The company’s overall newly signed orders are growing rapidly, and its future performance is guaranteed.
The progress of the project and the progress of some large projects reached the peak.
It is estimated that the company will realize the net profit attributable to the parent company of RMB 5.767/6.680 billion from 2021 to 2022, which is covered for the first time.
(600820): high performance growth, focused on urban renewal and development [Galaxy construction longtianguang] industry dynamics, reported high performance growth in August 2021 and returned to the high prosperity range [Galaxy construction longtianguang / Qian Desheng] company tracked ― Shanghai Construction Engineering Group (600170): steady performance growth as scheduled, The Milky way, new dry cargo China’s Galaxy Securities Research WeChat China official account..
In the first half of 2021, China energy construction achieved an operating revenue of 141.546 billion yuan, a year-on-year increase of 34.04%.
Novel coronavirus pneumonia was 2 billion 354 million yuan, an increase of 165.74% over the same period last year, mainly due to the fact that the new crown pneumonia epidemic was under control in the first half of 2021.
In 2020, China energy construction achieved an operating revenue of 270.328 billion yuan, a year-on-year increase of 9.32%.
The issue price is 1.96 yuan / share, and the price earnings ratio after the share exchange and merger is 12.38 times.
The income and gross profit of the construction sector, industrial manufacturing and highway business increased.
As of September 27, 2021, China energy construction group directly and indirectly held 18785110673 shares of China energy construction, accounting for 45.06% of the total share capital of China energy construction.
China energy construction 601868 ◆ core view 1.
The profitability improved, and the newly signed orders increased.
The company’s asset liability ratio was 70.4%, a year-on-year decrease of 3.05pct.
Domestic A shares accounted for 77.78%.
3.
During the reporting period, the company completed 483.289 billion yuan of newly signed contracts, a year-on-year increase of 58.2%.
The number of employees of the company is 1178300.
Share exchange, absorption and merger of a shares returned by Gezhouba.
As of the end of the reporting period, the company’s net cash flow from operating activities was -11.011 billion yuan, with a year-on-year increase of 17.85%, mainly due to the increase of contract assets and trade receivables with the advancement of the project.
◆ investment suggestion: it is estimated that the company will realize the net profit attributable to the parent company of RMB 5.767/6.680 billion respectively from 2021 to 2022, which is covered for the first time, and it is recommended to be rated as “recommended”.
On August 25, 2021, China energy construction announcement received the reply from the CSRC and approved the company to issue 116707272 shares to absorb and merge Gezhouba.
Profitability improved and new signed orders increased.
◆ risk warning: the recovery of accounts receivable is less than expected; The risk that the landing of newly signed orders is less than expected; Risk of decline in fixed asset investment.
It is recommended to be rated as “recommended”.
This share exchange will convert 1 Gezhouba share into 4.4337 A shares of China energy construction.
In the first half of 2021, the company’s gross profit margin was 12.19%, an increase of 0.17pct year-on-year.
It is the controlling shareholder of China energy construction.
The company’s A-share capital is 32428727636 shares (par value of 1 yuan per share), of which 1167072720 shares have been listed and traded since September 28, 2021.
The newly signed contracts for survey, design and consulting business amounted to RMB 6.042 billion, a year-on-year decrease of 2.81%.
The net profit attributable to the parent company was 4.671 billion yuan, a year-on-year decrease of 8.64%.
Among them, the newly signed contracts for engineering design business amounted to 470.385 billion yuan, a year-on-year increase of 60.62%.
The profitability of the company has improved significantly.
The net interest rate was 3.09%, a year-on-year increase of 1PCT.
Risk warning: the recovery of accounts receivable is less than expected; The risk that the landing of newly signed orders is less than expected; Risk of decline in fixed asset investment/// Relevant reports / / / [Galaxy construction longtianguang / Qian Desheng] company tracked ― tunnel Co., Ltd.
Core view event on September 26, the company announced the issuance of a shares for share exchange to absorb and merge the listing announcement of China Gezhouba Group Co., Ltd.
In addition, Guoxin holding holds 4.87%, Chengtong financial holding holds 1.25%, and other shareholders of the former Gezhouba hold 27.99%.
2.
On October 27, 2020, Gezhouba announced that China energy construction absorbed and merged Gezhouba and related party transactions.
At the same time, with the growth of the company’s business scale and the increase of operating expenses such as labor costs, the combination led to a corresponding increase in the amount of cash outflow from operating activities in the current period.
The performance of the interim report increased rapidly and the asset liability ratio decreased.
In 2021h1, the company’s intangible assets were 64.913 billion yuan, a year-on-year increase of 121.92%.
