Xugong Machinery (000425) Company Research: High Performance, Pay Attention to State Reform System Dividend

Xugong Machinery (000425) Company Research: High Performance, Pay Attention to State Reform System Dividend

2019H1 company net profit attributable to mother22.

830,000 yuan, Q2 single season 12.

3 billion.

In 2019H1, the company realized operating income of 311.

560,000 yuan, an increase of 30 in ten years.


Domestic and foreign market revenues increased by 31.

39% / 20.


Net profit attributable to mother is 22.

8.3 billion, an increase of 106 in ten years.


In Q2, the company’s 杭州桑拿 revenue / attribution net profit increased each year.

18% / 110.

44%, net profit continued to increase.

Diluted expenses + rebound in comprehensive gross profit margin has driven profit elasticity.

In 2019H1, the company’s total four expenses exceeded the reduction by 4.

18%, scale benefits under the heavy income.

In the current period, the company’s product gross profit margin was 18.

33%, an increase of nearly 1% over the same period last year.

Driven by this, the company’s net interest rate increased by 2 over the same period last year.

72% to 7.

33%, full growth elasticity.

The core product crane revenue increased steadily, and gross profit margin improved significantly.

In the first half of the year, the company’s lifting machinery revenue was 114.

780,000 yuan, an increase of 33 in ten 杭州夜网论坛 years.

94%, accounting for 36% of total revenue.


Overdue storage during the recovery period of demand gradually digested the old machines, and the company’s gross profit margin for crane products increased compared with the same period last year.

12% to 24.

86%, the highest point since 2015.

The company’s industry leaders merged and consolidated, expanded capacity growth in the first half of the year, and improved short-term city share changes. After the new production line was put into operation in the second half of the year, it is expected to rebound.

Non-crane products have maintained considerable growth, with outstanding performance of pile workers / fire fighting machinery and spare parts.

In the current period, the company’s revenue from scrapping / compaction / pavement / pile workers / fire fighting / sanitation machinery and spare parts was 29.






USD 1.7 billion, the overall average price maintained considerable growth, piling / fire fighting machinery and spare parts increased by 44.

74% / 59.

09% / 45.

81%, outstanding performance.

In terms of gross profit margin, the gross profit margin of fire protection / sanitation machinery increased by 7 compared with the same period last year.

90% / 2.

65%, the gross margin of the remaining varieties has been inserted.

The parent company’s mixed ownership reform is progressing in an orderly manner, and the institutional dividend is expected to come.

At present, the pilot implementation plan for the mixed ownership reform of the parent company has been approved, and the mixed reform work is being implemented as planned.

The reform of the system has brought new vitality to growth. The company expects a variety of benefits: 1. Public recruitment of employees, smooth exit channels, and improved operational efficiency; 2. Risk sharing and benefit sharing. The long-term and medium-term incentive mechanism promotes the establishment and stimulates production momentum.

In addition, the overall injection of group assets is expected to be gradually realized.

Profit forecast and estimation.

Net profit is expected to be 38 in 2019-2021.

94, 50.

09, 58.

6.1 billion yuan, EPS is 0.

5, 0.

6, 0.

7 yuan / share, corresponding to the current maximum PE is 8 respectively.


7, 5.

7 times, maintaining the “overweight” level.

Risk warning: Infrastructure / real estate fixed asset investment scope; industry competition intensifies.