Zoomlion (000157) quarterly report comment: the first quarterly performance is beautiful, operating cash flow hits a new high

Zoomlion (000157) quarterly report comment: the first quarterly performance is beautiful, operating cash flow hits a new high

Zoomlion (000157) quarterly report comment: the first quarterly performance is beautiful, operating cash flow hits a new high

Event: On April 29, 2019, the company released a quarterly report. The report stated that the company achieved operating income of 90.

1.7 billion, +41 a year.

76%; net profit attributable to mother 10.

20,000 yuan, +165 a year.

98%; product gross margin reached 30.

01%, ten years +4.

68pct; net cash flow from operating activities of the company is 18.

670,000 yuan, an estimated increase of 311 in the same period last year.

56%.

Opinion: The company’s first-quarter results are close to the upper limit of the performance forecast, and the overall performance exceeds expectations.

The prosperity of the construction machinery industry in 2019 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 has increased significantly., Operating cash flow +311 for ten years.

56%, a record high over the same period, and maintains a strong recommendation.

The sales volume of post-engineering machinery products has increased rapidly, and the company’s advantageous business has been brought into full play.

From the 2018 revenue structure, we can see that the company achieved operating income of 286 in 2018.

9.7 billion, of which 124 were lifting machinery.

70,000 yuan, 101 concrete machinery income.

At 65 yuan, cranes surpass concrete machinery to become the largest source of revenue, and the two together account for 79%.

Due to the late 云尚丽体验网 cycle of concrete equipment and lifting equipment classified excavators, the industry is still in a state of high prosperity. In the first quarter of 2019, the sales volume of the truck crane industry was 12,415, which followed.

65%, the company sold 3429 units, an 80-year growth rate.

6%, the growth rate is higher than the industry, with a market share of 27.

62%, increase by 1 every year.

7 points.

The growth rate of pump trucks in the company’s concrete machinery has more than doubled, and it is expected that the second quarter will also continue to grow at a high speed.

The company’s concrete equipment, lifting machinery vertical industry TOP3, including construction lifting machinery, concrete long boom pump trucks remain the industry’s first, the advantageous business will fully play its role, the growth performance in 2019 is highly certain.

In the first quarter of 2019, the company’s net operating cash flow reached a record high for the same period and remained positive for three consecutive years.

Since the company’s listing, most of the first quarter’s operating cash flow has been negative. During the period of 2003-2016, only 2004 and 2010 were positive. Since this round of industry recovery, the company has a strong sense of risk control and strictly controls payment terms., Cash flow has improved significantly, the average down payment ratio reached about 40%, the overdue rate of new machine sales is less than 1%.

Since 2017, the company’s net operating cash flow has been positive for three consecutive quarters, and it has reached 18 in Q1 of 2019.

67 trillion, an estimated increase of 311 in the same period last year.

56%, the highest level in the same period in history. The breakthrough proves that the company’s operating quality is getting better and better, and it has entered a healthy and upward sustainable development channel.

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.

Gross profit margin and net profit margin increased significantly, and profitability continued to increase.

The company’s Q1 / Q2 / Q3 / Q4 gross profit margins were 25 in 2018.

33%, 25.

79%, 28.

18%, 29.

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 competition was fierce.

01%, +0.94pct, at least +4.

68pct, net interest rate reached 10.

88%, +2 from the previous quarter.

14pct, +5 per year.

05pct, the profit level continues to increase.

Investment suggestion: It is expected that the company’s net profit attributable to its mother will be 31 in 2019-2021.

74, 42.

17 and 51.

4 billion, up 57 previously.

15%, 32.

86% and 21.

89%; corresponding to EPS 0.

41, 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.

Risk warning: Infrastructure investment is less than expected, and downstream fixed asset investment is significantly reduced.

  • Prev Post
  • Next Post