Zoomlion (000157): The construction machinery industry continues to recover. The company expects that net profit attributable to mothers will gradually increase by 171 in the first half of the year.
Event: The company released the 2019 semi-annual performance forecast, and it is expected that the net profit attributable to mothers will be 2.4 trillion to 2.7 billion in the first half of the year, an increase of 171.
42%, achieving substantial growth.
Benefiting from the continuous recovery of the construction machinery industry, the company’s second-quarter performance improved significantly.
In the first quarter of 2019, the company realized net profit 北京夜网 attributable to mothers10.
20,000 yuan, an increase of 165 every year.
According to the company’s half-year performance forecast, it can be calculated that the company’s net profit attributable to its mother in the second quarter of 201913.
980,000 yuan, an increase of 187% -249% each year.
According to the number of reports, domestic real estate and infrastructure and other downstream industries have strengthened demand, the construction machinery industry has continued to recover, the market demand is strong, and the company’s concrete equipment, lifting equipment and other product orders and sales have maintained rapid growth; the company’s core products are concrete pump trucks and tower cranes, Engineering cranes, etc. 4.
The market coverage of 0-series products has increased and market competitiveness has been further strengthened; the company continues to strictly control this cost, and with the increase in sales scale, the cost rate has continued to decline rapidly.
The construction machinery industry maintained its prosperity, benefiting from the start of land construction and investment growth. The company’s tower cranes and concrete machinery products are expected to achieve greater growth.
From January to May 2019, the added value of fixed assets investment in infrastructure construction increased2.
60%, bringing stable demand for construction machinery, the total sales of the excavator industry in the first half of 19 13.
720,000 units, an annual increase of 14%; cumulative sales of truck cranes from January to May2.
200,000 units, an increase of 63 in ten years.
10%; The main business income of the construction machinery industry from January to May increases by 14.
91%, the industry is still in steady growth.
From the perspective of real estate construction, the growth rate of investment in fixed assets in the real estate industry reached 10 in the period from January to May.
90%, the newly started area increased by 10 in ten years.
50%, and the company’s concrete machinery, tower cranes and other products directly benefit from the growth of real estate construction, we believe that sales growth will be achieved.
Considering the further development of the industry, the company’s second-quarter performance has grown. We raise our company’s revenue and performance forecasts. It is expected that the company will achieve net profit attributable to mothers in 2019-2021.
55 trillion, EPS is 0.
76 yuan / share, the net net asset is 5.
96 yuan / share, the company’s closing price on July 15, 2019 5.
92 yuan / share, corresponding to 1 each of 2019-2021 PB.
99 times, corresponding to 11 for PE.
Give the company 1 of 2019.
35 times PB, corresponding to a reasonable value range 5.
09 yuan, corresponding to PE in 2019 is 11.
90 times, which is in the range of the estimated level of comparable companies.
Risk reminder: the demand of the construction machinery industry decreases, the agricultural 南京夜网 machinery business continues to decrease, new product progress exceeds expectations, and bad debt losses increase.