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China Railway Industry: 3 quarterly revenue increased by 15% before asset placement, and newly signe

Time: 2018-01-01
Times of browsing: 4

In the first 3 quarters of the company, the company's income increased by 15%, continuing the growth trend, which was in line with the expectation.

In the first three quarters of 2017, the company achieved assets of 11 billion 60 million yuan, an increase of 14.62% compared to the same period last year, and net profit of 900 million yuan, an increase of 7.16% over the same period. The net profit after deducting the net income was 850 million yuan, an increase of 4.82% over the same period last year. The newly signed order of 18 billion 200 million yuan in 1-9 months increased by 19% to ensure the continued growth of the company's performance.

In 1-6 month of 2017, the company's cumulative new contract amount was 12 billion 305 million yuan, up 26.44% over the same period. The predecessor was the two bureau of China Railway, which was placed in the high end equipment business of China Railway, with a total of nearly 4 billion yuan for 3 years.

The predecessor of the company is the two bureau of China Railway, which is the central enterprise of China Railway. In January 2017, the company implemented a major asset reorganization, set up the original two bureau of China Railway, and put it into the high end manufacturing sector of China iron. In 2016, the asset to the mother was 990 million yuan, up 32.5% from the same period, and the performance commitment was nearly 4 billion yuan for 3 years.

The subway boom in high demand, a shield machine market, "The Belt and Road" to expand overseas market

We expect the subway shield machine market space to reach 60 billion yuan by 2020, with an average annual average of 16 billion 700 million yuan. China railway equipment is the leading market of shield machine, accounting for 40% of the domestic market, which is expected to benefit from the rapid development of the metro. At the same time, the company actively promotes the internationalization of "going global" and is expected to further open overseas markets.

Railway turnout, steel structure faucet, high boom of benefit rail and extension of steel structure bridge

The placement of assets occupies the leading position of the railway turnout and the steel structure and bridge industry. "13th Five-Year" period, the rail industry will maintain a high degree of prosperity, guarantee the steady growth of railway turnout. The steel bridge is the bottom of the bridge, and the future replacement of steel and stone bridge is a huge market.

The hardest railway project in history: the Sichuan and Tibet railway will start to work on the whole line, and the three major business of the China railway industry will benefit

The Sichuan Tibet railway tunnel length of over 1400 kilometers, accounting for more than 80% lines, the project investment estimate of more than 200 billion yuan. China railway industry is the first echelon of the industry in the field of TBM, railway turnout and steel structure and bridge industry. It will benefit the construction of Sichuan and Tibet railway and bridge.

Earnings forecasts and valuations: we judge that the company's shield machine benefits the subway with high performance, and the performance is expected to be super expected. Rail investment kept high, ensuring the steady growth of the railway turnout market. The benefit of steel structure and bridge is promoted, and the profitability of steel structure is expected to continue to improve. 2017-2019 is expected to belong to the net profit of the parent company 13.2, 17.0, 20.5 billion yuan, corresponding to PE 25, 19, 16 times. At present, the company's share price is lower than the increase price of the previous 6 billion yuan (15.85 yuan). Maintain the "increase" rating.

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