Zoomlion (000157): Phoenix Nirvana reborn once quarterly results exceeded expectations
Event: On April 7, 2019, the company issued a notice for the first quarter of 2019. In the first quarter of 2019, the company realized net profit attributable to mothers8.
500 million, ten years +125.
69%, the basic profit return is 0.
Opinion: The company’s first-quarter performance forecast exceeds expectations.
The prosperity of the construction machinery industry in 2都市夜网 019 continues, especially the sales growth rate of post-cycle products such as cranes and concrete machinery is still relatively high. The company’s advantageous business is fully utilized, and the profit growth in the first quarter is raised. The profit forecast is raised, and it is strongly recommended.
The industry boom continued, and the company’s tower crane profits continued to be released.
In the first quarter of 2019, the prosperity of the construction machinery industry continued. The company’s construction machinery segment’s operating income increased compared with the same period of last year, especially the tower crane business. The company’s tower crane business has grown to become the first brand in the domestic industry, and its sales scale has reached the world’s firstFirst, the total output value exceeded 5 billion US dollars in 2018, creating a profit and tax of nearly 1 billion US dollars, with a market share of about 40%. We judge that the market share in 2019 is expected to reach 50%. At present, the company’s tower cranes have ample orders on hand and are still in short supply.State, and the utilization rate of ton-meters from Pangyuan leased tower cranes was verified, 71 in March.
4%, a new high of nearly 4 years, indicating better downstream construction and strong demand for tower cranes. We judge that the growth rate of tower crane revenue in the first quarter was more than 100%, and the gross profit margin was 33%?
About 35%, providing the company with performance value added, and the demand for tower cranes is expected to be sustainable.
Profitability continued to increase, and operating cash flow hit a record high.
① Profitability has been continuously enhanced.
The company’s overall gross profit margin reached 27 in 2018.
09%, ten years +5.
74pct, net interest rate is 6.
82%, ten years +1.
46pct, significantly improved profitability.
The company’s Q1 / Q2 / Q3 / Q4 gross profit margins were 25 in 2018.
07%. In 2018, the company concentrated on the release of the second mobile phone. The gross profit margin increased significantly quarter by quarter. In the first quarter of 2019, even the market price was fiercely competitive.Will improve.
② Operating cash flow hit a record high.
The company has a strong sense of risk control, strictly controls the payment terms, and the cash flow has significantly improved. The average down payment ratio has reached 40%, and the overdue rate of new machine sales is less than 1%.
Operating cash flow reached 50 in 2018.
6.4 billion, a record high, and step into a healthy and sustainable development path.
In 2019, the company has more clearly expected growth and continues to advance4.
0 product engineering, product sales repayments have further improved, and cash flow will still be good.
Investment suggestion: It is expected that the company’s net profit attributable to its mother will be 31 in 2019-2021.
17 and 51.
4 青岛夜网billion, up 57 previously.
86% and 21.
89%; corresponding to EPS 0.
54 and 0.
66 yuan, corresponding to PE12, 9, 8 times.
Maintaining a strong recommendation rating risk reminder: Infrastructure investment is less than expected, and downstream fixed asset investment has increased significantly.