Seiko Steel Structure (600496) 2018 Annual Report Review: New Breakthrough, Single-speed Acceleration, High Growth, Ushering Inflection Point

Seiko Steel Structure (600496) 2018 Annual Report Review: New Breakthrough, Single-speed Acceleration, High Growth, Ushering Inflection Point
The high performance growth ushered in an inflection point. In the new decade alone, the company’s revenue in 2018 was 86.3.1 billion, an increase of 32 in ten years.11%; net profit attributable to mother 1.8.2 billion, an increase of 192 in ten years.98%, performance rebounded quickly and ushered in an inflection point.The main business steel structure realized income 84.4.7 billion, a year-on-year increase of 32.10%.The highest new level single 122.7 billion, an increase of 19 years.79%; In 2019, the company plans to spend 15 billion US dollars in the new millennium, an annual growth of 22%.The company announced that in the first quarter of 2019, the new ten-year single 50 has been achieved.300 million, an annual growth rate of 62%, which has accelerated in about 2018. Profitability has improved significantly and cash flow has improved. The company’s 杭州夜网 ROE was 4 in 2018.11%, an increase of 2 a year.51 points.The gross profit margin is 13.67%, an increase of 2 a year.15pct; Net margin is 2.10%, increase by 1 a year.15 marks.Period expenses cost 10.28%, a year up 0.34 points; of which, the management expense ratio is increased by 1.58 points to 7.11%, the financial expense ratio fell to 0.40 points to 1.87%, the sales expense ratio decreased by 0.83 points to 1.31%.Total asset turnover is 0.69 times, surpassing the promotion by 16.95%, account receivables turnaround5.00 times, an increase of 30 a year.21%; asset-liability accounting 63.19%, a decline of 2 per year.45 points, debt service ability has improved.Achieve operating net cash flow-2.3.4 billion, with operating net cash flow / operating income of -2.71%, an increase of 5 a year.98 points. Q4 performance growth and speeding up companies in 2018Q1, Q2, Q3 and Q4 completed revenue 21 respectively.28 billion, 17.6.7 billion, 16.8.7 billion, 30.4.9 billion, an increase of 56 in ten years.19%, 5.80%, 4.81%, 61.24%; realized net profit of 0.25 billion, 0.9.4 billion, 0.2.8 billion, 0.3.5 billion, an increase of 16 in ten years.81%, 176.36%, 287.67%, 4888.48%. The company’s performance growth in the fourth quarter accelerated significantly. l The growth momentum of prefabricated business is strong, and the EPC mode transition result is a leading enterprise in prefabricated construction. The company has developed into the only prefabricated enterprise with a full industrial chain.The report summarizes the company’s assembly business for a new decade.5.3 billion, a 169-year increase.44%.The company actively transformed the EPC model of general engineering contracting, and achieved a breakthrough in green integrated business by adopting a direct-operated EPC and a patented two-wheel drive model.In 2018, it undertook green integrated business under the EPC direct sales model14.8.3 billion, an annual increase of 163%; technology authorization completed 1.700 million, an annual increase of 240%. Profit forecast and investment advice: The company’s EPS for 19-21 is expected to be 0.20/0.36/0.55 yuan, PE is 18.8/10.5/6.9 times.Maintain “Buy” rating. Risk reminders: bad debts of accounts receivable, reorganization of fixed asset investment, and less than expected conversion rate of orders.