中金公司-Revenue grew fast; G&A expenses may fall

页数: 11页
行业: 汽车行业
作者: Wei FENG
发布机构: 中金公司
发布日期: 2017-08-25
Equity Research August 25, 2017 Yinlun Machinery Revenue grew fast; G&A expenses may fall Results Review Trends to watch ► Revenue grew fast; gross margin came under pressure; G&A expenses rose; net margin remained flat. ► Operating cash flow stood at a relatively low level. In 1H17, net operating cash flow fell 32.5% YoY to Rmb91.74mn due to a high base and higher salaries (Rmb280mn paid to employees in cash) since last 3Q. ► In 1H17, selling expense ratio and G&A expense ratio fell 0.1ppt and 0.5ppt YoY to 3.9% and 10.3%. In absolute terms, G&A expenses rose by Rmb51.16mn YoY to Rmb208mn. Ticker Rmb11.14~8.17 Rmb8 Rmb146.41 801 76 13.87 Auto & Parts CSI 300 127 118 109 100 91 Aug-2016 Nov-2016 Feb-2017 2015A (Rmb mn) See details on page 3. Risks Worse-than-expected decline in sales volume of heavy-duty trucks in 2H. Rmb12.40 002126.SZ 136 Revenue Valuation and recommendation The stock is trading at 18.4x 2018e P/E. We maintain our BUY rating and Rmb12.40 target price, implying 21.45% upside from the current price. BUY Rmb10.21 52wk price range Market cap (bn) Daily value (mn) Shares outstanding (mn) Free float (%) Daily volume (mn sh) Business sector ► Demand for heavy-duty trucks may remain strong in the near term; deliveries of orders for new products merit attention in the long term. Earnings forecast We maintain our earnings forecast for FY2017/2018. 002126.SZ CICC investment rating Last close CICC target Relative Value (%) 1H17 results in line with expectation Yinlun Machinery announced 1H17 results: Revenue was Rmb2,007mn, up 39.2% YoY; net profit attributable to shareholders was Rmb167mn, up 41.4% YoY, or Rmb0.21 per share. Net profit was slightly higher than preannounced earnings. 1H17 results were in line with expectation. Maintain BUY (+/-) May-2017 2016A Aug-2017 2017E 2018E 2,722 3,119 3,906 5,005 12.7% 14.6% 25.3% 28.1% Net profit 200 257 330 446 (+/-) 31.9% 28.1% 28.7% 35.0% EPS 0.25 0.32 0.41 0.56 BPS 2.54 2.84 3.35 3.97 DPS 0.03 0.04 0.06 0.08 CPS 0.28 0.59 0.45 0.54 P/E 40.9 31.9 24.8 18.4 P/B 4.0 3.6 3.0 2.6 22.9 18.8 16.8 13.1 Dividend yield 0.3% 0.3% 0.6% 0.8% ROAA 5.4% 5.9% 6.4% 7.3% ROAE 11.3% 11.9% 13.3% 15.2% EV/EBITDA Source: Wind, Bloomberg, company data, CICC Research Wei FENG Analyst wei.feng@cicc.com.cn SAC Reg. No.: S0080513110002 SFC CE Ref: BCK590 Please read carefully the important disclosures at the end of this report CICC Research: August 25, 2017 Financial summary Financial statement (Rmb mn) Income statement Revenue Operating costs Business tax and surcharges Selling expenses Administrative expenses Finance costs Others Operating profit Non-operating income and expense Profit before income tax Income tax Minority interest Net profit EBITDA Balance sheet Cash and bank balances Trade and bill receivables Prepayments Inventories Other current assets Total current assets Fixed assets and CIP Intangible assets