航天信息：2015年2季度财报优于预期；可逢低布局

A A RMB61,359.9 RMB1,146.5 () 923.4 A 100.0% 53.7% , 40.2% (70.5%) (2015F) RMB8.13 (2015F) 8.17 (RMB) 12 2014A 2015F 2016F 2017F 19,959 22,740 26,269 30,281 ** 1,951 2,561 3,137 3,958 * 1,148 1,620 2,001 2,503 () 1.24 1.75 2.17 2.71 (%) 5.0 41.1 23.6 25.0 () 0.63 0.89 1.10 1.37 () 53.5 37.9 30.7 24.5 (%) 0.9 1.3 1.7 2.1 (%) 15.2 19.2 21.4 23.9 * ** (600271 CH) 20152 AsiaMoney 201522015-171) 2) 100 ► 20152201524.9740%2015219% (201572%)2014219.1%2015220.6% ► ()2015 ► 20153%201522016/178045 (100 : 2015 08 10 () / 50.4% 2015/08/07 RMB66.45 RMB100.00 RMB130.00 A 3,922.7 ► 20152 ► 20153%20152 ► ► 100 // +886 2 3518 7963 claire.su@yuanta.com +886 2 3518 7922 tiffany.sw.chen@yuanta.com : 2015-08-10 600271 CH 2 8 20153%201522016/17 () (/) 2015/16/171.75/2.17/2.7141%/24%/25% 1 - 20152 2Q15 2Q15 (%) 1Q15 (%) 2Q14 (%) 2Q15 / 5,625 5,389 4.4% 3,629 55.0% 4,723 19.1% 5,915 -4.9% () 1,161 1,009 15.1% 784 48.2% 900 29.0% 1,107 4.9% () 1,118 972 15.0% 767 45.7% 879 27.1% 1,067 4.8% () 718 607 18.3% 466 54.1% 574 25.2% 666 7.8% () 751 600 25.2% 464 61.7% 595 26.2% 659 14.0% 831 626 32.7% 518 60.3% 592 40.3% 687 20.9% – 686 546 25.6% 428 60.1% 495 38.5% 599 14.5% – 497 377 32.0% 319 56.0% 357 39.5% 414 20.2% 0.54 0.41 31.4% 0.35 56.0% 0.39 39.5% 0.45 19.7% () 20.6% 18.7% 21.6% 19.1% 18.7% () 19.9% 18.0% 21.1% 18.6% 18.0% () 12.8% 11.3% 12.8% 12.1% 11.3% () 13.3% 11.1% 12.8% 12.6% 11.1% 14.8% 11.6% 14.3% 12.5% 11.6% – 12.2% 10.1% 11.8% 10.5% 10.1% 2- 2015/16/17 FY14 FY15 FY15 FY16 FY16 FY17 FY17 FY15 FY16 FY17 19,959 22,685 22,740 26,226 26,269 30,307 30,281 0% 0% 0% () 3,355 4,091 4,159 4,858 4,916 5,859 5,902 2% 1% 1% () 1,951 2,478 2,561 3,115 3,137 3,915 3,958 3% 1% 1% 2,062 2,610 2,723 3,291 3,305 4,099 4,106 4% 0% 0% () 1,672 2,154 2,222 2,748 2,760 3,423 3,428 3% 0% 0% () 1,148 1,579 1,620 2,006 2,001 2,499 2,503 3% 0% 0% 1.24 1.71 1.75 2.17 2.17 2.71 2.71 3% 0% 0% (%) () 16.8% 18.0% 18.3% 18.5% 18.7% 19.3% 19.5% () 9.8% 10.9% 11.3% 11.9% 11.9% 12.9% 13.1% 10.3% 11.5% 12.0% 12.5% 12.6% 13.5% 13.6% 8.4% 9.5% 9.8% 10.5% 10.5% 11.3% 11.3% 1002015/1657/46 : 2015-08-10 600271 CH 3 8 ► 4520157880454510%8050 (3)10%48%2015/16/1741%/23%/25%45 3 ► 1232015/1670/571) beta 0.80Bloomberg beta2) 3.0%103) 0%4) 9.8% (Bloomberg9.5%)5) 5%9.8%4 4 22 17 51 37 80 50 99 72 466 209 577 268 0 100 200 300 400 500 600 6/10 8/7 6/10 8/7 6/10 8/7 6/10 8/7 6/10 8/7 6/10 8/7 () 2015 2015 2015 2015 2015 2015 ()) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 22,740 26,269 30,281 34,521 38,910 43,357 47,754 51,984 55,920 59,435 62,406 2,709 3,285 4,106 4,927 5,807 6,719 7,631 8,503 9,293 9,957 10,930 2,209 2,741 3,428 3,995 4,708 5,448 6,187 6,895 7,535 8,073 8,862 2,093 2,409 3,278 3,895 4,608 5,348 6,087 6,795 7,435 7,973 175,341 2,093 2,195 2,720 2,944 3,173 3,355 3,479 3,537 3,526 3,444 83,152 175,341 113,619 () 123 () 78 100 3.0% 8.5% beta 0.80 9.8% () 4.1% 19% 0.4% 9.8% : 2015-08-10 600271 CH 4 8 5- () () 1Q2015A 2Q2015A 3Q2015F 4Q2015F FY2015F 1Q2016F 2Q2016F 3Q2016F 4Q2016F FY2016F 3,629 5,625 5,857 7,628 22,740 3,943 6,375 6,785 9,166 26,269 (2,862) (4,507) (4,899) (6,313) (18,427) (3,160) (5,097) (5,632) (7,464) (21,169) 767 1,118 958 1,315 4,159 783 1,277 1,154 1,702 4,916 (303) (367) (340) (587) (1,597) (335) (433) (360) (651) (1,779) 464 751 619 727 2,561 448 844 794 1,051 3,137 54 80 14 14 161 42 42 42 42 168 518 831 633 741 2,723 490 886 836 1,093 3,305 (110) (188) (143) (161) (602) (112) (203) (192) (251) (758) (90) (145) (111) (156) (501) (81) (146) (138) (180) (545) 319 497 379 425 1,620 297 536 506 662 2,001 () 0.35 0.54 0.41 0.46 1.75 0.32 0.58 0.55 0.72 2.17 923 923 923 923 923 923 923 923 923 923 (%) 21.1% 19.9% 16.4% 17.2% 18.3% 19.9% 20.0% 17.0% 18.6% 18.7% 12.8% 13.3% 10.6% 9.5% 11.3% 11.4% 13.2% 11.7% 11.5% 11.9% 14.3% 14.8% 10.8% 9.7% 12.0% 12.4% 13.9% 12.3% 11.9% 12.6% 17.3% 17.4% 17.5% 21.0% 18.4% 16.5% 16.5% 16.5% 16.5% 16.5% (%) (44.9%) 55.0% 4.1% 30.2% 13.9% (48.3%) 61.7% 6.4% 35.1% 15.5% (1.5%) 61.7% (17.6%) 17.6% 31.3% (38.5%) 88.5% (5.9%) 32.4% 22.5% 30.2% 56.0% (23.9%) 12.2% 41.1% (30.2%) 80.9% (5.6%) 30.8% 23.6% 30.24% 56.02% (23.90%) 12.22% 41.13% (30.19%) 80.91% (5.64%) 30.78% 23.56% A 6- 12 : 2015-08-10 600271 CH 5 8 7- 12