Q2 orders are high, optimistic about medium-and long-term growth
The company released second-quarter operating data, Shandong Luqiao Q2 newly signed orders of 32.806 billion yuan, an increase of 126% over the same period last year. The total number of newly signed orders was 53.092 billion yuan, an increase of 141% over the same period last year. Orders continued the high growth since the second half of 22 years, and the follow-up formed a good support for the performance release. Considering the high prosperity of regional infrastructure and the continuous improvement of the layout of superimposed maintenance business, we are optimistic about the medium-and long-term growth of the company. It is estimated that the net profit of homing in 23-25 years will be RMB 28.85max 33.65pm. The current market capitalization corresponds to a PE multiple of 3.6pm 3.08pm 2.63 times. If a 23-year 6xPE is given, the corresponding market capitalization space will reach 67%, and the "Buy" rating will be maintained.
Acquisition of Communications and Construction Group to expand the maintenance business, resource integration to play a synergistic effect of 22 years the company maintenance business revenue of 3.282 billion, accounting for 5.05%, gross profit margin of 16.6%, higher than the traditional road and bridge construction business 4.9pct. The main business of the Jiaotong Construction Group is road and bridge maintenance, and there are maintenance bases in Laiwu, Yantai, Laiyang and other places, which can complement each other with the green maintenance base of Shandong roads and bridges. Its "Highway maintenance Base production Wisdom Management and Control system" has begun to apply its maintenance base production and operation. Through real-time collection, transmission, analysis, early warning and evaluation of the key parameters of the maintenance base, the system greatly improves the production efficiency of the maintenance base and reduces the management and control cost of the maintenance base. After the completion of this transaction, it will help to strengthen internal coordination and common development of the maintenance market, integrate the construction business plate of Jiaotong Construction Group, solve the problem of inter-industry competition between Expressway Group and Shandong Luqiao, and expand the asset scale of listed companies. to enhance the overall market competitiveness, the company's profitability is expected to be improved.
The high prosperity of regional infrastructure has helped to take off, and the pace of market development outside the province has been solid. Shandong Province has completed more than 310 billion of its transportation investment plan in 23 years, with a year-on-year growth rate of 15%. The amount of money that won the bid in 22 is 87.62 billion, which is 1.35 times the income of 22 years. We are optimistic about the prosperity of regional infrastructure and the company's competitive advantage. While consolidating the traditional market in Shandong, we should strengthen the development of markets outside the province and abroad, focus on regional management, and deepen the secondary development. Take root in Sichuan, Yunnan, Henan and other key areas, rationally distribute the green conservation base combined with Yonglin, and promote "rolling development." in the past 22 years, domestic and foreign provinces won 33.94 billion yuan, accounting for 38.7%. Over the past 22 years, the company has accelerated the layout of overseas business, with overseas orders exceeding 6 billion for the first time, accounting for 7.4% of orders, and opening up markets in Nepal, Tanzania, the United Arab Emirates, Turkey and other countries for the first time.
Be optimistic about the layout of the company's maintenance business and maintain the "buy" rating
Considering that the company will continue to improve the layout of the maintenance business after the acquisition of the Communications and Construction Group, and the superimposed orders have maintained a high increase since the second half of 22 years, laying the foundation for the subsequent performance release, we slightly increase the 23-year return net profit of 23-year company to 28.85-plus 33,653.944 billion (the previous value is 27-33-38 billion), the comparable company's 23-year average PE is 6.2 times, and the 23-year approval gives the company about 6 times PE. Corresponding to the target price of 11.09 yuan, maintain the "buy" rating.
Risk hint: the price of raw materials rose higher than expected; the project payback was lower than expected; and the project landing progress was not as expected.