Total non-current assets Total assets ST borrowings Trade and bill payables Other current liabilities Total current liabilities LT borrowings and bonds payable Total non-current liabilities Total liabilities Shareholders' equity Minority interest Total liabilities & equity Cash flow statement Net income Depreciation & amortization Change in working capital Others Cash flow from operations Cash inflows from investing activities Cash outflows from investing activities Cash flow from investing Equity financing Bank borrowings Others Cash flow from financing Foreign exchange gain (loss) Net changes in cash 2015A 2016A 2017E 2018E 2,722 3,119 3,906 5,005 1,994 2,219 2,798 3,587 12 23 29 38 125 152 184 226 303 362 445 566 23 31 17 12 0 0 0 0 242 308 404 542 17 17 21 21 260 325 425 563 47 55 71 95 12 13 23 23 200 257 330 446 378 476 540 696 318 257 158 115 0 0 0 0 11 16 20 26 417 567 714 916 1,307 1,431 1,778 2,261 2,053 2,271 2,670 3,318 1,312 1,576 1,765 1,925 456 783 992 1,208 1,872 2,524 2,922 3,298 3,925 4,794 5,592 6,616 103 25 25 25 0 0 0 0 1,043 1,439 1,806 2,308 1,146 1,464 1,832 2,333 501 702 702 702 561 764 764 764 1,714 2,235 2,602 3,104 2,039 2,279 2,686 3,187 171 280 303 326 3,925 4,794 5,592 6,616 200 257 330 446 108 134 121 143 -184 65 -131 -189 84 0 17 12 225 475 360 434 49 52 55 57 464 549 574 576 -414 -497 -519 -519 341 104 104 104 0 125 0 0 0 0 0 0 144 -17 60 43 2 5 0 0 -43 -34 -99 -42 Financial ratios Growth ability Revenue Operating profit EBITDA Net profit Profitability Gross margin Operating margin EBITDA margin Net margin Liquidity Current ratio Quick ratio Cash ratio Liability / asset Net debt / equity Return RoA RoE Per-share data EPS (Rmb) BPS (Rmb) DPS (Rmb) Cash flow per share (Rmb) Valuation P/E P/B EV/EBITDA Dividend yield 2015A 2016A 2017E 2018E 12.7% 14.6% 25.3% 29.5% 27.2% 31.0% 28.1% 34.4% 17.9% 25.8% 13.4% 28.9% 31.9% 28.1% 28.7% 35.0% 26.7% 28.8% 28.4% 28.3% 8.9% 9.9% 10.3% 10.8% 13.9% 15.3% 13.8% 13.9% 7.4% 8.2% 8.5% 8.9% 1.79 1.55 1.46 1.42 1.43 1.16 1.07 1.03 0.28 0.18 0.09 0.05 43.7% 46.6% 46.5% 46.9% 14.0% 11.8% 13.7% 12.9% 5.4% 5.9% 6.4% 7.3% 11.3% 11.9% 13.3% 15.2% 0.25 0.32 0.41 0.56 2.54 2.84 3.35 3.97 0.03 0.04 0.06 0.08 0.28 0.59 0.45 0.54 40.9 31.9 24.8 18.4 4.0 3.6 3.0 2.6 22.9 18.8 16.8 13.1 0.3% 0.3% 0.6% 0.8% Source: Company data, CICC Research Company description Yinlun was reformed in 1999 from the state-owned machinery factory in Tiantai that was established in 1958. It is a young and vibrant private listed company in China that specializes in oil, water and gas heat exchange. Its sales value in 2000 is Rmb3.12 billion. Yinlun is China’s largest manufacturer of coolers of engine, automobile, construction machinery, etc. For many years, Yinlong has applied its own professional skills into new field so that its business can be continuously expanded and extended to the market of agricultural machinery, compressor, ship, wind power generation, generator set, locomotive, as well as industrial and civil