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Lingnan Co. (002717): High-performance growth groupization is on the way

Lingnan Co. (002717): High-performance growth groupization is on the way

Matters: On March 26, 2019, the company released its 2018 annual report.

At the core of the report, the company achieved operating income of 88.

4.2 billion, an annual increase of 85.

05%; realized net profit of 7.

79 trillion, an increase of 52 in ten years.

90%; basic profit return is 0.

77 yuan / share, an increase of 45 in ten years.


The company’s profit distribution plan for 2017 is: a cash dividend of 0 yuan for every 10 shares distributed to all shareholders.

80 (including tax), the capital reserve will be transferred to all shareholders for every 10 shares of 5 shares.

Comment: The average operating income of each business segment increased. In the fourth quarter, the operating income increased. In terms of business, the company’s ecological restoration, water affairs and water environment, and cultural tourism business achieved revenues of 42.

9.9 billion, 31.

5 billion, 13.

9.3 billion, an increase of 40 each year.

59%, 279.

89%, 56.

31%; from quarter to quarter, the first quarter to the fourth quarter respectively achieved revenue9.

7.7 billion, 25.

78 ppm, 21.

5.8 billion, 31.

310,000 yuan, an increase of 88 each year.

68%, 122.

28%, 146.

12%, 40.


The company’s revenue has maintained rapid growth. Although Q4 has fallen somewhat, referring to the situation in the same industry, we believe that it is not easy for the company to maintain this growth rate.

The comprehensive gross profit margin has decreased during the reporting period.

02%, a decline of 3 per year.

72 units; in terms of business, ecological restoration, cultural tourism, and water and water environment gross margins were 21 respectively.

07%, 22.

74%, 42.

39%, which decreases by 5 each year.

32, 3.

31 and -3.

09 averages; the company’s net margin during the reporting period was 9.

04%, down by 1 every year.

79 averages, the increase in gross profit margin may still be due to increased competition.

The company’s period expense ratio during the reporting period was 12.74%, basically the same as the same period last year, with asset impairment / operating income reaching 1.

81%, a decline of 0 every year.

14 units.

The operating net cash turned positive, and the cash-to-cash ratio increased significantly. The company’s operating net cash during the reporting 北京桑拿洗浴保健 period1.

100 million US dollars, the first year since the listing of net cash for the first time operating normalization, cash ratio of 60.

3%, a significant increase of 8.

3 units.

The three major businesses go hand in hand, accelerate the transformation to a group holding company in the traditional ecological construction and restoration business sector, and deepen the core regional markets such as Beijing, Tianjin, Hebei, Guangdong, Hong Kong, Macao Greater Bay Area, Yangtze River Delta, and central and western regional cities. Optimize the order structure.Highlight the greening of roads in the central urban area, the upgrading and transformation of park physical fitness projects, the quality and speed of repayment of key projects, and achieve strong and efficient results; the water and water environment must actively play a role in urban and rural water supply and sewage treatment, and fully expand the project to fullyGive full play to the advantages of various resources, and actively settle quickly in the water supply and sewage markets, occupying the market.

It is necessary to vigorously promote the cultural tourism complex project, strive for major breakthroughs, give full play to the three core competitiveness of Lingnan, build ecological, water, cultural tourism and other comprehensive investment and operation-oriented project benchmarks, promote the comprehensive development of all sections of Lingnan shares, and ultimately make Lingnan shares fromConstruction-oriented enterprises have been completely transformed into group-holding enterprises that have invested in operations.

Group business layout goals were initially achieved During the reporting period, the company’s subsidiary Hengrun Technology was renamed Hengrun Culture Group, Xingang Yonghao was renamed Lingnan Water Affairs Group, Lingnan Garden Design Company was renamed Lingnan Design Group, and the company’s group business layout goals were initially achieved.The sub-groups focus on the main business and operate relatively independently, enabling professional people to do professional things.

In 2019, the company will further strengthen the construction of specialized sub-groups. The company’s headquarters serves as a resource allocation center, strategy and brand center, and allocates resources to the various sub-groups so as to synergize the business of the company’s various segments and lay a solid foundation for the company’s group development.

It is estimated that there is an advantage. Maintaining a “Buy” rating is expected to generate 115 in 2019-2021.

6.5 billion, 148.

4.1 billion, 184.

28 ppm, an increase of 30 each year.

8%, 28.

3%, 24.

2%; net profit attributable to mothers is 10 respectively.

300 million, 13.

400 million, 17.

600 million, an increase of 31 each year.

9%, 30.

9%, 31.


EPS are 1.

00, 1.

31 and 1.

72 yuan, corresponding PE is 10/8 / 6x.

Ecological restoration is still a sunrise industry. The company is expected to add value in general and re-buy.

Risk reminder: The risks of the organizational model and management system brought by the “ecological + cultural tourism” dual main business; the competition in the ecological environment sector is intensifying the risk; the cultural tourism sector is not allowed to grasp the risks in the consumer market;