Construction Machinery (600984) 2018 Annual Report Review: Rapid Expansion of Equipment Scale Pang Yuan Ushers in Both Price and Price

The report guide reads the company’s announcement of the 2018 annual report, reporting a series of realized operating income22.

27 ppm, an increase of 21 per year.

77%, of which Pangyuan Leasing Revenue 19.

32 ppm, an increase of 45 in ten years.

51%, achieving net profit attributable to the parent company1.

530,000 yuan, an increase of 571 in ten years.


Key points of investment Pangyuan’s leased equipment has expanded rapidly, and its performance has entered the fast lane. In 18 years, it has increased equipment purchases by 10%.

900 million, the number of tower cranes reached 4,271, doubled compared to 2016, the total tonnage reached 96.

5 nominal.

19 years will continue to increase the speed of tower crane procurement, increase the purchase amount is not less than 1.5 billion, more than 1,500 tower cranes, market share promotes accelerated acceleration.

Tower crane leasing prices continue to be at a high level. In March, the Pangyuan Index reached a record high of 1,731 points, and the ton-meter utilization rate reached 71.

4%, an annual increase of 2.

At 8 points, the second half of the year is usually the peak period of site construction. The price index is expected to hit a new high after June. It is expected that the second half of the year will be the peak period of rising prices and prices.

Downstream demand is solid, and 90% of downstream demand for tower cranes with supply and demand gaps caused by prefabricated construction comes from real estate. The floor space of newly started housing increased by 17 in 2018.

2%, an increase of 11 in the first quarter of 2019Q1.

9%; construction area will grow by 5 per year in 2018.

2%, reaching 8 in Q1 2019.

2%, and the entry time of the tower crane is late. The newly started project in 19 may correspond to the tower crane demand of 19-21 years. The scale 杭州桑拿网 of the downstream construction area guarantees the stable demand of the tower crane.

Prefabricated buildings are expected to drive medium and large tower cranes by 2025.

With a supply and demand gap of 80,000 units, Pangyuan focuses on the layout of medium and large-scale tower cranes, which have the advantages of first-mover and funding channels, and benefit the most.

Profitability increased, and operating cash flow significantly improved the company’s comprehensive gross profit margin for 18 years32.

92%, an increase of at least 3.

34pct, due to the increase in the percentage of Pangyuan’s revenue and the increase in gross profit margin. The gross profit margin of Pangyuan Leasing is 36.

18%, a year up.

99pct, the scale of future growth will increase, and the growth of gross profit margin will further increase; the net sales margin will be 6.

88%, an increase of 5 per year.

59pct. In addition to the increase in gross profit margin, due to the continuous strengthening of Pangyuan’s pricing power, the proportion of sales expenses decreased, and the receipt of performance compensation funds, asset impairment was written back.

The company’s net operating cash flow has increased significantly, and its net operating cash flow for the 18 years has reached 3.

1 ‰, return to 1.

The 6.6 billion performance compensation fund increased by 221% in the next ten years, reflecting the continuous improvement of the company’s operating quality.

Profit forecast and forecast The company is a leader in tower crane leasing. The scale of equipment continues to expand rapidly and enters a period of rapid development. It is estimated that the company’s main revenue from 2019 to 2021 will be 32.

27, 43.

66, 53.

95 ppm, an increase of 44 in ten years.

92%, 35.

28%, 23.

56; Net profit attributable to mothers is 4.03, 5.

67, 7.

54 ppm, a 162-year increase.

88%, 40.

65%, 32.

97%, the corresponding EPS is 0.

49, 0.

68, 0.

91 yuan, corresponding to PE, 15, 11, 8 times, maintain “Buy” rating.

Risk factors: Less-than-expected promotion of prefabricated buildings, and the appreciation of real estate and infrastructure has accelerated.