heat exchange field. Yinlun can now not only provide customers with products. Please read carefully the important disclosures at the end of this report 2 CICC Research: August 25, 2017 Trends to watch in full Revenue grew fast; gross margin came under pressure; G&A expenses rose; net margin remained flat. In 2Q17, the company’s revenue grew 39.5% YoY to Rmb1.077bn (exceeding Rmb1bn for the first time) driven by rapid growth in its passenger vehicle business and better-than-expected demand for heavy-duty trucks and construction machinery. However, gross margin in 1H17 sharply fell 3.8ppt HoH to 26.6% due to rising raw material prices since 4Q16. Net margin remained flat HoH and slightly rose 0.1ppt YoY to 8.3%. In 1H17, the selling expense and G&A expense ratios fell 0.1ppt and 0.5ppt YoY to 3.9% and 10.3%. In absolute terms, G&A expenses rose by Rmb51.16mn YoY to Rmb208mn. In July, prices of major raw materials (aluminum and copper) kept rising, which may continue to hurt gross margin. However, expense ratios may fall driven by rising revenue and economies of scale. Operating cash flow stood at a relatively low level. In 1H17, net operating cash flow fell 32.5% YoY to Rmb91.74mn due to a high base and higher salaries (Rmb280mn paid to employees in cash) since last 3Q. Demand for heavy-duty trucks may remain strong in the near term; deliveries of orders for new products merit attention in the long term. In July, sales volume of heavy-duty trucks grew 89% YoY to around 94,000 units. Driven by faster growth in infrastructure investment and logistics industry consolidation, full-year sales volume of heavy-duty trucks may exceed 1.10mn units in 2017 and the demand may remain strong in the near term. Over 2010~2016, the company’s revenue grew at a CAGR of more than 10% from Rmb1.5bn to Rmb3.0bn. The company stepped up efforts to develop new products and its R&D spending sharply grew 56.9% YoY to Rmb75.39mn in 1H17. We estimate that the company’s revenue may exceed Rmb4bn in 2017 and Rmb5bn in 2018 as production starts for big orders from domestic and overseas markets in 2H17. Figure 1: Quarterly GM 35% 32.7% 32.0% 29.7% 30% 26.8% 26.0% 26.9% 25.6% 25% 28.3% 28.4% 2Q16 3Q16 25.7% 24.1% 23.4% 2Q15 3Q15 26.5% 26.7% 1Q17 2Q17 20% 15% 10% 5% 0% 1Q14 2Q14 3Q14 4Q14 1Q15 4Q15 1Q16 4Q16 Gross margin Source: Company data, CICC Research Please read carefully the important disclosures at the end of this report 3 CICC Research: August 25, 2017 Figure 2: Quarterly NPM 10% 8.8% 9% 8% 7.6% 6.9% 7% 6.7% 6.7% 8.4% 8.5% 8.5% 3Q16 4Q16 1Q17 1.2% 0.7% 8.0% 8.0% 2Q16 8.2% 7.1% 5.9% 6% 4.8% 5% 4% 3% 2% 1% 0% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q17 Net profit margin Source: Company data, CICC Research Figure 3: Quarterly expense ratio 25% 20% 0.4% 2.4% 1.3% 15% 1.7% 1.5% 0.0% 1.7% 1.0% 1.1% 1.1% 1.0% 12.3% 10% 11.2% 12.8% 11.2% 11.8% 10.7% 9.6% 12.2% 11.1% 12.9% 1.1% 11.8% 10.6% 10.4% 10.3% 5% 4.8% 3.9% 4.5% 4.1% 3.1% 1Q14 2Q14 3Q14 4Q14 1Q15 4.4% 4.3% 2Q15 