报告名称：Zhuzhou CSR Times Electric Co. Ltd(03898.HK)ZZCSR delivers strong beat on high m
报告类型：港股研究
报告日期：2015-08-19
研究机构：摩根大通银行
股票名称：南车时代电气
股票代码：03898
页数：11
简介：1H15 results beat expectations on margin expansion. ZZCSR reported netprofit of Rmb1,220MM in 1H15, +43% Y/Y, beating our 1H expectation byc15% and achieving 44% of our FY15 estimate. This was primarily driven bymargin expansion that saw GPM expand 3.7ppts Y/Y to 39.5% in 1H15 with2Q GPM rising to 40% from 38% in 1Q15. During the analyst briefing call,management attributed the increase in margins to greater scale of operationsleading to efficiency gains, technological advancements, as well as improvedcost management. Total operating expenses as a percentage of revenue alsodeclined 0.9ppts, largely driven by lower impairment losses in the absence ofone-off adjustments. Op-cf also increased to Rmb632MM from Rmb168MMlast year during 1H. We lift our FY15/16 forecasts by c5% on strong earningsbeat driven by higher margins and extend our PT timeframe to Dec-16. Our PTthus rises to HK$83, which implies an FY15E/16E P/E of 28.6x/25.1x.
RTV growth surprises on the upside while EMU delivery to be backendloadedthis year; guidance unchanged. By segment, RTV revenue grew animpressive 66% Y/Y in 1H15 upon delivery of equipment for certain rail lines.EMU revenue fell 15% Y/Y in 1H15. However, management expects a rise in2H as the bidding results for CRC’s first round of MU procurement have beenreleased and ZZCSR can expect to sign official contracts soon; FY guidance of10-20% revenue growth was reiterated. Locomotive revenue increased 18%Y/Y in 1H despite FY15 guidance of flattish growth. Domestic locomotiveorders are expected to decline to

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