Se Source
52 Weeks high/low (HK$) 52 high/low(HK$) 52 Weeks vol. average 3 month ( cap. Market Shares 201 201 20 201 201 12/31 年结 Year End e 公司报告: Company Report:
14F th 更好的智能手机的 Better 6 5 3 2
︰ e A A F F
The Company,Guotai International. Junan las
民币 推出新款 刚收购 100 智能手机出货量将通过更强 136 13 channelsand Company PER FY15 upwards smartphones 4G from contributions improving the M strong marketdemand. than lower mostly ofstrategy pricing aggressive with models smartphone4G new 30 launching s Strong introduceCoolpad HK) (00700 Tencent by platform Jingodng of acquisition recent the from order procurement formed Coolpad Smartphone shipments to be boosted by stronger distribution chann HKD136 for million reconstructionthe project of the office building. t 2H 手机 倍 标价 机出货量和提高的 维持公司的投资
in issue (m) issue in a epce 4 smartphone 4G expected han aintaintheCompany
14 t 财 13 results were were results 13
亿元 百 pag 的 相当于 的进取 TP 年下半年业绩低于市场预期, 财年市净率。我们维持公司的投资 HK 万 推出 京东 酷派集团有限公司 e from
人民币 港 智能手机 $ m) ( fo Turnover HKD by 元费用 ’ 。 定价 股权 mar s 17.1 r
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/
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( ’ rating 股东净利 HKD s huad Yuan thousand ”
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渠道而提升 ‘000)
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to platformWeixin sales
to “ and . 评级为 Buy
Duerobusttosmartphone shipmentsand 倍 ,
4.40 distribution eline. cap 。 TP 14
低于预期 15 ”
otiuin ad one and contributions
分销酷派智能手机,
3 “
- 每 n ih of light in
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财年市盈率、
买入 represents 30 。 股 (
which is expected to to expected is which HKD x 0.495 0.421 0.322 0.165 0.153 财年 EP
净利 酷派与京东 款新的
” FY1
, 的 S of out demand. robust 调 ) ” 每股盈利
是基
FY1 , benefit to expected is which
4G
至 “ 4 Buy
dong . 4G 5.50 5.23 h expanded the
E 于 智能手机
PBR. 每股净利变动 11.1 S Change PS 17.1 扩 成立 35 智能手机, 4 ” and ” 0 预测 9 2,1
大 港元。 - / , , 1 2.35 593 567 ih M1 billion RMB10 with 倍 trbtbe o lower to attributable 因 x
战略联盟,签订人民币 的 5 26 (
△ e anan the maintain We 腾讯控股 FY14 PER, FY14 16 分销渠道和 销售 11.5 17.6 17.6 30.6 94.8 23.6 . . . EPS
0 2 9 2
8.3 revis %)
- 由于强大的智能手
财年市盈率及 Landscape f epne of expense off (
% 通过 贡献 02369 HK 02369
/24.7 capture ola is Coolpad s adjusted is e upwardse distribution (
低于千元 及 FY14 FY14 Est. NAV (HK$) FY14 FY1 (%) Free float Major shareholder 00700 HK 00700 新款 一次性 % 市盈率 4 。新目 PER 13.1 10.7 14.0 27.2 29.5
Net gearing1 Net
9.1 智能 (x) e the
3.5 ls. 人 的 to
x )
) 每 自由流通比率
股净资产
100.0 100.0 120.0 140.0 (20.0) (
4 Source 20.0 20.0 40.0 60.0 80.0 大股东 HK 2.299 1.886 1.550 1.313 1.141 股价表现 Stock performance 0.0 0.0 平均股价( Avg. 相对 % to Rel. 绝对变动 Abs.% 股价变动 Share Price Change in Share 6 评级: Rating: B 年 Mar PS - , D 净负债 18M TP
恒指 ) - S :
13
“ % of return hare
Bloomberg
Buy
每股估值(港元 price 变动
HS % (%) /
港元 股东资金 price( 市净率
index P %
BR ) 2.0 2.4 2.9 3.4 3.9 (x) Jun 目标价
, HK
Guotai Junan International Junan Guotai 股价:
” - HSI Index HSI 13 $)
( % 每股股息 : )
)
(
