Sany Heavy Industry (600031) Semi-annual Report of 2019 Comment： Market Share Increases Revenue, Maintains High Growth, Operating Quality Is at Best Level in History
Sany Heavy Industry (600031) Semi-annual Report of 2019 Comment: Market Share Increases Revenue, Maintains High Growth, Operating Quality Is at Best Level in History
Sany Heavy Industry released the semi-annual report for 2019, and the company achieved operating income of 433 in the first half of the year.
86 ppm, an increase of 54 in ten years.
27%; Net profit attributable to shareholders of listed companies.
48 ppm, an increase of 99 in ten years.
14%; net cash flow from operating activities is 75.
95 ppm, an increase of 22 in ten years.
Comment: The market share 北京桑拿洗浴保健 of each product line has increased, and revenue has maintained high growth.
The construction machinery industry maintained growth in the first half of the year, with excavators growing by 14.
22%, truck cranes increased by 53.
3%, grassroots research shows that concrete machinery also maintains rapid growth.
While the industry maintained high growth, the company’s three major product line cities continued to increase their market share, and the growth rate was broken down into industries, of which 159 were sales of mining machinery.
100,000 yuan, an increase of 42 in ten years.
56%, the market share increased from the initial 23% to 25%; concrete machinery sales revenue of 129.
23 ppm, an increase of 51 in ten years.
17%, ranking first in the world; lifting machinery sales revenue reached 8.5 billion US dollars, an increase of 107 in ten years.
24%, a significant increase in market share; 29 sales of pile machinery
64 ppm, an increase of 36 in ten years.
87%, ranking first in China; sales revenue of road machinery12.
50 ppm, an increase of 43 in ten years.
87%, the market has significantly improved overall, of which, the market share of paver has ranked first in the country.
Profitability continued to improve and asset quality was at an historically best level.
In the first half of the year, the company’s comprehensive gross profit margin was 32.
36%, an increase of 0 from the same period in 2018.
72 grades, of which excavator gross margin is 36.
84%, a decrease of 3.
For 92 units, we believe that the decrease in excavator gross profit margin has increased the relevant factors of market competition leading to its price reduction, which has also been related to channel construction, and the excavator gross profit margin has remained high as a whole.
The gross profit margins of concrete machinery, lifting machinery, pile machinery, and road machinery reached 29.
49%, an increase of 5.
Costs were effectively controlled in the first half of the year, and expenditures during the period were 11.
8%, down 2 from the same period last year.
63 single, the lowest level in history, of which the sales expense ratio, management expense ratio, and financial expense ratio decreased by 2 respectively.
Accounts receivable turnover ratio from the same period last year.
Raised 46 times to 1.
89 times, the inventory turnover rate was 2 from the same period last year.
Raised 24 times to 2.
74 times, net cash flow from operating activities was 75.
95 ppm, an increase of 22 in ten years.
1%, another record high.
Advancing the internationalization strategy, the overseas market has grown steadily.
In the first half of the year, the company achieved international sales revenue of 70.
26 ppm, an increase of 15 in ten years.
34%, gross margin increased by 1 in ten years.
2 percentage points, exports maintained a rapid growth rate, and market share continued to increase; Sany Indonesia, Trinity India, Trinity Europe, and Trinity America all achieved rapid growth.
Earnings forecast: We maintain the company’s EPS forecast for 2019-2021.
68 yuan, corresponding to PE 8, 9, 成都桑拿网 8 times, maintaining a target price of 16.
95 yuan, maintaining the “strong push” level.
Risk reminder: The prosperity of the construction machinery industry has declined, and overseas expansion has fallen short of expectations.