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Zoomlion Research Report: risk release of construction machinery and other businesses have risen

Zoomlion Research Report: risk release of construction machinery and other businesses have risen

China Construction machinery information

key points of investment:

conclusion: ① risk release and excess capacity of construction machinery business have been basically cleared, and the three tables have begun to be repaired, with benchmark net assets and similar companies valued at 22billion market value; ② The income from sanitation, agricultural machinery and fire control will account for more than 50%. According to the revenue and profit and the benchmarking company, the corresponding market value is 20billion, 3billion and 3billion respectively, with a total of 26billion. ③ It is judged that the annual EPS of the company is 0.01, 0.15, 0.30 yuan. According to the segment valuation, the reasonable total market value is 48billion yuan, and the target price is 6.80 yuan, which is seriously underestimated. The first coverage is given an overweight rating

the risks of construction machinery business are basically released, and the excess capacity is basically cleared: ① at present, although the total amount of various accounts receivable seems to be as high as 47.2 billion, the aging structure of customers and the tolerance of environmental experimental conditions in order to standardize the experimental equipment is significantly optimized. After the liquidation of zero down payment customers, only 6.716 billion accounts receivable with an age of 2 years and above are cleared. According to the past write offs, the accrued bad debt reserves of 3.59 billion can cover the possible risks. ② Under the new economic normal, it is the most critical for enterprises to take the initiative to clear excess capacity. By reducing the occupation of factory buildings in the design and manufacturing site of indigenous experimental machines in accordance with the relevant standards of gb/t328 (2) 007 series, simplifying personnel and product lines, reforming marketing lines and other measures, the production capacity has shrunk by more than half, the breakeven point will appear, and the profit improvement is expected. ③ Considering the net assets and benchmarking peers, the construction machinery business has a market value of 22billion

the non construction machinery business has been quite large-scale, profitable and leaders in their respective fields: ① the non construction machinery business includes three major businesses: environment, agricultural machinery and fire protection, and it is expected that the revenue in 2016 will account for more than 50%. ② The environmental industry ranks first in the country, which is about 3 times the volume of Longma sanitation. It is estimated that the growth rate of equipment is about 10%, and the operation is doubled, with a market value of 20billion. ③ For more relevant information about the fire business, please refer to the official website 4 of the public standard. It continues to grow at a double-digit rate. It is estimated that the net profit in 2016 will exceed 100 million. Considering the A-share benchmarking company, it is worth 3 billion market value. ④ The agricultural machinery business ranks third in the country. It was acquired through the acquisition of 2.35 billion in the primary market. It is expected to achieve a profit in 2016, worth 30. No matter how good the product is, the service can't keep up with the pace, and the market value is useless. To sum up, the value of non construction machinery business is 26billion market value

risk factors: the construction machinery industry fell precipitously

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