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A Leading Manufacturer of Tvs and Other Appliances Company Report: Skyworth Digital Holdings Ltd. (00751 HK) Frank Xu 許智程 公司报告：创维数码 (00751 HK) +86 755 23976725 [email protected] 国泰君安研究 30 September 2014 A Leading Manufacturer of TVs and Other Appliances 一间领先的电视及其他电器生产商 GTJA Research Research GTJA Skyworth Digital Holdings Limited is a leading home appliance Rating: Accumulate manufacturer. Skyworth is a large-scale high-tech corporation mainly Initial engaged in the development and manufacturing of TV products, digital set-top boxes, white appliances, LCD modules, display devices, network 评级： 收集(首次研究) communication hardware, and other electronics products. Total revenue of the Company in FY14 was HK$ 39,480 million, of which 74.7% came from sales of TVs, and the contribution from digital set-top boxes and white 6-18m TP 目标价: HK$ 4.65 appliances were 10.5% and 6.4%, respectively. Well participated into the era of internet for home appliances. The Share price 股价： HK$ 4.03 Company has been devoting resources to R&D for internet appliances. Utilising the scale and brand recognition advantage of its TV and set-top products and being an overall industry leader, Skyworth is well prepared for Stock performance the upgrade of conventional TVs and other appliances into the smart stage. 股价表现 Along with the transformation, although severe competition is expected from 35% % of return both traditional appliance manufacturers and the cross-industry competitors, 30% Skyworth’s R&D capacity, branding, and proven successful marketing strategy still make it a top-tier contender with broad potential. 25% 20% Initiate with “Accumulate” and TP of HK$ 4.65. The industry consolidation 15% within home appliances industry in China is expected to benefit Skyworth. As the market leader with competitive products, we expect the Company’s 10% dominant market position will be maintained and both its revenue and 5% earnings are expected to report healthy and steady growth in the future. We 0% expect Skyworth’s EPS to be HK$ 0.465, 0.506 and 0.560 in FY15-FY17, up HK) (00751 -5% 4.1%, 8.8% and 10.8%, respectively. Our TP for Skyworth representing 10.0x 00751 HK HSI Index FY15 PER, 9.2x FY16 PER, 0.9x FY15 PBR and 0.8x FY16 PBR. -10% Sep/13 Dec/13 Mar/14 Jun/14 Sep/14 创维数码 创维数码是一间领先的电器制造商。公司是一间主要从事电视、数字机顶盒、白电、LCD 组件、显示器、网络通信硬件以及其它电子产品研发与生产的大型高科技企业。公司 14 财年收入为 39,480 百万港元，其中 74.7%由电视机业务所带来，数字机顶盒及白电的贡 献分别为 10.5%及 6.4%。 Change in Share Price 1 M 3 M 1 Y Holdings Ltd. Holdings 股价变动 1 个月 3 个月 1 年 拥抱市场家电互联网时代。公司持续对互联网家电进行研发投入。创维数码作为行业翘楚， Abs. % 借助其电视和数字机顶盒业务的规模以及品牌优势，在电视以及其他电器步入智能时代的 (3.4) 7.8 3.6 绝对变动 % 过程中将可以占据有利地位。虽然在家电产品演变的过程中，来自于其他传统家电制造商 Rel. % to HS index 3.9 9.8 4.5 以及跨行业参与者的竞争将会日趋激烈，但创维数码的研发水平、品牌以及历经考验的市 相对恒指变动 % 场策略确保公司在竞争中仍处于优势地位且前景广阔。 Avg. share price(HK$) 4.2 4.0 4.0 Digital Skyworth 平均股价（港元） 首予“收集”投资评级，目标价 4.65 港元。国内家电行业整合的持续推进，将会有利于创维 Source: Bloomberg, Guotai Junan International. 数码等拥有竞争性产品的龙头企业，我们认为公司的行业领先地位将会得到维持，且其收 入以及利润可以录得健康稳定的增长。我们预计公司 15 至 17 财年的每股盈利分别 0.465、 0.506 及 0.560 港元，分别增长 4.1%，8.8%及 10.8%。目标价相当于 10.0 倍 15 财年市 盈率、9.2 倍 16 财年市盈率、0.9 倍 15 财年市净率及 0.8 倍 16 财年市净率。 Year End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE 年结 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 03/31 (HK$ m) (HK$ m) (HK$) (△%) (x) (HK$) (x) (HK$) (%) (%) FY13A 37,824 1,501 0.549 15.5 7.3 3.743 1.1 0.170 4.2 15.9 FY14A 39,480 1,254 0.446 (18.7) 9.0 4.040 1.0 0.195 4.8 11.6 FY15F 43,685 1,316 0.465 4.1 8.7 5.283 0.8 0.272 6.7 10.0 FY16F 48,072 1,431 0.506 8.8 8.0 5.580 0.7 0.253 6.3 9.3 FY17F 52,850 1,586 0.560 10.8 7.2 5.927 0.7 0.280 7.0 9.7 Shares in issue (m)总股数 (m) 2,831.1 Major shareholder 大股东 Wei Ping Lin 35.9% Market cap. (HK$ m)市值(HK$ m) 11,409.3 Free float (%) 自由流通比率 (%) 63.2 3 month average vol. 3 个月平均成交股数(‘000) 7,803.3 FY15 Net gearing (%) FY15 净负债/股东资金 (%) 26.3 52 Weeks high/low (HK$) 52 周高/低 4.800/ 3.420 FY 15 Est. NAV (HK$) FY15 每股估值 (HK$) 4.9 Source: the Company, Guotai Junan International. Company Report Report Company See the last page for disclaimer Page 1 of 23 TABLE OF CONTENTS COMPANY ANALYSIS ............................................................................................................. 3 CORE COMPETITIVE EDGE .................................................................................................. 5 30 September 2014 INDUSTRY ANALYSIS ............................................................................................................ 8 Economic and consumer expenditure in China .............................................................................. 8 Main growth drivers for the home appliance industry ..................................................................... 9 FINANCIAL ANALYSIS ......................................................................................................... 