报告名称：D&G TECH(01301.HK)A Market Recognized Asphalt Mixing Plant Manufacturer in C
报告类型：港股研究
报告日期：2015-09-17
研究机构：国泰君安国际
股票名称：德基科技控股
股票代码：01301
页数：23
简介：Currently 17% of expressways, class I highways and class II highways need maintenance work during 2016 and 2020 in China. We expect that annual highway maintenance expenses in China should increase from RMB78 billion in 2015 to RMB99 billion in 2020.
D&G Technology (01301 HK, “the Company”) is a market recognized asphalt mixing plant provider in the PRC. The Company.s business consists of: sales of asphalt mixing plants, equipment modification and sales of components of asphalt mixing plants, and asphalt mixing plants leasing.
We expect the Company.s revenue to increase from RMB522 million in FY15 to RMB651 million in FY17 with CAGR of 13.6% in F14-17. Net profit should increase from RMB79 million in FY15 to RMB114 million in FY17 with CAGR of 15.2% in FY14-17.
Initiate the EPS estimates of FY15-17 at RMB0.150, RMB0.162 and RMB0.184 with yoy growth rates of -9.0% (due to dilution effects from new shares and inclusion of listing expenses of HKD16.9 million), 7.5% and 13.6% respectively, or FY14-17 EPS CAGR of 3.6%. We set the TP at HKD2.00, representing 10.6x/9.9x/8.7x FY15/16/17 PER. Initiate with “Buy”. Main risks are lower than expected government infrastructure expenditures and longer collection period for trade receivables.

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