投資建議我們首次覆蓋錦江酒店, 預計公司 2016/2017 年的 EPS 將達到 0.161/0.186 元人民幣, 目標價 2.98 港元對應 2016/2017 年各 15.5/13.5 倍預計市盈率, 給予增持評級 ( 現價截至 7 月 6 日 ) Main business breakdo

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尉允花
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1 EQUITY RESEARCH 錦江酒店錦江酒店 (2006.HK) 揚帆啟航! 中國綜合旅遊 & 酒店首次覆蓋公司簡介錦江酒店是中國領先的酒店集團, 主要從事 1 高星級酒店營運管理, 和 2 經濟型酒店特許經營 & 餐廳營運,3 客運物流, 和 4 旅行社業務其中酒店業務占公司總收入的六成, 總 EBITDA 的五成, 後三項業務分別通過已在 A 股上市的控股子公司錦江股份 ( SH/ SH ) 錦江投資 ( sh/ SH ) 和錦江旅遊 ( SH) 具體經營錦江國際集團擁有公司 75% 的股份, 實際控制人為上海國資委 2015 年公司以接近 200 億人民幣代價, 相繼收購了盧浮酒店集團, 鉑濤集團, 收購完成後, 公司旗下總酒店數較之前翻番至超過 6000 家, 客房總數將超過 65 萬間以客房量計算, 錦江酒店將位列全球酒店集團前五位, 中國第一位公司目前的酒店品牌包括 J. Hotel 錦江 (Jin Jiang) 錦江都城 (Metropolo) 錦江之星 (Jin Jiang Inn) 等系列, 以及收購的法國盧浮酒店旗下系列品牌, 鉑濤集團旗下的 7 天經濟型酒店和鉑濤菲諾麗楓喆菲等中高端酒店競爭優勢公司在酒店行業深耕多年, 品牌享譽中國, 業務網絡龐大, 管理層經驗豐富 ; 在上海根基雄厚, 國內各酒店位於上海市內的黃金地段, 收購鉑濤後, 地理覆蓋更進一步拓展到國內華南華中等區域 ; 擁有多層次多元化的酒店資產組合, 可滿足不同層次的市場需求 ; 採用先進的科技訊息化直銷及管理系統, 和 CRS,CRM,PMS 等中央訊息系統, 保障客戶體驗 ; 競爭劣勢在品牌知名度客戶體驗方面與國際酒店業巨頭 ( 如洲際希爾頓香格里拉 ) 相比尚有差距, 公司的高端酒店業務盈利能力低於後者 ; 鉑濤集團的中高檔酒店正位於轉型期,15 年錄得少量虧損 ; 機會通過持續資產並購, 規模迅速擴大, 在品牌運作渠道營銷後臺管理整合等方面如能順利推進, 有望形成規模優勢 ; 上海迪斯尼開園上海自貿區建設帶來的交通住宿餐飲旅遊需求將長期助力公司旗下各項業務的發展 ; 中國出境旅遊需求進入持續爆發期 ; 潛在的國企改革預期, 運營效率提升空間較大 ; 風險宏觀經濟放緩和限制三公消費導致的需求增速降低超出預期 ; 以 Airbnb 民宿等為代表的互聯網服務型分享商業模式對傳統酒店行業市場份額的擠佔 ; 連續大額收購後可能抬高融資成本, 財務費用大增侵蝕盈利 ; 後續資產整合過程中存在不確定因素 ; 因海外業務的擴大引發的匯率風險 8 JULY 2016 增持 ( 首次 ) 現價 : HKD 2.49 ( 現價截至 7 月 6 日 ) 目標價 : HKD 2.98 (+19.7%) 公司資料普通股股東 ( 百萬股 ) : 5566 市值 ( 人民幣百萬元 ) : 周最高價 / 最低價 ( 人民幣元 ) : 3.44/ 2.02 主要股東 % 錦江國際集團 75 股價 & 恒生指數 Source: Phillip Securities (HK) Research 財務資料 CNY mn FY14 FY15 FY16E FY17E Net Sales 9,364 12,160 15,795 17,789 Net Profit ,034 EPS, CNY P/E, x BVPS, CNY P/BV, x DPS (CNY) Div. Yield (%) 2.5% 3.1% 3.3% 3.6% Source: Company reports, Phillip Securities Est. 研究分析員章晶 ( ) zhangjing@phillip.com.cn Page 1 PHILLIPCAPITAL HONGKONG RESEARCH

2 投資建議我們首次覆蓋錦江酒店, 預計公司 2016/2017 年的 EPS 將達到 0.161/0.186 元人民幣, 目標價 2.98 港元對應 2016/2017 年各 15.5/13.5 倍預計市盈率, 給予增持評級 ( 現價截至 7 月 6 日 ) Main business breakdown (outer ring: revenue; inner ring: EBITDA) full service hotel Select service hoteloriginal Select service hotel- GDL Food&Restaurants Transport&logistics Travel agency Others Source: Company, Phillip Securities Hong Kong Research Key margin trend 30.00% Gross margin Net margin ROE 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% E 2017E Source: Company, 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 (%) 2.0% 1.5% 2.3% 2.5% 3.1% 3.3% 3.6% Dividend payout ratio (%) 41.5% 52.7% 56.4% 44.8% 41.8% 42.1% 40.9% Per share data (RMB) EPS, reported EPS, adj DPS(HKD) BVPS Grow th & Margins (%) Grow th Revenue 44.6% -6.2% -33.1% 0.8% 29.9% 29.9% 12.6% EBIT 54.9% -34.0% 37.0% 20.7% 31.3% 8.5% 14.5% Net Income, adj. 54.2% -29.7% 40.1% 39.9% 39.5% 3.7% 15.2% Margins Gross margin 15.4% 15.1% 17.6% 18.0% 21.7% 22.1% 23.9% EBIT margin 8.6% 7.4% 15.3% 18.3% 18.5% 15.4% 15.7% Net Profit Margin 4.2% 2.3% 4.8% 6.6% 7.1% 5.7% 5.8% Key Ratios ROE (%) 7.8% 4.4% 5.97% 7.68% 9.67% 9.35% 9.96% Income Statement (RMB mn) Revenue 12,653 13,884 9,288 9,364 12,160 15,795 17,789 Gross profit 1,946 2,100 1,633 1,682 2,636 3,491 4,252 Operating profit ,286 1,568 2,010 2,082 2,343 EBIT 1,082 1,034 1,417 1,710 2,246 2,436 2,790 Profit before tax ,276 1,551 1,892 1,951 2,228 Tax (84) (187) (434) (474) (494) (496) (560) Profit for the period ,076 1,398 1,455 1,668 Minority interests Total capital share 5,566 5,566 5,566 5,566 5,566 5,566 5,566 Net profit ,034 Source: PSR (Financial figures as at 6 July 2016) 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. 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. 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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 4 PHILLIPCAPITAL HONGKONG RESEARCH

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