EQUITY RESEARCH 威孚高科威孚高科 ( CH) 國內領先的柴油噴射系統生產商中國汽車零部件首次覆蓋公司簡介無錫威孚高科是中國發動機燃油噴射系統的行業龍頭, 主營業務包括汽車燃油噴射系統, 汽車後處理系統, 發動機進氣系統的開發製造和銷售公司前身為無錫油嘴泵廠,1

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1 EQUITY RESEARCH 威孚高科威孚高科 ( CH) 國內領先的柴油噴射系統生產商中國汽車零部件首次覆蓋公司簡介無錫威孚高科是中國發動機燃油噴射系統的行業龍頭, 主營業務包括汽車燃油噴射系統, 汽車後處理系統, 發動機進氣系統的開發製造和銷售公司前身為無錫油嘴泵廠,1984 年與博世簽訂了合作協議引進 A 型泵,2004 年雙方 (1:2) 合資成立博世汽柴, 生產 P 型和 VE 型泵,2008 年雙方合作研發了本地化的柴油發動機共軌系統公司於 1998 年在國內 A 股 IPO 上市, 公司持股 20% 的第一大股東為無錫產業發展集團, 實際控制人為無錫國資委, 博世持股 14.2% 憑藉合作夥伴的壟斷型技術, 威孚高科在國內共軌市場的佔有率高達 90% 公司的主營業務包括三大板塊 : 柴油噴射系統 ( 即柴油機油泵嘴及配件 ) 尾氣後處理系統和進氣系統其中核心業務為柴油機油泵嘴及配件, 占比由 2008 年的九成, 下降至 56%, 主要因近年來尾氣後處理業務後來居上, 占比逐年提高到 40% 進氣系統占比約 4% Revenue breakdown (mil) Air intake systems Exhaust gas post-processing systems Diesel injection systems 9 January 2017 買入 ( 首次 ) 現價 : CNY ( 現價截至 1 月 5 日 ) 目標價 : CNY (+28%) 公司資料普通股股東 ( 百萬股 ) : 1009 市值 ( 人民幣百萬元 ) : 周最高價 / 最低價 ( 人民幣元 ) : 25.71/ 主要股東 % 無錫產業發展集團 Bosch 股價 & 上證指數 Source: Company, Phillip Securities Hong Kong Research 投資收益是公司重要利潤來源, 占公司稅前盈利一半以上, 主要來自於公司占三分之一股份的子公司博士汽柴和持股 20% 的中聯電子前者產品主要配套中重卡輕卡, 大中輕客等, 後者主要生產轎車發動機電控系統 Source: Phillip Securities (HK) Research 財務資料 CNY mn FY14 FY15 FY16E FY17E Net Sales Net Profit EPS, CNY P/E, x BVPS, CNY P/BV, x DPS (CNY) Div. Yield (%) 1.7% 2.2% 2.3% 2.6% Source: Company reports, Phillip Securities Est. 受重卡行業景氣度影響, 業績波動性大公司主要的產品面向國內重卡, 輕卡和大中型客車的柴油發動機, 其中重卡柴油發動機共軌系統是主要的利潤來源, 因此公司業績與中國商用車週期特別是重卡週期密切相關, 波動性大受到重卡銷量的波動, 公司淨利潤在 2009,2010 年達到爆發式的三位數增幅, 在 2011,2012 年連續退坡,2013,2014 年又恢復至兩位數增長,2015 年公司業績基本持平研究分析員章晶 ( ) zhangjing@phillip.com.cn Page 1 PHILLIPCAPITAL HONGKONG RESEARCH

