Sany Heavy Industry Co., Ltd. (600031)： Gradually showing excellent “manufacturing + service” layout
Category : 新闻
Sany Heavy Industry Co., Ltd. (600031): Gradually showing excellent “manufacturing + service” layout
Event: On the evening of January 20, the company issued an announcement of the 2019 performance increase.
The report summarizes that the company expects to realize a net profit of 10.8 billion attributable to shareholders of listed companies?
$ 11.8 billion, an increase of 76 per year.
93%; Estimated net profit attributable to shareholders of listed companies after restructuring non-recurring gains and losses
11.2 billion, an increase of about 65.
In the same period last year, net profit attributable to shareholders of listed companies was 61.
US $ 1.6 billion, net profit attributable to shareholders of listed companies after deduction of 60.
Investment Summary: High growth continued in the fourth quarter of 2019.
It is expected that the company will realize net profit attributable to its parent in the fourth quarter of 2019 of approximately 16.
41 trillion, an increase of 33 in ten years.
18%; central number 21.
410,000 yuan, an increase of 73 in ten years.
62%, down 11 from the previous month.
The single-quarter performance continued to be outstanding and gradually achieved significant positive growth. In the long run, it still mainly benefited from: (a) the prosperity of all major sub-products exceeded expectations.
Among them, the excavator industry achieved sales of 23 in 2019.
570,000 units, an increase of 15 in ten years.
9%, the company’s market share was increased at the same time; January 11, 2019, the truck crane industry achieved sales3.
960,000 units, an increase of 33 in ten years.
18%, it is expected that the company’s crane product sales trend is basically consistent with the industry, and the market share has also increased.
(B) Emissions upgrade, and the demand for renewal and replacement has steadily increased.
(C) Promote digital transformation, continuously improve operating efficiency, and further improve asset quality.
Transformation of “manufacturing + service”.
Summary of the report, the company acquired Sany Auto Finance 91 held by the controlling shareholder Sany Group91.
43% equity, transaction amount 33.
SANY Automotive Finance provides financial service products to the construction machinery industry and is the first auto finance company in the upstream construction machinery industry.
We believe that the synergy of the acquisition is mainly reflected in: (a) improving the company’s capital use efficiency and income; (b) making full use of its own advantages, including excellent equipment residual value management capabilities, and seamless cooperation with dealers;c) Speed up the construction of overseas construction machinery financing channels and reduce customers’ overseas financing costs.
Outlook: counter-cyclical + competition.
Counter-cyclical: On a macro scale, infrastructure growth may accelerate in 2020.
Democracy, the Ministry of Finance requires all regions to accelerate the consolidation of special debt lines to specific projects to ensure visible benefits in early 2020.
Year to date, the issuance of local special bonds has accelerated, with key areas focused on infrastructure construction.
Exploitation: The domestic 深圳桑拿网 market is accelerating import substitution while actively expanding into overseas markets, and future growth is expected.
Investment strategy: What do we expect the company to do in 2019?
The EPS in 2021 will be 1.
45 yuan, 1.
72 yuan, 1.
95 yuan, corresponding to the current continuous price-earnings ratios of 11 times, 10 times, and 9 times respectively. Maintaining the “buy” rating risk tips: downside risk of gross profit margin; exchange rate changes; and overseas market expansion is not up to expectations.