HK 0.074 0.063 0.048 0.020 0.030 DPS
Sep D 1 (3.6) ) - 个月
1 M 1 13
4.9 0.6
预期
Ricky Lai Ricky 股息率 u Deying Guo 13
Coolpad Yield
Dec
(%) 3 - (91.5) 1.7 1.4 1.1 0.4 0.7 4 ac 2014 March 24 15 +8522509 2603 99.0 个月 3 M 3 4.0 - 13
财年
HK 买入
HK 净资产收益率 Page Page Maintained
的纯利将按年增长
HK$
Net cash
$ $
黎柏坚
Buy 4.500 5.50 ( 39.4 Mar 104.0 100.9 维持 1 1 4.40 1 1 Y 5 ROE 3.2
年 - 23.5 23.5 24.3 22.4 13.5 14.1 of of 3.0 6.4 14 (%) %
)
7
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) GTJA Research 国泰君安研究 185.2%/64.8%/54.7%
。目标价相当于 156.1 倍 13 年市盈率、 49.6 倍 14 年市盈率、 41.6 倍 15 年市盈率、 31.1 倍 13 年市净率 及 12 - 15 财年 PEG 为 2.04 。由于奇虎 360 产品的普及及优秀的网上平台排名,我们设定投资评级为
“ 收集 ” 。
Se Coolpad would yoy 25% a representing 2014, in million 450 reach to from benefit ( Mobile positioning market well and operators telecom with relationship network close recognitions, brand stronger to thanks which FY14. in shipments smartphone Stronger the of FDD of grant The applications. smartphones as telecom operators would launch plans to attract new customers. these support not do phones feature shifting from the usage of SMS and voice services to instant messaging U smartphones. for demand the boost turn in which rivals, more to due market the to competition stronger a impose operators FDD of grant the (4) strategy; smartphones of China.in demand stimulate smartphone Policies Source: Table 2H13 showed yoyin a decline due82.0% to of by improved have would 2H13 in income net the a taking account into one Without smartphone 2H 2H Net M Profit Gross Profit Margin (%) EPS Basic N Other Expenses Administrative Expenses S&M Expenses Other Income Gross Profit Cost of Revenue - - - Total Revenue HKD (Million) Others 3G Smartphone Sales 4G Smartphone Sales e e 3 eut wr lwr hn akt n or expectations our and market than lower were results 13 R 13
t Income th e
- mobile t was in was 1 grow by by grow he Compan he las
e : 00941 HK) plans to raise the handset subsidies by 29.2% i 29.2% by subsidies handset the raise to plans HK) 00941 ’
s FY14 sultAnalysis Coolpad t ’
pag
ihr ade sbiis taeis Te l The strategies. subsidies handset higher a
rgin (%) rgin
sales the strong connections strong the
- subscribers subscribers theare Feb 3Gnetwork 2014. using in e line with our expectations. our with line
fo , - respectively. 84.3%/37.4%/21.5%, y. r 15 15 smartphone ASPby which
disclai ’
contributions an contributions s 2 s
H1
e mer include (1) the la the (1) include 3 Income3 Statement
- LTE licenses in 2014; (5) 2014; in licenses LTE - (8,716) 9,992 off expense of HKD136 million, net of tax,net HKD136 of off million, of expense arising 1,276 9,629 (159) (377) (829) 2H 12.8 6.48 136 one d 274 142 221 1.4
with 13
13.8%/38.1%, respectively. - telecom unch of MVNO; (2) MVNO; of unch off expense of HKD13 of expense off Coolpad r Coolpad 715 (7,165) (12.9) 1,007 6,914 1,230 8,172 (302) (615) 2H 12.3 8.29 173 200 2.1 29 Coolpad
12 the corporate a customerrestructuring of major in the USA.
