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中化岩土(002542)公告点评:签订香港机场建设大单 形成完善航空布局受益行业发展

Sinochem Geotechnical (002542) Announcement Comment: Signing a major Hong Kong airport construction order to improve aviation layout to benefit industry development

華創證券 ·  Dec 30, 2016 00:00  · Researches

Main viewpoints

1. The company is the leading airport road engineering contractor in the industry. there have been a number of navigable airport construction experience companies and their subsidiaries have acquired the qualifications of engineering service industries, such as first-class professional contracting, engineering survey A, engineering design, engineering consulting, engineering supervision, project quality inspection and monitoring, etc. The company has participated in the construction of many general aviation airports in Anji, Zhejiang, Gaoyou, Jiangsu, Rudong, Jiangsu and Huangshan, Anhui, and has rich experience.

two。 The company has completed the acquisition of additional shares and greatly improved the layout of the aviation industry. This month, the company completed the acquisition of 100% equity in the theme latitude and 49% in Zhejiang Zhongqing with 180 million yuan. Both the theme latitude and Zhejiang Zhongqing have become wholly owned subsidiaries of the company.

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 service of general aviation airports. at present, the company has the business capability to cover the whole life cycle of the navigable airport in the construction and operation of the navigable airport.

3. PPP model helps the company's engineering service business to continue to expand, the company actively with the help of PPP model to expand business areas, open up the airport road, municipal public utilities, subway, tunnel, port waterway, water conservancy and other industries domestic and foreign markets, 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.

4. The opening of the navigation market brings huge demand for airports, and the company will continue to benefit from the liberalization of the general aviation market. It 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, with a market space of more than 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.

5. Profit Forecast:

It is estimated that in 16-18 years, the company will achieve net profit of 307 million, 437 million and 566 million respectively, corresponding to EPS 0.17,0.24,0.31 yuan, corresponding to PE 48X, 34X, 26X, maintaining the recommended rating.

6. Risk Tips:

The construction of the airport is not as expected.

The translation is provided by third-party software.


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