財務報告 For Financial Summary at the end of report FYE FY12 FY13 FY14 FY15F FY16F Valuation Ratios P/E (X) (1.3) (38.0) (76.0) P/B (X)

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1 机构股票研究協鑫新能源 (451.HK) 裝機量飛速提升中國新能源更新報告 18 Jun 2015 協鑫旗下電站平臺公司是保利協鑫旗下的光伏電站 EPC 及運營平臺, 於 2014 年 5 月 9 日完成了借殼上市, 並於 11 月 13 日被納入 MSCI 香港指數成分股, 公司 2014 年實現收入億港元, 公司股東應占虧損 1.13 億港元, 主要原因是 2014 年公司的光伏專案全年僅貢獻收入 80 萬港元, 公司的業績主要還是來源於之前的印刷線路板業務新裝機增速快公司 2014 年底裝機量 615MW, 未來三年目標裝機量分別爲 2GW 2.5GW 和 3GW 開發的方式包括自建聯合開發與收購在 2015 年的新增專案中, 自建比例爲 30%, 目前更多的還是依靠聯合開發與收購, 但在未來公司將加大自建的比例, 公司一直在擴充專案團隊人數公司上半年預計並網 500MW, 公司並網的電站規模將達到 1.1GW 發電效率高公司目前並網的專案中沒有限電問題, 股權 IRR 達到了 12% 以上, 有效發電小時數約爲 1200 小時, 公司未來在專案的選擇上會避開日照時間長卻限電比較嚴重的西部地區, 將更多的專案放在中部地區並且公司還開發一些類分散式的專案, 如漁光互補牧光互補等, 這類專案的收益很高, 不但有普通光伏電站售電的收益, 還有農業收入和國家給予的補貼, 未來大面積的推廣值得期待融資方式多樣公司的融資方式除了一般的銀行貸款, 還發行了一些可轉換債券, 有效的降低了公司融資成本此外, 公司剛剛與銀河資本組建資産管理合夥企業, 以此方式融資, 保利協鑫也會給予公司資金方面的幫助未來公司還計劃利用 Yield Co 的模式來開展新的融資, 融資方式的多樣性幫助公司的財務成本低於同業公司估值公司背靠協鑫平臺, 在光伏電站建造運營方面有技術優勢, 同時保利協鑫和協鑫集成都可以在建造材料的供應上提供便利公司未來三年裝機量將迅猛增長, 以 2015 年底 2.6GW 裝機量計算, 預計公司售電收入爲億港元, 以 35% 的淨利率計算, 全年發電業務淨利潤約爲億港元, 在不考慮可轉債轉股的情況下, 目前股價僅相當於 8.8 倍 PE 我們給予公司 12 個月目標價 1.61 港元, 相當於 15 倍 2016 年預期市盈率, 爲買入評級 ( 現價截至 6 月 16 日 ) 買入現價 : HK$ 0.76 ( 現價截至 6 月 16 日 ) 目標價 : HK$ 1.61 公司資料普通股股東 ( 百萬股 ) : 市值 ( 港幣億元 ) : 周最高價 / 最低價 ( 港元 ) : 0.43/1.44 主要股東, % Elite Time Global Limited : 股價表現, % 1 個月 3 個月 1 年協鑫新能源恒生指數股價 & 恒生指數 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May-15 Volume, mn 451 hk equity HSI Source: Phillip Securities (HK) Research 財務資料 Key Financial Summary FYE 12/13 12/14 12/15F 12/16F Net Profit, adj. (RMB 000) (173.00) (113.00) EPS, adj. (RMB) (0.02) (0.01) P/E (X) (38.00) (76.00) BVPS (RMB) P/B (X) DPS (RMB) Div. Yield 0.0% 0.0% 0.0% 0.0% Source: Bloomberg, PSR est. *All multiples & yields based on current market price 16-Jun-15 研研研研研張坤 ( ) zhangkun@phillip.com.cn Page 1 PHILLISECURITIES (HK) RESEARCH

2 財務報告 For Financial Summary at the end of report FYE FY12 FY13 FY14 FY15F FY16F Valuation Ratios P/E (X) (1.3) (38.0) (76.0) P/B (X) Dividend Payout ratio 0.00% 0.00% 0.00% 0.00% 0.00% Dividend Yield 0.00% 0.00% 0.00% 0.00% 0.00% Per share data (HKD) EPS, reported EPS, adj DPS BVPS Grow th Revenue 14.7% 3.4% -25.8% 120.1% 94.3% Net Income, adj % 343.6% -34.7% % 172.5% Income statement (HKD mn) FY12 FY13 FY14 FY15F FY16F Operating revenue 1,528 1,580 1,173 2,582 5,018 Profit before tax (137) 1,750 4,765 Net profit attributable to equity holders (39) (173) (113) 494 1,346 Source: PSR (Financial figures as at 16 June 2015) Page 2 PHILLISECURITIES (HK) RESEARCH

3 Ratings History Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Market Price Target Price Sep-13 Dec-13 Mar-14 Source: Bloomberg, PSR Mar-15 Dec-14 Sep-14 Jun PSR Rating System Total Returns Recommendation Rating > +20% Buy 1 +5% to +20% Accumulate 2-5% to +5% Neutral 3-5% to -20% Reduce 4 <-20% Sell 5 Remarks 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 rew ard 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 Page 3 PHILLISECURITIES (HK) 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 Updated report 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) Contact Information (Regional Member Companies) 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) PHILLIP SECURITIES (HK) RESEARCH 5 P a g e

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