CRRC (601766) 2019 Interim Report Comments： Performance Meets Expectations Opening to the Peak and Guarantees Core Core Business Growth
CRRC (601766) 2019 Interim Report Comments: Performance Meets Expectations Opening to the Peak and Guarantees Core Core Business Growth
Core Views The company’s first half of 2019’s performance is in line with expectations, and its core main business has maintained good growth. Against the backdrop of the railway and subway openings in 2019-20, the company is expected to continue to improve quality and efficiency and achieve steady growth.
Maintain the company 132 from 2019-2021.
06 billion, 148.
7.4 billion, 164.
7.3 billion net profit forecast, maintain “Buy” rating.
The performance was in line with expectations, and the growth of the main business was good.
Reported that the top companies achieved operating income of 961.
47 trillion, with an increase of 11.
42%, net profit attributable to mother 47.
810,000 yuan, an increase of 16.
19%, the net profit of non-attributed mothers was 42.
3.1 billion yuan, an increase of 25.
From the perspective of income structure, the operating income of railway equipment, urban rail and urban infrastructure, new industries, and modern service sectors were 538 respectively.
85 and 35.
60 ppm, with annual growth rates of 20 each.
54% and -42.
79%, railways and urban rails maintained a high growth trend in the first quarter, and the scale of non-core business continued to shrink.
Report total budget, sales, management, R & D and financial expenses as a percentage of revenue.
26%, a decrease of 1 per year.
19 cases, reflecting the company’s results in improving quality and efficiency, with a gross profit margin of 22 during the period.
47%, a decrease of 0 compared with the same period last year.
80pcts, the main reason is the change in product structure caused by the delivery of products such as Mochi.
In the first half of the year, the company’s new millennium order was 1302 trillion, of which international orders were 118 trillion.
Railway equipment continued to grow beautifully, and vehicles were delivered during the year.
Reported that the core company’s railway equipment business income also increased by 20.
25% to 538.
8.2 billion, of which 102, passenger, mobile, truck revenue.
83 trillion, each year +11.
53% / + 187.
06% / + 21.46% /-13.
22%, of which the high growth of passenger cars was driven by the dynamic set delivery under the effect of a low base. The growth rate of moving vehicles returned to normal as scheduled. There were no high-speed 杭州桑拿 tenders for the network during the year, but the company has a large number of orders in hand. It is expected that delivery settlement will be smoothly achieved in the third quarter.The maximum delivery of 320-350 trains is expected to remain unchanged, and continuous tenders for motor vehicles are expected to resume in the near future.
The national three-year freight incremental action plan will effectively protect the demand for locomotives and trucks.
In addition, in the first half of the year, the company announced a US $ 29.6 billion high-level revision order. The stock motor vehicles gradually entered the overhaul cycle in accordance with the service time. The post-market maintenance revenue growth rate helped maintain a 20% CAGR and became a new growth point for the railway sector.
The peak traffic period guarantees 北京桑拿洗浴保健 high growth of urban rail subway.
According to the report’s baseline, the company’s urban rail and urban infrastructure business revenue increased by 37.
67% to 178.
20 ppm, continuing the higher growth trend in the first quarter, which is consistent with our statistics of the peak mileage of open traffic. Micron-sized subway projects in 18H2 and more have been approved to accelerate, and the performance growth of the entire vehicle to parts in 19H1 is ideal.
We still continue to judge that the subway tenders in 2019 are expected to return to the level of more than 8,000 vehicles. The bottom-up statistics show that 2019-20 will be the peak mileage of subways and the greater certainty of the urban rail sector.
Gross profit margin of the urban rail sector was 16.
75%, down by 1.
32pcts, mainly due to the fluctuation of the gross profit margin of the engineering business, and the gross profit margin of the vehicle maintained a stable and rising trend.
EMU bidding, urban rail construction was less than expected.
Overseas orders were delivered less than expected.
Profit forecast and estimation.
The company’s first-half performance is in line with expectations, and its core business has maintained good growth. Against the backdrop of the peak railway and subway openings in 2019-20, the company is expected to continue to improve quality and efficiency and achieve steady growth.
We maintain the company 132 in 2019-2021.
06 billion, 148.
7.4 billion, 164.
The net profit forecast of 73 trillion, the corresponding EPS is 0.
57 yuan, maintain “Buy” rating.