PDF《宏华集团 （196.HK）》

Margins (%) Growth Revenue -58.60% -4.28% 85.57% 51.51% 24.56% Operating profit n.a. 0.00% -303.33% 213.77% 20.27% EBT n.a. 35.38% -213.07% 256.28% 28.49% Net Income, adj. n.a. 44.88% -191.30% 261.90% 27.30% Margins Gross profit margin 26.35% 20.23% 27.83% 38.60% 37.50% Operating margin -6.12% -6.39% 7.00% 14.50% 14.00% Net profit margin -6.47% -9.80% 4.82% 11.52% 11.77% Key Ratios ROE(%) -2.78% -4.53% 4.19% 13.53% 15.65% ROA (%) -1.78% -2.93% 2.65% 3.68% 4.06% Net Debt/(Cash) net cash net cash net cash net cash net cash Net Gearing (X) net cash net cash net cash net cash net cash Income Statement (RMB mn) Revenue 1,962 1,878 3,485 5,280 6,577 Cost of sales (1,444) (1,497) (2,515) (3,242) (4,111) Gross profit

517 380

970 2,038 2,466 Operating profit (120) (120)

244 766

921 EBT (130) (176)

199 709

911 Tax (7)

4 (28) (96) (128) Tax rate -5.38% 2.27% 14.07% 13.50% 14.00% Profit for the year (122) (172)

171 613

783 Minority interests (5) (12) (3) (5) (9) Net profit (127) (184)

168 608

774 Source: BLOOMBERG, Honghua Group and Phillip Securities 宏华集团 宏华集团 宏华集团 宏华集团 Phillip Securities (Hong Kong) Ltd Research

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6 6 September,

2012 5 of

5 Total Returns Recommendation Rating >

+20% Buy

1 +5% to +20% Accumulate

2 -5% to +5% Neutral

3 -5% to -20% Reduce

4 +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%downside from the current price 宏华集团 宏华集团 宏华集团 宏华集团 Phillip Securities (Hong Kong) Ltd Research

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6 6 September,

2012 7 of

7 Contact Information (Regional Member Companies) SINGAPORE Phillip Securities Pte Ltd Raffles City Tower 250, North Bridge Road #06-00 Singapore

179101 Tel : (65)

6533 6001 Fax : (65)

6535 6631 Website: www.poems.com.sg MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block B Level

3 Megan Avenue II, No. 12, Jalan Yap Kwan Seng,

50450 Kuala Lumpur Tel (603)

21628841 Fax (603)

21665099 Website: www.poems.com.my HONG KONG Phillip Securities (HK) Ltd Exchange Participant of the Stock Exchange of Hong Kong 11/F United Centre

95 Queensway Hong Kong Tel (852)

22776600 Fax (852)

28685307 Websites: www.phillip.com.hk JAPAN PhillipCapital Japan K.K. Nagata-cho Bldg., 8F, 2-4-3 Nagata........