2015年3月23日星期一

中集安瑞科(3899.HK)2014業績


DuPont

Current20042005200620072008200920102011201220132014H2
中集安瑞科3899.hk
Price65.97
PE9.14318.70167.87119.5297.0320.8857.7541.6520.1815.1811.8611.27
P/B2.32214.5428.4622.8217.864.904.494.123.452.852.321.90
MarketCap(thousand)11,534,00011,591,960
1) Turnover252,376513,014769,952940,9915,785,5423,057,4663,998,6176,828,9648,082,8959,981,46211,197,670
2) Profit before tax & extra40,37970,588101,791124,171656,122234,645366,001726,334927,1381,182,9821,181,931
3) Net profit to Com stock36,19168,70696,504118,876552,313199,731276,901571,509759,863972,5211,023,330
4) Com stock Equity53,761405,258505,524645,8452,351,9552,566,1652,799,8053,341,1324,051,9134,974,5996,070,339
5) Total Assets319,787722,957906,1931,060,9154,397,3204,296,5214,848,4766,777,0517,727,1819,560,17810,601,282
A) Leverage 槓干比594.83%178.39%179.26%164.27%186.96%167.43%173.17%202.84%190.70%192.18%174.64%
B) Turnover to Assets %78.92%70.96%84.97%88.70%131.57%71.16%82.47%100.77%104.60%104.41%105.63%
C) Profit Margin16.00%13.76%13.22%13.20%11.34%7.67%9.15%10.64%11.47%11.85%10.56%
D) EBTax/Net89.63%97.33%94.81%95.74%84.18%85.12%75.66%78.68%81.96%82.21%86.58%
Dupond = AxBxCxD = ROE67%17%19%18%23%8%10%17%19%20%17%


盈利

盈利分類(m RMB)2010年2011年2012年2013年2014年1H2014年FY
能源裝備Turnover2,391.93,268.44,268.45,371.62,335.85,422.0
GP22.10%23.80%21.90%21.50%20.50%19.80%
Profit528.6777.9934.81154.9478.81073.6
化工裝備Turnover1,198.22,874.62,845.93,093.61,660.93,313.9
GP12.00%14.80%17.50%18.90%16.30%16.20%
Profit143.8425.4498.0584.7270.7536.9
液態食品裝備Turnover408.3572.9968.41,516.3855.22,461.7
GP18.60%10.70%15.20%19.10%17.90%19.80%
Profit75.961.3147.2289.6153.1487.4


資產

資產(m RMB)2010年2011年2012年2013年2014年H12014年FY
固-經營資產物業廠房設備961.7993.01,575.11,767.11,743.42,004.5
在建工程65.4274.8187.674.6167.8227.0
地租194.1258.1341.5328.3337.5440.4
投資1.70.10.14.16.143.4
固-非經營資產無形資產42.133.6134.0123.2113.497.0
商譽42.842.8129.3129.3129.3129.3
其它52.9157.451.448.652.058.1
流動資產存貨1,324.72,018.31,974.32,383.32,271.21,955.4
應收賬878.61,353.31,841.52,284.32,704.53,135.7
現金941.11,062.0953.51,533.71,192.11,677.7
其它343.2462.9554.9867.7891.4832.5
流動負債短債99.7301.1263.2134.599.360.5
其它2,830.21,792.82,852.13,955.93,827.33,981.0
非流動負債長債22.0194.6137.136.454.225.2
其它240.7463.2397.0424.8422.5417.8


- EBITDA基本持平,net profit增加5%原因是稅項少了60Mil (剛好是5%,原因不知)
- turnover小增,GP%小減
- 能源、化工分部小退,食品分部樂觀增長

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