PDF《海尔电器 （1169.HK）》

2 月17 日) Source: Bloomberg, Phillip Securities (HK) Research 同业比较 同业比较 同业比较 同业比较 2017/2/17 Company Ticker Market Cap(mn) Price FY16E FY17E FY16E FY17E D/E(%) D/A(%) SKYWORTH DIGITAL HLDGS LTD

751 HK Equity 15,146 5.0 7.3 6.6 0.9 0.8 152.9 60.3 TCL MULTIMEDIA TECHNOLOGY

1070 HK Equity 6,356 3.7 25.1 16.6 1.0 1.0 312.3 75.7 HISENSE KELON ELEC HLD

921 HK Equity 15,997 9.1 10.4 8.0 2.2 1.7 263.7 72.5 HAIER ELECTRONICS GROUP CO

1169 HK Equity 40,206 14.4 13.2 12.5 2.0 1.8 92.7 48.1 Average 14.0 10.9 1.5 1.3 HISENSE ELECTRIC CO LTD-A

600060 CH Equity 23,369 17.9 13.2 11.9 1.7 1.5 71.1 41.6 SICHUAN CHANGHONG ELECTRIC-A

600839 CH Equity 20,450 4.4 30.6 32.8 1.6 1.5 212.4 68.0 GREE ELECTRIC APPLIANCES I-A

000651 CH Equity 164,891 27.4 11.5 10.3 3.1 2.8 232.9 70.0 MIDEA GROUP CO LTD-A

000333 CH Equity 207,204 32.3 14.0 12.0 3.5 2.9 129.9 56.5 Average 17.3 16.8 2.5 2.2 P/E(x) P/B(x) H Share(HKD) A Share(RMB) Source: Company reports, Bloomberg, Phillip Securities (HK) Research Estimates 风险 风险 风险 风险 原材料、包装材料和物流价格的变动;

家电行业的激烈竞争. Page |

5 | PHILLISECURITIES (HK) RESEARCH 海尔电器 海尔电器 海尔电器 海尔电器 (1169 HK) 公司研报 公司研报 公司研报 公司研报 财务报告 财务报告 财务报告 财务报告 FYE FY13 FY14 FY15 FY16E FY17E Valuation Ratios P/E 14.4 18.1 13.2 13.2 12.5 P/B 5.9 3.5 2.5 2.0 1.8 Per Share Data(RMB) EPS 0.80 0.92 0.98 0.97 1.02 Book Value Per Share 3.00 4.28 5.31 6.28 7.26 Dividend Per Share 0.08 0.09 0.10 0.13 0.15 Growth &

Margins(%) Growth Rates Revenue 12.0% 7.8% -6.4% -0.2% 8.5% Operating profit 13.9% 14.4% -5.3% 8.2% 6.3% Net Profit 20.2% 20.1% 10.5% -0.3% 5.9% Margins Gross profit margin 14.7% 14.7% 15.9% 16.6% 16.6% Operating profit margin 4.2% 4.5% 4.5% 4.9% 4.8% Net profit margin 3.3% 3.6% 4.3% 4.3% 4.2% Key Ratios ROE(%) 30.7 25.5 20.5 16.6 15.1 ROA(%) 10.2 9.9 9.4 8.7 8.5 Income Statement(RMB mn) Revenue 62,263 67,134 62,826 62,700 68,030 Gross profit 9,138 9,842 9,993 10,377 11,259 Operating profit 2,624 3,002 2,843 3,076 3,271 EBT 2,638 3,166 3,344 3,326 3,521 Net Income 2,037 2,447 2,703 2,696 2,855 Source: Company, Bloomberg, Phillip Securities (HK) Research Estimates (财务资料截至

2 月17 日) PHILL 海尔电器 海尔电器 海尔电器 海尔电器 (1169 HK) 公司研报 公司研报 公司研报 公司研报 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'