China Metallurgical (601618): Steady growth in performance; rapid growth in metallurgical house construction orders

Core points: 1.

The investment company disclosed three quarterly reports. From January to September 2019, the company realized operating income of 2280.

850,000 yuan, an annual increase of 25.

87%; realized net profit attributable to mother 40.

35 ppm, a ten-year increase of 7.



Analyze and judge that the performance will grow steadily as scheduled, and the asset-liability ratio will decrease.

On January 9, 2019, the company realized operating income of 2280.

850,000 yuan, an annual increase of 25.

87%; realized net profit attributable to mother 40.

3.5 billion US dollars, an annual increase of 7.

15%; realized non-net profit 37.

24 ppm, an increase of 0 in ten years.


The reported net cash flow from operating activities of the core company was -106.

USD 3.5 billion, a 33% increase over the same period last year.

29 ppm, mainly due to the increase in engineering and labor payments paid for normal project development.

In the reporting period, the company’s asset credit accounting was 75.

11%, a decrease of 2 per year.

21 points.

EPS is 0.

19 yuan / share, an increase of 0 every year.

01 yuan / share.

Gross margin decreased slightly.

In the report period, the company’s comprehensive gross profit margin was 12%, which decreased by 0 every year.

34 points.

The net interest rate is 2.

16%, reducing by 0 every year.

33 points.

Period expenses6.

84%, an increase of 0 every year.


Among them, the management cost is 5.

25%, increase by 0 every year.

52 points.

Finance costs expenses 0.

95%, reduced by 0 every year.33 points.

Sales expense accounting is 0.

64%, a decrease of 0 per year.

08 points.

The benefits of the two gold pressure drops are obvious.

Reported accounts receivable of the core company was 689.

43 trillion, a decrease of 38 a year.

3.8 billion.

The stock is 572.

33 trillion, a decrease of 48 a year.

3.4 billion.

In the mid-2019 work conference, the company pointed out that “outstanding the pressure drop between the two metals”.

The Group should take the revision of the two gold pressure drop assessment system as the starting point to promote the two gold management and control to create a new situation and make new progress.

Subsidiaries should focus on five key tasks, including liquidation of steel companies’ existing projects, liquidation of two or more funds for more than three years, completion of overdue payment tasks, guarantee of priority compensation rights, and strengthening of project settlement confirmation.

During the reporting period, the effect of the two gold pressure drop was obvious.

The new millennium is full, and metallurgy and housing construction are growing fast.

The total number of new contracts signed by the company was 4,783.

20,000 yuan, an increase of 20 in ten years.


Among them, the contract value of housing construction was 2,558.

2 ppm, a 36% annual increase.

The contract value of infrastructure projects is 8.8 million yuan, a decrease of 20 per year.


Metallurgical project contract value is 760.

20,000 yuan, an annual increase of 42.


Other contracts are 584.

80,000 yuan, an increase of 31 in ten years.


The “Belt and Road” brings broad development space.

The company follows the national “Belt and Road” strategy and focuses on the 20 countries / regions in South Asia, Southeast Asia, West Asia, Africa, South America, Europe and Oceania, and focuses on the other three potential markets.

Existing companies have established 142 engineering-based overseas institutions and 10 mining-based overseas institutions in 56 countries and regions, for a total of 152. Among them, there are 87 overseas institutions in 32 countries and regions along the “Belt and Road”.

Competition in overseas markets for future development.

The rebound in infrastructure investment growth is expected to benefit.

On January 9, 2019, the Conservative’s general infrastructure investment grew by 3 per year.

44%, the growth rate continued to pick up.

From the perspective of zoning, the investment growth of power, heat and water production and suppliers continued to pick up, and the transportation and storage and postal services also invested in subdivided growth rates. The growth rate of investment in the water conservancy environment and public facilities management industry bottomed out.

Baseline infrastructure investment in 2019 is expected to maintain a moderate growth 杭州桑拿网 rate.

In the central and western regions, the shortcomings of infrastructure construction make up for space transmission, and infrastructure investment is still a better means of countercyclical adjustment.

The company actively deploys its infrastructure business.With the steady recovery of infrastructure investment, the company is expected to benefit.


Financial analysis From 2015 to 2018, the company’s operating income continued to grow steadily, and the growth rate of revenue has accelerated since 2019.

In the first three quarters of 2019, the company’s operating income increased by 25 per year.


From 2014 to 2018, the growth rate of the company’s net profit attributable to mothers improved, and the company’s net profit attributable to mothers increased during the first three quarters of 2019.


From Q3 2018 to Q2 2019, the company’s 武汉夜网论坛 single-quarter operating income growth rate has gradually accelerated, and Q3 2019 has fallen.

In Q3 2019, the company’s operating income will increase by 25% annually.

Since Q4 2017, the company’s single-quarter net profit growth rate has presented a trend.

In Q3 2019, the company’s net profit increased by 2% per year.

The company’s period expense ratio 2019Q3 has decreased compared with the same period last year, and it is still at an average level in recent years.

The company’s gross profit margin and net profit margin declined slightly in Q3 2019.


Investment recommendations are expected to be 0 for the company’s 2019-2021.



42 yuan / share, corresponding to dynamic price-earnings ratio of 7.



33 times, maintaining the “recommended” level.

Risk reminder: the risk of small scale investment in fixed assets; the risk of less-than-expected business expansion; the risk of less-than-expected recovery of receivables; the risk of foreign investment being less than expected