Tunnel Shares (600820): Accelerated revenue growth, reduced investment income, dragged down performance

Tunnel Shares (600820): Accelerated revenue growth, reduced investment income, dragged down performance
Investment points In 2018, the company gradually signed a new construction and design contract amount of 588.9.9 billion, a decline of 9 per year.74%, mainly due to the decline in orders outside Shanghai.In Shanghai, outside Shanghai, overseas orders were relocated -0.32%, -18.50%, -4.81%; rail transit, municipal engineering, energy engineering, road engineering, real estate engineering, and other new vertical separate vertical shifts of -3785%, 74.99%, -6.46%, -49.47%, 65.51%, -46.85%. The company achieved 深圳spa会所 operating income of 372 in 2018.660,000 yuan, an increase of 18 in ten years.21%, mainly due to the single gradual decline in the new millennium last year, driving the rapid growth of construction revenue.Construction industry, design service, operation business, machinery processing and manufacturing, real estate industry, material sales, leasing and other businesses respectively achieved operating income of 337.6.1 billion, 17.7.2 billion, 4.9.6 billion, 3.9.2 billion, 0.1.9 billion, 1.8.9 billion, 4.51 ppm, an increase of 16 each year.62%, 26.83%, -0.36%, -3.07%, 32.78%, 174.51%, 551.00% in the new millennium last year, a single gradual decline driving the rapid growth of construction revenue in 2018; the company achieved a comprehensive gross profit margin of 12 in 2018.58%, an increase of 0 a year.65%; Achieved a net margin of 5.36%, a decrease of 0 every year.45%, the decline in net interest rate was mainly due to the decline in investment income. The gross profit margin of the construction industry, design services, operations, machining and manufacturing, real estate, materials sales, leasing and other businesses changed by -0 from the previous year.89%, 8.81%, 2.44%, 2.89%, -3.10%, 3.87%, 55.55%, the main business of construction, the real estate industry gross profit margin has decreased, the remaining business gross profit margin decreased to varying degrees. Company expenses in 20184.44%, a decline of 0 per year.81%, the growth rate of the three rates decreased, of which management fee rate and financial rate decreased by 0.58%, 0.27%, mainly due to rigid fees and rapid income growth; net investment income in 2018 was 8.1.7 billion, a year-on-year decrease of 39.89%, mainly due to the income from disposal of long-term equity investment and the decrease in investment income from BT / BOT projects. The company’s assets impairment loss accounted for 0% in 2018.15%, a year to raise 0.01%; the company’s net operating cash flow in 2018 was 0.49 yuan, basically the same as last year. Earnings forecast and rating: We have raised the company’s earnings forecast and expect the EPS for 2019-2021 to be zero.70 yuan, 0.77 yuan, 0.85 yuan, the PE corresponding to the closing price on April 12 were 10.9 times, 9.9 times, 9.0 times, maintaining the level of “prudent overweight”.  Risk reminder: 天津夜网 risks of macroeconomic downturn, urban rail transit fixed asset investment arrangements, new gradual orders fail to meet expectations, orders fall faster than expected, and construction progress falls short of expectations