PDF《广汽集团 （2238.HK）》

4 | PHILLIPCAPITAL HONGKONG RESEARCH GAC UPDATE REPORT GAC Honda monthly sales (units)

0 20000

40000 60000

80000 100000

120000 Source: Company, Phillip Securities Hong Kong Research GAC Mitsubishi monthly sales (units)

0 2000

4000 6000

8000 10000

12000 14000

16000 18000 Source: Company, Phillip Securities Hong Kong Research GAC Fiat- Chrysler monthly sales (units)

0 5000

10000 15000

20000 25000 Source: Company, Phillip Securities Hong Kong Research Page |

5 | PHILLIPCAPITAL HONGKONG RESEARCH GAC UPDATE REPORT GAC Self-brand monthly sales (units)

0 10000

20000 30000

40000 50000

60000 70000 Source: Company, Phillip Securities Hong Kong Research Peer Comparison Ticker Name P/E-2017E P/B ROE

600104 CH SAIC 11.9 1.9 17.4%

000625 SZ Changan 7.0 1.25 19.9%

489 HK Dongfeng 5.1 0.7 14.2%

2238 HK GAC 9.01 1.85 21.1% Source: Wind, Phillip Securities Hong Kong Research Page |

6 | PHILLIPCAPITAL HONGKONG RESEARCH GAC UPDATE REPORT 财财财财务 务务务报 报报报告 告告告FYE DEC FY12 FY13 FY14 FY15 FY16 FY17F FY18F Valuation Ratios P/E (X), adj. 79.8 33.4 27.8 22.4 16.1 9.0 7.1 P/B (X) 2.9 2.7 2.5 2.4 2.3 1.8 1.4 Dividend payout Yield (%) 51.1% 38.8% 32.3% 30.6% 32.1% 31.1% 31.8% Dividend Yield (%) 0.6% 1.2% 1.2% 1.4% 2.0% 3.4% 4.4% Per share data (RMB) EPS, reported 0.18 0.41 0.49 0.65 0.98 1.64 2.08 EPS, adj. 0.18 0.41 0.49 0.65 0.97 1.61 2.05 DPS 0.09 0.16 0.16 0.20 0.31 0.50 0.65 BVPS 4.84 5.18 5.50 6.01 6.81 8.27 10.29 Growth &

Margins (%) Growth Revenue 18.0% 45.2% 18.9% 31.5% 68.0% 44.2% 13.4% EBIT -70.9% 134.6% 20.0% 39.8% 58.2% 63.8% 26.2% Net Income, adj. -73.5% 133.9% 20.1% 32.2% 49.3% 68.1% 27.3% Margins Gross margin 5.3% 10.6% 11.4% 11.7% 15.1% 16.7% 17.0% EBIT margin 9.2% 14.9% 15.0% 16.0% 15.0% 17.1% 19.0% Net Profit Margin 8.7% 14.1% 14.2% 14.3% 12.7% 14.8% 16.7% Key Ratios ROE (%) 3.8% 8.2% 9.3% 11.4% 15.2% 21.7% 22.4% ROA (%) 2.4% 4.9% 5.3% 6.5% 8.4% 12.0% 13.1% Income Statement (RMB mn) Revenue

12964 18824

22376 29418.2 49417.7

71257 80785 Gross profit

690 1994

2547 3444

7456 11886

13725 EBIT

1193 2798

3359 4696

7427 12167

15350 Profit before tax

1000 2629

3053 4386

7050 11781

14918 Tax

65 -101 -126 -400 -754 -1191 -1428 Profit for the period

1065 2529

2926 3986

6295 10590

13490 Minority interests -69 -124 -259 -226.024 7.713

21 30 Total capital share

6435 6435

6435 6435

6439 6457

6467 Net profit

1134 2653

3185 4212

6288 10569

13460 Source: PSR (Financial figures as at

9 March 2018) Page |

7 | PHILLIPCAPITAL HONGKONG RESEARCH GAC UPDATE REPORT 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 m........