56.8% instead of yoy of instead 56.8% operators.
anked the third the anked Due to to Due
We think there are a number ofnumber a arethere think We 1 ( ( ( (0.7ppt) 389.7% , 21.8% 21.4% 24.8% 34.8% 37.0% 26.7% 21 39.3% 82.0% 22.3% 0.5ppt 132.6% ’ uc o Mbl Vrul ewr Oeaos MN) s xetd to expected is (MVNO) Operators Network Virtual Mobile of aunch sathn simns n Y3 ee 26mlin p 21 yoy, 52.1% up million, 32.6 were FY13 in shipments smartphone s YoY growth .6% faster pace of 2G subscribers to 3G/4G migration; and (6) telecom (6) and migration; 3G/4G to subscribers 2G of pace faster
) ) ) higher
According to IDC, China IDC, to According
proliferation of smartphone applications smartphone of proliferation .
M major USA customerin the declined sales smartphone 4G expense De GPM improved to ofmoderate cost the revenue thanks control project Attributable We expected We 6 million 6
oderate ofeffect duescale economies increase to
ln i N mri rsle fo te one the from resulted margin NP in cline
contributions from 4G smartphones, smartphones, 4G from contributions n FY14 n in China in respectively
, decline of 21.4%. of decline which
for the reconstruction project of the office building. office the of project reconstruction the for o one to -
T wud ute siuae h uae f 4G of usage the stimulate further would LTE reaching RMB34 billion. RMB34 reaching ’ s
Coolpad would support the smartphone - off According to MII ,
attributable from expense factors ’ s
’ s smartphone
the Compan s The 4G smartphone sales smartphone 4G The because Comments martphone shipments martphone
market share market in China supporting the demandsupportingChina in of HKD136 million for reconstruction reconstruction for million HKD136 of
to
T, demand of
oe than lower the corporate restructuring of a of restructuring corporate the
there shipments shipments We think Coolpad could Coolpad think We y’ ; (3) (3) ; s reconstruction plans - off reconstruction project project reconstruction off
we revise revise we
were still over 66% of smartphones as in 4Q13 4Q13 in
B roadband expected are expected are
in FY14 in Page Page
with 11% with
upwards s revenue ers areers
China C 2
hina of of - 4G 16 7
,
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 24 March 2014
Se smartphones. te Chinese for suit to 4G smartphones to belonging million 40 with FY14 H thefor suit users provider and modes smartphones in FY14 to support MIIT demand smartphone Stronger for 4Gsmartphones demand thanks towould lower be entry barrier. of launch competition the with market rate penetration broadband stronger to due quarters coming in decline further to network TD the of grant the after services FY14 in demand smartphone 4G Robust Source: Source: YoY Growth YoY F F i e smartphones. 4G from contributions gher igure igure 200 400 600 800 HKD th 0 e the Compa the IDC. las
- - are are quite aggressive with the average 4G service plan much lower than that of 3G. The 4G service plan are expected in the market. the in 3 1 t 670.0
2012 : : pag -
increasing 1.9% Smartphone Market Share in China Marketin Smartphone Share Coolpad e
We expect4G smartphone sales contributions FY We in Others ny, International.. Guotai Junan fo 40% r disclai Smartphone Smartphone ASP (LHS) ’ -
11.0% 596.6 2013 experiences through roaming services. Coolpad Coolpad services. roaming through experiences ’ s Smartphones ASP and Estimations demand Apple e mer Most of the 4G smartphones would be priced below thousand Yuan. thousand below priced be would smartphones 4G the of Most 7% pipe
