Shanghai Construction Engineering (600170): New year singles with performance in line with expectations continue to grow rapidly
Event: The company’s performance report shows that in 2019, it will achieve an operating income of 20.48 million yuan and an annual increase of 20.
0%; net profit attributable to mother 37.
70,000 yuan, an annual increase of 35.
61%; net profit deducted from non-mother 28.
80,000 yuan, an increase of 17 in ten years.
In addition, gains on changes in fair value of financial assets in 19 years.
Excluding the impact of changes in the fair value of financial assets, the company’s performance increased by approximately 16.
4%, basically in line with expectations.
The company has accumulated a total operating income of 20.48 million yuan in ten years, an increase of 20 throughout the year.
0%, of which Q1 / Q2 / Q3 single-quarter revenue was 47.1 billion / 56.4 billion / 48.8 billion, corresponding to a growth rate of 51.
6% / 19.
5% / 31.
6%, 19Q4 single quarter revenue of about 52.4 billion, exceeding quarter 4.
93%, mainly due to the high base in the same period last year; excluding the impact of changes in the fair value of financial assets, the company realized a net profit of 32.
40,000 yuan, an increase of about 16 in ten years.
4% (based on the calculation of the income tax rate in the first three quarters), and the estimated net profit for each quarter of 19Q1 / Q2 / Q3 (average variable impact) is approximately 7.
6.3 billion / 6.
7.6 billion / 8.
7.7 billion, corresponding to a growth rate of 43.
7% / 68.
3%, 19Q4 single quarter net profit is about 9.
2 ‰, the ten-year average of 5.
Construction and related industrial businesses have grown significantly, and revenue contribution has increased.
In terms of business structure, the company’s historical high-growth order conversion has driven the growth of construction business revenue. The construction construction business revenue is expected to be 160 billion yuan, an increase of 21% over the previous year, and its proportion increased by 2%.
86 averages 78.
1%; construction industry business revenue is expected to be 12.5 billion, an increase of 147% over the previous year, the proportion increased by 3.
15 up to 6.
The gross profit margin of this target business has reduced other business segments, and the increase in the proportion has led to a decline in the comprehensive profit margin, which has led to a slightly lower profit growth rate than the revenue growth rate.
The Yangtze River Delta construction leader, backed by Shanghai SASAC, builds a 杭州夜网 complete industrial chain.
Shanghai Construction Engineering is an important contracting enterprise in Shanghai. It has participated in 50% of major projects listed on the market, and has gradually formed a regionally integrated business structure in the Yangtze River Delta. The new signing growth rates in 2016-2018 were 27.
58% / 20.
06% / 17.
68%, benefited from the strong construction investment in the Yangtze River Delta region in 19 years, realized a new long-term single US $ 360.8 billion, and continued to maintain 18.
High growth rate of about 8%, of which 302.6 billion yuan were newly signed for building construction, an increase of 22 per year.
6%; design consulting newly signed 1.88 million yuan, a year-on-year increase of 16.
2%; the construction industry newly signed 17.5 billion yuan, a year-on-year increase of 26.
4%; real estate pre-sale contract value is about 59.
8 ‰, 50 years ago.
2%; new 66 for urban construction investment.
0 ppm, a ten-year average of 24.
Deepen the reform of state-owned enterprises and make state-owned assets bigger and better.
The company is at the forefront of reforms. After equity incentives, it tried to separate high-quality business sector building materials industry-related companies into independent listings. Construction materials rely on the advantages of Shanghai and the Pan-Yangtze River Delta region to have more market shares.Focusing on improving the cross-regional operation capacity of construction materials; expansion, independent operating platforms are expected to obtain more reasonable valuations, and also provide the basis for future strategic investors.
Maintain profit forecast and “Buy” rating: (excluding the impact of changes in the fair value of financial assets), the company’s estimated net profit for the years 19-21 is 31.
5.9 billion / 36.
36 billion / 41.
7.1 billion, corresponding to a growth rate of 14% / 15% / 15%, corresponding to PE respectively 10X / 9X / 8X, maintain the “Buy” rating.