Tunnel shares (600820) 2019 third quarterly report review-Q3 performance growth rebounded significantly in each sub-sector newly signed differentiation

Tunnel shares (600820) 2019 third quarterly report review-Q3 performance growth rebounded significantly in each sub-sector newly signed differentiation
The growth rate of Q3 revenue and profits has rebounded significantly; Q3’s single-year growth rate has slowed slightly in the new decade, and the growth rate of sub-sectors 天津夜网 has been differentiated.Taking into account the mild recovery of infrastructure and the initial implementation of the regional rail transit plan, which is more sustainable, we maintain the EPS forecast for 2019-2021 of 0.70/0.78/0.86 yuan, corresponding to PE is 8.4x / 7.6x / 6.9x, maintain “Buy” rating. In the first three quarters of 2019, revenue was +18.2%, net profit attributable to mother +8.6%, Q3 performance growth rebounded significantly.The company’s revenue in the first three quarters of 2019 was 277.3 ‰, +18 a year.2%; net profit attributable to mother 13.9 trillion, ten years +8.6%, the growth rate of profit is lower than the growth rate of income, mainly due to the rapid growth of costs, lower gross margin; corresponding to EPS.44 yuan, +7 for ten years.3%.By quarter, Q1 / Q2 / Q3 achieved revenue of 66 respectively.7/96.4/114.2 ten percent, an increase of 13 per year.6% / 17.4% / 21.8%; net profit attributable to mothers4.2/4.6/5.1 ppm, a ten-year increase of 7.3% / 2.6% / 15.At 6%, the average income and profit in the third quarter showed a marked rise. Gross margin decreased by 1.1 to 11.7%, period expense ratio -0.3pct to 7.4%, the operating cash flow in the third quarter was positive and has improved many times.The company’s gross profit margin for the first three quarters of 2019 was 11.7%, one year -1.One, we think it is mainly due to the rapid growth of costs such as raw materials.Expense rate is half a year -0.3pct to 7.4%, sales / management / R & D / financial expenses 0.1% / 3.4% / 2.5% / 1.4% a year + 0 / -0.2 / -0.2 / + 0.1pct.Net operating cash inflows 2.0 million yuan (net inflow in the same period last year was 0.670,000 yuan); net reduction in investment cash by 42.2 trillion (net decrease of 54 in the same period last year.200 million); net cash inflow from financing 19.10,000 yuan (net inflow of 49 in the same period last year.600 million). In the new quarter of Q3, the single-growth growth rate was earlier than H1. The successful bidding of the Singapore project contributed to high overseas growth; structurally, housing construction continued to grow at a high rate, and municipal orders picked up. In the same period last year, large-scale projects led to new signings for track delivery, roads, and energy continued to slump.New long-term single 393 in the first three quarters of 2019.4 billion (+1) percent.5%), the growth rate dropped from 19H1 by 3.6.By region, Shanghai’s internal and external business is 162.3/166.7 trillion, ten years +7.3% /-18.1%; domestic / overseas is 328.9/38.7 ‰, at least -7.3% / + 620%, the high growth of new overseas signings is mainly 9 months or more23.Caused by the 900 million Singapore project; from a structural point of view, rail transit / municipal / energy / road / house construction is $ 74/97/32/61/100 billion (about -26% / + 25% /-9% /-28% / + 89%), at least every year the new railway contract is mainly due to the 5.7 billion Hangzhou Metro turnkey projects awarded in the same period last year.The company has ample orders in hand, the projects are implemented in an orderly manner, and the monolithic stability has increased in the new decade. The future performance is deterministic. Risk factors: The risk of rail transit construction exceeding expectations; PPP landing is 重庆耍耍网 less than expected. Investment suggestion: The growth rate of Q3 revenue and profits has obviously rebounded; the growth rate of Q3’s new growth orders has been slightly slower, and the growth rates of subfields have been differentiated.Taking into account the mild recovery of infrastructure and the initial implementation of regional rail transit plans and better sustainability, we maintain EPS forecasts for 2019-2021 of zero.70/0.78/0.86 yuan, corresponding to PE is 8.4x / 7.6x / 6.9x, maintain “Buy” rating