China Power (600482): Growth of Ship Power Leader Meets Expectations
The main business grew steadily, maintaining the “overweight” rating. On April 17, the company released its 2018 annual report, and the company’s 2018 revenue was 296.
62 ppm, a ten-year increase of 7.
81%, net profit attributable to mother 13.
48 ppm, an increase of 15 per year.
33%, performance growth in line with expectations.
The company is a core supplier of naval ship power systems. In the future, the company will continue to develop navy ships and continue to develop at a high speed. The company’s military power business is expected to develop steadily.
The company’s seven major power businesses are military-civilian dual-use technologies. There is also a large market space in the civilian market. The advancement of military power for civilian use has formed a stepwise growth momentum and has helped the company’s performance continue to rise.
In 2021, the EPS will be 0.
92\1.10\1.27 yuan, maintaining the “overweight” level.
Military ship power leader, stable growth in military business. The company was replaced by the main development and supplier of naval ship power and transmission equipment in the gas, steam, chemical, all-electric, diesel, heat engine power and transmission business areas, undertaking to reduce the national water surface.The research and development and production tasks of underwater ship power equipment provide power and transmission guarantee for aircraft carriers, submarines, destroyers, frigates, and auxiliary ships. It is the ship’s power leader.
The company’s military revenue in 2018 was 47.
5.4 billion, an annual increase of 2.
44%, revenue accounted for 16.
03%, down 4 each year.
We believe that the long-term sustained high investment in shipbuilding will continue, and the company’s military industry business is expected to continue to grow in the future.
Military technology and civilian use Exploit a broad military-civilian integration market, and the company’s non-shipping business share has increased significantly. Through military technology and civilian use, high-end power technologies have been applied to the non-shipping market.
5.7 billion, an annual increase of 52.
08%, with a revenue share of 59.
53%, an increase of 9 per year.
At present, civil chemical power, civil gas power and marine nuclear power have formed the three pillars of the company’s non-shipping business. Among them, the civil chemical power business has grown rapidly, and its revenue in 2018 increased by 40.
57%; In terms of civil gas power business, in 2018, we provided customers with 6 6MW gas-driven compressor units and 4 15MW gas turbine generator units.
Business rectification has shown initial results, helping the healthy development of civil ship power business. In 2018, the company’s civil ship power business revenue was 69.
570,000 yuan, an increase of 0 in ten years.
86%, revenue accounted for 23.
45%, down 6 every year.
In 2018, the company integrated the low-speed diesel engine power industry sector into its subsidiary, China Ship Diesel, and built a management framework for the low-speed diesel engine business “one headquarters and three bases”. In 2018, China Ship Diesel increased 42 by the number of orders, power and contract amount respectively.
8% and 96.
At present, the company is planning the integration of medium and high speed diesel engine 杭州夜网论坛 power business, which is expected to promote the healthy development of the company’s medium and high speed diesel engine business.
Optimistic about the company’s potential for continued growth in the future, maintaining the “overweight” rating company is a leader in the ship power industry. It has been incorporated into Shaanxi Diesel and Heavy Gear companies for 18 years, and its future revenue will achieve steady growth.Close 335.
62\380.54\432.3.3 billion (19-20 before 296.
00\336.5.7 billion), and realized net profit attributable to mothers15.
72\18.95\21.85 ppm (15 before 19-20).
79\19.32 ppm), the corresponding EPS is 0.
92\1.10\1.27 yuan (0 before 19-20).
It is said that Wind unanimously expected that the average PE of comparable listed companies in 19 years was estimated to be 35.
32 times. In 2019, the company will be evaluated at 35-36 times PE. The target price range is 32.
98 yuan / share, maintaining the “overweight” rating.
Risk warning: military spending growth and military order purchases exceed expectations; civilian ships resume below expectations.