China Construction (601668) 2019 Interim Report Review: Q2 Operating Performance Accelerates High Growth in Overseas Orders

China Construction (601668) 2019 Interim Report Review: Q2 Operating Performance Accelerates High Growth in Overseas Orders

The operating performance is stable, and the profits and losses of minority shareholders affect the profit. In the first half of 2019, the company achieved revenue of 6854.

1.9 billion, an increase of 16 in ten years.

38%; net profit attributable to mothers was 203.

0.8 billion, an increase of 6 in ten years.

12%, the growth rate of net profit is lower than the growth rate of revenue, mainly due to the increase in profit and loss of minority shareholders.

The growth of each major business was steady, and the main business housing construction realized income of 4452.

3.1 billion, an annual increase of 18.

7%; infrastructure realized revenue of 1,404.

8.8 billion, an increase of 10 years.

2%; the real estate business realized a contract budget of 184.3 billion yuan, an annual increase of 30.

6%.

The new millennium alone was 1,436 billion yuan, an increase of 6 in ten years.

0%.

The profitability is stable, and the asset-liability ratio continues to decline. The company’s gross profit margin for the first half of 2019 was 10.

13%, as the profitability of the real estate business has decreased by 0 every year.

37pct; net margin is 4.

69%, an increase of 0 a year.

01pct.

Period expenses 3.

22%, 0 per year.

07pct; in which the management expense rate is increased by 0.

37 points to 2.

35%, the financial expense ratio fell to 0.

31pct to 0.

61%, sales expense ratio increased by 0.

02pct to 0.

27%.

Total asset turnover is 0.

36 times, a year promotion 2.

86%, accounts 北京夜生活网 receivable turnover investment4.

42 times, 8.
.

07%; assets and liabilities budget 76.

54%, a decrease of 0 from 2018.

40pct, solvency has improved.

Achieved operating net cash flow of -828.

9.7 billion, with operating net cash flow / net profit of -2.

58%, a decline of 0 every year.
34 points.
Q2 revenue growth accelerated the company’s 18Q3, Q4, 19Q1 and Q2 completed 2515 revenue.

8.3 billion, 3588.

14 billion, 2975.

7.7 billion, 3878.

4.3 billion, an annual increase of 2.

42%, 26.

70%, 10.

15%, 21.

67%; realized net profit of 81.

6.2 billion, 109.

4.2 billion, 88.

5.8 billion, 114.

5.1 billion, a five-year growth of 5.

39%, 52.

83%, 8.

76%, 4.

16%.

The company’s revenue growth accelerated significantly in the second quarter.

The high-end housing construction sector 无锡桑拿网 has prominent advantages. The growth rate of overseas orders is bright. The company is in a leading position in the field of high-end housing construction such as education facilities and industrial plants.

80,000 yuan, an increase of 175 in ten years.

8%; the new contract value of education facilities is 348.

60,000 yuan, an annual increase of 60.

0%.

The report pointed out that the company entered a series of new markets such as Cameroon, Rwanda, and Bosnia and Herzegovina through project signing, and overseas new growth orders were 82.7 billion, an increase of 74.

6%.

Investment suggestion: Housing construction leader, slightly lowered profit forecast, maintain “Buy” rating slightly lowered EPS to 19-21.

01/1.

10/1.

21 yuan, PE is 5.

5/5.

0/4.

6 times.

The 19-year reduction in PE is reasonably estimated to be 6-7 times, corresponding to a value of 6.

06-7.

07 yuan, maintain “Buy” rating.

  Risk reminder: bad debts of accounts receivable, fixed asset investment period, order conversion rate is lower than expected, etc.