3Q15 6.6% 3.3% 4.6% 4.6% 2Q16 3Q16 6.5% 3.4% 4.3% 1Q17 2Q17 0% Selling expense ratio 4Q15 G&A ratio 1Q16 4Q16 Financial cost ratio Source: Company data, CICC Research Please read carefully the important disclosures at the end of this report 4 CICC Research: August 25, 2017 Figure 4: Cash paid on fixed assets and other L-T assets 140 (Rmb mn) 120 100 111 115 106 90 88 78 74 80 60 57 52 70 63 69 57 40 40 20 0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Cash paid on fixed assets and other L-T asstes Source: Company data, CICC Research Figure 5: Asset liability ratio 56 (%) 54 54.8 54.1 52 53.5 54.1 52.6 50 48 46 47.0 45.6 44 47.1 45.6 44.9 42 46.6 43.7 43.5 4Q15 1Q16 41.3 40 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 2Q16 3Q16 4Q16 Asset liability ratio Source: Company data, CICC Research Please read carefully the important disclosures at the end of this report 5 1Q17 2Q17 CICC Research: August 25, 2017 Figure 5: Cash paid to employees 180 (Rmb mn) 154.6 160 140 80 118.9 116.3 120 100 129.8 126.5 90.7 68.1 66.2 77.7 73.0 85.6 84.8 92.4 72.6 60 40 20 0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Cash paid to employees Source: Company data, CICC Research Figure 6: Quarterly income statement (Rmb mn) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 2Q17YoY 2Q17QoQ 1H17 YoY 1H17 HoH Revenue 670.1 771.8 756.9 919.8 930.1 1,077.0 39.5% 15.8% 39.2% 19.7% 498.1 553.3 542.2 625.6 684.1 789.5 42.7% 15.4% 40.1% 26.2% 172.0 218.5 214.6 294.2 246.1 287.5 31.6% 16.9% 36.6% 4.9% 4.0 4.6 3.2 11.5 7.3 9.9 117.6% 36.1% 100.1% 16.6% Selling expenses 22.2 35.8 34.8 59.5 31.6 46.4 29.5% 46.7% 34.4% -17.2% Administrative expenses 70.8 85.6 97.8 108.2 96.7 110.9 29.5% 14.7% 32.7% 0.8% Finance costs 7.7 8.1 8.8 6.3 9.8 12.2 51.0% 24.9% 39.3% 44.8% Impairment of assets 6.4 7.7 -5.4 13.5 9.4 1.7 -77.4% -81.5% -21.1% 38.7% Investment income 4.5 1.3 -1.5 2.4 2.2 5.8 360.8% 170.2% 37.2% 793.8% 65.4 78.0 73.9 97.7 93.5 121.6 56.0% 30.2% 50.1% 25.4% Non-operating income 6.8 2.8 5.4 -0.7 7.2 -5.1 -279.4% -171.0% -78.5% -55.3% Non-operating expense 1.2 1.8 0.9 0.4 1.0 0.6 -64.7% -35.0% -47.5% 14.6% Profit before income tax 71.0 79.0 78.3 96.5 99.7 115.9 46.7% 16.3% 43.7% 23.4% Income tax 13.2 15.5 12.7 13.2 15.8 18.9 22.0% 19.0% 21.1% 34.0% 1.5 1.8 5.2 5.0 5.1 8.8 395.4% 71.8% 321.5% 38.0% Net income 56.2 61.8 60.4 78.3 78.7 88.2 42.8% 12.2% 41.4% 20.3% Fully diluted EPS (Rmb) 0.07 0.08 0.08 0.10 0.10 0.11 42.8% 12.2% 41.4% 20.3% 25.7% 28.3% 28.4% 32.0% 26.5% 26.7% -1.6ppt 0.2ppt -0.5ppt -3.8ppt Net profit margin 8.4% 8.0% 8.0% 8.5% 8.5% 8.2% 0.2ppt -0.3ppt 0.1ppt 0ppt Quarterly ROE 2.7% 2.9% 2.8% 3.5% 3.4% 3.2% 0.3ppt -0.2ppt 0.5ppt -0.1ppt Selling expense ratio 3.3% 4.6% 4.6% 6.5% 3.4% 4.3% -0.3ppt 0.9ppt -0.1ppt -1.7ppt 10.6% 11.1% 12.9% 11.8% 10.4% 10.3% -0.8ppt -0.1ppt -0.5ppt -1.9ppt 1.1% 1.0% 1.2% 0.7% 1.0% 1.1% 0.1ppt 0.1ppt 0ppt 0.2ppt Operating costs Gross profit Business tax and surcharges Operating profit Minority interest Gross margin