PDF《112.HK)》

9 月尾

12 个月的 18.9%,并高於截至

6 月尾

12 个月 的18.6%. Page |

3 | PHILLIPSECURITIES (HK) RESEARCH H&

H 国际 国际 国际 国际( ( ( (1112.HK) ) ) ) 公司研报 公司研报 公司研报 公司研报 估值结论 估值结论 估值结论 估值结论 我们给予预测市盈率23.9倍,目标价提升至60.72元.需要留意的风险包括, 收入增长或者渠道扩张不及预期,监管政策变动,以及婴幼儿奶粉市场竞争 恶化.(现价截至2018年11月28日) Figure: Historical P/E ratios Source: Bloomberg, Phillip Securities Figure: Peers Comparison 公司 总市值(百万港 元) 市盈率 1112.HK H&

H 国际控股33323.25 30.67 2319.HK 蒙牛乳业 95045.63 32.29 0288.HK 万洲国际 87465.89 10.22 3799.HK 达利食品 76139.29 17.59 0151.HK 中国旺旺 72205.87 19.82 0322.HK 康师傅控股 61233.81 19.66 0345.HK 维他奶 33743.54 47.75 0220.HK 统一企业中国 30321.72 24.99 1579.HK 颐海国际 23345.87 52.48 1717.HK 澳优 15053.51 24.39 Source: Wind, Phillip Securities Page |

4 | PHILLIPSECURITIES (HK) RESEARCH H&

H 国际 国际 国际 国际( ( ( (1112.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 FYE FYE FYE

201 201

201 2015

5 5

5 201

201 201

2016 6

6 6

201 201

201 2017

7 7

7 20

20 20

2018 18

18 18E E E E

20 20

20 2019

19 19 19E E E E Valuation Ratios Valuation Ratios Valuation Ratios Valuation Ratios Price to Earnings (P/E) 112.96 30.47 31.44 25.09 19.29 Price to Book (P/B) 7.86 9.10 6.96 5.50 4.28 Per Share Data (RMB) Per Share Data (RMB) Per Share Data (RMB) Per Share Data (RMB) EPS 0.41 1.52 1.48 1.85 2.40 Book Value Per Share 5.90 5.10 6.66 8.43 10.83 Growth (%) Growth (%) Growth (%) Growth (%) Revenue NA 35.01% 24.44% 25.22% 14.41% Operating Income NA 193.07% -3.32% 17.92% 21.62% Net Profit NA 259.59% -11.74% 27.44% 30.07% Margins (%) Margins (%) Margins (%) Margins (%) Gross Profit Margin 61.94% 62.39% 65.04% 67.04% 67.54% Operating Profit Margin 13.63% 29.59% 22.99% 21.65% 23.01% Net Profit Margin 6.07% 16.17% 11.47% 11.67% 13.27% Key Ratios Key Ratios Key Ratios Key Ratios ROE (%) 8.12% 32.91% 22.04% 21.93% 22.19% ROA (%) 2.11% 7.41% 6.57% 6.54% 6.62% Income Statement (RM Income Statement (RM Income Statement (RM Income Statement (RMB B B BB,Mn) B,Mn) B,Mn) B,Mn) Revenue Revenue Revenue Revenue

4819 6506

8095 10137

11598 -Cost of Goods Sold -1834 -2447 -2830 -3341 -3765 Gross Income Gross Income Gross Income Gross Income

2985 4059

5266 6796

7833 -SG&

A expenses -2257 -2309 -3198 -4308 -4871 Operating Income Operating Income Operating Income Operating Income

657 1925

1861 2194

2669 Pretax Income Pretax Income Pretax Income Pretax Income

503 1457

1369 1744

2269 - Minority Interest

42 98 -4

0 0 Net Profit Net Profit Net Profit Net Profit

251 954

933 1183

1539 Source: Company, Phillip Securities (HK) Research Estimates Exchange rate(0.8911) is one year HKD/CNY forward contract price on

28 h November from Wind (Financial figures as at

28 h November 2018) PHILL H&

H 国际 国际 国际 国际( ( ( (1112.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 ha........