Construction Machinery (600984) 2019 Interim Report Review: Tower Crane Leasing Leads Both Volume and Price Rise, Profitability Improved Significantly
2019H1 performance quadrupled short-termThe company released its 2019 interim report and achieved revenue13.
99 ‰, an increase of 51 in ten years.
92%; net profit attributable to mother 1.
880,000 yuan, an increase of 217 in ten years.
74%. This is due to the continued upward trend in the construction machinery leasing market since 2018. The company’s tower crane leasing business equipment holdings + rental prices have risen to drive rapid revenue growth.
Profitability continued to improve, and the tower crane leasing business dazzled the company’s gross profit / net margin in 2019H1 to 36.
76% / 13.
45%, an increase of 5 per year.
02 pct; period rate control is good, of which management / sales / finance rate are 11 respectively.
44% / 1.
15% / 6.
22%, ten years change -3.
17 / -0.
In terms of business, rental income from construction products12.
10,000 yuan, an increase of 53 in ten years.
67%, revenue accounted for 86%, mainly benefited from the continued high demand in the tower crane leasing market, the company continued to increase the purchase of leased equipment, and Pengyuan Leasing continued to expand its output value in the first half of 2019.
46 ppm, an increase of 41 in ten years.
1%, add equipment purchase 7.
54 ppm, +70 a year.
01%; Revenue from road construction equipment / tower sales / road construction product rental business is 0.
28 ppm, a decrease of 16 per year.
85% / 5.
87% / 30.
56% were slightly anesthetized overall.
“Quantity, price and efficiency” have risen together, and the company has entered a rapid growth channel.Since 2018, the subsidiary Pangyuan Leasing has seized the market opportunity for the development of domestic prefabricated buildings, fully relying on the advantages of the parent company’s listed platform, and continued to increase equipment investment.To increase market share and operating performance.
According to the survey information, the company currently has more than 4,800 tower cranes, the industry’s first, and the total tonnage of tower cranes has exceeded one million tons. The company’s rental price has remained stable and increased, according to the latest Pangyuan Index on August 18.1490, an annual increase of about 15%; the company’s tower crane tonnage utilization rate in July was 78%, still at a historically high level.
The increase in the company’s equipment ownership + rental growth + equipment maximization and the three-factor resonance drive the company’s rapid growth.
Earnings forecast and investment recommendations The company’s net profit for 2019-2021 is 4 respectively.
750,000 yuan, the corresponding EPS is 0.
75/0.94 yuan, corresponding to 14/11/9 times PE, maintain “Buy” rating.
Risk warning policy risks; real estate and infrastructure growth measures; less-than-expected development 深圳桑拿网 of fabricated buildings;