PDF《601199.SH) SH)》

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4 | PHILLISECURITIES (HK) RESEARCH 江南水务 江南水务 江南水务 江南水务 (601199.SH) 公司 公司 公司 公司报 报报报报 报报报财务报告 财务报告 财务报告 财务报告 FYE FY13 FY14 FY15 FY16E FY17E Valuation Ratios Price Earnings(P/E) 51.1 41.7 27.3 21.0 16.9 Price to Book(P/B) 4.0 3.7 3.4 3.0 2.6 Per share data(RMB) EPS,Adjusted 0.16 0.19 0.29 0.38 0.47 Book Value Per Share 1.97 2.12 2.35 2.64 2.99 Dividends Per Share 0.05 0.06 0.09 0.12 0.15 Growth &

Margins(%) Growth Revenue 11.9% 28.0% 14.2% 32.5% 29.8% Operating income 6.7% 27.2% 49.7% 30.8% 24.5% Net profit 4.8% 21.8% 52.0% 30.7% 24.3% Margins Gross profit margin 55.0% 55.5% 57.8% 57.0% 55.8% Operating profit margin 32.1% 31.9% 41.8% 41.3% 39.6% Net income margin 24.9% 23.7% 31.5% 31.1% 29.8% Key Ratios ROE(%) 7.9% 9.0% 12.3% 14.3% 15.7% ROA(%) 4.8% 5.3% 7.6% 8.1% 8.8% Income Statement(RMB mn) Revenue

586 749

856 1,134 1,472 - Cost of Goods Sold

263 334

361 488

651 Gross Income

322 416

494 646

821 - Operating Expenses

128 145

137 173

233 Operating Income

188 239

358 468

583 - Net Non-Operating Losses (Gains)

8 (2)

1 2

1 Pretax Income

196 237

359 470

584 - Income Tax Expense

51 59

90 117

146 Net profit

146 177

270 352

438 Source: Company, Phillip Securities (HK) Research Estimates (财务资料截至

2 月16 日) PHILL 江南水务 江南水务 江南水务 江南水务 (601199.SH) 公公公公公 公公公公 公公公公 公公公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'

s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd ( Phillip Securities ). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the Research ) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient'