PDF《公司动态》

8 +

16 生产模式,这将有助最大化产量水 平,因为公司使用100%自动机械在晚上工作,而不需要工人.这有助于减低 人工成本,同时也能提高产品质量. 来源: 彭博, 公司, 中国银河国际证券研究部 2017年10月12日 估值:海天国际股价在今年以来上涨53.9%,同期内恒指上涨 28.2%,前者跑赢是受到盈利加快增长所推动.根据市场共识盈利预 测,该股目前的2017年市盈率为15.7倍,2018年市盈率为13.8倍,而 历史平均动态市盈率为11.3倍.初步来看,其估值或不十分吸引,但 该股目前较A股同业折让40%.港股通在该股的持股比例保持在1%之下.考虑到港股通资金近日触发了一些中小盘头的重新估值(例如中 国水务(0855.HK)和枫叶教育(1317.HK)),再加上海天国际在国 内有良好声誉,预期海天国际的估值有望提升.此外,根据最新的PMI 数据和我们的市场调研,自动化行业的终端需求在今年下半年甚至 2018年有望持稳.由于注塑机行业的需求增长可见度正在改善,海天 国际的2018年共识盈利预测有机会获得上调,这或推动股价进一步上 涨. 收入(百万元) 毛利润(百万元) 毛利率(%) 经营利润(百万元) 经营利润率(%) 税前利润(百万元) 净利润(百万元) 净利润率(%) 每股盈利(人民币) 股本回报率(%) 股息收益率(%) 市盈率(倍) 市净率(倍) 百万元人民币

2 COMPANY NOTE Analyst: Kelly Zou ([email protected];

Tel: (852)

3698 6319) Haitian International [1882.HK;

HK$23.15;

NOT RATED] C Earnings growth momentum likely to remain strong in the near term Market Cap: US$4,734m;

Free Float: 41.0% Haitian International Event: On the back of stronger-than-expected PMI data in September, we talked to Haitian International about its earnings growth outlook for 2H17 and 2018. We also conducted a few channel checks to observe the demand growth outlook for the automation industry in 2H17 and 2018. Overall, Haitian International remains positive on its sales and earnings growth outlook in 2H17. The strong PMI data and its A-share peer'

s Q3

2017 profit alert suggests its strong earnings growth should continue in 2H17. Moreover, our channel checks show rising automation investment in end-user industries like auto, solar, semiconductor and 3C, which should sustain demand growth for the automation industry and the plastic injection molding machinery segment in 2018. Based on consensus earnings estimates, the stock is currently trading at 15.7x 2017E and 13.8x 2018E PER vs. its historical trading average of 11.3x forward PER. The Company is trading at >

40% discount to its A- share peers. At the first glance, the current valuation doesn'

t look attractive, as the market has concerns about a likely earnings growth slowdown from 2H17. But we expect to see rising consensus earnings estimates for the Company in 2H17 and even 2018, as the end-demand growth for its products is likely to remain firmer than market expectations. Strong earnings growth in

2017 on track: The Company reported that its total revenue and net profit rose 30.5% and 36.5% YoY in 1H17 vs. 21.5% and 10.6% YoY growth in revenue and net profit in 2H16. The strong revenue and earnings growth in 1H17 was led by recovering automation investment in end-user industries, like auto, home appliances, new energy and 3C. The market has concerns about its earnings growth slowing down in 2H17 due to the high-base effect. But its A-share peer'

s Q3

2017 profit alert suggests its earnings growth might further accelerate in Q3. According to Haitian, its order backlog should support strong sales growth until November. Current market consensus is for its revenue and net profit to grow 25.0% and 31.0% YoY in 2017, which might be rather conservative. Demand growth for industrial automation should remain firm in 2018: Manufacturing FAI showed signs of a growth slow-down in August, likely due to supply-side reform, which is resulting in lower production and investment activity. But the NBS manufacturing PMI in September reached 52.4, which was above market expectations. This stronger-than-expected PMI data suggests that end-demand in China remains solid, which should support demand growth for the automation industry to continue in 2018. Moreover, Japanese machine orders from China reported 182% YoY growth in September 2017, hitting a 3-year high since 2014. Overall, we expect both consumption and industry upgrades in China to sustain demand growth for the automation industry in 2018. For the plastic injection molding machinery sector, a further increase in plastic consumption in China will also help drive demand growth for the sector. Meanwhile, China'