Sany Heavy Industry (600031) 2019 first quarter performance preview comment: leading advantages strengthen “elephant” dancing
This report reads: It predicts that the profit for the mother will be 3-3.3 billion in 19Q1, an increase of 100-120%, exceeding expectations.
The market share has steadily increased, all businesses have exploded, the performance elasticity has been accelerated, and the 19-year profit has been raised to 100.
500 million, increasing holdings.
Investment Highlights: Conclusion: The company announced that its profit for the period from 19Q1 to 30.3 billion yuan, an increase of 100-120%, exceeded expectations.
19Q1 mission business broke out in an all-round way, and market share steadily increased; the balance sheet was cleared, economies of scale were enlarged, performance elasticity was accelerated, and EPS in 19-20 was raised to 1.
05) / 1.
02) Yuan, plus EPS 1 for 21 years.
24 yuan, maintaining a target price of 16 yuan, corresponding to 13 in 19 years.
3 times PE, increasing holdings.
The market share steadily increased, and various businesses broke out.
From the company’s operating situation in the first quarter, the sales volume of excavators was 1.
960,000 units (+52.
3%), market share increased to 26% (earlier 18 years + 3pct), further surpassing industry growth; truck cranes nearly doubled, market share increased to approximately 30%; domestic concrete machinery business, pump trucks (includingBroken line) boom) increased by over 60%, mixing trucks increased by over 50%, and mixing stations increased by over 40%. It is predicted that the overall revenue 上海夜网论坛 growth in the first quarter will be about 50%, clearly surpassing the industry.
In March, the company’s financial integration exceeded expectations and the number of startup hours continued to change positively, and the high industry boom is expected to continue.
The growth rate of infrastructure investment, mining, and real estate investment was 4 in the first two months.
6%, an increase of 0 from the previous value.
5 pieces, 37 pieces
3pct, the growth rate of infrastructure investment will increase month-on-month under the counter-cyclical adjustment; the change in the investment recovery period of equipment will increase confidence in purchase; excavators and cranes will start the next stage of environmental protection standards, and the update rate will increase steadily; and in 南京夜网论坛 MarchAdded social financing 2.
86 trillion, indicating strong financing needs, and the number of Komatsu excavator startups increased by 6 in March.
5%, which confirms the upward turning point of downstream prosperity.
The balance sheet was cleared, and the elasticity of performance was accelerated.
As of the end of 18, Sany’s interest-bearing debt was 14.3 billion, and interest-earning assets increased significantly, and interest-bearing net debt was replaced by zero; operating net cash flow in 2018 was 10.5 billion, significantly surpassing net profit; historical burdens were cleared, and economies of scale were further enlarged, Profitability continued to improve, performance elasticity accelerated release, raised 19-year net profit to 10 billion.
Risk warning: The growth rate of real estate investment is rapidly expanding, and the easing of risk control has aggravated the irrationality of the industry.