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Dongzhu Ecology (603359): Orders in line with expected results and redundant funds have contributed to continued growth

Dongzhu Ecology (603359): Orders in line with expected results and redundant funds have contributed to continued growth

The 18-year steady growth of 34% was in line with expectations.

The company achieved revenue of 15 in 2018.

90,000 yuan, an increase of 30% in ten years; net profit attributable to mothers3.

3 ‰, a year-on-year increase of 34%, in line with expectations.

In terms of sectors, revenue from ecological wetlands / municipal road greening / park square greening / real estate landscape was 9 respectively.

2/6.

3/0.

1/0.

USD 100 million, a year-on-year increase of +24% / + 92% /-90% /-73%. The growth rate of ecological wetland business is slow, and the growth of municipal road greening business is rapid.Avenue Green Project “,” Runan County G328 National Highway City Section Upgrade Project “projects were completed due to continuous output value.

By quarter, Q1-Q4 achieved revenue of 3 respectively.

6/4.

8/3.

4/4.

1 ‰, a year-on-year increase of +52% / + 68% / + 2% / + 12%; net profit attributable to mothers was 0.

7/1.

1/0.

6/0.

9 trillion, a year-on-year increase of +65% / + 87% /-17% / + 24%. The fourth quarter revenue and performance improved significantly from the previous 杭州夜网论坛 quarter.

Proposed 10 factions.

50 yuan (including tax), the dividend rate is 15%.

It is expected that the company will continue to achieve steady growth in the future through the continuous conversion of orders on hand into revenue and performance.

Gross profit margin fluctuated on average, and operating cash flow in Q4 increased significantly.

The company’s gross profit margin in 2018 was 28.

2%, -0.

2 pct, of which the gross profit margins of the four businesses of ecological wetland / municipal road greening / park square greening / real estate landscape are 29 respectively.

1% / 27.

2% / 28.

2% / 26.

5%, year on year +1.

twenty one.

6 / -0.

1 / + 4.

3 pct, gross profit margin is the highest stable overall.

Expense rate during period 5.

3%, -0.

8 pct, including sales / management 成都桑拿网 (plus R & D) / financial expense ratio YoY + 0.

0 / -0.

6 / -0.For 2 pcts, the decrease in management expense ratio was mainly due to the company’s scale effect.

Asset impairment losses increased slightly by zero.

0.5 billion.

The anion rate decreased slightly by 0 compared with the previous period.

5.

The net profit attributable to mothers is 20%, +0 year-on-year.

6 pct.

Achieved a net reduction in operating cash flow of zero.

7 trillion, a net inflow of 0 in the same period last year.

2 trillion, of which Q4 increased significantly in a single quarter.

600 million, a significant improvement over Q1-3.

Cash-to-cash ratio and cash-to-cash ratio are 44% and 51%, respectively, YoY-12 / -15%.

The order growth trend is strong, with sufficient funds in hand, and high growth is expected in the future.

In 2017-2018, the company gradually won the bidding orders of 14, respectively.

7/30.

30,000 yuan, 32 new orders in 2019Q1.

600 million US dollars, a significant increase of 305% previously, a total of 52 orders won so far this year.

20,000 yuan (excluding the consortium), showing a growing trend.

The company currently has 10 billion orders on hand, about 6 of 2018’s revenue.

3 times, the orders on hand are extremely abundant.

The latest financial report company has cash in hand12.

US $ 300 million (expected to leverage at least US $ 6 billion in order size), without interest-bearing debt, and the balance sheet has the potential for expansion and expansion, contributing to the company’s sustainable and rapid development in the future.

Investment suggestion: According to the company’s current excess orders and balance sheet expansion capabilities, we predict that the company’s net profit attributable to the mother in 2019-2021 will be 4.
.

6/6.

0/7.

70,000 yuan, EPS 1.

44/1.

87/2.

42 yuan (18-21 years, CAGR is 33%), the current expected corresponding PE is 14/11/8 times, considering the company’s outstanding growth potential in the future, maintain a “buy” rating.

Risk reminder: Infrastructure investment is lower than expected risk, PPP policy risk, credit risk, project execution risk, receivables risk, etc.