China Railway (601390) 2018 Annual Report Review: Speeding Up Operating Performance and Compensating for Shortcomings Could Help Boost Expectations

China Railway (601390) 2018 Annual Report Review: Speeding Up Operating Performance and Compensating for Shortcomings Could Help Boost Expectations

The performance has improved under a high base, and the growth rate of the real 南京夜生活网 estate business is eye-catching. In 2018, the company achieved revenue of 7404.

3.6 billion, an annual increase of 6.

79%; realized net profit attributable to mother 171.

9.8 billion, an annual increase of 7.

04%, an indicator of improved performance growth, mainly due to the minority shareholders undertaking a series of restructurings in the same period of 2017 and the high net profit attributable to the mother.

The newly signed contract value is 16,921.

6 ppm, a ten-year increase of 8.

At 7%, orders in hand reached 29019.

2 ‰, an increase of 12 in ten years.


Real estate, the second largest business, achieved operating income of 433.

24 ppm, an increase of 42 in ten years.

74%, growth rate ranked first in all businesses.

  The gross profit margin has improved, and the ability to repay debt has continued to improve. The company’s ROE in 2018 was 10.

81%, a decline of 0 every year.

44pct, the decrease in ROE was mainly due to the reduction of the company’s financial leverage.

The gross profit margin is 9.

90%, a year to increase 0.

52pct, the increase in gross profit margin was mainly due to the increase in the proportion of real business with high gross profit margin; the net profit margin was 2.

36%, a year up 0.


Period expenses6.

04%, a year increase of 0.

77pct; of which the management expense rate is increased by 0.

29 points to 4.

61%, financial expense ratio increased by 0.

43pct to 0.

94%, sales expense ratio increased by 0.

07pct to 0.


Total asset turnover is 0.

83 times, down 4 each year.

60%, accounts receivable turnover investment 5.

59 times, increasing by 20 a year.


Asset and liability accounting 76.

43%, a decline of 3 per year.

46pct, debt service ability continued to improve.The preliminary cash flow turned smoothly, and the operating net cash flow was 119.

6.2 billion.

  Q4 revenue growth accelerated, and net profit growth and growth The company completed 2018 revenues of 1484, Q2, Q3 and Q4 respectively.

30 billion, 1676.

7.3 billion, 1796.

65 billion, 2446.

6.8 billion, an increase of 10 in ten years.

12%, 1.

32%, 4.

45%, 10.

67%; realized net profit 31.

9.7 billion, 63.

55 billion, 34.

9.2 billion, 41.

5.3 billion, an annual increase of 21.

92%, 24.

98%, 4.

93%, -17.


In the fourth quarter, the company’s revenue growth accelerated, and the net profit growth rate was the norm.

  The controlling shareholders’ unprecedented increase in shareholdings has demonstrated the long-term development confidence report of the two companies. The company announced that shareholders of China Railway Engineering will increase their holdings to not less than 0 within 6 months from November 20, 2018.

1%, no more than 1% of the company’s A shares, the actual actual shareholding ratio is only 0.

0427%, if the minimum overweight ratio is reached to 0.

Calculated by 1%, the current sustainable corresponding future increase in market capitalization is at least 77.66 million yuan.

The scale of this round of unprecedented holdings has demonstrated the confidence of the controlling shareholders in the company’s long-term development.

  Profit forecast and investment advice: The company’s EPS for 19-21 is expected to be 0.



19 yuan, PE is 8.



1 times.

Maintain “Buy” rating.

  Risk warning: bad debts of accounts receivable, the name of infrastructure investment, and the policy strength is less than expected.

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