2 2016 年前三季度威孚高科實現主營業務收入 48.9 億元, 同比增長 8.7%, 歸屬淨利潤 13.1 億元, 同比增長 1.2%, 合每股收益 1.30 元其中, 第三季度業績受到國內重卡市場迅速復蘇的帶動而增長明顯 : 主營業務收入同比增長 37% 至億元, 歸屬淨利潤 3.66 億元, 同比大增 48% 公司經營風格穩健, 資產負債率僅為 21% 左右, 速動比率維持在區間, 毛利率也基本穩定在 20% 以上公司現金流充沛,2015 年底在手現金 + 淨應收票據達 36.8 億, 無長期借款技術壁壘優勢明顯, 成立並購基金拓展長期成長空間為了提高汽車工業整體技術水平, 減少汽車廢氣污染, 中國對柴油發動機排放的要求越來越嚴格, 提高了該細分行業的進入壁壘公司與博世合作歷史長久, 技術壁壘優勢明顯, 是近期政府執行更為嚴格的重卡排放和超載治理政策的主要受益者, 預計重卡市場景氣度的持續復蘇將有效保障公司未來主業增長充沛的現金儲備也為公司未來並購轉型提供了基礎 2016 年 6 月, 公司公告其全資子公司威孚汽柴擬與平安融匯合作設立產業並購基金其中, 威孚汽柴擬持股 49%, 平安融匯擬持股 51% 基金第一期規模暫定為人民幣 15 億元我們認為, 公司通過設立產業並購基金, 積極尋求新能源汽車產業領域的投資機會, 實現戰略轉型升級, 將為公司打開長期的成長空間, 後續外延並購值得期待我們認為, 公司並購方向或在新能源汽車電子智能化製造等領域, 公司意在通過收購相關領域及新能源領域的優質資產, 實現產品線的戰略轉型升級, 其外延發展值得期待 P/E Band Source: Wind, Phillip Securities Hong Kong Research 投資建議我們預計公司 2016/2017 年的攤薄每股盈利分別為 1.67,1.99 元人民幣, 目標價 29.4 人民幣元對應 2016/2017 年各 17.6/15 倍預計市盈率, 首次覆蓋給予買入評級 ( 現價截至 1 月 5 日 ) Peer Comparison Market PE PB Ticker Name Cap TTM 16E 17E CH Weifu CH Huayu CH Fuyao CH Huatong Na Na CH WFAW CH WXQC CH WLY CH Tuopu Source: Wind, Phillip Securities Hong Kong Research Page 2 PHILLIPCAPITAL HONGKONG RESEARCH

3 財務報告 FYE DEC FY11 FY12 FY13 FY14 FY15 FY16F FY17F Valuation Ratios P/E (X), adj P/B (X) Dividend Yield (%) 1.3% 1.3% 1.3% 1.7% 2.2% 2.3% 2.6% Per share data (RMB) EPS, (Basic) EPS, (Diluted) DPS BVPS Grow th & Margins (%) Grow th Revenue 18.6% -15.0% 11.4% 13.7% -9.6% 12.5% 12.6% EBIT 26.5% -24.8% 20.3% 39.4% -6.7% 11.3% 18.9% Net Income, adj. 23.4% -26.4% 24.8% 38.9% -1.6% 11.5% 19.1% Margins Gross margin 26.8% 24.8% 25.4% 25.4% 23.5% 23.6% 23.5% EBIT margin 23.1% 20.4% 22.0% 27.0% 27.9% 27.6% 29.1% Net Profit Margin 20.4% 17.7% 19.8% 24.2% 26.4% 26.1% 27.7% Key Ratios ROE 26.3% 12.1% 9.8% 15.0% 13.5% 13.7% 14.7% Income Statement (RMB mn) Revenue Gross profit EBIT Profit before tax Tax Profit for the period Minority interests Total capital share Net profit Source: PSR (Financial figures as at 5 January 2017) Page 3 PHILLIPCAPITAL HONGKONG RESEARCH

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 COMPANY NAME INITIATING COVERAGE Contact Information (Regional Member Companies) SINGAPORE Phillip Securities Pte Ltd 250 North Bridge Road, #06-00 Raffles City Tower, Singapore Tel : (65) Fax: (65) INDONESIA PT Phillip Securities Indonesia ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A, Jakarta 10220, Indonesia Tel (62) Fax: (62) THAILAND Phillip Securities (Thailand) Public Co. Ltd. 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok Thailand Tel (66) Fax: (66) UNITED STATES Phillip Futures Inc. 141 W Jackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL USA Tel (1) Fax: (1) 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 (60) Fax (60) CHINA Phillip Financial Advisory (Shanghai) Co. Ltd. No 436 Heng Feng Road, Green Tech Tower Unit 604 Shanghai Tel (86) Fax: (86) FRANCE King & Shaxson Capital Ltd. 3rd Floor, 35 Rue de la Bienfaisance Paris France Tel (33) Fax : (33) AUSTRALIA PhillipCapital Australia Level 12, 15 William Street, Melbourne, Victoria 3000, Australia Tel: (61) Fax: (61) HONG KONG Phillip Securities (HK) Ltd 11/F United Centre 95 Queensway Hong Kong Tel (852) Fax: (852) JAPAN Phillip Securities Japan, Ltd 4-2 Nihonbashi Kabutocho, Chuo-ku Tokyo Tel: (81) Fax: (81) INDIA PhillipCapital (India) Private Limited No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai Tel: (9122) Fax: (9122) UNITED KINGDOM King & Shaxson Ltd. 6th Floor, Candlewick House, 120 Cannon Street London, EC4N 6AS Tel (44) Fax: (44) SRI LANKA Asha Phillip Securities Limited Level 4, Millennium House, 46/58 Navam Mawatha, Colombo 2, Sri Lanka Tel: (94) Fax: (94) Page 5 PHILLIPCAPITAL HONGKONG RESEARCH

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