Daqin Railway (601006): 18 years of significant growth in revenue
Incident Daqin Railway released the 2018 annual report and 2019 first quarter report Daqin Railway released the 2018 annual report. The report stated that the company realized operating income of 783.
4.5 billion, an increase of 20.5 billion (adjusted) over 2017, and an annual increase of 35.
45%; Net profit attributable to shareholders of listed companies was 145.
44 trillion, an increase of 12 trillion over 2017 and an increase of 8 in ten years.
99%, corresponding EPS is 0.
98 yuan / share.
The company’s highest average ROE is 14%, rising by 0 every year.
04 single, and the company plans to pay a cash dividend of 4 for every 10 shares.
8 yuan (including tax).
In addition, the company released the first quarter report for 2019, and the company achieved a net profit of at least 40 in the first quarter.
0.6 billion, a decrease of 4 per year.
06% commented on the steady increase in freight volume. The implementation of the new settlement method has led to a significant increase in company revenue over the past 18 years. The company ‘s revenue has increased by 35%, essentially two things. First, it is affected by the gradual westward shift of coal supply and the “transit to iron”The company’s overall cargo delivery volume reached 6.
42 billion tons, an increase of 7 in ten years.
7%, the core asset Daqin Line completed freight volume4.
5.1 billion tons, an annual increase of 4.
3%; Second, the railway industry began to implement new liquidation methods at the beginning of 2018. The new liquidation methods stipulated that all railway freight revenues should be obtained by the carrier, and other freight transportation services should be paid to other railway transportation companies.
The combination of two factors has led to a significant increase in revenue for 18 years35.
45% to 783.
At the same time, the freight service fee index in the company’s operating costs increased by $ 13.7 billion 南宁桑拿 in 2017, resulting in a decline in the company’s gross profit margin3.
02 up to 24.
The mine disaster caused short-term transportation volume fluctuations on the Daqin line. In the future, the company will gradually recover full-load coal as its main transportation cargo. In 2018, the company’s coal delivery volume was 5.
5.1 billion tons, accounting for 85.
After entering 2019, the mine disasters in Shaanxi and Inner Mongolia caused a significant shift in the growth rate of coal production in the two places.
Affected by this, the Daqin line’s traffic in February was only 3,185, and once it decreased significantly by 10.
However, after entering March, the previously affected coal mines gradually resumed production, and the company’s Daqin line’s traffic volume rose back to 3885, and the 南京桑拿网 decline gradually narrowed to zero.
We expect that the traffic volume of the Daqin Line in 4 months will be affected by the spring overhaul, and it is expected to recover to full load afterwards.
According to the company’s business plan, the traffic volume of the Daqin Line in 2018 is expected to be completed4.
5 billion tons, which is basically the same as the center of gravity of coal moving westward and overlapping “transit to iron”, national railway transportation demand has steadily increased. According to the “Thirteenth Five-Year Plan” for the development of the coal industry, coal productionNortheast coal production capacity should be strictly controlled, and the focus of national coal production will gradually shift to the “three western” regions.
In 2018, the total coal output in the “Three West” regions reached 24.
3 billion tons, accounting for 69% of the country’s total, which increased by about 0 in 2017.
In addition, in order to increase pollution in transportation and improve energy efficiency, the “transit-to-transit” policy after 2018 has been intensively introduced, and it is proposed that by 2020, the national railway freight volume will increase by 30% compared with 2017.
In 2018, China’s railway freight volume reached 40.
3 billion tons, an increase of 9 in ten years.At 4%, we believe that with the continued implementation of the domestic “transit-to-rail” policy, the national railway freight volume and its proportion in the total domestic freight volume will continue to increase in the long run.
The 50% dividend payout ratio is expected to continue, maintaining the company’s overweight rating. According to the 2018 annual report, the company plans to pay dividends for every 10 shares4.
8 yuan (including tax), the overall cash dividend is 71.
3.6 billion with a dividend payout ratio of 49.
1%, which is basically the same as in the past. Due to the abundant cash flow situation of the company, we believe that the company will continue to maintain a dividend ratio of about 50%.
In addition, driven by the westward shift of the country ‘s coal center of gravity and the “transit to iron”, the country ‘s railway freight volume has continued to increase, and the Daqin line has been divided into several other major coal transportation lines to reduce transportation costs.The line is expected to maintain full load operation for a long time.
We expect the company’s revenue levels to reach 804 in 2019-2021.
9.5 billion, 824.
4.9 billion, 846.
00 ppm, net profit attributable to owners of the parent company were 152.
4.9 billion, 154.
1.9 billion, 156.
24 ppm, corresponding to EPS of 1.
03 yuan, 1.
04 yuan, 1.
05 yuan, to maintain the Daqin Railway “overweight” level.