欢迎访问网贷财经！ 电话 4008937218

　　机构：摩根士丹利

　　4Q17 Sales and Profit Beat

　　Sales above MS estimates: HKD 4,255M vs. HKD 4,000M  Finished drugs sales above: HKD 3,198M vs. HKD 3,002M  Antibiotics sales below: HKD 301M vs. HKD 313M  Vitamin C sales above: HKD 519M vs. HKD 486M  Caffeine and others sales above: HKD 236M vs. 199M

　　Net profit above: HKD 727M vs. MS: HKD 692M  Gross profit above: HKD 2,794M vs. MS: HKD 2,467M  Operating profit inline: HKD 882M vs. MS: HKD 862M  Note: Sales grew +26.6% and net profit grew +33.6% in FY2017 excl. FX impact

　　Margin Analysis:

　　Gross margin above: 65.7% vs. MS: 61.7% vs. 4Q16: 53.5%

　　Selling cost ratio above: 32.2% vs. MS: 29.8% vs. 4Q16: 24.9%

　　G&A ratio inline: 4.5% vs. MS: 4.4% vs. 4Q16: 4.3%

　　R&D cost ratio inline: 7.8% vs. MS: 7.7% vs. 4Q16: 4.3%

　　Operating margin below: 20.7% vs. MS: 21.5% vs. 4Q16: 21.3%

　　Tax rate below: 18.0% vs. MS: 18.8%

　　Net margin slightly below: 17.1% vs. MS: 17.3% vs. 4Q16: 17.1%

　　EPS above: HKD 11.72 cents vs. HKD 11.13 cents

靠谱众投 kp899.com：您放心的投资理财平台，即将起航!