line 2014F Huawei - 494.0
17.2% from Chinese telecom operators. from 10%
. - Coolpad Coolpad LTE 4G operating licenses operating 4G LTE Samsung eo operators lecom 19% Coolpad 11%
- 2015F 449.5 9.0% YoY Growth (RHS) YoY Growth network Lenovo 13% will . ’ s s decisio The three major telecom operators in China in operators telecom major three The Broadband
anh 30 launch T
2016F Copd s lo hfig t rsucs o anh huad un 4G Yuan thousand launch to resources its shifting also is Coolpad . 418.0 he Company plans to have smartphone shipments reaching 60 million in million 60 reaching shipments smartphone have to plans Company he - 7.0% ’ n n of better integrating the dual
ln o botn 4 subscriber 4G boosting of plans
- - - - - 0%
20% 16% 12% 8% 4%
e mdl of models new China strategy. China
Source Source from MIIT. from
Estimations andGrowthYoY Estimations Figure and YoY Growth YoY and Figure Million 100 120 20 40 60 80 14 Million 0 6 7 8 9 : the Company,: the International. Guotai Junan :
- will also will Gartner. 16 - - 4 2
2012 21.4 21.4 would 70.4%/74.4%/78.4%,be respectively. : : 29.3%
1Q13 Coolpad Coolpad 7.5 7.5
99.4% Telecom operators Telecom 4G smartphones in 2014 to to 2014 in smartphones 4G
The lower the 4G service fee is, the highe the is, fee service 4G the lower The ad h government the and s Smartphone Shipments (LHS) launch the respective 5 mode smartphones to smartphones mode 5 respective the launch Smartphone Smartphone Shipments (LHS)
2013 32.6 32.6 52.1% ’ ’ s Smartphones Shipments s mode 97.5% 2Q13 7.9 7.9 Quarter Shipments Smartphone penetration 4G network development in China 2014F have 84.3% 60.1 60.1 China Mobile plans to launch 5 launch to plans Mobile China ’
pricing strategies strategies pricing
3Q13 69.2% 8.8 8.8 rolled out their out rolled ’ YoY Growth (RHS) pa t bot mobile boost to plan s 2015F 37.4%
82.5 82.5
YoY Growth (RHS) YoY Growth ae hog lw end low through rate capture 133.3% 4Q13 8.4 8.4 100.3 100.3 2016F 21.5%
TD
for the 4G the for Page Page h robust the - 120% 150% 30% 60% 90% 0% LTE
100% 120% 20% 40% 60% 80% 0% 3 r the r
of of 4G 7
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 24 March 2014
Se “ dema M Valuation: Source: Table respectively. 11.5%/24.7%, by upwards of strategy estimations FY14 R Profit channels. sales improved insmartphone FY14shipment to the thanks the to due forecasts shipment smartphone expandin by shipments smartphone pla Weixin in smartphones Coolpad launch would agreement Jingdong. with alliance strategic Formed Source: 100% Buy Net Gross Profit Margin (%) EPS Net Gross Profit Total Revenue F 20% 40% 60% 80% HKD (Million) aintain investmentrating of the e 3G Smartphone Sales 4G Smartphone Sales 0% igure th ” Profit Margin (%)Profit P . The new TP rep - (RMB) e n - rofit
5 e poi i rvsd up revised is profit net 15 the Company the Guotai Junan International Junan Guotai 2 d, strong smartphone pipeline pipeline smartphone strong d, las : e -
5
Financial EstimationRevisions vision: t 91.4% 2012
8.6% : pag
shifting Coolpad of RMB10 billion. billion. RMB10 of
by 233.3%/196.1% and 3G smartphone sales revenue sales smartphone 3G and 233.3%/196.1% by
38/81 de o ihr otiuin fo 4 sathns FY14 smartphones. 4G from contributions higher to due 13.8%/38.1% e fo r Internaional. Guotai Junan ,
3G 3G Smartphone disclai
its resources from producing 3G smartphones to 4G smartphones. FY14 smartphones. 4G to smartphones 3G producing from resources its 97.4% 2013 2.6% ’
s
resents Revenue Trend Contributions e mer .
