PDF《群益香港研究部 新股报告》

及2)收购已开发市场地区的公司或业务或与该等公司及业务结盟,以增加在该特定市场地区的市场份额;

约10% 用於透过加强现有销售团力度并扩展亚太地区业务,以扩大公司的销售及市场推广活动;

约10%用於营运资金及一般企业用途.?估值 公司成立於2005 年,随全球对减少建筑耗能日益受关注,带动其收入不断增加.2008 至2010 年间,收入由3069.5 万美元增至7408.5 万美元,复合年增长率达55.36%;

期内纯利则由153.8 万美元,大幅提升至718 万美元,复合年增率达1.16 倍.中央政策倾斜节能环保行业.科诺威德是清华大学旗下首个通过分拆境外公司在境外上市的公司,在产品研发方面具一定优势,加上丰富的国际销售经验,相信其背景有利其进一步增加市场渗透率,销售前景正面.但值得注意的是公司於09 年起加快拓展内地市场后,毛利率已呈明显下跌.今年首四个月,总毛利率则按年下滑5个百分点至40.4%. 随公司将发展重心定位於内地,毛利率持续受压的问题将是投资者关注的焦点.公司主要面对酒店、写字楼等公共建筑,不受地产政策限制,随著城市化进程的推进,对建筑节能行业将有非常大的刚性需求,公司发展前景良好.参考公司2010 年备考历史市盈率,对於处於高增长期的股份而言,公司估值相对同业较低,实属吸引.但目前市场状况不佳,新股表现或将受到影响.我们给予小注现金申购建议.请参阅最后一页的重要提示 科诺威德国际有限公司(1206.HK)

4 ? 风险因素 (1)公司产品及服务须通过及取得中国政府机构的检验及所授出的证书、执照及资格.( 2)公司营运历史短暂,过往业绩未必反映日后表现.评估公司业务及未来前景时可依墓柿嫌邢.( 3)为应对市场需求及政府法规的转变,公司或需投放资源设计及生产设备与系统.( 4)公司对项目完成时间控制有限.完成工程所需时间取决於众多因素,例如项目复杂程度及同一项目其他合同商的工程进度. ( 5)公司面对有关销售及分销网络地区扩展( 包括潜在合并及收购)的若干风险,倘未能成功合并及收购,会对本公司业务有重大不利影响.( 6)公司日后未必能按可接纳的商业条款获得甚至无法获得实现业务计划的额外资金或资本.5Important Notes 1) CSC Securities (HK) Ltd and its associates may seek financial interest in the company mentioned in the fact sheet. 2) The information contained in the fact sheet is provided by the issuer of the prospectus and the issuers are responsible for its accuracy. 3) Potential investors should read the prospectus for detailed information about the offer before deciding whether or not to invest in the shares or debentures being offered. 4) No application for the shares mentioned should be made nor would such application be accepted without the completion of a formal application procedure in respect of the prospectus. Disclaimer This publication is designed for sophisticated investors who understand the meaning of risks in investments and is produced solely for information purposes and does not constitute an offer to buy or sell any securities or commodities. Investors must make their own determination of the appropriateness of an investment in any securities referred to herein base on the legal, tax, and accounting considerations applicable to such investors and their own investment strategy. The information, opinion, and projection contained in this report are based upon sources believed to be reliable, but they have not been independently verified and no responsibility or liability is accepted for any loss occasioned by reliance placed upon the contents hereof. The information and opinion contained in this report are subject to change without notice. The Capital Group and its affiliated companies and employees shall have no obligation to update or amend any information contained herein. The Capital Group of which CSC Securities and CSC Futures are members, and/or their affiliated companies and/or directors, representatives, clients, employees or officers as such, may from time to time perform investment, advisory, banking or other services for companies mentioned in this publication, as well as dealing (as principal or otherwise) in, or otherwise being interested in, any securities mentioned herein. As of the date of this publication, our firm does not have financial interests (including stock holding) equal 1% or more of the market capitalization of the listed company under review, investment banking relationship with the company, market-making activities in the stock and any of our staff member is an officer of the company. This report may not be reproduced, distributed or published in any medium for any purpose without prior written approval from CSC Securities. CSC Securities (HK) Limited CSC Asia Limited CSC Financial Services Limited CSC Futures (HK) Limited Capital Securities Corporation CSC International Holdings Limited 32/F, Suite 3204-3207, Cosco Tower,