Southeast Grid (002135): The policy sets the priority in the field of general contracting for emergency medical prefabricated hospitals

Southeast Grid (002135): The policy sets the priority in the field of general contracting for emergency medical prefabricated hospitals

Southeast Grid (002135): The policy sets the priority in the field of general contracting for emergency medical prefabricated hospitals

This report reads: The policy sets that emergency medical treatment should be given priority to the prefabricated construction method; the company has strong strength in the field of general 武汉夜网论坛 contracting of hospitals, and will benefit from the general contracting / prefabricated steel structure, and is optimistic about the high growth of order performance.

Event: On February 8th, the National Health Commission and the Ministry of Housing and Urban-Rural Development jointly initiated the “Guidelines for the Design of New Coronary Virus Pneumonia Emergency Treatment Facilities (Trial)”.

Comment: Maintain overweight.

The company has rich experience in the field of hospital general assembly construction, and the general contractor has achieved regional / industry breakthroughs. The steel structure will erupt significantly in the first year, and the order performance is expected to continue to grow at a high rate. It is predicted that the company’s EPS in 2019-21 will be 0.

26/0.

41/0.

54 yuan growth rate of 56/58/32%, maintaining a target price of 7.

79 yuan, corresponding to 19/14 in 2020/21.

4x PE, maintaining overweight.

The policy clearly stipulates that emergency medical treatment should be prioritized for assembly. The use of fabricated steel structures in the medical field is expected to increase significantly. The company’s rich experience and strong strength will fully benefit.

1) On February 8th, the National Health and Medical Commission and the Ministry of Housing and Urban-Rural Development jointly launched the “Guidelines for the Design of New Coronary Virus Pneumonia Emergency Treatment Facilities (Trial)” and proposed that emergency treatment facilities should be encouraged to adopt prefabricated construction methods, and light steel structures should be given priority2) The rapid completion of Vulcan Mountain and Lei Shenshan Hospital has greatly increased the attention of the whole society on fabricated steel structures; 3) Urbanization measures have increased the demand for hospitals, and the epidemic has shown that the city’s medical layout has only shortcomings; and the China Health StrategyAdvancing, the prefabricated steel structure will accelerate the development in the medical field; 3) The company has successfully undertaken the Shanghai Oriental Hospital Expansion Project, the Shanghai Renji Hospital Project, the Pan’an County People’s Hospital PPP Project, and the Zhejiang University Medical College’s Shaw Run Hospital ProjectHospital prefabricated construction project; and the group company has Xiaoshan Hospital; we think the company will be able to fully benefit.

The company has achieved important regional / industry breakthroughs in the field of general contracting, and the general contracting layout has accelerated.

1) The general trend of steel structure turnkey is the general trend. The company is the first batch of steel structure turnkey pilots with first-level qualifications, gaining 27.

The 600 million yuan Hangzhou heavy-weight turnkey project demonstrates super strength; 2) the industry scale has expanded from traditional commercial real estate / one-piece three museums to hospitals / schools and other fields; 3) the regional scope has gone out of Hangzhou,There are multiple orders in Guangdong / Shaanxi and other provinces; 4) Considering the advantages of strong technical qualifications, full industry chain, excellent brand quality, and strong marketing network, the company will fully benefit from the outbreak of steel structure general contracting.

The performance of 2019 is expected to increase by 50-70%, which is optimistic that the performance of orders will continue the high growth trend.

1) Abundant orders in hand: New Year single 84 in 2019.

US $ 600 billion (+ 51%), as of the end of 2019, it has won the bid and has not signed about 5.9 billion; 2) New breakthroughs are expected to continue high growth: ① steel structure under policy support to welcome the outbreak of the first year;Cultural projects such as the Three Museums and One Center have increased demand for steel structures, and the company can fully benefit from at least four outstanding advantages. ② Provide end-end concentration enhancement, small and medium-sized companies are facing clearing, and the company’s competitive advantage as one of the industry leaders will significantly increase market share; 3) The overall contract is good for increasing scale / improving profit / improving cash flow, and the company’s profit margin and settlement will improve.

Core risks: epidemic spread, less-than-expected turnkey / assembled advancement, traditional construction rampant, etc.

  • Prev Post
  • Next Post