Shenzhen Expressway (600548): Third quarter results meet expectations Multiple developments provide new growth momentum
Event Shenzhen Expressway released the third quarter of 2019. Shenzhen Expressway achieved operating income of 41 in the first three quarters of 2019.
85 ppm, an increase of ten years.
09%; realized net profit attributable to shareholders of listed companies21.
51 ppm, an increase of 41 in ten years.
The company achieved zero profit in the first three quarters of 2019.
986 yuan, the expected average ROE is 12.
10%, rising by 1 every year.
In the third quarter of this year, the company achieved operating income of 14.
86 ppm, a ten-year increase1.
61%, net profit attributable to mother 5.
740,000 yuan, an increase of 4% in ten years.
Brief comment on the first three quarters of comparable revenue growth of 16.
51%, non-recurring profit and loss contributed profits from Nanguang, Yanpai, Yanba three roads were repurchased by the government in advance at the end of 2018, so the company’s third-quarter revenue growth rate was only 1.
61%. From the perspective of the toll income of the company’s holding road property in the third quarter, the company’s average daily toll income of the holding road property in the third quarter reached 1308.
70,000 yuan, an annual increase of 7.
In addition, the Guilong development project has increased the number of renovated and delivered houses, and its income has also increased. At the same time, it supplements the new ramp station operation cost compensation service income brought by the project, the government commissioned maintenance service income paid after the highway repurchase, and newly acquiredWind power projects have also brought certain revenue increases.
In the third quarter, the gross profit margin was relatively flat, and financial expenses were significantly reduced. Affected by the early repurchase of three highways, the company’s third-quarter operating cost swap growth rate also decreased, resulting in the company’s gross profit levelLast year was at least almost flat, reaching 52.
On the expense side, the company reports that budgeted financial expenses decrease 上海夜网论坛 by 1 every year.
23 ppm was mainly due to the decline in the company’s average borrowing size, and the gearing ratio also rose from 62 at the end of the third quarter of last year.
22% fell to the current 52.
In addition, the company is currently continuing to implement exchange-locked swap transactions on US dollar debt. After hedging the gains and losses on changes in the fair value of foreign currency swaps and delivery gains and losses, the Group ‘s consolidated financial costs decreased by 49 from January to September.
Entering the big environmental protection business, diversified development is expected to promote continued growth in performance. In addition to the main toll road business, the company has become the second major business of the big environmental protection business.
The company 西安耍耍网 continuously promotes its layout in the large environmental protection business segment. For example, it first subscribed for 15% equity of Water Regulation Institute in 2017, and acquired 20% equity of Derun Environment in the same year. In October 2018, the company cooperated with Suez Group’sDelta Asia joint venture established Suez Environment.
We believe that the company’s large-scale environmental protection business has a strong synergy with toll roads. Since the expressway is a stable toll, the cash flow is very rich in assets, which can complement the environmental protection business, and the environmental protection business has aThe toll roads are also similar. They are franchised, with a long and stable operating period, which can give full play to the company’s management advantages.
Maintaining the company’s “overweight” rating, we believe that Guangdong and Shenzhen are the most dynamic regions in China’s economy. In the future, the economic growth rate will also maintain a level of growth, which will help the company’s existing road production and vehicle flow to grow steadily.
In addition, the company currently has some road properties under construction, with a mileage of about 65.
7 kilometers, and entering the big environmental protection business will also give the company more performance growth momentum.
We expect the company’s revenue levels to reach 57 respectively in 2019-2021.
470,000 yuan, 61.
1.7 billion, 65.
75 ppm, net profit attributable to owners of the parent company is 26.
7.2 billion, 25.7 billion, 28.
69 trillion, corresponding to EPS 1.
23 yuan, 1.
18 yuan, 1.
32 yuan, maintain the Shenzhen Expressway “overweight” rating.