G&A ratio Financial cost ratio Source: Company data, CICC Research Please read carefully the important disclosures at the end of this report 6 CICC Research: August 25, 2017 Figure 7: Results overview (Rmb mn) 1H15A 2H15A 1H16A 2H16A 1H17A YoY HoH 2017E 1H as % of FY 1,421 1,301 1,442 1,677 2,007 39.2% 16.3% 3,906 51.4% 362 367 391 509 534 36.6% 30.3% 1,108 48.2% Revenue Gross profit Net profit Fully-diluted EPS (Rmb) Gross margin Net margin 104 96 118 139 167 41.4% 17.6% 330 50.6% 0.13 0.12 0.15 0.17 0.21 41.4% 17.6% 0.41 50.8% 25.4% 28.2% 27.1% 30.3% 26.6% -0.5ppt -3.8ppt 28.4% 7.3% 7.4% 8.2% 8.3% 8.3% 0.1ppt 0.1ppt 8.4% Source: Company data, CICC Research Figure 9: P/E Band 25 Figure 10: P/B Band PB Band PE Band (Rmb) 16 (Rmb) 14 20 12 10 15 8 10 6 4 5 2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 15x 23x Source: Wind Info, CICC Research 31x 40x 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1.5x 2.3x 3.1x Source: Wind Info, CICC Research Please read carefully the important disclosures at the end of this report 7 4x CICC Research: August 25, 2017 Figure 11: Comparable companies’ valuations Company Category Price Market Cap 2017/8/23 US$ mn P/E 16A 17E P/B 18E 16A EV/EBITDA 17E 18E 16A 17E 18E China A-Share Listcos CICC Coverage Chang'an Auto A PV 13.60 9,801 6.4 8.5 8.9 1.9 1.3 1.1 43.6 41.1 44.7 Great Wall Motor PV 13.04 17,860 11.2 17.5 14.1 2.5 2.2 1.9 7.7 7.4 6.6 SAIC Motor PV 29.98 52,562 10.9 8.9 1.8 1.7 1.6 11.0 9.9 8.9 Jianghuai Auto PV/CV 9.57 2,719 15.6 14.5 12.9 1.3 1.2 1.1 2.8 3.0 2.7 Weichai Power A Parts/CV 6.82 8,184 19.5 7.3 6.5 0.9 0.8 0.7 11.0 9.1 7.9 CNHTC Jinan Truck CV 16.76 1,688 25.4 20.4 19.5 1.5 2.1 2.0 27.4 17.5 16.9 Yutong Bus CV 21.39 7,106 13.4 11.7 8.8 3.7 3.3 2.8 11.4 9.9 7.7 King Long Motor CV 12.94 1,178 14.7 33.2 22.7 1.8 2.1 1.9 19.9 29.4 22.9 BAIC Foton Motor CV/PV 2.91 2,913 48.5 11.6 8.6 1.0 1.0 0.9 16.6 10.3 8.6 Jiangling Motor CV/PV 20.27 2,626 7.9 9.0 7.6 1.5 1.3 1.2 5.4 4.9 4.4 Fuyao Glass Parts 23.60 8,884 16.5 14.2 15.2 3.1 3.0 2.7 18.6 12.3 10.3 Zhejiang Yinlun Parts 10.21 1,227 31.9 24.8 18.4 3.6 3.0 2.6 18.8 16.8 13.1 Weifu Hi-tech Parts 25.73 3,896 17.2 13.0 11.6 2.0 1.8 1.6 13.6 10.4 9.4 Joyson Electronics Parts 31.39 4,472 54.1 27.1 21.4 1.7 2.2 2.0 18.7 11.8 9.7 Wanfeng Auto Wheel Parts 17.44 5,723 32.9 26.0 23.9 7.8 4.9 4.1 36.4 20.1 18.8 Locin Motor Parts 7.65 2,426 8.3 6.4 5.7 1.2 0.9 0.8 13.2 12.3 11.1 Shuanglin Parts 25.96 1,550 31.3 24.5 18.8 4.1 3.5 2.9 19.0 15.6 13.5 Asia-Pacific Mechanical & Electronic Parts 10.55 1,168 55.5 50.2 42.2 3.0 2.8 2.7 30.9 26.8 24.9 Dayang Motor Parts 7.02 2,496 31.9 27.0 23.4 1.9 1.8 1.6 23.7 19.2 16.4 Pacific Precision Forging Parts 16.93 1,029 36.0 28.2 22.0 5.3 4.1 3.5 26.9 16.8 13.7 ZYNP Parts 10.09 890 28.0 25.2 24.0 2.9 2.5 2.3 18.9 17.2 16.3 Xinzhi Motor Parts 27.21 1,633 47.1 37.3 31.3 6.4 5.7 5.1 36.1 29.4 24.6 Ningbo Huaxiang Electronic Parts 19.60 1,559 14.5 12.3 10.9 2.0 1.7 1.5 8.9 7.2 6.8 DF Electronic Technology Parts 12.34 581 