Dragon Yuan Construction (600491): benefiting from the construction of two centers in Shanghai

Sina tip: This article belongs to the Research Report column, only for the analysis of a stock of personal views and views, and the unofficial news report, Sina does not guarantee its authenticity and objectivity, all relevant to the stock of effective information to the Shanghai and Shenzhen Stock Exchange of the announcement as prevail, please investors pay attention to risk. 09-year performance will significantly improve the curtain wall business into a bright spot bid "Sunshine Valley" current price: Investment stocks safety Diagnosis Star: ★★★★ Author: Zou Core monthly data source: Today's investment to build an integrated industrial chain Dragon Yuan Construction Group was founded in 1980, formerly known as Zhejiang Xiangshan Group Co., Ltd., pioneering At the beginning, the company formed "to the quality of credibility, to the credibility of the company to expand the city's culture, and strive to open up the market, and in 1984 to enter the Shanghai construction city often 1993 after the group moved to Shanghai, the company focused on technology, the volume of synchronous upgrade, and played a" boutique "project to provide ' advanced value ' service ' business slogan, The size of the enterprise expands rapidly.　　After the company issued its shares in April 2004, began the third phase of industrial upgrading, through a series of boutique projects, industry awards, and gradually establish the "Dragon Yuan" brand in the industry reputation and value, the use of the advantages of listing financing, industrial chain upstream and downstream integration, to create a design building general contracting competitive advantage. At present, the group has Anhui Cement, the earth grid (steel structure), Shanghai Building Design Institute, Dragon Horse Construction, letter-Ann curtain wall and many other subsidiaries, covering the building materials, architectural design, construction, architectural decoration 4 major business groups, and the general contractor of housing construction projects as the core, By the parent company and a series of subsidiaries have respectively the municipal public Works general contract first grade qualification, mechanical and Electrical installation Engineering general contract first grade qualification, Foundation and Foundation Engineering Professional contract first grade qualification, building decoration Decoration Engineering Professional contract first grade qualification and garden Ancient architectural engineering professional contracting first grade qualification,　　As well as curtain wall design and construction level qualification and steel structure design and construction of super qualification. 09-year results will significantly improve the company's 2008 total operating income of 7.287 billion yuan, a small increase from a year earlier, an increase of 2.4%, to achieve operating profit of 162 million yuan, lower than the same period of 33.28%; To achieve a net profit of 120 million yuan attributable to shareholders of the parent company, down 37.34% from a year earlier.　　The realization of the basic income of 0.31 yuan per share, the overall dilution of 2008 to achieve the net assets yield of 8.08%, compared with the same period last year 5.56%. According to the company 2008 reported that the company's main business in civil architecture, 08-year operating income of 5.607 billion yuan, an increase of 8.31%, accounting for 2008 years of business income 76.91%, contributing to the gross profit of 572 million yuan, the year-on-year increase of 11.5%, accounting for gross profit of 80.79%, Show that the company's growth is still largely dependent on the growth of the civil architecture sector. Occupy the second place for industrial buildings, accounting for business receiptsThe ratio is only 10.91%, and the ratio of gross profit is 5.23%. The 08-year decline in performance is expected to improve in 09. 08 years of significant decline in performance is mainly two: one is the company's subsidiary of Zhejiang Dadi Steel loss More than 64 million, the second is the financial costs than 07 years a significant increase of 56.3617 million yuan.　　With the steel price of the lower consolidation, the company's steel structure to control the gross profit margin will be enhanced, coupled with management adjustment, the elimination of bad debts and other measures, 09 will return to profitability; credit, with the liberalization of the credit environment, the 09 financing costs will be significantly reduced, will directly reduce the financial costs Company 12th issued a notice, the winning bid "Wuxi World Trade Center Phase II Project", the price is 330 million yuan.　　Recently, the State Council proposed to build Shanghai into an international financial center and International Shipping Center, coupled with the Shanghai Nanhui into the Pudong new area and the increasingly close to the Shanghai World Expo, there are insiders said, with the Shanghai "two centers" construction and other policies of the gradual implementation of the Dragon Yuan construction is expected to usher in more According to the Dragon Yuan construction related person, Shanghai is one of the main business location of Dragon Yuan Construction, in recent years the business accounted for more than one-third of the basic. Only the Expo project, long Yuan construction to undertake the early hundreds of millions of yuan relocation housing project. Last September, the Dragon yuan construction to design, technology, production, construction comprehensive strength contracted the Shanghai World Expo axis Sunshine Valley Project, and by the subordinate two holding subsidiaries on the Hisense Security curtain Wall Company and Zhejiang Dadi Steel Structure Company joint construction. "Sunshine Valley" project is the most important axis of the World Expo, steel and glass curtain wall production and installation of the most difficult image signs.　　