13 Revenue analysis ......................................................................................................................... 13 Costs and expenses analysis ....................................................................................................... 15 Net profit analysis ......................................................................................................................... 16 Comment on August monthly sales .............................................................................................. 16 VALUATION ........................................................................................................................... 17 MAJOR RISKS ...................................................................................................................... 18 APPENDICES ........................................................................................................................ 18 (00751 HK) (00751 创维数码 Holdings Ltd. Holdings Skyworth Digital Digital Skyworth Company Report Report Company See the last page for disclaimer Page 2 of 23 COMPANY ANALYSIS Skyworth Digital Holdings Limited (the “Company”, “Skyworth”) is a dominant home appliance manufacturer. Skyworth is a multinational consumer electronics and home appliances corporation headquartered in Shenzhen. Founded in 1988 as Skyworth Industrial Co., Ltd, the Company was initially a small appliances manufacturer mainly producing remote controllers for TV producers. Later in 1992, with the establishment of Skyworth Group Co., Ltd, the Company obtained TV production approval and began producing colour-TV, VCD & DVD players, home theatre system and satellite 30 September 2014 receivers and other products. In 1993, Skyworth Group, through a joint venture with China TV Corporation and China Electronics Devices Corporation, formed Shenzhen Skyworth-RGB Electronics Co., Ltd, which laid the foundations of research and manufacturing of advanced cathode ray tube (CRT) monitors, and signal transmission and recording technologies. The Company continued to develop and was eventually listed on the main board of Hong Kong Stock Exchange in April 2000. At present, Skyworth becomes a large-scale high-tech corporation mainly engaged in the development and manufacturing of TV products, digital set-top boxes, white appliances, LCD modules, display devices, network communication hardware, and other electronics products. Chinese domestic market is the main focus of the Company, and in terms of product line, TV is the major source of income. Skyworth entered overseas markets short after it started production. Apart from mainland China, the Company now has R&D centres or production facilities in Silicon Valley, U.S, Hong Kong, Mexico, Russia and etc. Its sales presence covers all five continents in the world. However, domestic market is still the main focus of the Company. During FY14, the Company’s sales in the mainland China market of HK$ 32,739 million accounted for 82.9% of its total turnover. By product line, the Company’s sales of aggregate TV products from both mainland China market and overseas markets of HK$ 29,484 million accounted for 74.7% of the Company’s total turnover in FY14. Skyworth is the largest TV manufacturer in the Chinese market. Skyworth has grown to be a popular and well-known TV brands globally and a top brand in China’s domestics market. According to the extrapolated TV sales data based on the market survey covering 711 cities with 6,023 retail terminals in mainland China performed by All View Consulting Co., Ltd., HK) (00751 a market research and marketing consulting company focusing on consumer electronic and home appliance industry, Skyworth’s market shares came top among local and foreign TV brands in mainland China for the 12 months ended 31 创维数码 March 2014. Precisely, in terms of sales volume, Skyworth sold over 8.6 million LED LCD TVs in China during its FY14 (ended 31 March 2014), ranked first in China for four consecutive years with a market share of 16.8%; in terms of sales value, the Company’s TV sales revenue in mainland China market reached HK$ 26,244 million in FY14, ranked fist for two Ltd. Holdings consecutive years in China with a market share of 15.7%. Throughout the years, the Company continues to position its brandings by integrating with “focal health technologies”, and to orient consumers’ needs by mobilising and utilising technology innovation and adequate market insights, as a result of which, it helped the Company to maintain its market shares and the market leading position. Digital Skyworth Figure-1: Headquarter of Skyworth in Shenzhen Figure-2: An example of Skyworth’s 3D LED TV Source: www.Google.com, Guotai Junan International. Source: the Company, Guotai Junan International. Company Report
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