Dongzhu Ecology (603359): Employee shareholding demonstrates confidence that excess orders can be expected
Matters: The company issued the first draft of the 2019 employee shareholding plan and management measures, raised no more than 50 million yuan in stacks, and participated in no more than 100 employees. Directors, supervisors and senior management personnel did not participate in this employee shareholding plan.The lock-up period is 12 months.
Employee shareholders holding the “bottom pocket” mobilized enthusiasm to show confidence.
The scale of the employee shareholding plan is expected to be no more than 50 million, and the number of participating employees is expected to be no more than 100, accounting for about 25% of the company’s employees at the end of 2018. The coverage is outside of Dong Jiangao, which is more conducive to overall improvement of employee cohesion.
In this company’s employee shareholding plan, Xi Huiming, the actual controller, and Pu Jianfen provide capital protection, that is, if the total amount that can be allocated after the replacement of all costs during the liquidation is lower than the principal of the employee shareholding plan, the company’s actual controller assumes the obligation to make up the difference.
The company’s employee shareholding plan was mobilized by major shareholders to motivate employees to participate and allow employees to share corporate development dividends.
The company successfully completed the stock purchase of the first phase of the employee stock ownership plan for 2018 in March this year, and the company successively implemented the employee stock ownership plan, demonstrating confidence in future development.
In the new decade, the single-digit growth rate is high, and the performance development is full of flexibility.
According to the announcement of the company, the company won 21 new bids in 2018, with a total of 30 new bids.
32 ppm, an increase of 51 in ten years.
83%, about twice the revenue in 2018; the amount of new projects awarded in the first quarter of 2019 was 32.
63 ppm, about four times the amount of the bid in the same period last year, plus the major projects won since the second quarter, the company has converted more than 79 trillion in bids since 2019, at least 18 years since the bid.
6 times the level. In 2019, the company’s new bids will increase exponentially.
At present, the company’s orders in hand are expected to be around 90 million, and the company’s order revenue ratio is about 5.
6 times, the company’s order income ratio and cash income are relatively high, and the development is full of flexibility.
Good cash flow, abundant funds, sufficient financial leverage.
From 2015 to 2018, the company’s total four-year operating net cash flow reached 4.
71 trillion, excluding 2018 cash flow of -0.
70 trillion, positive for the other three consecutive years, the company’s business scale expanded by 30 in 2018.
17%, but can bring a potential increase in cash flow, which is significantly better than peer cash flow.
Compared with listed companies in the same industry, the company has sufficient cash and relatively high asset quality. At the end of 2019Q1, the company’s monetary funds were 7.
420,000 yuan, can sell financial assets 0.
$ 8.3 billion, the company has about 8 available funds.
2.5 billion, sufficient funds; assets and liabilities supplement 43.
75%, at a low level in the garden industry, and the total liabilities are mainly bills payable and accounts payable, without interest resistance.
Following the increase in financial support and the restoration of the growth rate of infrastructure investment, the industry may usher in a trendy opportunity. The company’s future financial leverage will increase the alternative transmission and enhance the company’s performance flexibility.
Estimates and investment recommendations: It is expected that the company’s operating income will grow at an annual rate of 48 in 2019-2021.
7% and 30.
5%, the net profit attributable to shareholders of the parent company increased by 35.
It is expected that the company’s operating income for 2019-2021 will be 23 respectively.
6.8 billion, 31.
4.3 billion, 41.
02 ppm; net profit attributable to shareholders of the parent company is 4, respectively.
4 billion, 6.
6.5 billion, 9.100,000 yuan.
The initial gain is 1.
38 yuan, 2.
09 yuan, 2.
86 yuan, the dynamic PE is 11.
8 times, 7.
8 times, 5.
7 times, PB is 1.
8 times, 1.
6 times, 1.
The company, as “the first share of national wetland parks”, incorporates its core competitiveness in the field of 杭州桑拿网 wetland restoration. It has a high order income ratio, sufficient funds, low debt ratio, and strong momentum for future development. The employee stock ownership plan is about to be launched and there are major shareholders. “”Bottom pocket” commitment demonstrates confidence in future development, optimistic about the company’s layout in national wetland parks, national reserve forests and other fields, maintaining a “Buy-A” rating with a target price of 24.
3 yuan, corresponding to 17 in 2019.
6 times PE.
Risk reminders: Fixed asset investment is accelerating, PPP projects are progressing slowly, project payments are not timely, and core staff are at risk.