The hottest Shanghai Electric 2018 third quarter r

2022-09-22
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Comments on the 2018 third quarter report of Shanghai Electric: the net profit increased rapidly in the third quarter, offshore wind power and overseas business performed prominently

Event

on October 31, the company released the 2018 third quarter report, and the company achieved an operating revenue of 69.905 billion yuan in the first three quarters, an increase of 19.20% over the same period last year; The net profit attributable to shareholders of the parent company was 2.169 billion yuan, an increase of 15.54% over the same period last year. Basically, only excellent technology can ensure the stability of machine production. The stock income was 0.1473 yuan, an increase of 5.36% over the same period last year. In Q3, the revenue was 18.631 billion, a year-on-year increase of 7.18%, the net profit attributable to the parent was 403 million, a year-on-year increase of 27.99%, and the basic earnings per share was 0.0274 yuan, a year-on-year increase of 17.09%

analysis and judgment

two cores 2. Basic performance of fixture 1 Strength requirements of fixtures: the samples (or products) are clamped by fixtures to exert force on the samples for stable development: Shanghai Electric is one of the largest comprehensive equipment manufacturing enterprise groups in China, and mainly has two core competitive advantages: 1. Energy equipment manufacturing. In particular, it gradually focuses on efficient and clean energy equipment. 2. Modern service industry. It has formed the linkage advantage between modern service industry and real industry, engineering service and drive the development trend of equipment manufacturing industry. By the end of the reporting period, Jingda and Quanwei had maintained the domestic "leader" position in the field of electromagnetic wires and copper rods, and the company's orders on hand were 228.43 billion yuan (including 106.43 billion yuan of orders that did not take effect in accordance with the national statutory holidays), an increase of 0.4% over the end of the previous year; Among the company's orders: new energy and environmental protection equipment accounted for 15.08%, efficient and clean energy equipment accounted for 40.26%, industrial equipment accounted for 5.41%, and modern service industry accounted for 39.25%

the performance of this period is in line with the expectation, and the performance of offshore wind power and overseas business is outstanding: in terms of performance, the net profit attributable to the parent company increased rapidly in the third quarter, with a year-on-year increase of 27.99%, and the net profit attributable to the parent company in the first September increased by 15.54%. In terms of new orders during the reporting period, industrial equipment and modern service industry grew rapidly. In addition, offshore wind power accounts for more than two-thirds of wind power equipment, and overseas power station orders account for more than 85% of orders. The future development prospect is expected to be further expanded. Specifically, during the reporting period, the company achieved new orders of 90.3 billion yuan, an increase of 18.6% over the same period last year; Among them, new energy and environmental protection equipment accounted for 12.75%, efficient and clean energy equipment accounted for 16.71%, industrial equipment accounted for 37.59%, and modern service industry accounted for 32.96%. As of the end of the reporting period, the company's orders for hand-held wind power equipment amounted to 17.86 billion yuan (of which offshore wind power equipment orders accounted for two-thirds), an increase of 17.73% over the end of the previous year; Engineering orders for flashlight stations amounted to 81.95 billion yuan (of which overseas power station engineering orders accounted for more than 85%), an increase of 32.93% over the end of the previous year

the board of directors of the company agreed to participate in the capital increase of China energy, which is expected to strengthen industrial cooperation in the future: on October 23, Shanghai Electric announced that the board of directors agreed that the company would participate in the public listing and bidding of the capital increase and share expansion of China Energy Engineering Group Co., Ltd., with the capital increase accounting for 20% of the equity of China Energy Engineering Group Co., Ltd. after the capital increase, and the capital increase amount should not exceed 1.2 billion yuan. If the final capital increase is implemented, it will hold 20% equity of China energy. China energy, a subsidiary of China machinery industry group, is a comprehensive energy service provider integrating energy investment and operation, energy engineering construction, energy technology research and development, and energy finance and trade services. Shanghai Electric said that participating in the capital increase of China energy will help the company strengthen cooperation with China energy in the fields of energy, chemical industry, energy conservation and environmental protection, optimize their respective industrial structures through industrial collaboration, optimize and strengthen their main businesses, form a development pattern with complementary advantages, and drive the development of the company's existing businesses. If the potential capital increase is implemented, it will not have a significant impact on the company's operating performance in 2018

risk tip: great changes in business model; Risks of industrial policy changes

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