[摘要]
投資要點業績(ji)穩健增長,符(fu)合預期。公司(si)2016年(nian)實現營業收入6293億(yi)元,同比增長4.8%,歸(gui)(gui)母凈利潤140億(yi)元,同比增長10.7%。歸(gui)(gui)母凈利潤增速快于收入增速主要因1)本期資產減值損失大幅下降。2)財務費用率有所下降。
分季(ji)度(du)來看(kan)Q1-Q4單季(ji)收(shou)入(ru)分別(bie)增(zeng)長1.1%/1.7%/4.7%/9.6%,收(shou)入(ru)呈逐(zhu)季(ji)遞增(zeng)的趨勢,歸母凈利潤分別(bie)增(zeng)長12.1%/7%/18.6%/7.6%。分區(qu)域看(kan)境內收(shou)入(ru)5965億元(yuan),同(tong)比(bi)增(zeng)長4.1%;海外(wai)收(shou)入(ru)328億元(yuan),同(tong)比(bi)增(zeng)長18.9%,占收(shou)入(ru)比(bi)為5.2%。
營改增導(dao)致(zhi)毛利(li)率下滑,資產減值損失(shi)大幅下降,現金流環比明(ming)顯改善。
2016年(nian)公(gong)司毛(mao)利(li)率(lv)9.22%,同比(bi)下降(jiang)2.25個(ge)(ge)(ge)pct,主要(yao)原因是實施(shi)“營改(gai)增”后傳統工程承包業務(wu)毛(mao)利(li)率(lv)下降(jiang),同時(shi)勘察設計、房(fang)地產業務(wu)毛(mao)利(li)率(lv)也有(you)所下滑(hua)。營業稅金及附(fu)加占收入比(bi)下降(jiang)1.7個(ge)(ge)(ge)pct。三項費用(yong)(yong)率(lv)4.93%,較(jiao)(jiao)去(qu)年(nian)下降(jiang)0.22個(ge)(ge)(ge)pct,其中銷售/管理/財務(wu)費用(yong)(yong)率(lv)分(fen)別變動+0.05/+0.03/-0.30個(ge)(ge)(ge)pct,財務(wu)費用(yong)(yong)率(lv)降(jiang)低主要(yao)由(you)于融(rong)(rong)資(zi)利(li)率(lv)降(jiang)低和優化(hua)融(rong)(rong)資(zi)結構所致。資(zi)產減(jian)(jian)值損失(shi)(shi)較(jiao)(jiao)上年(nian)同期減(jian)(jian)少29.6億元,主要(yao)是由(you)于回款較(jiao)(jiao)好(hao),計提壞賬損失(shi)(shi)與存貨跌(die)價損失(shi)(shi)較(jiao)(jiao)上年(nian)同期大幅減(jian)(jian)少所致。凈利(li)率(lv)上升0.12個(ge)(ge)(ge)pct,為(wei)2.22%。公(gong)司經營性現(xian)金流(liu)凈額(e)371億元,去(qu)年(nian)同期為(wei)凈流(liu)入504億元,其中四(si)季(ji)度(du)單(dan)季(ji)大幅流(liu)入467億,環比(bi)顯著改(gai)善(shan)。
新(xin)簽(qian)訂單逐季(ji)(ji)(ji)加速(su)(su),增(zeng)(zeng)(zeng)(zeng)速(su)(su)達(da)近六(liu)年新(xin)高。公(gong)司公(gong)告2016年新(xin)簽(qian)合(he)(he)同(tong)(tong)總額(e)12191億元(yuan)(yuan),同(tong)(tong)比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)28.49%,增(zeng)(zeng)(zeng)(zeng)速(su)(su)達(da)到六(liu)年來(lai)(lai)最高。分(fen)季(ji)(ji)(ji)度來(lai)(lai)看,Q1、Q2、Q3、Q4單季(ji)(ji)(ji)新(xin)簽(qian)合(he)(he)同(tong)(tong)分(fen)別同(tong)(tong)比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)15.5%、20.7%、32.4%、37.7%,逐季(ji)(ji)(ji)遞增(zeng)(zeng)(zeng)(zeng),主要(yao)受益于基建穩(wen)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)及PPP項目加快落地(di)。分(fen)版塊(kuai)來(lai)(lai)看工(gong)程(cheng)承包合(he)(he)同(tong)(tong)同(tong)(tong)比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)31.2%,其(qi)中鐵路(lu)/公(gong)路(lu)/市政(zheng)/房建/軌交(jiao)(jiao)同(tong)(tong)比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)-11.5%/42.7%/246%/14.6%/77.8%。公(gong)路(lu)、市政(zheng)與軌交(jiao)(jiao)為訂單增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)的主要(yao)驅動因素。非工(gong)程(cheng)承包板(ban)塊(kuai)中勘(kan)察設計/工(gong)業制造/房地(di)產/物流(liu)與物資貿易(yi)/其(qi)他分(fen)別增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)10.3%/21.5%/35.1%/-12.8%/435.5%。分(fen)地(di)域看國內業務新(xin)簽(qian)合(he)(he)同(tong)(tong)額(e)11113億元(yuan)(yuan),占新(xin)簽(qian)合(he)(he)同(tong)(tong)額(e)的91%,同(tong)(tong)比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)28.9%;海外業務新(xin)簽(qian)合(he)(he)同(tong)(tong)額(e)1078億元(yuan)(yuan),占比(bi)8.9%,同(tong)(tong)比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)25%,扭轉前(qian)三(san)季(ji)(ji)(ji)度下滑的情(qing)況。截至2016年末在執行未完工(gong)訂單為19778億元(yuan)(yuan),同(tong)(tong)比(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)9.4%,約是2016年收入的3倍(bei),保障未來(lai)(lai)持續穩(wen)健增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)(chang)。
