The 2015 interim results of the Company were higher than marketconsensus and our expectation. Total revenue declined by 0.7% yoy toRMB 7.89 billion, but total net profit attributable to shareholders increased by17.9% yoy to RMB 1.50 billion and accounted for 58.0% of our annualestimation.
Revise down output assumptions of aluminum extrusion productsslightly due to the adjustment of product mix. The production capacityexpansion of aluminum extrusion products is nearly completed and allproduction lines are running at full capacity currently. The Companyintentionally assigned more production lines to produce complexcross-section aluminum extrusion products with higher processing fees.
Revise up processing fees assumptions due to the adjustment ofproduct mix. As the proportion of more complex cross-section aluminumproducts increases, the average processing fees of aluminum extrusionproducts will be lifted.
Maintain TP of the Company at HK$ 4.68, and maintain “Buy”.
公司 2015 年中期业绩高于市场一致预期和我们的估计。 公司收入同比下降 0.7%至人民币78.9 亿元,股东净利同比上升 17.9%至人民币 15.0 亿元,占我们全年预测的 58.0%。
基于产品结构的调整,小幅下调公司铝挤压材产量假设。 公司铝挤压产品产能的扩张已基本结束且目前所有生产线都在满负荷运行。公司有意安排更多的生产线去生产加工费更高的复杂截面铝挤压材。
由于产品结构的调整上调加工费假设。 由于更复杂截面铝材产品比例的上升,铝挤压产品的平均加工费将会上升。
维持对公司的目标价目标价在 4.68 港元,维持“买入”评级。