The project can not only meet the lighting of some underground space, but also can embody the idea of "environmental protection to run a blog" and "Save a blog", which is now progressing smoothly. It is worth looking forward to the curtain wall business Dragon Yuan Construction holding subsidiary-the letter-Ann curtain wall recently attracted much attention, according to the introduction, the letter Ann has the curtain wall engineering design and installation of the top two of the industry's highest qualification, can undertake all kinds of difficult curtain wall engineering; From the original traditional curtain wall project to the special-shaped network system structure project, technology one alone show, in the field of professional advantages. The main building wall in the addition of LED light-emitting lighting system in Shanghai State mansion, known as "a drop of water on the Huangpu River," the Shanghai Port International Passenger Transport center waiting ship Hall, as well as the Sun Valley double Curved glass surface engineering, and many major projects in Shanghai, all by the company.　　It is revealed that the recent letter to the company to actively respond to the country to promote solar photovoltaic construction applications of energy-saving policy requirements, is speeding into the BIPV industry and share the pace of industry development results. The company 08 curtain wall Business new orders 220 million yuan, the completion of business income of 140 million yuan.　　Because the company's single project amount is higher (Expo Sunshine Valley Single project more than 100 million yuan), some of the project revenue progress to confirm the impact on net profit, the company 08 curtain wall business profit only 1.88 million yuan. Although the company's curtain wall business started late, but positioning high-end, with a higherDesign, construction capacity. The construction of Shanghai New International Expo Center, Nanjing New century wide taste of Shanghai Liu Chong Hing Financial Center and Shanghai Port Passenger Transport Center, "a drop of water" glass curtain wall project, has become a very representative landmark. The new company to undertake the Shanghai 16-paved pier, one of the Expo landmark, along the hundreds of-meter glass "Ribbon" project, because of its complex glass structure, design, production difficult, high construction requirements, the company has become the only enterprises to participate in the bidding.　　The positioning of the company's curtain wall business will be helpful to the future promotion of the business gross profit margin. The company's first quarterly curtain wall business contract 52 million yuan, is expected to undertake a full year contract can reach 350 million yuan, with the initial project normal release income, 09 curtain wall business income of about 200 million yuan, net profit is expected to return to 08 before the level of about 8%.　　The company acquired a 50% stake in the curtain wall company in 08, and will further increase the contribution of the curtain wall business to the profit of the company. Actively promote refinancing 2008 real estate developers by the financial crisis and macro-control dual impact, the fund than in the past years of tension caused some developers failed in accordance with the terms of the contract agreed to pay, the company's recovery rate of engineering funds slowed down, receivables turnover has been reduced. Although the company's management has increased the corresponding collection of accounts receivable efforts, the annual recovery of accounts receivable accounted for the beginning of the 36%, but the new accounts receivable in the formation. Coupled with the company's targeted additional work can not be completed as scheduled, the company funds are under pressure. Civil building market in the upstream of real estate developers, to take orders are mostly required to cushion the construction, capital strength of the company's ability to contract the project has a direct impact, so the company 2009 will actively promote the company's targeted additional work, the completion of the company's IPO after the first refinancing.　　If the successful completion of refinancing, the company's contract projects and the ability to resist risks will be enhanced to further enhance the company's operating capacity, the company as a successful public building enterprises will also use the capital market in the adjustment of the industry further growth.　　Risk tip because of the real estate industry recession, the company is facing the difficult problem of receivables, the absolute amount of accounts receivable remain high, the future real estate industry downturn if sustained, the company's operating situation will also be likely to deteriorate further. Investment and valuation suggestions as the representative of private construction enterprises, the market development ability is outstanding, "33 strategy" steadily advancing; the project management and the cost control system have the characteristic, the fine management enhances the benefit; the EPC industry chain has taken shape and will usher in a new development opportunity in the past after the worst of times. It is estimated that the company 09, 10 EPS is 0.45 yuan, 0.55 yuan respectively. In housing construction enterprises, the company's long-term competitiveness is outstanding, the worst time may be the opportunity to invest, to maintain an "overweight" rating.