Sany Heavy Industry Co., Ltd. (600031)： First-quarter performance growth and operating quality continued to improve
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Sany Heavy Industry Co., Ltd. (600031): First-quarter performance growth and operating quality continued to improve
The company released the 2019 first quarter report, and the performance growth was close to the on-line announcement, which was in line with expectations.
The company released its 2019 first quarter report with revenue of 212.
950,000 yuan, an increase of 75 in ten years.
14%; net profit attributable to shareholders of listed companies 32.
2.1 billion, an annual increase of 114.
71%; Realize deduction of non-net profit attributable to shareholders of listed companies.
$ 15 billion.
Thanks to the strengthening of its own product competitiveness and the continuous improvement of the industry’s prosperity, the company’s first quarter performance growth in 2019 far exceeded the industry average and exceeded market expectations.
The company’s product competitiveness has been continuously improved.
The company’s excavator business grew strongly in the first quarter of 2019. Excavator sales increased by about 50%, far exceeding the industry’s growth level. Excavator market share increased by 3-4pct in 2018.
In the case of fierce market competition, the company’s small, medium and large digs 485 have been out of stock, which also confirms that the company’s competitiveness has improved.
In the field of concrete machinery, the company’s pump trucks and mixer trucks have achieved an increase of more than 100%, and the market share of the two bridge pump trucks has reached 52.
2%, the market share of Sanqiao pump trucks reached about 52%, and the market share of mixer trucks reached 22.
The crane business also achieved rapid growth, and the domestic market share continued to increase.
Operating quality continued to improve, and operating cash flow hit a record high.
The company’s operating cash flow in 2019Q1 was 380,000 yuan, which was the best level in history.
The abundant cash flow is due to the company’s constant risk control in this round of industry recovery, and strict evaluation of dealers’ overdue rates and repayment ratios.
The company’s operating quality continued to improve, with revenue growth reaching 114.
In 71% of cases, accounts receivable increased by 24.
With abundant cash flow, the company implements active cash management and achieves interest-resistant interest coverage through investment methods such as principal-guaranteed wealth management.
Concrete machinery and lifting machinery are expected to grow at a high rate.
According to the normal start sequence, we 杭州桑拿 expect that the two segments of concrete machinery and lifting machinery will relay the high growth trend of excavators.
The company is a world leader in concrete machinery, and the domestic market share of lifting machinery is the second. It is expected that the company’s 2019 performance will fully benefit the high growth trend of concrete machinery and lifting machinery in the industry.
Profit forecast and investment advice.
We maintain our company’s profit forecast for the next three years and expect revenues of 693 in 2019-2021.
5.7 billion, 850.
54 ppm, 935.
600,000 yuan, a year-on-year increase of +24.
6%, + 10%, achieving net profit of 75%.
7.6 billion, 95.
6.9 billion, 114.
10,000 yuan, an increase of +23.
3%, +19.1%, the current corresponding PE is 13 respectively.
Taking into account the improvement of the construction machinery industry boom and the company’s leading addition, the company’s reasonable estimate level is corresponding to 18-20 times in 2019, and the corresponding range is 16.
2-20 yuan, maintain BUY rating.
Risk warning: the downstream demand of the construction machinery industry is shrinking, and the industry’s prosperity is declining; the overseas market expansion is less than expected;