Tianshan Shares (000877) 2019 Interim Report Comments: Continuously growing performance continues to focus on infrastructure landing
Revenue growth 33.
15%, net profit attributable to mother increased by 117.
69% of 2019H1 companies achieved operating income of 39.
560,000 yuan, an increase of 33 in ten years.
15%, realizing net profit attributable to mother 6.
70,000 yuan, an increase of 117 ten years ago.
69%, EPS is 0.
6,393 yuan / share, of which Q2 achieved operating income of 30 in a single quarter.
1.3 billion, an increase of 35 in ten years.
53%, net profit attributable to mother 5.
0.6 billion, an increase of 55 in ten years.
The 74% increase in performance was mainly due to the rise in both volume and price of cement clinker.
Sales volume rebounded and various indicators performed well. In the first half of 2019, the company sold a total of 897 cement and clinker sales, which increased by 18.
7% was mainly due to the rebound in regional infrastructure demand in the first half of the year under the tone of infrastructure repairs.
We calculated the company’s cement (including clinker) ton revenue, ton cost and ton gross profit were 396.
6 yuan, 243.
1 yuan and 153.
6 yuan, respectively, an increase of 52 over the first half of last year.
8 yuan, 22.
5 yuan and 30.
In recent years, the company has continued to deleverage and reduce debt, and its asset-liability ratio dropped 杭州桑拿网 to 43 in the first half of the year.
4%, continued to decrease by 2.
Seven average values, the budgeted financial cost continued to decline, and the reported budgeted financial cost rate decreased by 2 compared with the same period of the previous year.
65 single to 2.
78%, the three expense ratios (including research and development) totaled 11.
52%, a decrease of 3 from the same period last year.
The company’s operating net cash flow continued to increase in the first half of the year, reaching 12.
19 billion, a year-on-year increase of 91.
Demand in Xinjiang is picking up. Stable companies in East China currently have about 2995 tons of clinker capacity, 3866 cement capacity, 153MW of waste heat power generation capacity, and 15 million miles of commercial mixed capacity, mainly distributed in Xinjiang and Jiangsu.
Since the July meeting of the Political Bureau of the Central Committee of the People’s Republic of China last year, the fixed-asset investment in Xinjiang has bottomed out and has continued to this day. From January to July this year, the growth rate of regional fixed-asset investment has reached 6%, which is the lowest point since mid-yearPick up 54.
Nine averages, regional cement demand from January to June increased by 11.
9%, the growth rate increased by 34 each year.
Two units. At present, the price of cement has increased by 90 yuan / ton to 480 yuan / ton from the end of last year, and Xinjiang’s income in the first half of the year reached 24.
4.4 billion, an increase of 35 in ten years.
The cement operation in East China is mainly stable, and the cement demand in Jiangsu Province increased in the first half.
9%, the company realized regional income 14.
500 million, an annual increase of 24.
Continue to pay attention to the implementation of infrastructure and maintain the “Buy” rating. In July this year, the Politburo meeting announced the replenishment of infrastructure shortcomings and stable investment deployment. In August, the “Western Land and Sea New Corridor Master Plan” was released.The transport corridors are converging, and the “Belt and Road” has continued to advance in depth and continue to pay attention to the future implementation of infrastructure. It is expected that the EPS in 19-21 will be 1.
03 yuan / share, corresponding to PE of 5.
9x, maintain “Buy” rating.
Risk reminder: Infrastructure project landed less than expected; regional supply increased more than expected;