Zoomlion (000157) third quarter performance review: performance growth surpassed peer cash flow continues to hit a new high

Zoomlion (000157) third quarter performance review: performance growth surpassed peer cash flow continues to hit a new high

The event company achieved revenue of 317 in the first three quarters.

5.5 billion, an increase of 50 in ten years.

96%; net profit attributable to mother 34.

8 billion, a growth of 167 in ten years.

08%; the growth rate of revenue 苏州桑拿网 and profits have remained at a high level.

Q3 achieved revenue of 94.

9.3 billion, an increase of 50 in ten years.

33%; realized return to mother’s profit9.

4.0 billion, an annual increase of 105.

97%.

A brief review of the first three quarters of performance growth surpassed all peers, and each product industry segment has steadily increased.

The company is the only company in the construction machinery sector with revenue growth of more than 50% in the first three quarters. The core reason is that the company has differentiated, high-growth tower crane products, and increased the market share of concrete machinery and construction machinery cranes.

From the perspective of products in the first three quarters: ①Concrete machinery revenue was approximately 10.2 billion, which will increase 44% in the future. The 杭州夜网 growth rate will increase by 13 pct compared with the first half of the year. It is judged that the market share has increased; ②Engineering crane revenue is approximately 9.7 billion, with an increase of 62%, Although the growth rate was 8 percentage points lower than in the first half of the year, it was far better than the automobile spreader industry32.

5% sales growth, the company’s car market share in the first three quarters of 27.

8%, an increase of 4 per year.

5 pct; ③ Tower crane revenue is about 6.3 billion, an annual increase of 109%, the growth rate is about 71 pct lower than the first half, but the benefit of prefabricated construction is still growing rapidly and the company’s leader is quite solid.

Profitability continued to increase every year, and operating net cash flow created a record high for the same period.

①The gross profit margin and net profit margin in the first three quarters were 29 respectively.

82%, 10.

96%, increasing by 3 each year.

45, 4.

76 pct, judging that there is still room for improvement in the future.

② The expense ratio during the first three quarters decreased by 2.

76 to 17.

51%, of which the financial expense ratio decreased by 1.

4 to 2.

88%, R & D expense ratio rose by 0.

53 pct to 2.

3%, the sales expense ratio decreased by 0.

22 pct to 8.

72%, the management expense ratio decreased by 1.

67 to 3.

6%, overall strict cost control.

③ The net operating cash flow in the first three quarters continued to create a historical high for the same period, reaching 49.

6.2 billion increased by 62.

5% is 1 of net profit attributable to the mother during the same period.

42 times, indicating that the company’s performance “gold content” is extremely high.

The two new products quickly increased volume.① The first three quarters of high-altitude operation platforms have achieved revenues of about 400 million, of which Q3 arm type sales have been 300 or 400 units. It is estimated that the high-altitude operation platforms will gradually earn around 600 million and the volume will exceed our expectations; ② The first three quarters of excavatorsWith revenues exceeding 200 million, of which 8 and 9 have exceeded 100 million in a single month for two consecutive months, we therefore keep a close watch.

Judgment of industry growth: Judging from the high base, the overall growth rate of the domestic construction machinery industry will shift in 2020, but it will not fall significantly.

First, although the industry has promotions, it adheres to the bottom line of down payment and has no overdraft demand.

In fact, the update cycle has not yet ended, and it is expected to continue until 2021, and the logic of manual replacement has long existed.

Once again, although the growth rate of real estate development investment has a downward trend, the absolute value is still high, but the speed is slow; infrastructure plays a stable economic role, and the growth rate is up. Infrastructure investment (excluding electricity) increasedSpeed up to 3 respectively.

44%, 4.

5%.

Finally, the competitiveness of domestic construction machinery has increased, and exports continue to be optimistic.

Earnings forecast and investment rating are based on the above analysis. It is estimated that the company’s operating income for 2019-2021 will be 417.

60, 469.

47,516.

7.2 billion, an increase of 45 each year.

5%, 12.

4%, 10.

1%; net profit attributable to mothers is 43.

60, 51.

42, 57.

47 million, an increase of 115 each year.

8%, 17.

9%, 11.

8%; Maintain target price of 6.

89 yuan, maintain “Buy” rating.

Risk factors: the risk of gradual fluctuations in the construction machinery industry