China Power Construction (601669) Semi-annual Report 2019： Revenue Keeps Faster Growth and Increase in Bad Debt Losses Slowing Performance按摩
China Power Construction (601669) Semi-annual Report 2019: Revenue Keeps Faster Growth and Increase in Bad Debt Losses Slowing Performance
In the first half of 2019, the company’s new contract value was 3027.
0 million yuan, an increase of 15 in ten years.
Q2 increased by 15.
3%, orders maintained steady growth.
Newly signed contracts for water conservancy and power business and other businesses increased or decreased by -0 for many years.
4%, including 47 changes in the second quarter.
The company achieved operating income of 1,476 in the first half of 2019.
52 ppm, an increase of 16 in ten years.
36%, of which Q2 revenue growth rate was 19.
The company’s core main business engineering contracting and survey and design business achieved steady growth, mainly due to infrastructure project contracting, scale and environment and other non-traditional business scales steadily climbing; the rapid growth of power investment and operation mainly stemmed from the total installed capacity of generatorsThe impact of increasing capacity; the growth of real estate contracts is mainly due to the acceleration of the rate of elimination.
The company achieved a comprehensive gross profit margin in the first half of 201914.
91%, a year to raise 0.
23%, mainly due to the improvement of the company’s real estate business gross profit margin and higher gross profit financing leasing business, the increase in the proportion of franchise revenue, and the company’s business structure has been continuously optimized.
The company achieved a net profit margin in the first half of 20193.
67%, a decrease of 0 from the 北京spa会所 previous year.
The increase in gross profit margin and the decrease in net profit margin were mainly due to the increase in financial expense ratio, research and development expense ratio, and credit impairment loss.
The company’s net operating cash flow for the first half of 2019 was -0.
70 yuan, an increase of 0 from last year.
At RMB 18, the improvement in cash flow was due to the increase in cash income from the return of construction contracted projects over the increase in cash payment for construction.
Earnings forecast and rating: We adjusted the company’s EPS for 2019-2021 to 0.
55 yuan, 0.
59 yuan, 0.
At 64 yuan, the PE corresponding to the closing price on August 28 were 8 respectively.
6 times, 8.
0 times, 7.
4 times, maintaining the level of “prudent increase”.
Risk reminders: 合肥夜网 macroeconomic downside risks, infrastructure investment is worse than expected, bad debt losses increase, cash amount risk of deterioration, excessive asset-liability ratio limits performance