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                                                                                                                                                                          足球博彩预测:龙元建设:拓宽融资渠道 增持评级

                                                                                                                                                                              事件龙元建设(600491)发布2018年年报及2019年一季报:公司2018年实现营业收入202.13亿元,同比增长13.1%;实现归母净利润9.22亿元,同比增长52.1%;扣非后归母净利润6.33亿元,同比增长32.3%,EPS0.64元。2019年一季度营收和归母净利润分别同比增长8.3%、21.1%。

                                                                                                                                                                          简评◆分行业看:PPP施工及投资项目增速迅猛报告期内,公司收入占比超过90%的土建施工实现营业收入182.9亿元和9.3亿元,同比增长12.6%。土建施工增长主要系PPP及BT项目施工实现营业收入71亿元,同比增长67.7%。此外,PPP项目投资实现营业收入5.5亿元,同比增长105.4%。

                                                                                                                                                                          ◆综合毛利率9.5%,较上年同期上升1.1个百分点报告期内,土建施工实现毛利率8.7%,较上年同期上升1.5个百分点。其中PPP及BT项目施工实现毛利率13.7%,同比增长1.3个百分点。PPP及BT项目施工占土建施工的收入比从2017年的26.1%上升至2018年的38.84%,综合毛利率的上升系毛利率较高的PPP业务占收入比上升所致。2019年一季度公司毛利率持续提升至10.2%。

                                                                                                                                                                          ◆净利率4.7%,同比上升1.3个百分点,期间费用率小幅下降2018年公司实现净利率4.7%,较上年同期上升1.3个百分点;实现期间费用率为2.3%,与上年同期相比小幅下降0.4个百分点。

                                                                                                                                                                          其中,销售费用率、管理费用率(加回研发费用)和财务费用率分别为0.02%/1.9%/0.3%,销售费用率和管理费用率基本和去年同期持平,公司2018年非公开募集28.9亿元资金,导致财务费用率下降,进而使得期间费用率下降和盈利能力提升。