Daqin Railway (601006) Half-yearly report of 2019: Performance slightly 3.

11 Mar by admin

Daqin Railway (601006) Half-yearly report of 2019: Performance slightly 3.

7% weak demand and other factors cause slight overlap in transportation volume. The current index rate exceeds 6%. It has configuration value.

Daqin Railway (601006) Half-yearly report of 2019: Performance slightly 3.

7% weak demand and other factors cause slight overlap in transportation volume. The current index rate exceeds 6%. It has configuration value.

The company released its semi-annual report for 2019 and achieved an operating income of 402.

67 ppm, a five-year increase of 5.

86%, net profit attributable to mother 80.

4.1 billion, down 3 every year.

74%.

By quarter: Q2 achieved revenue of 20.5 billion yuan, a year-on-year increase of 4.

79%, profit 40.

400 million, changing 3 every year.

4%, basically the same as Q1 (Q1 profit 40.

100000000).

Business volume: The company has completed a total of 3 cargo shipments.

3.5 billion tons, an annual increase of 4佛山桑拿网.

5% of which coal 2.

8.4 billion tons, an annual increase of 4.

2%, Daqin line completed 2.

1.8 billion tons, down 3 in the past.

2%, the average daily volume is 120.

55, the maximum daily shipment is 135.

84.
.

Passenger shipments were 28.07 million, an increase of 1 each year.

2%.

Affected by the decline in the growth rate of power generation, the strong output of hydropower, the adjustment of the supply structure, and the diversion of other channels, the traffic volume of the Daqin Line in the first half of the year fell several times.

The company’s freight revenue was 3.12 million yuan, ten years.

1%, accounting for 77% of the total revenue, mainly due to the increase in freight volume of other non-Daqin lines and the impact of consolidation of Tangang and Hong Kong companies.

The semi-annual traffic volume of Daqin Online resets the 714 indicator, and it is estimated that the corresponding revenue will decrease by about 600 billion US dollars.

National GDP growth in the first half of the year 6.

3%, growth rate fell to 0.

Five average values, the weak macro trend leads to the breakdown of demand growth rate, and the generation of the whole society increases and grows3.

3%, the growth rate fell by 5 units. At the same time, with the change in energy structure, hydropower generation increased by 11.

8%, the growth rate increased by 8.

At 9 per second, thermal power generation increased slightly by 0.

2%, growth rate fell 7 in two years.

8 units.

Weak thermal power generation has resulted in weak coal demand.

In addition, due to multiple factors such as changes in the structure of the source of supply and the diversion of other coal transportation channels, the traffic volume of the Daqin Line has improved.
In terms of raw coal production in the “three western regions”, due to the difficulty of limiting production in the early Shaanxi Shenmu Mine, Shaanxi coal output was replaced in the first half of the year.
4%, while production in Shanxi and Inner Mongolia increased by 10.

9% and 12.

1%, the overall supply structure has changed; entering the Mongolian-Jijiang line this year, some stations will start to transport coal through Tanghu (that is, the Zhangtang line) from May to fall by 10%.Line shipments caused a certain diversion effect.

Passenger transport revenue among other revenues36.

900 million, a five-year growth of 5.

3%, other income 45.

800 million, down 2% a year.

Costs increase by 7 per year.

6%, higher than the growth rate of income, resulting in a decrease in gross profit margin by 1.

Eight totals to 26.

3%.

The fastest growing cost is mainly depreciation (35.

84, 9.

0%), truck fee (22.

91, 17.

5%), freight service fee (85.

1,14.

8%), overhaul expenses (1.

31, 23.

9%), the above four items accounted for 53% of the cost.

Other important subsidiaries Zhongtang Port Railway performed well.

Tanggang Railway started consolidation this year and achieved revenue of 25%.

700 million, an annual increase of 21%, and a net profit of 9.

7.2 billion, an increase of 27% over the same period; Hou Yu’s net profit1.

12 billion, 19% higher than the average; Taixing replaced 56.92 million, replacing 57.35 million in the same period last year.

Earnings forecast and rating: underestimation and high yield, obvious allocation value 1) The “transit to iron” policy has been vigorously implemented, the proportion of railway freight has gradually increased, and the core of the Daqin Line has benefited.

The short-term disturbance does not change the long-term trend. We judge that the Daqin Line will still maintain a basic full load level in the future, and the annual freight volume will remain at 4.

3-4.

500 million tons high level.

Considering that the existing coal transportation pattern is basically stable, the company has no capacity expansion plan. Only the total capital expenditure remains at a historically low level. It is only used for daily fixed asset replacement. At the same time, the company’s undistributed profits have reached nearly 50 billion in 17 years.It is expected to increase the proportion of dividends in the future.

2) Taking into account the reduction in the traffic volume of the Da-Qin Line and the consolidation of the Tang-Hong Kong Railway, we have slightly reduced our profit forecast for 2019-21, and are expected to achieve a net profit of US $ 13.9 billion in 19-21 (a total of 146, -4).

8%), 14.1 billion yuan (146, -3.

4%), 14.3 billion (150, -3.

4%), corresponding to 8.

2, 8.

2 and 8.

0 times, 6.

1% dividend yield, currently only 1.

1 PB is attractive.
Maintain the “strong push” level.
Risk reminder: The economic growth rate is less than expected, and the impact of port diversion in Qinhuangdao has exceeded expectations.