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1 公司报告小盘股资讯珩湾科技 (1523 HK) 技术颠覆, 估值折让珩湾科技 ( 珩湾 ) 设计并销售 SD-WAN 路由器及软件产品, 为企业用户提供具有成本效益且革新传统广域网络的移动网络选择我们预计公司 16 财年核心利润同比增长 55%, 基于更多软件销售推动的 21% 营收同比增长和利润率提升我们认为珩湾的股价被低估, 由于其 16 财年 11 倍市盈率低于美股同业的平均 15 倍, 且股息率高达 6% 水平 SD-WAN: 传统企业网络技术的颠覆者软件定义的广域网 (SD-WAN) 处于初期增长阶段,IDC 预计 2015 至 2020 年该市场的规模将按 90% 年复合增长至 60 亿美元 SD-WAN 比传统 WAN 基础设备成本更低且可以在远程站点快速部署作为一家纯 SD-WAN 供应商, 珩湾有 6% 的收入份额并在约 30 家供应商中名列第 5 相比于拥挤的企业市场, 其产品主要分布于汽车交通海运教育及公共安全等行业精益结构下强劲的盈利性与现金流珩湾专注于产品软件开发和用户服务, 在香港有 120 名工程师组成的团队, 制造外包给台湾 OEM 其产品以 Pepwave 及 Peplink 的品牌, 通过超过 400 家分销商 ( 通常为网络解决方案公司 ) 销往全球珩湾同样提供云端服务 (SpeedFusion 及 InControl), 给终端用户更便捷的 SD-WAN 配置和管理体验并收取常规的软件费用软件授权占 16 上半财年收入的 26% 依靠公司的轻资产结构, 专业垂直化而非高竞争市场的行业定位, 珩湾在过去能够收获约 20% 的净利润率和强劲的现金流, 同时其大多数创业同业还受困于亏损对于 16 财年, 我们预期公司收入同比增长 21%, 且更多软件收入占比提升利润率, 这使得核心净利润将同比增长 55% 珩湾计划通过拓展分销渠道及提升软件产品服务来给现有垂直行业带来更多的未来增长动力公司也可能通过并购来实现增长, 由于其强劲的 IPO 后的净现金流与 SD-WAN 高度分散的市场格局估值折让于美股同业且拥有高股息率基于公司 11 倍的 16 财年市盈率与 6% 的股息率, 我们认为珩湾估值吸引, 这折让于美股网络设备同业的 15 倍市盈率公司在美国已建立起品牌且盈利能力出众, 我们认为现有大型网络设备供应商的相关并购提案可能是其股价的催化剂主要风险包括 :(1) 竞争导致单位产品售价下降,(2) 美国贸易政策的不确定性, 其中美国收入占其 16 上半财年总收入近 50% 香港科技 / 通信技术 2017 年 2 月 7 日未评级目标价收盘价 (7 Feb 17) N/A HKD0.67 Upside/downside 恒生指数总市值 (HKDm/USDm) 670/ 周最高 / 最低 (HKD) 日均成交额 (USDm) 0.59 流通量 25 资料来源 : 彭博股价表现 HKD Jul-16 资料来源 : 彭博股票数据 1M 3M 12M 绝对回报绝对回报 (USD, %) 相对 HSI 回报资料来源 : 彭博公司簡介 Price(LHS) Rel. to HSI(RHS) 120% 110% 100% 90% 80% 70% Plover Bay Technologies Limited 设计, 开发, 和销售有线和无线 SD- WAN 路由器产品和服务公司提供的产品和服务给世界各地的许多行业, 包括交通运输, 零售和教育资料来源 : 彭博 Figure 1: 盈利预测截至 Dec 31 ( 美元 t) FY13A FY14A FY15A FY16F 营业额 13,306 17,946 21,860 26,450 经营盈利 3,012 4,289 5,142 8,071 实际盈利 2,565 3,743 4,358 6,760 每股实际盈利 (USD) 每股实际盈利增长市盈率 (x) 市净率 (x) 股息率净债务与股本 (54.1) (48.2) (67.8) (94.9) 净资产收益率资料来源 : 公司数据, 国信证券 ( 香港 ) 研究部谢嘉熙证监会中央编号 :BAZ [email protected] 研究报告仅代表分析员个人观点, 请务必阅读正文之后的免责声明 1

