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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 23331.57 总市值 (HKDm/USDm) 670/86.4 52 周最高 / 最低 (HKD) 0.40-0.70 日均成交额 (USDm) 0.59 流通量 25 资料来源 : 彭博 股价表现 HKD 0.65 0.60 0.55 0.50 0.45 0.40 Jul-16 资料来源 : 彭博 股票数据 1M 3M 12M 绝对回报 31.4 42.6 绝对回报 (USD, %) 31.3 42.5 相对 HSI 回报 27.7 40.2 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) 0.003 0.005 0.006 0.008 每股实际盈利增长 0.0 45.9 16.4 36.2 市盈率 (x) 25.3 17.3 14.9 10.9 市净率 (x) 9.8 9.8 9.1 2.9 股息率 2.0 5.7 4.3 6.0 净债务与股本 (54.1) (48.2) (67.8) (94.9) 净资产收益率 56.8 63.6 41.5 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 :BAZ779 +852 2899 6768 christopher.tse@guosen.com.hk 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

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 59 10 24 45 69 69 Selling & Distribution -467-536 -607-636 -1,003-1,243 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 -544-457 -537-713 -1,001-1,250 Finance cost -1 0-14 -5-1 -19 PBT 1,677 2,463 3,430 3,372 4,140 6,802 Income tax -292-491 -629-663 -783-1,292 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 -544-457 -537-713 -1,001-1,250 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 1,000 998 2,224 2,167 2,800 4,391 Payout ratio 72% 51% 79% 80% 64% 80% Core EPS (USD) 0.003 0.003 0.004 0.004 0.006 0.008 Share data (million) Shares issued 750 750 750 1,000 750 1,000 Weighted avg shares 750 750 750 958 750 854

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 0.67 86 0.5 13.5 9.9 n.a. 36.2 n.a. n.a. n.a. 5.3 7.3 Brocade Communications BRCD US 12.48 5,070 74.9 24.0 12.3 12.0 95.2 2.8 25.6 0.5 1.6 1.7 Cisco Systems CSCO US 31.30 157,118 693.2 14.7 13.2 12.6 11.4 4.7 6.8 1.9 3.0 3.5 Juniper Networks JNPR US 27.28 10,375 109.0 17.3 12.5 11.7 38.4 6.5 15.5 0.8 1.5 1.6 Ubiquiti Network UBNT US 63.62 5,225 20.4 25.1 20.9 19.6 20.2 6.5 10.7 1.9 0.0 0.0 Peers average 20.3 14.7 14.0 41.3 5.1 14.7 1.3 1.5 1.7 FY1 Div Yld

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 65.0 61.5 58.1 63.0 Revenue growth 0.0 34.9 21.8 21.0 Operating profit margin 22.6 23.9 23.5 30.5 Cost of sales (4,655) (6,910) (9,166) (9,787) Underlying profit margin 19.3 20.9 19.9 25.6 Gross profit 8,651 11,036 12,693 16,664 Net debt/equity (54.1) (48.2) (67.8) (94.9) Other income/(expense) 34 306 69 69 Net debt/total assets (33.1) (26.1) (31.4) (69.1) Operating expenses (5,672) (7,053) (7,620) (8,662) Current ratio 300 257 195 396 Operating profit 3,012 4,289 5,142 8,071 Dividend payout 50.7 98.9 64.2 65.0 Operating profit growth 0.0 42.4 19.9 57.0 Interest cover (x) 828 969 3,934 424 Other non-operating inc/(exp) 0 0 (1,001) (1,250) Dividend cover (x) 2.0 1.0 1.6 1.5 Finance income 0 0 0 0 Acct. receivable turnover days 55.6 60.0 56.6 Finance expenses (4) (4) (1) (19) Acct. payable turnover days 92.4 60.3 49.5 Associates & JCE 0 0 0 0 Inventory turnover days 164.7 155.1 152.2 Profit before taxation 3,009 4,285 4,140 6,802 Cash cycle days 127.9 154.8 159.3 Taxation (444) (542) (783) (1,292) Dupont Analysis FY13A FY14A FY15A FY16F Non-controlling interests 0 0 0 0 Tax burden 85.3 87.3 81.1 81.0 Net profit 2,565 3,743 3,357 5,510 Interest burden 99.9 99.9 80.5 84.3 Other Adjustments on UP 0 0 1,001 1,250 Operating profit margin 22.6 23.9 23.5 30.5 Underlying Profit 2,565 3,743 4,358 6,760 Asset turnover (x) 1.6 1.6 1.1 Underlying profit growth 0.0 45.9 16.4 55.1 Leverage ratio (x) 1.7 2.0 1.5 EPS (USD) 0.003 0.005 0.004 0.006 ROA 32.7 31.7 26.8 Underlying EPS (USD) 0.003 0.005 0.006 0.008 ROE 56.8 63.6 41.5 Underlying EPS growth 0.0 45.9 16.4 36.2 DPS (USD) 1.73 4.94 3.73 5.14 DPS growth 0.0 185 (24.4) 37.7 Balance Sheet (USDt) FY13A FY14A FY15A FY16F Cashflow (USDt) FY13A FY14A FY15A FY16F Fixed assets 446 595 556 518 EBIT 3,012 4,289 5,142 8,071 Associates & JCE 0 0 0 0 Depreciation & amortization 201 244 332 520 Others 56 90 277 486 Interest expense (4) (4) (1) (19) Non-current assets 502 685 833 1,004 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 187 52 (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 1,393 816 459 459 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 59 60 1,239 1,000 Disposal of non-current assets 2 0 0 0 Trade & payables 1,514 1,983 1,045 1,609 Associates & JCE (net) 0 0 0 0 Taxation 342 499 516 516 Interest received 13 7 0 0 Others 1,503 1,922 4,661 5,461 Dividends received 0 0 0 0 Current liabilities 3,418 4,464 7,460 8,586 Other investing cashflow 204 476 (700) (370) Bank & other borrowings 517 455 0 0 Investing activities (19) 130 (915) (690) Others 237 660 776 953 New loans raised 0 0 1,239 (239) Non-current liabilities 754 1,116 776 953 Repayment of loans 0 0 0 0 Net assets 6,577 6,596 7,113 25,468 Dividends paid (1,300) (3,701) (2,800) (3,222) Share capital 0 0 0 1,285 Other financing cashflow 13 66 1,764 16,067 Premium & reserves 6,577 6,596 7,113 24,183 Financing activities (1,287) (3,635) 203 12,607 Shareholders' funds 6,577 6,596 7,113 25,468 Inc/(dec) in cash 1,766 (416) 2,306 19,112 Non-controlling interests 0 0 0 0 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) 0.0 0.0 0.0 0.0 Cash at end of year 4,133 3,696 6,062 25,174

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.

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