一(yi)帶一(yi)路疊加(jia)國內基建(jian)PPP,央(yang)企(qi)基建(jian)龍頭顯(xian)著(zhu)(zhu)受益。當前(qian)一(yi)帶一(yi)路戰略預期顯(xian)著(zhu)(zhu)提升,疊加(jia)國內基建(jian)PPP發力,行業(ye)整體(ti)有望(wang)(wang)保持向好趨勢(shi),作為央(yang)企(qi)基建(jian)龍頭公司有望(wang)(wang)顯(xian)著(zhu)(zhu)受益。2016年投(tou)融資經營新簽(qian)(qian)項目(mu)合(he)同(tong)額達2999億元(yuan),占(zhan)新簽(qian)(qian)合(he)同(tong)總額的24.6%,在建(jian)筑央(yang)企(qi)中保持領先地(di)位,憑借央(yang)企(qi)雄(xiong)厚實力,后(hou)續有望(wang)(wang)不斷(duan)斬(zhan)獲PPP訂單(dan),從而(er)優化(hua)整體(ti)業(ye)務結構,提升盈利能力。公司在手海外(wai)訂單(dan)4189億元(yuan),占(zhan)未(wei)完(wan)合(he)同(tong)總額的21.2%,中國鐵建(jian)(601186)/基礎建(jian)設業(ye)績穩健(jian)符合(he)預期,新簽(qian)(qian)訂單(dan)增(zeng)速創近年新高是2016年海外(wai)收入的13倍,海外(wai)業(ye)務具(ju)備高成長潛(qian)力。
公司(si)(si)估(gu)(gu)值顯(xian)著低于同業可比(bi)公司(si)(si),估(gu)(gu)值洼(wa)地有望逐步修(xiu)復。公司(si)(si)當前(qian)2017年PE僅(jin)11倍,低于同業可比(bi)公司(si)(si)中國中鐵(tie),也低于其他建(jian)筑(zhu)央企PE平(ping)均14倍的水平(ping),后續估(gu)(gu)值差異有望逐步修(xiu)復。
中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)(wang)聲明(ming):凡本(ben)網(wang)(wang)(wang)(wang)注明(ming)“來源(yuan):中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)券報·中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)(wang)”的(de)所有作品(pin)(pin),版(ban)權均屬(shu)于(yu)中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)券報、中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)(wang)。中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)券報·中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)(wang)與作品(pin)(pin)作者聯合聲明(ming),任何組織未經中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)券報、中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)(wang)以及作者書面授(shou)權不得轉載、摘編(bian)或利(li)用其(qi)(qi)它(ta)方式使用上述作品(pin)(pin)。凡本(ben)網(wang)(wang)(wang)(wang)注明(ming)來源(yuan)非中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)券報·中(zhong)(zhong)(zhong)(zhong)證(zheng)網(wang)(wang)(wang)(wang)的(de)作品(pin)(pin),均轉載自其(qi)(qi)它(ta)媒體,轉載目的(de)在于(yu)更好(hao)服務讀者、傳遞信息(xi)之(zhi)需,并(bing)不代表本(ben)網(wang)(wang)(wang)(wang)贊同(tong)其(qi)(qi)觀點(dian),本(ben)網(wang)(wang)(wang)(wang)亦不對其(qi)(qi)真實性(xing)負責(ze),持異(yi)議者應與原出處(chu)單位(wei)主張權利(li)。
特別鏈接:政府部門交易機構證券期貨四所兩司新聞發布平臺友情鏈接版權聲明
關于報社關于本站廣告發布免責條款
中國證券報社版權所有,未經書面授權不得復制或建立鏡像 經營許可證編號:京B2-20180749 京公網安備0-1
Copyright 2001-2018 China Securities Journal. All Rights Reserved
中國證券報(bao)社版(ban)權所有,未經書面(mian)授(shou)權不得(de)復制或建立鏡像
經(jing)營許可證編號:京B2-20180749 京公網安備0-1
Copyright 2001-2018 China Securities Journal. All Rights Reserved