33.2 28.7 25.2 3.4 3.1 2.9 11.9 10.5 9.7 Tianrun Crankshaft Parts 6.49 1,095 37.6 27.0 12.2 1.6 1.9 0.9 20.7 14.3 13.0 Fulin P.M. Parts 23.62 1,808 52.5 23.4 18.5 3.5 3.1 2.8 39.7 18.1 14.2 Xingyu Automotive Lighting Parts 45.43 1,883 35.8 27.9 22.9 3.3 3.1 2.9 26.4 22.0 18.9 Aotecar New Energy Technology Parts 4.15 1,950 10.4 9.2 8.5 0.9 0.9 0.8 20.3 14.8 12.9 WLY Parts 15.18 3,075 65.6 22.7 18.5 3.7 3.2 2.9 30.9 15.4 13.2 Tuopu Parts 29.05 3,172 34.3 23.1 18.5 6.3 4.5 3.8 25.2 19.3 15.9 China Grand Auto Dealer 7.40 7,940 5.4 12.1 10.9 1.5 1.5 1.3 14.8 12.1 11.1 Founder Motor Parts 10.61 718 23.6 17.7 14.3 1.2 1.1 1.1 27.1 21.1 17.7 17.5 9.6 Wind Consensus Dongfeng Automobile CV 5.89 1,768 53.8 30.0 22.2 1.8 1.7 1.6 31.7 31.3 FAWAY Parts 19.92 1,265 19.7 13.2 10.6 2.0 1.7 1.5 11.5 9.3 7.8 Wuhu Yaxia Automobile Dealer 4.34 534 54.0 36.6 31.7 1.9 1.8 1.7 25.4 23.2 23.5 Median Median 29.7 18.5 16.8 2.0 1.9 1.8 18.8 14.3 13.0 HK Listcos CICC Coverage Brilliance Auto PV 20.50 13,219 24.9 16.4 11.9 4.0 3.4 2.8 29.3 23.4 17.3 Geely Auto PV 19.04 21,777 28.0 16.3 11.1 5.8 4.5 3.5 33.3 21.3 16.0 Dongfeng Motor Group PV/CV 10.20 11,232 5.6 5.0 4.7 0.7 0.6 0.6 5.0 4.6 4.3 Great Wall Motor PV/CV 10.08 11,759 7.4 11.7 9.3 1.7 1.4 1.2 8.2 7.9 7.0 Weichai Power H Parts/CV 7.78 7,952 18.9 7.1 6.3 0.8 0.8 0.7 6.6 5.5 4.7 Minth Group Parts 34.40 5,008 20.3 16.0 12.5 3.3 2.8 2.4 13.0 10.2 7.8 Zhongsheng Holdings Dealer 18.00 5,216 18.7 12.7 10.9 2.5 2.3 2.1 21.9 15.7 13.6 Zhengtong Auto Dealer 8.00 2,265 30.6 15.2 10.5 1.7 1.5 1.4 17.0 10.3 8.8 Harmony Auto Dealer 3.70 727 n.a. 8.8 7.9 0.9 0.8 0.8 26.3 5.4 4.8 Yonda Auto Dealer 10.66 2,375 18.6 11.6 9.4 2.5 2.1 1.8 10.0 7.8 6.9 Grand Baoxin Auto Dealer 3.96 1,436 21.1 11.7 9.6 1.7 1.4 1.2 6.6 4.0 3.2 DCH Holdings Dealer 3.90 913 13.3 6.6 n.a. 0.8 0.6 n.a. 2.8 2.6 n.a. Median Median 18.9 11.6 9.4 1.7 1.4 1.2 9.1 7.8 7.0 Wind Consensus Source: Wind Info, CICC Research Please read carefully the important disclosures at the end of this report 8 CICC Research Important legal disclosures General Disclosures This report has been produced by China International Capital Corporation Hong Kong Securities Limited (CICCHKS). This report is based on information available to the public that we consider reliable, but CICCHKS and its associated company(ies)(collectively, hereinafter “CICC”) do not represent that it is accurate or complete. The information and opinions contained herein are for investors’ reference only and do not take into account the particular investment objectives, financial situation, or needs of any client, and are not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. 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Revenue grew fast; G&A expenses may fall
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中金公司 - Revenue grew fast; G&A expenses may fall
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Revenue grew fast; G&A expenses may fall
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