CIMC Group (000039) Semi-annual Report Comments: Multiple main businesses keep growing; container revenues decrease

CIMC Group (000039) Semi-annual Report Comments: Multiple main businesses keep growing; container revenues decrease

Event: 深圳桑拿网 The company released its semi-annual report for 2019, and its total operating income for 2019H1 was 427.

$ 18 trillion, capped at 1 per year.

93%; net profit attributable to mother 6.

80ppm, a ten-year average of 29.

58%; net profit of non-attributed mothers4.

50ppm, an average of 37 in ten years.

47%; basic return is 0.

16 yuan.

Investment points: container, heavy truck, financial business income increased, offshore engineering business continued to extend the first half of the year, the global economic growth and expansion of trade frictions, the growth rate of container shipping rapidly changed, and finally the rush to export caused by trade frictions also overdrawn export volume this year.

In the first half of the year, the company’s container business revenue was 113.

US $ 3.3 billion, with a 杭州桑拿 ten-year average of 29.

59%; net profit is 0.

38 trillion US dollars, an average of 82 per year.

4%.

In the first half of the year, the domestic heavy truck market was sluggish, with heavy truck revenue11.

USD 1.1 billion, an average of 31 in ten years.

4%, net defect is 0.

4.4 billion.

Financial business income 9.

40 trillion, 10-year average of 10.

36%, net profit 1.

9.9 billion yuan, an average of 34 in ten years.

99%; SSCV platform lease expires, rising financing costs, etc., leading to decline in revenue and net profit.

As new orders for offshore engineering entered the construction phase, offshore engineering business income16.

8.7 billion, an annual increase of 114.

04%, net formaldehyde 7.

USD 3.0 billion, which is basically the same as the budget of the same period last year.

Road transport vehicles, energy chemical liquid food equipment, airport equipment, and logistics services continued to grow. Revenue from road transport vehicles was 127.

1.4 billion, an increase of 10 in ten years.

27%, net profit 8.

4.5 billion US dollars, an annual increase of 34.

95%; strong demand for conventional special vehicles and the growth of North American dry goods trucks and refrigerated semi-trailers drive revenue and profits.

Revenue from energy, chemical and liquid food equipment71.

8.2 billion, an annual increase of 16.

1%, net profit 3.

6.3 billion, an annual increase of 21.

69%.

Airport equipment income 23.5.4 billion, an annual increase of 34.

55%, net profit is 0.

7.4 billion, down 13 each year.

46%; revenue growth was mainly due to the acquisition of Shanghai Golden Shield and Shenyang Jietong.

Revenue from logistics services 43.

1ppm, an increase of 6 per year.

1%, net profit is 0.

9.1 billion, an annual increase of 8.

69%; trade frictions and economic downturn have put pressure on logistics companies.

Maintaining the “Recommended” rating We expect the company’s net profit attributable to its parent to be 25 in 2019/2020/2021.

4.7 billion / 32.

3.3 billion / 36.

9 billion yuan, EPS is 0.

71 yuan / 0.

90 yuan / 1.

03 yuan, corresponding to the current expected P / E estimated levels of 14X / 11X / 10X, respectively. The current company is expected to be at the expected level, maintaining the “recommended” level.

Risk warning: Global trade friction escalates; offshore equipment business is expected to exceed expectations.