English to Chinese: Equity Research
General field: Bus/Financial
Detailed field: Investment / Securities | |
Source text - English
We anticipate revenue of RMB110.687bn/125.422bn/145.951bn, up 13.0%/13.3%/16.4% yoy; net profits attributable to equity holders of the parent company of RMB53.789bn/61.435bn/71.968bn, up 15.2%/14.2%/17.1% yoy; EPS of RMB42.82/48.91/57.29 in 2021/2022/2023 respectively. Given xxx’s high certainty of growth in the long run, we assign absolute valuation of RMB2,364.9, based on cash flow as of 2021, by adopting DCF valuation model. | Translation - Chinese
我们预计2021-2023年公司营业总收入分别为1,106.87/1,254.22/1,459.51亿元，同比增长13.0%/13.3%/16.4%；归母净利润分别为537.89/614.35/719.68亿元，同比增长15.2%/14.2%/17.1%；每股收益分别为42.82/48.91/57.29元。考虑到xxx长期增长的高确定性，我们采用现金流折现估值方法，从2021年现金流出发，绝对估值给出公司每股价值2,364.9元。 |
Chinese to English: Equity Research
General field: Bus/Financial
Detailed field: Investment / Securities | |
Source text - Chinese
产业与经济发展方面，预计5年后直接融资比重将由30%提升至38%，非金融企业部门杠杆率可稳定在175%-195%。预计信息技术、绿色和大健康等产业将成为经济支柱产业，可使未来15年的年均经济增速提高0.6个百分点。
金融风险方面，截至12月15日市值排名后50%的公司质押规模超过2600亿元，市值结构分化下风险加速暴露但总体可控。退市趋严将使边缘公司成交与市值快速萎缩，代表人诉讼将为投资者提供维权渠道。资产再配置下资金从房市流入股市，但金融体系风险可控。
| Translation - English
Industrial and Economic Development: We anticipate (i) direct financing to hoist from 30% to 38% five years from now; (ii) the leverage ratio of non-financial companies to stabilize at 175-195%. We expect IT, Green and Heath Care to become industry pillars and boost up 0.6% average annual growth rate for the next 15 years.
Financial Risks: The share pledge scale of last 50% companies ranked by market cap outstripped Rmb260bn up to 15 December. Risks are being exposed at a faster pace under the differentiation of market cap structure but still in control. Stringent curbs on delisting will accelerate the marginalization of underperforming companies. Investors will protect theirs rights via representative litigation. Funds flow from real estates into stock market in the context of asset reallocation and overall financial risks are kept under control.
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Member since Jun '21
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