2 业绩预测预计 16 财年核心利润同比增长 55% Figure 2 Earnings forecasts for 2016 FY Dec-31, USD thousands 1H15 2H15 1H16 2H16F FY15 FY16F Revenue 10,734 11,126 12,033 14,417 21,860 26,450 YoY 0% 0% 12% 30% 22% 21% Cost of sales -4,786-4,380-4,110-5,677-9,166-9,787 Gross profit 5,948 6,745 7,923 8,741 12,693 16,664 GPM 55% 61% 66% 61% 58% 63% Other income Selling & Distribution ,003-1,243 Admin -1,284-1,426-1,344-1,777-2,710-3,121 Research & Development -2,034-1,873-2,015-2,282-3,907-4,297 Opex / revenue -35% -34% -33% -33% -35% -33% Listing expenses ,001-1,250 Finance cost PBT 1,677 2,463 3,430 3,372 4,140 6,802 Income tax ,292 Tax rate -17% -20% -18% -20% -19% -19% Net profit 1,385 1,972 2,801 2,709 3,357 5,510 YoY 0% 0% 102% 37% -10% 64% Net margin 0% 0% 0% 0% 15% 21% Adjustments: Listing expenses ,001-1,250 Core net profit 1,929 2,429 3,338 3,422 4,358 6,760 YoY 0% 0% 73% 41% 16% 55% Net margin 18% 22% 28% 24% 20% 26% Dividend 1, ,224 2,167 2,800 4,391 Payout ratio 72% 51% 79% 80% 64% 80% Core EPS (USD) Share data (million) Shares issued , ,000 Weighted avg shares

3 Figure 3 Peer comparison (7/2/2017) Company Ticker Price Source: Bloomberg, Guosen Securities (HK) Research 估值与同业比对珩湾估值折让于美股同业大多数珩湾的同业公司是美国的未上市初创型企业, 大型的包括 Aryaka, Talari Networks, Silver Peak 及 Velocloud 上市的同业如 Cisco, Citrix, Brocade and Ubiquti 也供应 SD-WAN 产品但这些公司在 SD-WAN 业务的收入还远不如传统企业路由器带来的收入许多其同业公司都提供软件即服务 (SaaS) 或网络即服务 (NaaS) 给企业用户而珩湾主要营收都来自于需要便捷移动网络接入的特定行业珩湾目前 16 财年市盈率为 11 倍, 美股同业平均则在 15 倍 Mkt cap (USDm) 3-mth avg t/o (USDm) Hist P/E FY1 P/E FY2 P/E FY1 EPS YoY FY2 EPS YoY 3-Yr EPS CAGR PEG Hist Div Yld Plover Bay Tech 1523 HK n.a n.a. n.a. n.a Brocade Communications BRCD US , Cisco Systems CSCO US , Juniper Networks JNPR US , Ubiquiti Network UBNT US , Peers average FY1 Div Yld

