Every edited by Zhu Yu
China Power Construction announced its April 2017 results on April 25, and the data shows that the company has fully completed its business plans and financial budget targets.
Specific to the financial indicators, China Power Construction achieved operating income of 266.90 billion yuan in 2017, an increase of 11.48%; total profit of 10.911 billion yuan, an increase of 11.62%; net profit attributable to shareholders of the parent company of 7.367 billion yuan, a year-on-year increase 8.78%. In addition, its basic earnings per share was 0.4788 yuan, an increase of 1.57%, effectively eliminating the risk of diluting earnings per share due to non-public offering of shares.
As a leading enterprise in the field of water conservancy and hydropower construction, China Power Construction has a unique competitive advantage and has continued to improve its business development at home and abroad. Analysts pointed out that China Power Construction has sufficient orders in hand, and the global business network layout has been completed. Under the environment of moderate warming of the global economy, it is expected to achieve greater breakthroughs in 2018.
Efficient development of each business segment
The main business of China Power Construction consists of four major sectors. Among them, the engineering contracting and surveying design business is its traditional and core business. The power investment and operation business as an extension of the construction industry chain is an important part of its business segment, while the equipment manufacturing and leasing business is its main business.
Power investment and operation, as well as equipment manufacturing and leasing business are closely related to engineering contracting business, but the difference in volume: engineering contracting and survey design business revenue of 219.42 billion yuan in 2017, power investment and operating revenue of 9.705 billion yuan, Equipment manufacturing and leasing revenue was 1.615 billion yuan.
The project contracting and survey design business is still the most important source of profit for China Power Construction. The revenue of this business segment increased by 11.4% year-on-year, accounting for 82.98% of the main business income, and the gross profit margin also increased by 1.08 percentage points, reflecting good profitability. . China Power Construction said in its 2017 annual report that the main reason for the continuous growth of the business revenue of this sector is that the scale of non-traditional business such as infrastructure contracting, water resources and environment has steadily increased, and the company's business structure adjustment strategy has achieved good results.
Due to the increase in the total installed capacity of China Power Construction Holding Power Station, its power investment and operation business segment increased by 25.99% year-on-year in 2017. The gross profit margin of this sector was as high as 45.20%, which is the most profitable business in all sectors. In addition, the equipment manufacturing and leasing business is relatively small compared to the overall volume. In 2017, revenue was reduced by 1.2% year-on-year, but the gross profit margin increased by 5.43 percentage points year-on-year.
The Power Construction Group with China Power Construction as its core asset is one of the 16 central enterprises approved by the State-owned Assets Supervision and Administration Commission of the State Council with qualifications for real estate development. In addition to the aforementioned three business segments, the real estate development business, one of the key businesses, was also upgraded in 2017. According to the 2017 annual report, China Power Construction's real estate business achieved operating income of 18.481 billion yuan, a year-on-year increase of 10.86%, revenue contribution ratio of 6.99%, and gross profit contribution ratio of 9.80%.
According to China Power Construction, in 2017, a number of real estate control policies were introduced frequently, the land market cooled slightly, and the degree of competition declined. The company seized the window of land acquisition in time, and acquired a total of 16 new projects, while stocking land development projects. Progress has also been made.
Full order to help continue to grow steadily
China Power Construction has the advantages of “long-term industrial chain†of “understanding water and electricity, good planning and design, long construction and construction, and investment and operationâ€, and has the advantages of horizontal and wide-field industries of “large civil engineering and large constructionâ€. The “Electric†core business area continues to maintain its leading position in the industry.
As of the end of the reporting period, China's electricity construction contract stock reached 866.639 billion yuan, an increase of 18.21% over the same period of last year, of which domestic accounted for 65.27% and foreign accounted for 34.74%. Ping An Securities believes that China Power Construction's contracted inventory at the end of 2017 is 3.95 times of the 2017 engineering contracting business revenue, and sufficient orders in hand will guarantee the company's future performance to grow steadily.
China Power Construction is in a leading position in the water conservancy and electric power construction market. According to industry analysts, from the perspective of industry structure and market trends, China Power Construction's business development has broad prospects. At present, the global energy system is accelerating the transition to low-carbon, large-scale utilization of renewable energy and cleaning of conventional energy. Efficient use is the development trend, which provides a stage for China Power Construction, which has a leading position in the hydropower market.