2014F 70.4% 29.6% Tencent (00700 Tencent 19,809 26,099 17.1 201
6,264 0.289 3,067 11.8 598 2.3 4 F x FY14 PER,
“ 4G 4G Smartphone Buy wards dsrbto canl i te lcrnc platform. electronic the in channels distribution g and expanded distribution channels distribution expanded and
2015F 74.4% 25.6% 21,709 31,057 ” 201 0.338 3,618 9,317
OLD and revise upwards the TP HK$ the from upwards revise and 11.7 685
2.2 expanded 5 by F
ola fre srtgc line ih igog y inn a procurement a signing by Jingdong with alliance strategic formed Coolpad
HK) has just acquired equity interest in Jingdong and we believe Jingdong believe we and Jingdong in interest equity acquired just has HK)
13.1 2016F 11.5 78.4% 21.6% fr t fcltt sls volume. sales facilitate to tform 201 x PER FY15 % N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
distribution
6 /24.7% F
20,880 29,828 respectively. , Source 201 0.322 3,818 8,799 Figure 12.8 14% 10% 12% 667 0% 2% 4% 6% 8% 2.2 ,
4
ch 11.1 F estimations
: the Company,: the International. Guotai Junan annels the electronic annels through platforms. - x FY1 6 12.2% 2012 2.2% : 27,591 37,285 201
, we , 0.421 4,698 9,508
Coolp NEW 12.6 e xet ola cud ute ipoe its improve further could Coolpad expect We 854 2.3 5 6 F
PER maintain the Company the maintain e eie G mrpoe ae revenue sales smartphone 4G revise We by ad 1.8% 2013 12.9% 4.40 t - ’
55.6%/ 32,863 42,132 s and 3.5 and 201 e xet ola wud mrv its improve would Coolpad expect We 0.495 5,182 9,058 12.3 Profit Margin 978 - 2.3 6 5 e poi i rvsd pad by upwards revised is profit net 15 F o HK$
Gross Gross Profit Margin Net Profit Margin - 56.2 x PBR FY14 2.2% 2014F e eie pad Coolpad’s upwards revise We
- 12.8% ( 15 smartphone ASP is revised is ASP smartphone 15 ( 0.1 233.3% 55.6% 201 24.5% 14.3% 1.0 11.5% 11.5% 5.5 %, based on the Company the on based %, ppt ppt 4 0. F
) )
s
In light of light In
Trend 12.6% ’ 2015F s investment rating of of rating investment s 2.3% . CHANGE
(
( 0.1 196.1% 56.2% 24.7% 24.7% 29.9% 20.1% 201 0.9
ppt
ppt 5 robust market robust F
) ) 2.3% 2016F
12.3%
Page Page 201 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4
6 of of F
7
’ s
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 24 March 2014
Se Table Coolpad Group Ltd. Group Coolpad Hisense Kelon ZTE Haier Eleectronics TCL Communica C HKListed Company Source: Source: Bloomberg. Average Overall Weighted Overall Average Weighted Average Average Simple Apple Nokia Holding Ascom Medion AG Listed USEurope & Weighted Average Average Simple ToshibaCorp. Corp. NEC Group Panasonic Corp.Sony ListedJapan Weighted Average Average Simple Lenovo Group e
th e - 3 las
: ompanies
Peer
Companies t
pag tions
e
Companies
Comparisons fo r
disclai
AMZN AMZN US SFUN USSFUN EBAY US AAPL US S 2369 2369 HK 2618 HK 1169HK BITA US e mer 4755 4755 JP 921 HK921 HK763 992HK FB FB US Ticker INAUS
:
Currency
USD EUR EUR EUR HKD HKD HKD HKD HKD HKD YEN YEN YEN YEN
1757.000 1757.000 1133.000 532.870 439.000 298.000 18.100 16.010 10.100 15.760 20.800 10.000 5.270 8.380 4.500 Price
14.3 18.1 13.1 19.8 12.4 24.5 14.3 28.1 15.0 20.9 16.3 25.2 21.1 14.7 13.5 13.7 14.5 16.2 17.6 11.9 1 n.a. 6.9 4
F
14.3 15.7 17.6 19.5 12.6 26.7 18.3 18.3 16.1 16.1 29.8 12.7 13.3 13.5 14.0 11.9 11.5 11.2 11.2 11.0 PER 1 5.4 9.6 5
F
16.2 11.9 11.3 11.9 1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8.4 8.1 8.4 6
F
1 n.a. n.a. 3.0 1.6 1.5 1.8 1.1 2.0 0.9 3.6 3.9 4.1 3.5 1.9 5.6 4.4 3.0 2.8 3.8 3.2 3.9 2.6 4