4 Summary financial statements(year to Dec 31) Profit & Loss (USDt) FY13A FY14A FY15A FY16F Financial Ratios FY13A FY14A FY15A FY16F Revenue 13,306 17,946 21,860 26,450 Gross profit margin Revenue growth Operating profit margin Cost of sales (4,655) (6,910) (9,166) (9,787) Underlying profit margin Gross profit 8,651 11,036 12,693 16,664 Net debt/equity (54.1) (48.2) (67.8) (94.9) Other income/(expense) Net debt/total assets (33.1) (26.1) (31.4) (69.1) Operating expenses (5,672) (7,053) (7,620) (8,662) Current ratio Operating profit 3,012 4,289 5,142 8,071 Dividend payout Operating profit growth Interest cover (x) , Other non-operating inc/(exp) 0 0 (1,001) (1,250) Dividend cover (x) Finance income Acct. receivable turnover days Finance expenses (4) (4) (1) (19) Acct. payable turnover days Associates & JCE Inventory turnover days Profit before taxation 3,009 4,285 4,140 6,802 Cash cycle days Taxation (444) (542) (783) (1,292) Dupont Analysis FY13A FY14A FY15A FY16F Non-controlling interests Tax burden Net profit 2,565 3,743 3,357 5,510 Interest burden Other Adjustments on UP 0 0 1,001 1,250 Operating profit margin Underlying Profit 2,565 3,743 4,358 6,760 Asset turnover (x) Underlying profit growth Leverage ratio (x) EPS (USD) ROA Underlying EPS (USD) ROE Underlying EPS growth DPS (USD) DPS growth (24.4) 37.7 Balance Sheet (USDt) FY13A FY14A FY15A FY16F Cashflow (USDt) FY13A FY14A FY15A FY16F Fixed assets EBIT 3,012 4,289 5,142 8,071 Associates & JCE Depreciation & amortization Others Interest expense (4) (4) (1) (19) Non-current assets ,004 Change in working capital (221) (1,134) (712) 1,166 Inventories 2,585 3,651 4,138 4,022 Tax paid (103) (358) (777) (1,292) Debtors & prepayments 2,136 3,328 3,857 4,348 Other operating cashflow (965) (1,250) Bank deposits & cash 4,133 3,696 6,062 25,174 Operating activities 3,073 3,089 3,018 7,196 Others 1, Capex (238) (352) (215) (320) Current assets 10,247 11,491 14,516 34,003 Free cash flow 2,835 2,736 2,803 6,876 Bank & other borrowings ,239 1,000 Disposal of non-current assets Trade & payables 1,514 1,983 1,045 1,609 Associates & JCE (net) Taxation Interest received Others 1,503 1,922 4,661 5,461 Dividends received Current liabilities 3,418 4,464 7,460 8,586 Other investing cashflow (700) (370) Bank & other borrowings Investing activities (19) 130 (915) (690) Others New loans raised 0 0 1,239 (239) Non-current liabilities 754 1, Repayment of loans Net assets 6,577 6,596 7,113 25,468 Dividends paid (1,300) (3,701) (2,800) (3,222) Share capital ,285 Other financing cashflow ,764 16,067 Premium & reserves 6,577 6,596 7,113 24,183 Financing activities (1,287) (3,635) ,607 Shareholders' funds 6,577 6,596 7,113 25,468 Inc/(dec) in cash 1,766 (416) 2,306 19,112 Non-controlling interests Cash at beginning of year 2,365 4,133 3,696 6,062 Total equity 6,577 6,596 7,113 25,468 Foreign exchange effect 1 (20) 60 0 BVPS (USD) Cash at end of year 4,133 3,696 6,062 25,174

5 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 12 months. Sell: A negative return of 10% or more relative to overall market within 6 12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclo sable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securities (HK) has no individual employed by the listed companies. Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rath er than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will se ek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the li sted companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the part icular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advise d to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK) s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such infor mation and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdictio n where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction.

6 信息披露公司评级行业评级及相关定义公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级超配 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 低配 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上利益披露声明报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何财务权益本报告中, 国信证券 ( 香港 ) 经纪有限公司及其所属关联机构 ( 合称国信证券 ( 香港 )) 并无持有该公司须作出披露的财务权益 ( 包括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动本公司员工均非该上市公司的雇员免责条款证券价格有时可能非常波动证券价格可升可跌, 甚至变成毫无价值买卖证券未必一定能够赚取利润, 反而可能会招致损失本研究报告内容既不代表国信证券 ( 香港 ) 的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约国信证券 ( 香港 ) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理牵头经办人保荐人包销商或从事自营投资于该股票 ) 国信证券 ( 香港 ) 不排除其员工有个人投资于本报告内所提及的上市法团报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性公正性及完整性不做任何保证本报告没有考虑到个别客户特殊的投资目标财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负客户在阅读本研究报告时应考虑报告中的任何意见或建议是否符合其个人特定状况本报告并不存在招揽或邀约购买或出售任何证券的企图本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用转载以及向第三方传播, 否则可能将承担法律责任研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知在一些管辖区域内, 针对或意图向该等区域内的市民居民个人或实体发布公布供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 ( 香港 ) 受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民居民或身处该范围内的任何人或实体

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公司报告业绩分析飞鱼科技 (1022 HK) 好戏在下半年举行飞鱼的业绩后路演后, 我们认为此前市场对飞鱼业绩反应过度通过与腾讯和奇虎 360 合作, 我们预期飞鱼的两款游戏保卫萝卜 3 及神仙道 2 于 16 下半年至 17 财年将可带来重大