China Railway Industry (600528) Interim Review: Performance Meets Expectations High-speed Growth of Shield Machine Orders

China Railway Industry (600528) Interim Review: Performance Meets Expectations High-speed Growth of Shield Machine Orders

Investment Highlights The company released its semi-annual report for 2019: the company achieved operating income of 94 in the first half of 2019.

77 ppm, an increase of 18 in ten years.

36%; net profit attributable to mother 8.

61 ppm, an increase of 21 in ten years.

15%; non-net profit attributable to shareholders of listed companies.

410,000 yuan, an increase of 19 in ten years.

13%.

Gross profit margin and net profit margin have increased, 青岛夜网 and research and development expenses have increased significantly.

In the first half of 2019, the company’s comprehensive gross profit margin was 21.

09%, increasing by 0 every year.

86 points; net profit price 9.

17%, an increase of 0 every year.

15 marks.

The company’s selling expenses, management expenses and financial expenses are 1.

8.7 billion, 4.

1 billion, 1872.

180,000 yuan, accounting for 1.

97%, 4.

33%, 0.

20%, increasing by -0 per year.

17pct, 0.

29 pieces, 0 pieces

06 points.

R & D expenses are 4.

35 trillion, accounting for 4 of the revenue.

59%, increasing by 0 every year.

81pct.

Orders for shield machines increased rapidly, and turnout orders were basically flat.

In the first half of 2019, the company’s new construction machinery equipment and related services business signed 杭州桑拿 a new contract value of 45.

12 ppm, an increase of 25 in ten years.

84%, of which 40 were newly signed contracts for tunnel construction equipment and related services.

13 ppm, an increase of 26 in ten years.

twenty two%.

The new contract value of the company’s transportation equipment and related services was 89.

8.5 billion, down 16 each year.

31%, 30 of them were new breakthrough orders.

44 trillion, down 2 a year.

44%; new contracts for steel structure manufacturing original business 59.
41 trillion, down 21 a year.
99%.

Profit forecast and forecast: The company is a leading company in domestic tunnel boring equipment, railway tunnel turning and steel structure manufacturing and installation. The continuous advancement of domestic underground space construction drives the rapid growth of shield machine demand. According to the Interim Report, we cut down on 2019-2021.The company EPS is 0.

82, 0.

94, 1.

13 yuan, maintain the “prudent overweight” rating.

Risk reminder: Subway construction is less than expected, and railway construction is less than expected.