F
1 n.a. PB 2.3 1.6 1.4 1.3 1.5 1.2 1.8 0.8 3.0 3.1 3.5 2.9 1.7 4.3 3.2 2.6 2.3 3.5 2.5 3.6 2.3 5
F
1 n.a. 2.1 1.5 1.3 1.2 1.4 1.1 1.6 0.8 2.5 2.6 3.0 2.3 1.5 3.3 2.6 2 2.0 3.1 2.2 3.1 2.2 6 .3 .3
F
ROE(%) 21.4 13.0 16.6 22.5 24.9 15.9 15.1 34.8 42.5 32.7 38.8 12.1 41.7 11.8 - - 14 -
3.7 2.8 2.1 2.8 8.7 1.6 9.4 8.9
F
0.9 1.8
D/Y 3.0 1.4 0.9 0.8 1.2 0.0 0.9 0.9 1.4 2.2 1.7 2.1 0.0 1.0 0.0 8.3 0.3 2.4 0.0 5.3 14
(%) F
ROA ROA (%) 10.2
4.3 25.4 27.1 11.6 - - - 4.2 2.0 0.4 0.2 2.5 0.9 4.9 5.0 2.8 4.6 2.9 2.1 6.1 7.5 14F 0.4 2.0 3.1
Page Page
5
of of 7
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 24 March 2014
Source: Source: Financial Statements Financial Ratios and Se Gross profit Cost of sales Others income Service 3G 4G Revenue HKDm Yearend Dec31, Cash balance at yearend Cash balance at Effect ofFX Ca change Cash & cash equivalent fromfinance Cash flow Others Dividend paid Bank loan change issue Proceeds fromshare frominvestment Cash flow Others deposits in pledged Decrease/(increase) Proceeds fromdisposals Bank interest received CAPEX fromoperations Cash flow Tax paid capital Change in working Adjustments for beforetax Profit HKDm Yearend Dec31, DPS (HKD) EPS (HKD) Non Net income Income tax beforetax Profit P Finance costs expenses Other operating Admin costs costs Selling &Distribution gains Other income & rofits & losses ofassociates &losses rofits
e sh balance at yearbegin sh balance at
Write down ofinventories Write Others Finance costs D&A Bank interest income
- controlling interest controlling th the Company, Guotai Junan International. Junan Guotai Company, the e
las
t
pag
e fo
r
disclai
Cash Flow Statement Cash Flow e mer Income Statement
(12,639) 14,390 13,098
2012A 2012A 0.030 0.153 1,751 1,230 1,274 1,059 (886) (159) (702) (186) (109) (674) (870) (43) (52) (62) (94) (55) (18) 190 370 912 322 115 418 323 418 290 216 (1) (6) (2) 18 54 62 20 96 55 31 31
(17,094)
(1,302) 18,935 19,624
2013A 201 1,628 1,274 0.020 0.165 2,530 (102) (123) (240) (185) (131) (166) (984)
(74) (63) (89) (23) (42) 698 221 119 437 348 437 382 106 514 357
(0) (0) (2) 3F 43 20 10 63 18 16 23 69
4
(26,010)
(1,283) (1,879) 20,880 29,828
2014F 2014F 0.048 0.322 3,818 8,799 1,773 1,628 (200) (199) (144) (261) (172) (180) (277) (132) (100) (66) (88) (55) (29) 147 624 125 843 667 843 396 119 (2) (3) (0) 21 84 55 16 17 29 30 4
(32,587)
(1,529) (2,274) 27,591 37,285
2015F 2015F 2,010 1,773 1,078 0.063 0.421 1,078 4,698 9,508 (296) (132) (128) (246) (214) (159) (104) (332) (220) (197) (49) (2 (59) 780 130 854 406 149 239 (4) (0) (2) 23 74 49 14 17 26 37 6) 5
(36,950)
(1,643) (2,486) 32,863 42,132
2016F 2016F 0.074 0.495 1,235 5, 9,058 2,253 2,010 1,235 (252) (214) (307) (133) (147) (292) (230) (175) (123) (413) (23) (53) (43) 978 420 182 169 246 846 136 (5) (0) (2) 42 25 65 43 12 18 23 5
Others bank bor Interest bearing &accruals Other payables payables Trade &bill assets Total Total Others Cash & cash equivalent deposits Pledged &other receivables Prepayments, deposits receivables Trade &bill Inventory non Total non Other forsale investments Available Invest assets Intangible payments land lease Prepaid Investme PP&E HKDm Yearend Dec31, Cash conversion days Cash conversion AP Days AR Days Days of inventory Net gearing (%) (x) ratio Debt to equity (x)Quick ratio (x)Current ratio &Sol Liquidity ROE ROA Net margin Gross margin (%) Profitability Yearend Dec31 BPS (HKD) Non shareholders' equity Total Others Reserves Issued capital liabilities Total non Total Others Deferred tax liabilities bank borrowing Interest bearing currentTotal liabilities
