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【长江证券】同济科技:业绩稳健增长,发力项目管理咨询和环保新技术

[Changjiang Securities] Tongji Science and Technology: steady performance growth, project management consulting and new environmental protection technology

長江證券 ·  Oct 22, 2016 00:00  · Researches

Main points of the report

Event description

The company released its three quarterly results for 2016.

Event comment

There is a steady increase in revenue, and there is more growth in return to the mother net run. In the first three quarters of 2016, the company achieved operating income of 2.365 billion yuan, an increase of 3.68 percent over the same period last year. Net profit belonging to shareholders of listed companies was 88 million yuan, an increase of 25.89 percent over the same period last year, and basic earnings per share was 0.14 yuan per share. The increase in the return of housing sales in this period has led to a slight increase in revenue. In addition, the revenue reform policy has reduced the company's business tax and surcharge by 64.47 million compared with the same period.

Profitability increased steadily, and expenses increased slightly during the period. The company's gross profit margin in the third quarter of 2016 was 18.38%, an increase of 2.52pct over the same period last year, and a net profit margin of 6.94%, an increase of 2.3pct over the same period last year. During the period, the expense rate was 6.45%, an increase of 0.84pct over the same period last year. The main reason for the increase in the expense rate during the period was the increase in marketing expenses and financial expenses. The marketing expense rate increased by 0.51pct to 1.22%, and the financial expense rate increased by 0.32pct to 0.46%. The net operating cash flow was 1.133 billion yuan, an increase of 1.149 billion yuan compared with-17 million yuan in the same period last year, mainly due to the increase in consulting supervision and sales rebates of real estate projects in the current period.

Last year, Q4, Q1, Q2 and Q3 realized operating income of 9.86,9.72,6.03 and 790 million yuan respectively, an increase of-48.24%, 1.99%, 6.16% and 3.95% respectively over the same period last year. The net profit attributable to shareholders of listed companies was 0.9,0.26,0.19 and 43 million yuan, up-12.62%, 4%, 5.56% and 59.26% respectively over the same period last year. The pick-up in real estate sales is the reason for the increase in the company's net profit in the third quarter.

Tongji University holding Company has a unique talent advantage and professional reputation. Tongji University holds 100% of Shanghai Tongji Asset Management Co., Ltd., and Shanghai Tongji Asset Management Co., Ltd. holds 23.38% of the company. The company holds a 30% stake in Tongji University Architectural Design and Research Institute (Group) Co., Ltd. The company's main business is engineering consulting services and construction project management, science and technology park value-added services and base operation management, environmental engineering science and technology services and investment construction. Tongji brand has great professional influence in architectural design, civil engineering, transportation, environment and other fields, as well as good public reputation and wide popularity, which can provide first-mover advantages for the company to carry out business in various related fields.

Send out engineering management consultation, strengthen BIM management and EPC business. In the first half of 2016, the revenue from consulting services accounted for 22.66% of the total operating income. The company holds a 60% stake in Shanghai Tonghao Engineering Management Co., Ltd., shares in Shanghai Tongji Project Consulting Management Co., Ltd., power engineering consulting services and construction project management field. Tonghao Project Management is a first-class comprehensive engineering consulting service enterprise in China, which continuously pays attention to platform construction, actively carries out business innovation, and has made important progress in environmental consulting, PPP project consulting and other fields. Tongji Construction, a subsidiary, accelerated the implementation of information technology, strengthened BIM technology, and continuously improved the level of project management. Tongji Design Institute won the bid for the project "EPC General contract of Jiaxing Chengdong reclaimed Water Wetland and living Water Park" with a contract value of 96.36 million yuan.

Create a platform for industry-university-research transformation of new technologies for environmental protection. The company holds 63.66% of the equity of Shanghai Tongji Environmental Engineering Technology Co., Ltd., and indirectly holds 35% of Shanghai Tongji Pulander Biomass Energy Co., Ltd., actively expanding the environmental engineering business. The company holds 70% equity of Jindu Tongji Water Affairs Co., Ltd., 90% equity of Zaozhuang Tongan Water Affairs Co., Ltd., and 70% equity of Sihui Tongji Water Affairs Co., Ltd., making great efforts to develop the water market. Relying on the discipline and technical advantages of Tongji University, the company has strengthened its market expansion efforts in sludge treatment, kitchen waste treatment, black and smelly water treatment, river and lake desilting and so on. The Zhenjiang kitchen and sludge co-fermentation project undertaken by the company was put into trial operation, and the sewage treatment plants in Lubu Town and Dawan Town of Zhaoqing completed the acceptance of environmental protection. The company accelerates the standardization of sludge hot water hydrolysis system and forms a product development system, which lays the foundation for subsequent entry into the environmental protection equipment market.

The real estate business and the science and technology park development business go hand in hand. The company's business income mainly comes from civil engineering, residential development and other business. The company holds 100% of Shanghai Tongji Real Estate Co., Ltd., participates in Shanghai Tongyuewan Real Estate Co., Ltd., Shanghai Tongyi Real Estate Co., Ltd. And Shanghai Sauai Real Estate Co., Ltd., actively arranges real estate design and development business. strengthen the research on the real estate market policy and create high-quality products with Tongji characteristics. The company holds 60% equity of Shanghai Tongji Science and Technology Park Co., Ltd., and has set up science and technology park development service subsidiaries in Jiangsu and Zhejiang, hoping to provide omni-directional, multi-field and professional services for park enterprises through a perfect science and technology park service system.

Investment suggestion: forecast company 2016-2018 EPS0.31/0.35/0.40 yuan, corresponding to 2016-2018 PE is 32-28-24 times, given "overweight" rating.

Risk hints: macroeconomic fluctuation risk, real estate regulation and control.

The translation is provided by third-party software.


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