Construction Machinery (600984): Three quarterly reports continue to maintain rapid growth and profitability continues to improve
Event: The company announced today that the company achieved net profit attributable to its mother in the first three quarters3.
800 million, an annual increase of 228%, in the third quarter achieved net profit attributable to mothers1.
9.2 billion, an increase of 237% over the same period.
The opinions are as follows: 1. Volume and price have steadily increased, and the third quarter performance continued to explode.
The company’s third-quarter profit continued to increase by more than 200%. Among them, in the first three quarters, the company’s procurement of leased equipment increased by 74%. In terms of price, referring to the company’s order price index, the annual average reached 1517 points, a growth rate30%.
2. This year is the year when the company started to make real achievements.
In fact, the company has real performance. Due to the historical problems of Tiancheng and the headquarters, the profit of the company’s consolidated statements has been expected in recent years, but after continuous processing, the problem has gradually come to an end. The third quarter results further verify this.Point of view, this year will be the year when the company really starts to perform!
The current position continues to consolidate optimistic about the company’s development prospects, for a number of reasons: a. Tower crane leasing is an industry with barriers.
Basically, the dry-leasing and tower-crane leasing industry chain are through, with the characteristics of high management barriers, difficult to copy and manage, and make the barriers high!
b. The company will continue to maintain a high growth trend in the next few years.
Judging from the performance of the main source of profit, the subsidiary Pangyuan Leasing, it has maintained a high growth rate in recent years. Among them, the compound growth rate of revenue for 2015-2018 was 32%, and the compound growth rate of profit was 48%.Strategic planning and industry prosperity, it is not a big problem for the company to maintain a growth rate of 30% -50% in the future!
c, the company’s performance expectations are not so great.
Tower crane leasing corresponds to the stock market, with large space and good stability, and the leader who has grown through the cycle of baptism is trying to continue to surpass the development of the industry.
Judging from historical data, the company’s performance in 2014-2016, which is the worst in the industry, can continue to grow, reflecting the company’s replacement of the ability to resist the cycle change!
d. The company’s development is supported by industrial logic.
The company’s main growth point in the future is prefabricated buildings. Last year we conducted a subdivision study of the prefabricated building industry chain. The development trend exceeded our expectations. Industry insiders judge that the industry’s high prosperity can be maintained for at least 3-5 years.In the future, it is expected to create another tower crane rental industry.
Performance forecast and estimation: Based on 佛山桑拿网 the growth of performance, the company’s net profit attributable to its mothers will be increased by 5 to 19-21.
5 billion / 8.
100 million / 10.
500 million, PE is 16/11/8 times, given a “buy” rating.
Risk reminder: The real estate boom is highly expanded; the development of prefabricated buildings is less than expected