PDF《玖龙纸业（2689.HK）》

Margins(%) Growth Rates Revenue 0.7% 4.0% 6.6% 15.0% 7.5% Operating profit 8.4% -10.6% 33.7% 19.3% 9.6% Net Profit 12.5% -19.6% -20.5% 208.6% 11.6% Margins Gross profit margin 16.4% 15.7% 18.3% 18.1% 18.1% Operating profit margin 12.5% 10.8% 13.5% 14.0% 14.3% Net profit margin 6.1% 4.7% 3.5% 9.4% 9.7% Key Ratios ROE(%) 7.5 5.7 4.4 12.4 12.7 ROA(%) 2.7 2.1 1.7 5.6 6.1 Income Statement(RMB mn) Revenue 28,929 30,093 32,093 36,920 39,688 Gross profit 4,751 4,716 5,861 6,682 7,184 Operating profit 3,623 3,240 4,331 5,165 5,661 EBT 2,157 1,955 1,667 4,375 4,871 Net Income 1,755 1,412 1,122 3,462 3,863 Source: Company, Bloomberg, Phillip Securities (HK) Research Estimates (财务资料截至

3 月31 日) PHILL 玖龙纸业 玖龙纸业 玖龙纸业 玖龙纸业(2689 HK) 更新 更新 更新 更新报告 报告 报告 报告 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock'

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