PDF《中国光大绿色环保（1257.HK）》

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5 | PHILLISECURITIES (HK) RESEARCH 中国光大绿色环保(1257.HK) 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 FY15 FY16 FY17 FY18E FY19E Valuation Ratios P/E - - 14.98 11.97 9.58 P/B - - 2.20 1.62 1.42 Dividend Yield - - 1.2% 1.7% 2.1% Per share data(HKD) EPS,Adj+ - - 0.52 0.65 0.81 BVPS - - 3.54 4.81 5.50 Dividend Per Share - - 0.09 0.13 0.16 Growth &

Margins(%) Growth Revenue 13.8% 149.3% 52.7% 45.3% 28.1% Operating income 45.0% 138.2% 50.9% 40.1% 25.0% Net profit 38.8% 131.3% 51.7% 41.0% 25.0% Margins Gross profit margin 36.2% 33.1% 31.4% 30.6% 30.2% Operating profit margin 27.8% 26.6% 26.2% 25.3% 24.7% Net profit margin 22.6% 20.9% 20.8% 20.2% 19.7% Key Ratios ROE(%) 9.3% 15.0% 10.9% 13.5% 14.8% ROA(%) 6.0% 9.7% 8.7% 8.7% 9.3% Income Statement(HKD mn) Revenue 1,205 3,004 4,587 6,665 8,537 - Cost of Goods Sold

769 2,009 3,146 4,626 5,959 Gross Income

436 995 1,441 2,040 2,578 - Operating Expenses

102 198

237 353

470 Operating Income

335 798 1,204 1,686 2,109 - Net Non-Operating Losses (Gains)

7 15

16 12

15 Pretax Income

328 783 1,188 1,674 2,094 - Income Tax Expense

56 154

230 326

410 Net profit

272 629

954 1,345 1,680 Source: Company, Phillip Securities (HK) Research Estimates (财务资料截至

3 月7日) PHILL 中国光大绿色环保(1257.HK) 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 informatio........