报告名称：Boer Power(01685.HK)Strong growth momentum backed by solid backlog
报告类型：港股研究
报告日期：2015-08-13
研究机构：中金公司
股票名称：BOER POWER
股票代码：01685
页数：7
简介：1H15 results in line
Revenue +34% YoY to Rmb972mn and net profit +43%YoY to Rmb260mn, accounting for 43% of our 2015 full-yearforecast (vs. 30%/40% actual in 2013/14). The strong revenuegrowth was mainly due to medical clients (+177% YoY) andEPC contracts (+169% YoY).
The company declared an interim dividend ofHK$0.26/sh, a 62% payout ratio (vs. nil in 1H14).
Trends to watch
Solid order backlog to support strong 2H15 results. As of1H15, Boer has a contract backlog of Rmb2.77bn (+50% YoY;+10% HoH), ~60% of which (i.e. Rmb1,665mn) is expected tobe completed and recognized in 2H15 revenue (vs. Rmb1,675mnunder our estimate). The EE solution segment shows stronggrowth momentum, with order backlog +712% YoY & +23%HoH to Rmb1bn, for 38% accounting of the total.
Mega data platform to start revenue contribution inlate-2015. Boer is currently developing a new business model(such as long-term maintenance and energy efficiencyconsulting services) with higher earning visibility andsustainability by leveraging its own mega data platform. It hassigned several agreements for this service and expects thesegment to have revenue contribution by end-2015.
Earnings revisions
We maintain our 2015/16e EPS at Rmb0.05/0.06.
Valuation and recommendation
Reiterate Conviction BUY rating and TP of HK$24.14,based on 20x 2016e P/E, implying 5.8x/4.7x P/B in 2015/16e.
Risks
Termination of cooperation with Schneider; failure to secure newprojects; failure to continue customer financing program.

下载地址：Boer Power(01685.HK)Strong growth momentum backed by solid backlog