Inner Mongolia No. 1 Machine (600967): Interim report steadily grows orders and full tasks continue to grow
Event: Today the company released its semi-annual report for 2019 and achieved operating income of 53 in the first half of 2019.
1.5 billion, an annual increase of 4.
57%, achieving net profit3.
34 ppm, an increase of 15 in ten years.
The core point of view is that revenue is rising steadily, and full and sustainable production tasks can be expected.
In 2019H1, the company’s revenue achieved a slight 南京夜网论坛 increase, but from the forward-looking indicators, the advance account receipt at the end of the reporting period was 53.
78 megabytes, still at a high level since 18 years, indicating that the order is full; the ending inventory is 31.
500 million, 50 more than the beginning of the period.
95%, of which the book balance of raw materials, work in progress, and inventory goods is 5, respectively.
7.9 billion, 23.
5.3 billion, 3.
48ppm, an annual increase of 105%, 50%, 90%, indicating that the production task is large.
In terms of military products, in order to achieve the goal of basically achieving mechanization in 2020, the ground equipment is gradually in the peak period of installation; in terms of civilian products, the company has exceeded 10 trillion railway vehicle contracts since the beginning of the year 1夜来香体验网9, exceeding 9 trillion in the same period last year.The military and civilian market demand has added an alternative basis for the company’s sustainable growth.
The cost level was well controlled and the operating efficiency continued to improve.
19H1’s gross profit margin was 9.
92%, 11 of the earlier 18H1.
Decreased, but the net profit attributable to mothers is still realized.
The 66% increase, which significantly exceeded the revenue growth rate during the same period, has always been: 1) Financial expenses decreased by 55.56 million yuan, mainly due to the increase in interest income from deposits during the reporting period; 2) Management expenses and sales expenses fell by 17.71 million yuan every other timeAnd 3.84 million yuan, the main part of the reduction is employee compensation, which may be related to the company’s implementation of new rank compensation and assessment standards.
Through the good control of the expense ratio, the company’s net interest rate increased from 5.
68% rose to 6.
The military and civilian market has ample space, and efforts to expand foreign trade markets have been strengthened.
In terms of military products, according to publicly calculated data, the market space for domestic main battle tanks and 8 * 8 wheeled armored vehicles is in the billions of dollars.
In terms of folk goods, China Railways total 18?
The total plan for 20 years is to purchase 21 new trucks.
60,000 vehicles, with purchases exceeding 150 billion.
On the basis of meeting the domestic market, the company has achieved new breakthroughs in foreign trade business. More than 40 models of 6 series of railway vehicles have passed certification. The products are exported to Southeast Asia, Central Asia, Africa and other countries and regions.
Financial forecasting and investment recommendations take into account the impact of lagging product delivery schedules, we adjusted the company’s EPS in 19/20 to 0.
44 yuan (previous forecast was 0.
54 yuan), and increase the 21-year forecast to 0.
With reference to a comparable company’s 38 times P / E ratio in 19 years, the target price is given at 14.
06 yuan, maintain “Buy” rating.
Risks suggest military deliveries exceed expectations; rail vehicle orders fall short of expectations