Aveneu Park, Starling, Australia

Shanghai Construction Engineering (600170): Continued High Growth in Q3 Performance with Whole Industrial Chain Layout

Shanghai Construction Engineering (600170): Continued High Growth in Q3 Performance with Whole Industrial Chain Layout

Shanghai Construction Engineering released the third quarter report of 2019: the company achieved operating income of 1523 in the first three quarters.

470,000 yuan, an increase of 32 in ten years.

00%.

Q1, Q2, and Q3 respectively achieved operating income of 471.

00 ppm, 564.

02 ppm, 488.

4.4 billion, an increase of 51 each year.

57%, 19.

46%, 31.

58%.

In the first three quarters of 2019, the company newly signed a contract value of 2,444.

740,000 yuan, a growth of 17 in ten years.

65%.

The design consulting business, the newly signed contract value of other businesses exceeded the growth rate of more than 50%, and the construction-related industrial business grew more than 30% each year.

The amount of real estate pre-sale contracts continued to fall.

The company achieved a comprehensive gross profit margin of 9 in the first three quarters of 2019.

52%, a decrease from the same period last year.

54 points; net interest rate achieved 2.

02%, a decrease of 0 compared with the same period last year.

24pct.

The decrease in net profit margin was less than the gross profit margin, mainly due to the decrease in the expense ratio during the period and the increase in net income from changes in fair value.

Among them, Q1, Q2, Q3’s comprehensive gross profit margins were -2 respectively.

02pct, 0.

03pct, -3.

19 points.

The company’s net income from changes in fair value in the first three quarters of 2019 was 5.

50 ppm, accounting for 0% of revenue.

36%, an increase of 0 compared with the same period last year.

37 points.

Mainly due to the implementation of the new financial instrument specifications, the company’s holdings of stock assets appreciation.

The company’s estimated net operating cash flow for the first three quarters of 2019 was -1.

35 yuan, a slight increase from the same period last year.

The net operating cash flows of Q1, Q2, and Q3 respectively changed to 0.

01 yuan, -0.

03 yuan, -0.

03 yuan.

Earnings forecast and rating: We maintain our earnings forecast for the company.

The EPS for 2019-2021 is expected to be 0.42 yuan, 0.

47 yuan, 0.

52 yuan, the corresponding PE on October 29 closing price is 8.

1x, 7.

2 times, 6.

5 times, maintain the rating of “prudent increase”.

  Risk reminder: 武汉夜生活网 Macroeconomic downside risks, new growth orders are less than expected, orders fall faster than expected, and construction progress is less than expected.