Zhengmei (601717) 2019 Third Quarterly Report Review-Performance Continues High Growth Coal Machine Cash Flow Hits New Record High

Zhengmei (601717) 2019 Third Quarterly Report Review-Performance Continues High Growth Coal Machine Cash Flow Hits New Record High
The company is expected to further accelerate reforms as the national reformer in Henan Province. It reports that the performance of the coal machine sector continues to be high, the cash flow reaches a record high, the quality of statements continues to be repaired, and the company’s 2019-2021 net profit forecast is maintained.50 billion, 12.7.9 billion and 13.650,000 yuan, corresponding to EPS0.66/0.74/0.79 yuan, maintain “Buy” rating. Performance continued for ten years of high growth, and cash flow reached a record high again.In the first three quarters of 2019, the company achieved operating income of 189.100,000 yuan, down 1.19%, realizing net profit attributable to mother 10.6 billion, an increase of 54.63%, realizing net profit deducted from non-mothers8.71 trillion, with an increase of 79.85%.Single third quarter operating income 61.8.5 billion, affected by the prosperity of the automobile sector fell by 3%.60%, net profit attributable to mothers3.29 trillion, with an increase of 43.40%. The total number of reports, the company’s comprehensive gross profit margin of 20.22%, increase by 1 every year.43 cases, with a gross profit margin of 20 in the third quarter.43%, an increase of 0 from the second quarter.20, the gross profit margin of the coal machine segment continued to increase.The four expense ratios total 13.00%, compared with the same period last year.02% was basically flat, and the company’s net operating cash flow during the period was 18.9.6 billion, following the semi-annual report, hitting a record high again, with a return of 183.5.8 billion is good. The coal machine sector performed well, and is expected to continue a higher business.Report the operating income of the coal company segment of the first-class company67.8.9 billion yuan, an increase of 17.80%, continuing the semi-annual growth trend, the 杭州桑拿 asset impairment loss returned to 89.8 million yuan against the backdrop of record high cash flow, an improvement of 85.82 million yuan over the same period last year.The cost pressure of the company’s hydraulic support products has been significantly reduced compared with the previous two years. The price increase effect of the product has been continuously realized. The gross profit margin is at the company’s historical high. The coal machine segment has achieved net profit attributable to its mother.26 trillion, with an increase of 93.12%.In the absence of major fluctuations in coal prices, we believe that the demand for this round of renewal peaks and overlapping new capacity will bring good continuity, and the company’s coal machine sector boom will still help maintain a high level. The automotive sector continued to be 四川耍耍网 under pressure, focusing on the inflection point of the economy and the expansion of SEG.In the first three quarters, the company’s auto parts business income was 121.21 trillion, down 9.37%, net profit attributable to mothers reached 4.73 million yuan, down 97%.54%, the impact of the boom replacement of the automotive industry continues.SEG Changsha and Changchun’s new plant are expected to begin initial production next year. The profitability of products in China is outstanding, and it is expected to bring support to the revenue and profits of the automotive sector. The reform of state-owned enterprises to streamline the incentive mechanism is at the vanguard.In September and October, the company ushered in inspections by General Secretary Xi Jinping and Secretary of the State-owned Assets Supervision and Administration Commission of the State Council, and Director Hao Peng, and will continue to adhere to market-oriented reforms in the future to enhance competitiveness.The company’s mid- and long-term super-profit incentive plan announced in April plans to use 2019-2021 as the incentive cycle. The three-year cumulative deduction of non-attribution net profit exceeds the 2018 base (5.8.7 billion) 3 times the increase of 20% of the amount of incentives, the incentive is considerable, showing the company’s market-oriented operation ideas and development determination. Risk factors: The price of coal has risen sharply; the cost of raw materials has increased rapidly; the progress and effectiveness of the integration of the automotive sector exceeded expectations. Investment suggestion: As the pacesetter for the reform of Henan Province, the company will gradually improve the competitiveness of reform and reform. It reports that the performance of the coal machine sector continues to be high, the cash flow reaches a record high, the quality of statements continues to be repaired, and the company’s 2019-2021 net profit forecast is maintained.50 billion, 12.7.9 billion and 13.650,000 yuan, corresponding to EPS0.66/0.74/0.79 yuan, maintain “Buy” rating.

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