Dongzhu Ecology (603359) Interim Review: New high-income employee shareholding in the new decade shows confidence

Dongzhu Ecology (603359) Interim Review: New high-income employee shareholding in the new decade shows confidence

The company’s performance has grown steadily, and high profitability companies have achieved operating income in 2019H110.

2.9 billion, an annual increase of 21.

81%; net profit attributable to mother 2.

One million yuan, an annual increase of 11.

43%; deduct non-net profit 1.

9.7 billion, an annual increase of 23.


2Q19 achieved operating income 5.

9.9 billion yuan, an annual increase of 24.

27%; net profit attributable to mother 1.

1.9 billion, an annual increase of 11.

21%; deduct non-net profit 1.

1.5 billion, an annual increase of 30.


The company’s gross profit margin for 19H1 was 28.

1%, the same period in the earlier 18 years, basically unchanged, with a net interest rate of 19.

4%, a decrease of 1 over the same period in 18 years.

8pct, profitability is significantly higher than other garden companies.

The company’s 2019H1 operating cash flow net alternation3.

1.5 billion, the net value of the earlier 18H1 increased by 0.

7.1 billion yuan, which is expected to be mainly affected by the tightening of the current financing environment.

As of the end of 19Q2, the company’s assets and liabilities were reinvested46.

9%, an increase of 3.

3 points.

The new level has a high increase in orders, and there are too many orders in hand to ensure future revenue growth. According to the operating data announcement, the company’s new winning projects / new subdivision projects in 19H1 were 79.


US $ 200 million, an increase of 224% / 539% each year; previously, the company’s new winning projects / new subdivision projects were 84.


2 trillion, about 80 trillion 武汉夜网论坛 orders on hand, about 5 times the revenue of 18 years, sufficient orders on hand, to protect the company’s future revenue growth.

In the subsequent gradual improvement of the financing environment, the company’s new growth is expected to continue to grow.

Among them, the company jointly won the bid for Hangzhou Jiangdong Avenue project with China Railway in April, amounting to 41.

US $ 200 million. This project is a Hangzhou Asian Games project. The successful bidding of the project demonstrates the company’s business strength and promotes the company’s ability to undertake more Asian Games projects in the future.

The wetland area has absolute advantages, and the employee’s shareholding shows the company’s confidence in the continuous development of ecological wetlands and construction. It is a leading domestic wetland.武汉夜生活网 According to the company’s interim report, the company won the bid for the construction of the Changge Shuangyuhe National Wetland Park in Henan Province until the end of July 19And other wetland projects.

The company successfully hosted the “Yangtze River Delta Wetland Protection Forum and the Fourth Standing Intervention of the Chinese Wetland Protection Association” for 18 years, which clearly shows the company’s first-mover advantage in the field of ecological wetland restoration.

In addition, according to the company’s announcement, the company recently implemented the first phase of the employee shareholding plan for 19 years, and raised less than 50 million yuan, demonstrating the company’s confidence in its future development.

Earnings forecast and investment rating In the general environment of poor financing and PPP liquidation, the company’s performance still achieved steady growth, which demonstrated the company’s control of project risks.

Recently, the company’s new starting point has increased rapidly, supporting the company’s future revenue and performance growth.
It is estimated that the company’s net profit attributable to the mother in 19-21 will be 3 respectively.


7.3 billion.

The company’s 19 years PE is about 13.

5 times, the 18-year revenue of A shares is between 5-30 trillion, and the average PE of a comparable company that is similar to the company’s business model in 19 years is about 18.

Five times, we give the company 18 times PE in 19 years, and the company’s EPS is expected to be 1.

25 yuan / share, the corresponding reasonable value is about 22.

5 yuan / share, maintain “Buy” rating.

Risk reminders: The financing environment continues to be tight; the progress of PPP projects is less than expected; the risk of repayment is increased; the borrowing and leverage are weaker than expected; the risk of brain drain.