PDF《Company Report: China Creative》

14 年家居用品生产商及家电 厂商的加权平均估值有 22.8%及27.5%的折让.估值吸引 估值吸引 估值吸引 估值吸引, , , ,我们首予 我们首予 我们首予 我们首予 买入 买入 买入 买入 的投资评级 的投资评级 的投资评级 的投资评级, , , , 而而而而目标价相当于公司 目标价相当于公司 目标价相当于公司 目标价相当于公司

14 年年年年、 、 、 、15 年及 年及 年及 年及

16 年市盈率分别为 年市盈率分别为 年市盈率分别为 年市盈率分别为 8.

8、 、 、 、7.3 及及及及6.4 倍倍倍倍. . . .主要风险包 括未能维持高利润率,及产能扩张计划比预定计划延迟. Stock performance 股价表现 (15.0) (10.0) (5.0) 0.0 5.0 10.0 Dec-13 Jan-14 Feb-14 Mar-14 May-14 % of return HSI CHINA CREATIVE HOME Change in Share Price 股价变动

1 M

1 个月

3 M

3 个月

1 Y

1 年Abs. % 绝对变动 % (1.8) (6.2) n.a. Rel. % to HS index 相对恒指变动 % 1.5 (6.1) n.a. Avg. share price(HK$) 平均股价(港元) 1.7 1.7 n.a. Source: Bloomberg, Guotai Junan International. Year End 年结 Turnover 收入 Net Profit 股东净利 EPS 每股净利 EPS 每股净利变动 PER 市盈率 BPS 每股净资产 PBR 市净率 DPS 每股股息 Yield 股息率 ROE 净资产收益率 12/31 (RMB m) (RMB m) (RMB) (%) (x) (RMB) (x) (HK$ FY12A

969 262 0.182 19.9 7.4 0.559 2.4 n.a. n.a. 32.5 FY13A 1,196

303 0.209 15.0 6.2 0.900 1.4 0.038 2.3 18.7 FY14F 1,391

364 0.202 (3.4) 6.4 1.075 1.2 0.079 4.7 18.8 FY15F 1,653

435 0.242 19.8 5.3 1.259 1.0 0.094 5.6 19.2 FY16F 1,904

499 0.277 14.6 4.6 1.467 0.9 0.108 6.5 18.9 Shares in issue (m) 总股数 (m) 1,800.0 Major shareholder 大股东 China Wisdom 69.4% Market cap. (HK$ m) 市值 (HK$ m) 3,006.0 Free float (%) 自由流通比率 (%) 30.6

3 month average vol.

3 个月平均成交股数 ('

000) 2,511.0 FY14 Net gearing (%)

14 年净负债/股东资金 (%) Net Cash

52 Weeks high/low (HK$)

52 周高/低1.890 / 1.630 FY14 Est. NAV (HK$)

14 年每股估值 (港元) 3.1 Source: the Company, Guotai Junan International.

12 May

2014 China Creative Home 中国创意家居 (01678 HK) Company Report See the last page for disclaimer Page

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24 COMPANY BACKGROUND Engaging in Sale of Electric Fireplaces and Home Décor Products. China Creative Home Group (CCHG, the Company) was principally engaged in the exports of porcelain products during 1993-2005. Since then, CCHG has commenced to design, develop and sell home décor products under the Company'

s own brand ( Allen ) and commenced to design and develop electric fireplaces. CCHG finally launches electric fireplaces to the market under the brand Allen . According to Frost &

Sullivan, the Company had market shares of 11.1% (ranked

1 st ) and 2.6% (ranked

3 rd ) in branded electric fireplace market in China and overall electric fireplace industry in China in 2012, respectively. Two Production Facilities in Fujian. Currently, CCHG has

2 prod........