Huagong Tech Co:Data Update,1Q-3Q16revenueNP 75percent72percent of 2016GSe,in line

类别:公司研究 机构:高盛高华证券有限责任公司 研究员:高盛高华证券研究所 日期:2016-10-21

Changes and Implications

    HG Tech announced 3Q16 results post market close on Oct 19, 2016, withrevenue/net profit of Rmb807mn/Rmb50mn (+23%/+146% yoy), bringing1Q-3Q16 revenue/net profit to Rmb2,451mn/168mn (+28%/53% yoy),which achieved 75%/72% of our 2016 forecast. Company attributed thestrong top-line growth to small power laser equipment order delivery andoptoelectronic product sales.

    3Q gross margin/EBIT margin declined by 1pp/1pp yoy to 22%/6%. 1Q-3Qgross/EBIT margin of 24%/7% were largely in line with 2016 GSe of25%/7%. Company commented that optoelectronic products are underpricing pressure due to fierce competition. Bottom-line is mainly boostedby non-operating income of Rmb42mn (66% contribution to net income).

    Factoring in 3Q actual data into our model, our 2016E-18E EPS and 12-month TP pf Rmb14.80 remain unchanged. We do not view these changesas material and therefore make no change to our investment thesis orrating.

    Valuation

    Our 12-month target price of Rmb14.80 is based on 12m EV/GCI vs.

    CROCI/WACC, cash multiple 3.1X with 10% premium. We maintain ourNeutral rating given the divergent performance in its different businesssegments. Key risks include increased competition from local/foreignbrands, margin deterioration due to business shifting away from highmarginlaser holographic products.

股票代码 股票名称 最新价(元) 涨跌额(元) 涨跌幅(%) 成交额(万元) 成交量(手)
000988 @nn@ @n@ @c@ @cc@ @v@ @t@

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
新城控股 0 0 研报
光大嘉宝 0.60 0 研报
世联行 0.84 0.62 研报
大悦城 0.30 0.27 研报
蓝光发展 0.24 0 研报
荣盛发展 0.75 1.04 研报
绿地控股 0.55 0.30 研报
中南建设 0.80 0.99 研报
金融街 0.64 0.72 研报
新湖中宝 0.38 0.32 研报
金地集团 0.67 0.71 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
海康威视 6 持有 买入
华夏幸福 4 买入 买入
恒逸石化 4 买入 买入
南极电商 4 买入 买入
洽洽食品 4 持有 买入
贵州茅台 3 持有 买入
普洛药业 3 买入 买入
旗滨集团 3 买入 买入
喜临门 3 买入 买入
中南建设 3 买入 买入
比音勒芬 2 买入 持有
吉比特 2 持有 买入
完美世界 2 持有 买入
万科A 2 买入 买入
大悦城 2 买入 买入
美的集团 2 买入 买入
新经典 2 持有 中性

行业关注度

更多>>
行业名称关注度关注股票数买入评级数