Zoomlion (000157): Core competitiveness continued to strengthen after the leading cycle of performance elasticity and sustainability to promote the leading sector

Zoomlion (000157): Core competitiveness continued to strengthen after the leading cycle of performance elasticity and sustainability to promote the leading sector

Highlights 杭州夜网论坛 of the report Event description Zoomlion released the 2019 annual performance forecast: It is estimated that the net profit attributable to shareholders of listed companies in 2019 will be US $ 4.3-4.5 billion, an increase of 112.

89% -122.

79%.

  Event comments The high prosperity of the construction machinery industry continued, the company’s core competitiveness continued to increase, and its performance continued to grow gradually.

In 2019, the construction machinery industry continued to maintain a high boom, with sales of local excavators23.

570,000 units, an increase of 15.

At the same time, the growth rate of concrete machinery, truck cranes and tower cranes, which lags in the update cycle, surpassed that of excavators. The sales of truck cranes increased by about 31 in November and November.

53%, pump 杭州夜生活网 trucks and tower cranes also achieved rapid growth.

At the same time when the industry is booming, the company adheres to the strategic idea of continuous operation, stimulates vitality through continuous innovation of the operation and management mechanism, and reforms the divisional system to make production and sales more accurate.Machines, engineering cranes, etc. 4.

The 0 series of new products have been highly recognized by the market and the market share has continued to increase. It is expected that the company’s truck crane market share will exceed 30% in 19 years, and the tower crane market share will rise to half of the industry. The long boom pump truck will continue to maintain the leading position.

In general, the company’s performance continues to increase, and the revenue comes from the high prosperity of the post-cycle products. At the same time, the innovation of the management mechanism has led to a new outlook for the company’s overall appearance. The core competitiveness of the product has continued to improve, and the traditional product market has continued to increase.Earthmoving machinery and aerial work platforms have also made significant breakthroughs and are expected to grow in the future.

  The scale effect, product upgrades and structural optimization promote the company’s profitability.

The company continues to launch 4.

0 series of upgraded products. At the same time, the product structure has been continuously optimized, and the proportion of high-value pump trucks in concrete machinery has continued to increase. After the new crane production base in Changde has been put into production, the production capacity of tower cranes has increased significantly.

Benefit from scale effects, 4.

0 New product upgrades and structural optimization and other factors, the company’s overall gross profit margin is expected to continue to increase, and there will be room for improvement in the future.

  The counter-cyclical infrastructure has increased, and stricter environmental protection and renewal requirements have promoted the continued high prosperity of the industry. We are optimistic about the post-cycle leader’s performance flexibility and sustainability leading sectors.

The counter-cyclical policy promotes the upward repair of infrastructure growth, real estate investment is further strengthened, the demand side is generally better, and the superimposed environmental policy is becoming more severe. This stimulates the release of demand growth, the overall industry boom continues, and the post-cycle product growth is higher and the growth sustainability is stronger.

The quality and efficiency of the company’s operations and management have continued to improve, and its market share has continued to increase. As a post-cycle leader, its performance flexibility has promoted the leading sector.

It is estimated that net profit attributable to mothers will be 44 in 2019-2021.

08, 54.

36, 64.

27 trillion, EPS is 0.

56, 0.

69, 0.

82 yuan / share, corresponding to PE, 12, 10, 8 times, continue to recommend, maintain the “buy” level.

Risk Warning: 1.

Infrastructure construction, real estate investment growth rate broke through quickly; 2, prefabricated building advances less than expected; 3, original growth price; 4, market competition intensified.