Zoomlion (000157): Comprehensive market competitiveness continues to strengthen, emerging sector business advances at full speed
Event description Zoomlion released three quarterly reports: 317 revenue.
55 ppm, an increase of 50 in ten years.
96%; net profit attributable to mother 34.
800,000 yuan, an increase of 167 in ten years.
08%; net profit attributable to non- mothers is 27.
660,000 yuan, an increase of 188 in ten years.
Among them, Q3 single quarter revenue of 94.
93 ppm, an increase of 50 in ten years.
33%, net profit attributable to mother 9.
40,000 yuan, an increase of 105 in ten years.
After the event comment, the periodical equipment and high-boom business combined with the company’s market competitiveness improved, and its performance continued to grow rapidly.
The construction machinery industry has entered the post-cycle stage. Compared to front-end equipment, concrete machinery and hoisting machinery have a higher growth rate and greater certainty of continuous growth under the lag of the replacement cycle. After benefiting from the rapid growth of cycle products, the company’s concrete machinery, Traditional advantages such as truck cranes and tower cranes have maintained high growth.
Improvement, the company stimulated the team’s vitality through the reform of the business unit system, increased the launch of new products, and introduced a variety of models4.
0 New products are highly recognized by the market, and the market share of truck cranes has increased significantly. In the second half of the year, the sales volume of the truck crane industry increased while maintaining a high growth rate. At the same time, tower cranes, long boom trucks and other vehicles continued to maintain the number one position in the industry.
The high-growth trend of the post-cycle products is good, the combined company’s market share has increased, and the earnings flexibility has been released. It is expected that the company’s performance will continue to maintain high growth.
In Q3, the gross profit margin in the single quarter decreased slightly from the previous quarter. In the subsequent attempts to stabilize and improve, cash flow continued to perform strongly.
In Q3, the company’s gross profit margin for the quarter fell slightly from Q2.
59 points to 29.
40%, mainly due to intensified competition in the automotive crane market, but the company’s concrete machinery and tower crane products’ gross profit margins should continue to grow, and the concrete machinery gross profit margins have room to recover. It is expected that the overall gross profit margins will continue to improve on a steady basis.space.
At the same time, the company paid more attention to the quality of operations, with net operating cash flows of 49 in the first three quarters.
62 ppm, an increase of 62 in ten years.
The aerial work platform and the earthmoving machinery business are advancing at full speed, and the emerging sectors are trying to relay the 深圳桑拿网 company’s future growth.
Relying on the superior product quality and market development speed, the company’s aerial work platform business is advancing faster than expected. According to the company’s official website, in September the Zoomlion Aerial Work Machinery Customer Alliance Branch was set up with over 400 million on-site orders on the day of establishment, highlighting the company’s powerfulMarket appeal, is expected to enter the first echelon of aerial work platforms in the future.
The domestic aerial work platform is still in the early stage of rapid growth, and the market space is broad. The full-speed development of emerging sectors is expected to relay the company’s future growth.
Increase the company’s net profit attributable to mothers for 2019-2020 is 42.
56 ppm, based on the latest equity, EPS is 0.
69 yuan / share, corresponding to PE is 11 times, 8 times, continue to recommend, maintain “Buy” rating.
Risk prompts: 1. Infrastructure construction and real estate investment growth are rapidly expanding; 2. Prefabricated building advances less than expected; 3. Raw material prices increase; 4. Market competition intensifies.