收購來使其產品和品牌組合多元化, 有效地拓寬競爭護城河而公司的穩固的資產負債表得益於較低的財務杠杆有限的資本支出和充沛的現金流, 有助於幫助公司建立更多的競爭優勢內生性增長和外延式擴張驅動了新秀麗的持續健康增長, 我們維持新秀麗增持評級,12 個月目標價為 30 港元, 相當於 20 倍和 18 倍的 2015/2016 年預期市盈率 ( 現價截至 6 月 9 日 ) 11 Jun 2015 增持 (Update) 收市價 : HKD ( 現價截至 6 月 9 日 ) 目標價 : HKD (15%) O/S SHARES (MN) : 1,410 MARKET CAP (HKD MN) : 36,722 Ent. Value (HKD MN) : 36, WK HI/LO (HKD) : 29.8/21.90 SHARE HOLDING PATTERN, % PROMOTERS : 5.60 NON PROMOTER CORP. HOLDINGS : PUBLIC & OTHERS : PRICE Source: Phillip Capital Research KEY FINANCIALS USD Mn FY13 FY14 FY15E FY16E Revenue 2,038 2,350 2,525 2,765 Net Profit EPS P/E (X) BVPS P/B (X) DPS Div. Yield 1.88% 2.35% 2.23% 2.67% Source: Phillip Capital Research Est. 研究分析員陳耕 ( ) chengeng@phillip.com.cn Page 1 PHILLIP CAPITAL RESEARCH

2 Q1 銷售額增速穩健 2015Q1 新秀麗的銷售淨額同比增 10.8% 至 5.67 億美元, 如撇除匯兌影響, 綜合銷售淨額較 2014 年第一季度增 18.5% 期內, 按固定貨幣基準計算, 亞洲銷售淨額增 18% 至 2.32 億美元, 北美洲銷售淨額增 25.3% 至 1.83 億美元, 歐洲銷售淨額增 13.6% 至 1.12 億美元, 拉丁美洲銷售淨額增 11.5% 至 3,700 萬美元表,Q1 銷售數據來源, 公司資料 Q1 的銷售額增速符合我們預期, 四個洲際市場的銷售額增速均繼續保持兩位數 ( 固定匯率 ) 顯示了公司業務強勁的內生能力, 其中兩個核心市場 : 亞洲和北美洲市場的增速顯著優於歐洲和拉美, 對於支撐銷售額的持續增長意義重大 Q2 開始, 有幾個積極因素會對新秀麗的經營業務產生正面推動首先是, 收購的 Rolling Luggage, 預料對銷售帶來正面影響此外是匯率因素, 美元指數在 Q1 探頂 100 關口後, 在一線持續展開震盪, 我們預計強勢美元格局結束對亞洲歐洲和拉丁美洲市場的銷售均有積極意義多元化品牌戰略持續推進 2014 年新秀麗完成對三個品牌產品的收購我們可以看到, 新秀麗在多元化其產品和品牌的道路上堅定前行, 其對於公司在新興市場的業務拓展和業績增長提供了潛在的動能在財務上, 三筆交易的收購代價總計約 2 億美元, 2014 年帶來 1.1 億美元的收入和 110 萬美元的盈利雖然收購價格難說便宜, 但有助於增加企業價值和建立更多的競爭優勢債務規模有所上升, 但無礙資產負債表穩固 2014 年新秀麗的債務規模有所上升, 期末其債務總計 0.67 億, 較 2013 年末的 0.15 億增加 346%, 主要是短期債務上升顯著, 杠杆比率由 2013 年末的 1.3% 升至 5.2%, 但由於債務規模較小, 整體仍處於淨現金狀態期末, 公司的現金由 2.25 億降至 1.40 億美元資本支出方面, 資本支出 0.7 億美元, 較 2013 年增加 32%, 主要用於匈牙利和比利時的廠房倉庫和零售店的開支而 2015 年的開支預算為 0.82 億美元, 將主要用於中國的業務發展 Page 2 PHILLIP CAPITAL RESEARCH

3 風險匯率變動風險 ; 各國的政治及經濟風險 ; 競爭加劇估值新秀麗通過不斷通過收購來使其產品和品牌組合多元化, 有效地拓寬競爭護城河而公司的穩固的資產負債表得益於較低的財務杠杆有限的資本支出和充沛的現金流, 有助於幫助公司建立更多的競爭優勢內生性增長和外延式擴張驅動了新秀麗的持續健康增長, 我們維持新秀麗增持評級,12 個月目標價為 30 港元, 相當於 20 倍和 18 倍的 2015/2016 年預期市盈率 Page 3 PHILLIP CAPITAL RESEARCH

4 財務報告 FYE FY11 FY12 FY13 FY14 FY15F FY16F Valuation Ratios P/E (X), adj P/B (X) Dividend Yield (%) 1.34% 1.31% 1.88% 2.35% 2.23% 2.67% Per share data (USD) EPS, reported EPS, adj DPS BVPS Grow th & Margins (%) Grow th Revenue 28.80% 13.23% 15.01% 15.31% 7.45% 9.50% EBTDA 29.30% 15.73% 17.77% 13.61% 10.21% 8.46% Net Income, adj % 70.11% 18.92% 5.68% 30.42% 9.65% Margins EBITDA margin 15.85% 16.20% 16.58% 16.34% 16.76% 16.60% Net profit margin 6.65% 9.42% 9.67% 7.91% 10.76% 9.62% Key Ratios ROE (%) 9.23% 14.00% 14.71% 14.19% 16.10% 15.88% ROA (%) 5.63% 8.16% 9.10% 8.72% 10.81% 9.71% Net Debt/(Cash) net cash net cash net cash net cash net cash net cash Net Gearing (X) net cash net cash net cash net cash net cash net cash Income Statement (USD mn) Revenue 1,565 EBITDA 248 EBIT 209 EBT Tax Tax rate 25.90% 25.78% 27.04% 27.30% 26.60% 26.00% Profit for the year Minority interests 17 Net profit 87 Source: BLOOMBERG, Samsonite and Phillip Securities (Financial figures as at 9 Jun 2015) FY11 FY12 FY13 FY14 FY15F FY16F 1,772 2,038 2,350 2,525 2, Page 4 PHILLIP CAPITAL RESEARCH

5 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. 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 Phillip Securities (Hong Kong) Limited Page 5 PHILLIP CAPITAL RESEARCH

6 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 436 Hengfeng Road, Greentech Unit 604, 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 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel (613) Fax (613) Website: Page 6 PHILLIP CAPITAL RESEARCH

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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