20180822-中国银河国际证券-威胜控股-03393.HK-1H_2018_results_show_continued_recovery.We_remain_positive_on_the_Company_5页_1mb

Wasion Group [3393.HK] 1H 2018 Summary

核心内容

Wason Group's 1H 2018 results indicate continued recovery, with decent top-line growth and margin improvement. Despite a challenging environment, the Company is viewed positively due to its strong financial position and long-term growth prospects.

主要观点

• 财务表现：Wason reported a net profit of RMB137.4m in 1H 2018, a decrease of 19.5% YoY due to the disposal gains of RMB110m in 1H 2017. Excluding these gains, the Company showed progress in its recovery.
• 收入增长：Total revenue for 1H 2018 was RMB1,654.9m, an increase of 16% YoY, representing about 49% of the previous full-year forecast.
• 业务增长：Revenue from Power AMI increased by 29% YoY to RMB893.6m, and revenue from Communication and Fluid AMI increased by 35% YoY to RMB503.2m. However, revenue from ADO decreased by 28% YoY to RMB258.2m.
• 毛利率提升：The gross margin for 1H 2018 was 30%, improved from 29.3% in 1H 2017 and higher than the original expectation of 29.7% for full-year 2018. This was driven by a 3ppt increase in the gross profit margin of the Communication & Fluid AMI business and ADO.
• 经营影响：The operating performance in 1H 2018 was somewhat distorted by delays in export shipments and changes in revenue recognition rules by State Grid, but the impact is expected to fade.
• 订单 backlog：The Company has an order backlog of RMB2.0bn, which is expected to support turnover growth in 2H 2018.
• 长期增长驱动：The development of the Internet of Energy and power reforms are seen as long-term growth drivers, creating demand for high-end power distribution and transmission equipment.
• 市场观点：The market is cautious about Wason due to State Grid's reduction in meter procurement in 2017 and 2018, but the Company is expected to continue delivering steady growth.
• 估值与评级：The investment bank maintains a BUY rating with a new target price of HK$4.82, down slightly from HK$5.05, based on a 14x 2018 PER. The Company's strong financial position is expected to help it navigate the challenging environment.

关键信息

• 财务数据：

  • 2018年1H净利润：RMB137.4m
  • 2018年1H总收入：RMB1,654.9m
  • 2018年1H毛利率：30%
  • 2018年1H净负债：RMB142.5m
  • 2018年1H每股收益（EPS）：0.30
  • 2018年1H股息（DPS）：$0.213
  • 2018年1H市盈率（PER）：11.2x

• 市场与估值：

  • 当前收盘价：HK$3.87
  • 目标价：HK$4.82（24.6% 上调）
  • 市值：US$495m
  • 流通股数：1,004.7m
  • 评级：BUY

• 业务展望：

  • 通信和流体AMI业务可能分拆上市，但时间尚未明确。
  • 公司预计将在未来几年持续增长，尤其是在电力改革和物联网能源发展的推动下。

财务指标对比

财务预测与分析

• 收入增长：预计2018年全年收入为RMB3,361.7m，2019年为RMB3,891.5m，同比增长14.8%和15.8%。
• 毛利增长：预计2018年全年毛利为RMB1,001.1m，2019年为RMB1,164.1m，同比增长19.9%和16.3%。
• 净收入增长：预计2018年全年净收入为RMB301.0m，2019年为RMB378.3m，同比增长0.2%和25.7%。
• 现金流：预计2018年经营现金流为RMB284m，2019年为RMB352m。
• 资本支出：2018年和2019年资本支出均为RMB170m。
• 资产负债：2018年总负债为RMB3,699m，2019年为RMB4,278m。

总结

Wason Group's 1H 2018 results show continued recovery, with decent top-line growth and margin improvement. The Company's performance was affected by factors such as export shipment delays and changes in revenue recognition rules, but these are expected to fade. The Company has a strong financial position and is expected to continue delivering growth, supported by its order backlog and long-term growth drivers such as the Internet of Energy and power reforms. The potential spin-off of the Communication and Fluid AMI business is viewed as a positive catalyst, though the timing is uncertain. The investment bank maintains a BUY rating with a new target price of HK$4.82, based on a 14x 2018 PER.