China Industrial International (002051): Benefit from the “Belt and Road” Initiative to Promote Rapid Innovation and Reform
The company’s 2018 net profit growth rate was -19%, in line with expectations.
In 2018, the company achieved a total operating income of 101.
5 billion, 6 years before.
95%, net profit attributable to mothers to 12 million US dollars, exceeding the period 19.
Among them, Q1 / Q2 / Q3 / Q4 achieved revenue of 20 in each quarter.
700 million / 24.
200 million / 34.
0 billion / 22.
700 million, an annual increase of -55.
8% / 17.
1% / 40.
3%, respectively, to achieve a net profit of 2.
18 billion / 3.
6.8 billion / 3.
5.3 billion / 2.
6.1 billion, an annual increase of -65.
4% / 68.
0%, we believe that the company was mainly affected by the effectiveness of the contract in the fourth quarter, and the revenue scale declined.
In terms of business, engineering contracting and complete sets of equipment received 90 yuan.
8 ‰, five years average.
56%, domestic and foreign trade contributes revenue10.
100 million, down by 18 a year.
The company’s domestic and foreign merger and acquisition projects have achieved significant integration results, and overseas key investment projects have been steadily advancing.
Zhonggong Wuda University has leveraged the comparative advantages of its existing specialty businesses, developed large projects and featured general contracting, and achieved significant revenue in 18 years. 4
60,000 yuan, an increase of 25 in ten years.
7%, achieving net profit of RMB 23.61 million, an increase of 17 year-on-year.
2%; Pukang Canada achieved revenue 8.
16 ppm, an increase of 88 in ten years.
9%, net profit is reduced by 47.1 million yuan, monthly loss is 1.99 million yuan. At the same time, Pukang has successfully entered the eastern Canadian mining market through the acquisition of 70% equity of Canadian Promec Company. In addition to mining projects, it is still following the infrastructure and industry.In the field of energy, the newly signed contract value is more than 200 million Canadian dollars; Beijing Waterl and China Industrial International have completed the acquisition of the OASYS forward penetration technology patent and experimental device.To achieve income 1.
42 ppm, an increase of 20 in ten years.
1%, net profit is expected to 11.76 million yuan, a year of loss reduction of 1.
China-Belarus Industrial Park has 18 new enterprises entering the park. At the end of the 18 years, 41 enterprises have entered the park. The total investment in the agreement is nearly 1.1 billion U.S. dollars, and the influence of the park continues to increase. The return of engineering gross margin to normal has led to a decline in the company’s comprehensive gross margin6.
With 87 per share, the exchange gains of the depreciated value of RMB increased, and the decrease in receivables led to the write-off of asset impairment losses, and the net interest rate fell by 0 under the combined effect.
The company’s comprehensive gross profit margin in 2018 was 19.
3%, a decrease of 6 compared with the same period last year.
89 grades, of which the gross profit margin of the main business of the project is 20.
8%, ten years ago 8.
The 0 average value is mainly due to the high gross profit margin that was driven by the income generated from project income in the same period last year. Although it is now returning to normal, it is still the industry’s best level.
14%, ten-year average 1.
The company’s period expense ratio was reduced by 17 years due to a significant reduction in financial expenses4.
95 single to 5.
55%, 18 full year financial expenses -1.
49 trillion, of which exchange gains2.
25 trillion (corresponding to 7.
$ 7.5 billion in assets) and 17 years of exchange loss3.
8.7 billion, the financial expense ratio is reduced by 5 every year.
55 averages to -1.
46%; revenue scale budget and sales expense ratio increased slightly.
18 up to 3.
2%, the management expense ratio (including research and development expenditure) exceeds 0.
43 up to 3.
The highest write-off value of the company’s asset impairment loss was 19.81 million yuan, a decrease of 57.96 million yuan from the same period of the previous year. Under the comprehensive influence, the company’s net interest rate fell by 0.
87 up to 11.
The company expanded its 杭州桑拿 collection efforts and the cash-to-cash ratio increased significantly by 41.
Nine single, operating cash flows over 53.
Net operating cash of the company in 201828.
30,000 yuan, 53 more than the same period last year.
200 million, mainly because the company’s foreign exchange collection situation is better.
The initial cash receipt ratio was 110%, an increase of 41 over the previous year.
The total of 9 bills and accounts receivable decreased by 18 each year.
4 trillion, the inventory is reduced by 0 every year.
880,000 yuan, of which the construction of the project increased by 2.
94 trillion, advances reduced by 8 every year.
3.8 billion; cash payment ratio 95.
7%, a significant decrease of 18 from last year.
With an average of eight, advance payments are reduced by six each year.500 million.
The construction of the “Belt and Road” will continue to go deeper and further, and the company is expected to fully benefit. The sufficient and smooth conversion of orders in hand can guarantee future performance growth.
In the past 18 years, China National Engineering Corporation has made breakthroughs in new markets such as Azerbaijan and Mauritania, breaking through a total of 20 new overseas contracts.
700 million US dollars, the contract value of 9.
As of the end of 18, the balance of contracts in hand for overseas operations was 89.
$ 7.3 billion, order revenue ratio of 6.
The “One Belt, One Road” initiative in 19 was designed to promote the continuous optimization of the region in response to the policy. China Work is the industry leader to promote the full benefit of environmental improvement, accelerate the development of new projects, and promote the realization of existing projects.
Purchase the assets of the Group’s excellent design institutes, improve the business layout, and accelerate reorganization and integration to achieve leapfrog development.
The company issued to the controlling shareholder SINOMACH.
2.3 billion shares of the company purchased 100% equity of Zhongyuan International Engineering, and the transaction price for the purchase of assets for the issuance of shares was about 12.
710,000 yuan, the issue price of 10.
31 yuan / share.
Zhongyuan International Engineering is a high-quality design asset within the group. It has more than 2,400 engineering and technical personnel in more than 30 professional categories. It has comprehensive qualifications for Grade A engineering design and can undertake engineering design business at all levels in the industry.
The target company has rich engineering performance in the pharmaceutical, construction, machinery, chemical, energy and other industries. After the completion of the acquisition, it will greatly enrich CMP’s business structure and fields and transform it into an orderly integration and integration.The project development will also make great strides.
The list of “Double Hundred Enterprises” in the reform of state-owned enterprises highlights the backbone of the company’s central enterprises and the leading position in the industry. It will actively integrate external resources and innovate talent incentive mechanisms.
The State-owned Enterprise Reform Leading Group of the State Council strives to establish a complete state-of-the-art enterprise reform through “double-hundred-enterprise” selection, and strives to establish a sound governance structure, efficient operating mechanism, innovative ability and outstanding market competitiveness.
2019 will be a key year for the company to promote the “Double Hundred Actions” reform. It will actively integrate external resources and complete tasks such as strategic investors. It is necessary to innovate the talent incentive mechanism in accordance with the market-oriented principle and increase the incentives for key talents.
Maintain profit forecast, supplement profit forecast for 2021, and maintain “overweight” rating: the company is expected to have a net profit of 10-21 in 19-21.
5.9 billion / 11.
1.2 billion / 12.
0 billion, the growth rate is -12% / 5% / 8%, the corresponding PE is 17X / 16X / 15X, maintaining the “overweight” level.