1、 2017 8 24 00152.HK 14.32 17.48 2017 2017 42 18% 11 75% 0.56 47% 26% 1 34% 2 1.55 2016 1.2 3 8% 4 101% 37% 10% -48% -31% 1 1.3 2 105% 50% 50% 15 38 2017/18 5%/4% 29 /31 10.1 2017 17.48 本报告是 原出版于 2017 8 24 英 文报告 Strong 1H results; Meilinguan project to release value soon 的 翻译摘 要 。 CFA SAC S008051108
2、0003 SFC CE Ref APY553 SAC S0080116100053 2017 8 24 2 2015A 2016A 2017E 2018E 6,738 7,787 8,777 9,608 -3,873 -4,657 -5,243 -5,743 -73 -73 -82 -90 -495 -510 -535 -562 0 0 0 0 3,703 3,525 3,849 4,044 -693 -996 -633 -702 789 1,225 1,645 1,867 3,799 3,755 4,860 5,208 -736 -838 -1,166 -1,146 -864 -801 -
3、823 -1,012 2,198 2,116 2,871 3,050 EBITDA 5,803 6,423 7,206 7,764 1,117 1,451 2,232 2,487 13,254 8,254 8,538 7,949 1,879 2,243 2,528 2,767 1,399 2,919 3,287 3,601 5,129 8,592 8,479 8,479 21,661 22,009 22,832 22,796 4,731 6,291 7,792 4,458 32,606 32,442 32,388 38,360 37,337 38,732 40,180 42,818 58,99
4、8 60,741 63,012 65,614 3,876 4,809 4,000 4,000 3,613 7,448 7,489 7,187 569 563 745 731 8,059 12,819 12,234 11,919 9,161 7,575 7,575 7,575 22,240 19,486 19,490 19,488 30,298 32,305 31,724 31,407 7,626 8,324 8,324 8,324 10,535 10,311 12,339 14,247 18,160 18,634 20,663 22,571 58,998 60,741 63,012 65,61
5、4 3,799 3,755 4,860 5,208 1,311 998 1,712 1,854 1,315 1,999 -392 -869 -4,294 -4,836 -1,777 -2,006 2,130 1,915 4,404 4,188 -3,636 -824 -3,955 -3,961 1,156 -4,865 695 -683 -2,480 -5,689 -3,260 -4,644 19 698 0 0 -2,710 -654 -809 0 9,134 -1,242 -52 -132 6,443 -1,197 -860 -132 0 0 0 0 6,093 -4,971 284 -589 2015A 2016A 2017E 2018E 5.8% 15.6% 12.7% 9.5% -23.0%