1.PPP model helps the continuous expansion of the company's engineering service business.
During the reporting period, the company actively expanded the field of operation, opened up the domestic and foreign markets of airport roads, municipal public utilities, subways, tunnels, ports and waterways, water conservancy and other industries, actively promoted the PPP model, and has achieved preliminary results. The company and its subsidiaries have won the bid to undertake four civil airport roads and ancillary projects, including the second phase expansion project of Haikou Meilan International Airport, as well as a number of municipal public works, underground diaphragm walls, foundation and dynamic compaction foundation treatment projects.
two。 The company actively promotes the layout of navigation business, and mergers and acquisitions are carried out in an orderly manner.
The company has actively developed the business of navigable airports and has invested in the construction of general aviation airports such as Anji in Zhejiang, Gaoyou in Jiangsu, Rudong in Jiangsu and Huangshan in Anhui. Among them, the main project of Anji General Aviation Airport has been completed, the procurement and installation of professional equipment is under way, and it is about to be completed for acceptance. It is planned to apply for a civil airport license this year to carry out navigation operation.
The company promotes the acquisition of 100% shares in theme latitude and 49% shares in Zhejiang Zhongqing in an orderly manner. The theme latitude is mainly engaged in the planning and design of general aviation towns and theme industrial parks, while Zhejiang Zhongqing focuses on the investment, construction and services of general aviation airports. After the completion of the acquisition, it will further strengthen the planning and design capacity in the navigable airport project and the surrounding areas, and improve the company's navigable airport lifecycle operation ability. The theme latitude promises to achieve a net profit of not less than 9.1 million, 11 million and 13 million in 16-18.
3. The opening of the navigation market brings huge demand for airports, and the company will continue to benefit from the industry.
The liberalization of the general aviation market has put forward a great demand for the construction of navigable airports. At present, there are only more than 100 navigable airports in the domestic market. It is estimated that by 2030, the demand for navigable airports in China will reach more than 2000, and the market space will exceed 300 billion.
More than 500 navigable airports will be built in China during the 13th five-year Plan period, and the company will continue to benefit from the industry with its perfect navigable airport construction and business layout.
4. Profit forecast
It is estimated that the company will achieve a net profit of 288 million, 356 million and 395 million, corresponding to EPS of 0.16,0.20,0.23 yuan, and PE of 50X, 40X, 36X in 16-18 years, maintaining the recommended rating.
5. Risk hint
The expansion of navigation business is not as expected.