The data shows that more than half of China's hydropower resources are still to be developed. In 2018, the National Energy Administration plans to start the construction of the Lawa and Baima power stations. The Sichuan Energy Bureau will endorse the approval of the Kara, Yinjiang, Jinchuan and Bala power stations. Tibet is expected to approve the Zara power station and endeavor to approve the Nyingchi Power Project; the pumped storage project plan Projects such as Jilin River, Xinjiang Hami, Zhejiang Pan'an, and Shanxi Songs were started. In addition, the state is accelerating the construction of 172 major water conservancy projects.
In 2017, China Power Construction leveraged the business model innovation to achieve rapid development in the field of infrastructure construction. According to relevant market analysis, it is expected that China will remain the world's largest country building market by 2020. It is estimated that the overall investment in the domestic infrastructure industry will exceed 15 trillion yuan in 2018, and the domestic infrastructure business market is in strong demand. In the foreign market, it is estimated that in the next 10 to 20 years, the average annual new railway operation mileage will reach 10,000 kilometers, and the world rail transit industry will usher in the golden period of development.
In addition, relying on the unique advantages of water conservancy and hydropower industry integration, China Power Construction seizes the important strategic opportunities of “selling water by water and setting cities by waterâ€, and is actively pursuing business from the high-end, making water resources and environmental business become New performance growth points. This business fits the development direction of “Beautiful China†and is well received in terms of growth. Relevant documents show that the scale of water environment management business is expected to exceed 600 billion yuan during the 13th Five-Year Plan period.
International business development speed
In 2017, the power construction group with China Power Construction as its core asset increased its ranking from Fortune Global 500 to No. 190, rising for five consecutive years; in ENR Global Engineering Design 150, International Engineering Design Among the top 225 companies in the company and the top 250 global and international engineering contractors, the power construction group with China Power Construction as its core assets ranks second, 17th, 5th and 10th, and the power sector is global. the first.
Good reputation and brand influence are the affirmation of China Power Construction's professional capabilities. China Power Construction's international business development also benefits from this. According to the 2017 annual report, during the reporting period, China Power Construction achieved a new international business contract of 118.826 billion yuan, a year-on-year increase of 0.89%; completed operating income of 63.22 billion yuan, an increase of 16.98%.
After years of deep overseas cultivation, China Power Construction's global business network has been formed. At present, the six international regional headquarters of China Power Construction are listed and on the right track. The company has established 238 overseas offices in 107 countries, and has 104 overseas agencies in 42 countries along the “Belt and Road†to build a global coverage. Regional, national group, three-dimensional international market development and marketing competition system.
The data shows that at the end of the reporting period, China Power Construction implemented 493 projects in 39 “Belt and Road†countries and regions with a contractual value of RMB 243.125 billion. In 2017, China Power Construction also won a number of foreign key large-scale projects such as the Mongolian Monbella Hydropower Station and the Saudi Yanbu Phase III Power Station.
In the work plan of 2018, on the basis of scientific research and judgment, China Power Construction proposed to focus on making a strong focus on excellence, high-quality development and globalization, and enhance its core competitiveness. Among them, in terms of globalization, China Power Construction will be committed to strengthening group construction and localization, and innovating international business models and improving international business mechanisms to deepen local markets, integrate resources to form synergies, and comprehensively enhance overseas investment operations. The proportion of international business, strengthen the integration of overseas design and construction, and improve the level of compliance.
According to industry analysts, the world economic conditions in 2018 also provide space for China Power Construction to vigorously explore the international market and promote the transformation of international business. Specifically, the growth of major developed countries and emerging economies in Europe and the United States is generally better than expected, and the energy and power structure is accelerating toward the direction of green renewable new energy. Infrastructure is still the basic support for a new round of economic growth. In addition, developing countries such as Asia, Africa and Latin America have strong economic aspirations and obvious advantages in downstream development. The demand for energy, electricity and infrastructure construction continues to be strong, and the economic and environmental requirements for traditional electric energy sources are constantly increasing.
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