Hongda Blasting (002683) 2019 First Quarterly Report Review： Mining Service Business Reveals Significant Recovery
Hongda Blasting (002683) 2019 First Quarterly Report Review: Mining Service Business Reveals Significant Recovery
The report reading company released the 2019 first quarter report, reporting that the combined company realized operating income9.
99 ppm, an increase of 44 in ten years.
17%; net profit attributable to mother 0.
29 ppm, an increase of 226 in ten years.
32%; cash flow from operating activities was -0.
96 trillion, a reduction of 251 a year.
Key points of investment The mining service sector has significantly improved, and military R & D has continued to invest in 2019 to date. The company has actively adjusted marketing strategies, optimized the owner structure, improved asset quality, promoted significant growth in the revenue of the mining service sector, and 返回码: 500 网站打不开?重查improved the company’s performance more effectively.
With the expansion of the business scale of the mining service subsidiary, the prepaid materials and engineering funds have also increased accordingly. At the same time, the company has increased investment in technology development for military projects such as HD-1, and the operating cash flow of the reported scale companies has decreased significantly.We believe that these expenditures will become the growth point of the company’s future performance. In the long run, the company is expected to transform into a high-end equipment manufacturing military-civilian integration leader HD-1 project. The military industry sector has a promising future.2018年 年是公司深化战略转型的一年，公司尖端导弹武器系统HD-1项目取得了突破性进展：行政审批方面，广东省政府及国防科工局发函大力支持公司HD-1项目的推进In terms of scientific research and production, the first HD-1 cruise test for the first time was successfully completed on October 15, 2018; in terms of sales, the company’s HD-1 products appeared at the Zhuhai Air Show and received numerous media reports and received high attention from society and potential customers.
The company’s independently developed large-scale foreign trade missile weapon system HD-1 project is a complete weapon system developed in accordance with a predetermined multi-purpose design idea. It consists of missiles, missile launch systems, manipulation control systems, target indication systems, and comprehensive support systems, including vehicle basics.Three types of series: airborne type, airborne type and shipborne type. Among them, this type of missile uses international advanced solid stamping engine technology and is quoted from traditional liquid engines. It has obvious advantages in launch preparation time, stability, volume and flight speed.
Considering that missiles are representative of information-based equipment, they are typical consumable weapons with high demand; according to SIPRI statistics, the international military trade market transaction value has increased year by year. We expect that the market prospect of the HD-1 project is good and it is expected to bring companies in the future.The performance of the military industry sector has improved significantly.
Profit forecast and forecast The company’s traditional business has grown steadily. After several years of expansion and accumulation, the military industry business is expected to bear fruit in the next three years, when the company will get a revaluation of its value.
The company’s EPS is expected to be 0 in 2019-2021.
63 yuan / share, corresponding to 34 PE.
72 times, give “Buy” rating.
Risk warning: The development of military business is less than expected;成都桑拿网 commodity prices have fallen.