JiangnanGroup(1366HK).PDF

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JiangnanGroup(1366HK).PDF

Equity Research | Power Equipment Apr 18, 2017 Jiangnan Group (1366 HK) Accumulate (maintained) State Grid demand and rail sector penetration to drive a better 2017; cut Target price: HK$1.35 TP to HK$1.35 2016 results recap Jiangnan’s 2016 revenue declined by 0.6% YoY to Rmb9.1bn, broadly in line with our expectation and market consensus. Net profit dropped by 24.4% YoY to Rmb531.3m, missing our expectation, and EPS was down by 30% to Rmb0.13. Dominic Chan, CFA, FRM The net profit miss was due to a drop in GPM, an increase in administrative expenses SFC CE No. APP609 and other losses. Management has proposed a final dividend of HK$3.1 cents, implying dominicchan@.hk a 20% payout ratio. +852 3719 1218 GPM declined from 16.2% in 2015 to 14.9% in 2016 GPM declined for two key reasons: 1) inventory and finished goods was damaged as a result of the flood in GF Securities (Hong Kong) Brokerage Limited 29-30/F, Li Po Chun Chambers southern China last year; 2) the increase in sales of cables for rural power grids, which 189 Des Voeux Road Central have a lower ASP and generate a lower GPM. Hong K

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