- controlling interests controlling
current assets ment in associates
nt properties
- -
- current assets current current liabilities current current assets current
vency
rowing
Financial Ratios Balance Sheet
2012A 2012A 1,170 3,823 8,103 6,859 1,274 2,416 1,244 1.141 2,410 2,3 5,690 5,592 1,811
cash 23.2 14.1 12.2 536 710 648 161 125 310 537 Net 0.9 1.2 4.1 2.2 63 34 24 53 39 45 48 36 63 26 21 99 13 62 24
0 3
10,062 2013A 2013A
1,988 4,572 1,628 3,210 2,595 1,251 1.313 2,758 2,737 7,301 7,243 8,811
cash 21.9 13.5 12.9 603 699 679 174 153 218 568 Net 0.9 1.2 3.8 1.8 (0) 80 55 29 54 44 39 48 34 21 58 10 48 0 3 0
10,844 2014F 2014F
2,107 4,838 9,521 1,773 3,628 2,725 1,322 1.550 3,202 3,081 7,635 7,577
cash 1 22.4 12.8 537 615 780 197 177 196 607 100 Net 6.8 0.9 1.3 6.4 2.2 95 57 32 57 39 27 39 27 20 59 50
0 6 8 0
Page Page
10,427 11,826 2015F 2015F
2,234 5,120 2,010 2,861 1,399 1.886 3,814 3,666 8,002 7,942 4,118
cash 12.5 24.3 12.6 478 542 898 216 203 177 650 128 Net 111 1.0 1.3 7.5 2.3 59 35 59 36 23 36 23 20 60 52 11 0 7 0 6
12,944 11,456 of of 2016F 2016F
2.299 4,526 4,361 8,402 8,341 2,368 5,419 2,253 1,032 4,690 3,004 1,488
cash 23.5 12.3 147 130 425 477 236 233 159 697 7 Net 9.4 1.0 1.4 7.9 2.3 3 22 37 21 16 19 61 54 61 38 62
6 7 0 0
Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 24 March 2014
Se Website:www.gtja.com.hk Tel.:(852) 2509 27/F.,Low Block, GrandMillennium Plaza, 181 Queen’s Road Central, Hong Kong. 2014 Guotai Junan Secu © subjectGuotai Junanand groupits companies any to registration or licensingrequirement within such jurisdiction. su where jurisdiction any in Research This Report isnot directed at,or intended distributionfor to orby,use any person orentity who isa orcitizen andwhere necessary consult their own financial advisers prior to an econo and political r its andobjectivesinvestment future comprehend the understandand shouldInvestors contain. uncertainty may so the situation, mutable of assumptions the from derived forecasts and estimates forwardsome contain may ReportResearch This herein. dataand information the ofcompleteness and accuracy the guarantee not Thoughbest effort has been ensuremade to the accuracy of the information and data containedin this becontrary to opinions orinvestment decisions madeby assetthe managementand investment banking groups of Guotai Junan. professionalopinionsexpressedcompanies.otherdealersAnyandexecutivesGuotai Junan of persons,group of Any opinions expressed in this report may differ or be contrary to opinions or s investment strategies expressed orally manager, or in w lead agent, placing the example, (for etc. and underwriterorproprietarily).invest services investment banking, investment including reports, research Guotai Junan"). ("Guotai Limited Kong) (Hong Ju Guotai by securities for subscribe or purchase acquire, to offer or invitation an constitute not does Report Research This DISCLAIMER (4) (3) (2) (1) DISCLOSURE OF INTERESTS Horizon: Time to6 18 months TheBenchmark: Hong KongHang Seng Inde Sector Horizon: Time to6 18 months TheBenchmark: Hong KongHang Seng Index Company e Underperform Neutral Outperform Rating Sell Reduce Neutral Accumulate Buy Rating
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Company Report Coolpad Group Ltd 酷派集团 (02369 HK) 24 March 2014