Zoomlion (000157) 2019 first quarterly report comments: strong growth in Q1 performance and significant improvement in operating conditions

Zoomlion (000157) 2019 first quarterly report comments: strong growth in Q1 performance and significant improvement in operating conditions

Matters: The company released the 2019 first quarter report, 北京桑拿洗浴保健 and the first quarter achieved revenue of 90.

1.7 billion, an increase of 41 every year.

76%, realizing net profit attributable to mother 10.

20,000 yuan, an increase of 165 in ten years.

98%; operating cash flow reached 18.

670,000 yuan, an increase of 311 in ten years.

56%.

  Comment: The company’s performance has maintained rapid growth, and its market share has steadily increased.

In the first quarter of 2019, the production and sales of various construction machinery products were booming.

The company achieved revenue of 90 in the first quarter.

1.7 billion, an increase of 41 every year.

76%, realizing net profit attributable to mother 10.

20,000 yuan, an increase of 165 in ten years.

98%, strong performance growth.

According to industry statistics, the cumulative sales of truck cranes in the first 杭州桑拿网 quarter were 12,394 units, an increase of 69 over the same period last year.

36%.

According to grassroots research, concrete machinery continued to maintain rapid growth in the first quarter.

Among them, Zoomlion’s cumulative sales of truck cranes in the first quarter reached 3429 units, which will increase by 80 in the future.

57%, higher than the industry growth. Zoomlion’s truck crane market share reached 27 in the first quarter.

67%, second only to XCMG, an increase of 1 over the same period last year.

72 units, the market share continued to increase.

  The profitability has gradually strengthened, and the operating conditions have improved significantly.

The company’s comprehensive gross profit level in the first quarter of 2019 was 30.

01%, an increase of 4 over the same period last year.

68 units, the company’s net profit in the first quarter was 10.

88%, an increase of 5.
.

05 per share; the company’s period expense was 18.

51%, a decrease of 1 over the same period last year.

34 averages.

Among them, the sales expense ratio was unchanged from the same period last year to 7.

93%; financial expenses4.

49%, an increase of 0 over the same period last year.

39 units; management expenses 6.

10, down by 1 compared with the same period last year.

72 averages.

Due to the increase in sales receipts, the company’s operating cash flow in the first quarter reached 18.

670,000 yuan, an increase of 311 in ten years.
56%, operating conditions have improved significantly.
  The new business strategy is clear, and the company’s performance is expected to reach another level.

The company restarted the excavator business and is expected to form a production capacity of 5,000 units in 2019.

The company’s earthmoving machinery is ready to go. The market and sales network has been laid out in advance. The G series of the new generation of earthmoving machinery products developed by the company are listed. In 2019, the company plans to upgrade the entire series of products by building a new sales channel to enhance market competitiveness.

In addition, the company’s high-altitude operation platform products are also accelerating the layout, and high-altitude operation machinery intelligent production lines have been established. In 2019, high-altitude operation machinery is based on high-efficiency intelligent production lines and a full range of intelligent products. It is expected to quickly integrate intelligent IoT technology support.Development and market development.

  Earnings forecast: Maintain the company’s 2019-2021 EPS to be 0 respectively.

42/0.

48/0.

53 yuan, corresponding to PE is 12/10/9 times, considering the downstream demand boom and leading advantages, give Zoomlion 15 times the conversion level in 2019 and maintain the target price of 6.

3 yuan, maintain the “recommended” level.

  Risk reminder: the prosperity of the construction machinery industry declines, and downstream demand is less than expected