Shenzhen Gas (601139): Results Exceed Expectations, Promising Profit Outlook 杭州桑拿洗浴会所 for Receiving Stations
The performance is lower than expected, and continues to be optimistic about the company’s future development potential. According to the company’s performance report, the company’s operating income in 2019 / net profit attributable to mothers / net profit attributable to non-mothers will be 140.
1/10.
6/10.
200 million, ten years +10.
0% / + 2.
3% / + 4.
2%, lower than expected performance, mainly due to 19Q4 increase in blood sugar and goodwill impairment.
We revise the profit forecast for 2019, taking into account that the company’s receiving station profit prospects are expected, and maintain the 20-21 year performance forecast, it is expected to return to the mother net profit in 19-21.
6/14.
4/17.
0 million yuan (previous value was 12.
3/14.
4/17.
0 million), corresponding to EPS 0.
37/0.
50/0.
59 yuan (previous value was 0.
43/0.
50/0.
59 yuan), given a 20-year target P / E 17.
5-18 years old.
5x, corresponding to a target price of 8.
75-9.
25 yuan / share, maintain “Buy” rating.
The lower-than-expected results were mainly due to the increase in revenue in 19Q4 and impairment of goodwill.
1/10.
6/10.
200 million, ten years +10.
0% / + 2.
3% / + 4.
2%, of which the company’s natural gas sales income is 90%.
6 ppm, an increase of 13 in ten years.
6%.
According to the company announcement, the company achieved profitability in 19Q4.
3.7 billion, -27% before, the performance exceeded expectations. The main reasons are: 1) the company’s goodwill impairment of the company’s merger and acquisition projects was about 45 million; 2) due to the adjustment of the return rate, the company’s turnover income increased by approximately 80 million in 19Q4; 3) due to the company’s assetsThe scale continued to expand, and depreciation of assets such as pipe networks increased by approximately 20 million.
In the fourth quarter, the factory’s gas sales volume continued to grow at a high rate. The gas sales volume in 2019 increased by 14%. The company’s operating revenue in 2019 increased by 10%.
0%, in terms of business: 1) 90% revenue from gas sales.
60,000 yuan (ten years + 13.6%), mainly for each increase in gas sales by + 14% to 31.
500 million cubic meters, benefiting from the development of new users such as aesthetic plants, the company’s power plant’s gas sales continued to improve, and the 19Q4 power plant’s gas sales reached 2.
6 billion cubic meters, the previous growth rate was as high as 64%, driving the annual gas sales of 19 axial power plants +13.
6%, non-power plant gas sales increase by +14.
1%, taking into account the expansion of the company’s low-cost LNG gas source cost advantage, the future development trend will further increase the gas supply market share of gas power plants in Guangdong; 2) LPG business revenue 19.
9 ‰, at least -22.
3%.
The profitability of LNG receiving stations is outstanding, and the company’s performance is expected to significantly increase in the future. The existing company ‘s LNG receiving stations with an annual turnover of 1 billion cubic meters have been officially operated. We believe that LNG receiving stations will fully benefit from this and bring more profitable space in the future.We estimate that the turnover of the terminal in 2020 is expected to reach about 600 million cubic meters (about 50 index), and the profit contributed after full production is expected to reach 4-5 trillion points, which will significantly increase the company’s performance.
Continue to be optimistic about the company ‘s prospects and maintain a “Buy” rating. According to the company ‘s performance report, we revise the 19-year profit forecast, but considering that the company ‘s receiving station profit outlook is expected, maintain the 20-21-year performance forecast and expect to return to the mother in 19-21Net profit 10.
6/14.
4/17.
0 billion (previous value was 12.
3/14.
4/17.
0 million), corresponding to EPS 0.
37/0.
50/0.
59 yuan (previous value was 0.
43/0.
50/0.
59 yuan), refer to comparable company’s 20-year P / E average of 12.
3x, benefiting from the operation of the receiving station, the company has excellent growth, and should give a 20-year target P / E 17 for a certain premium of copyright.
5-18 years old.
5x, corresponding to a target price of 8.
75-9.
25 yuan / share, maintain “Buy” rating.
Risk warning: domestic gas price and sales risk, overseas gas price risk, RMB exchange rate change risk