Analysis on the 2007 semi annual report of the mai

2022-08-17
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Analysis of 2007 semi annual reports of major listed companies of construction machinery

analysis of 2007 semi annual reports of major listed companies of construction machinery

China Construction machinery information

Guide: the 2007 semi annual reports of major listed companies in the construction machinery industry have been released one after another. This paper selects 12 representative stocks to analyze their profitability, product sales and export situation. According to the data shown in the interim report, the overall profitability of the construction machinery industry in the first half of the year

the 2007 semi annual reports of major listed companies in the construction machinery industry have been released one after another. This paper selects 12 representative stocks from them and analyzes their profitability, product sales and export situation. According to the data shown in the interim report, the overall profitability of the construction machinery industry in the first half of the year was good, the income and net profit of major enterprises increased to a large extent, and the sales of major products made breakthroughs in domestic and foreign markets. At the same time, the gap between advantageous enterprises and other enterprises is also further widening, and new changes are brewing in the competitive pattern of the industry

profits continued to grow at a high level

in the first half of 2007, the construction machinery industry continued to strengthen, and major enterprises showed a high growth trend. Among the 12 major listed companies counted, except for Dingsheng Tiangong, whose net profit declined compared with the same period in 2006 due to the relocation and the imperfect supporting facilities in the new site park, the remaining 11 enterprises achieved profit growth without impact. The most eye-catching one is XCMG technology, whose net profit has achieved explosive growth, an increase of 946.43% over the same period in 2006; The net profits of Sany Heavy Industry Co., Ltd., s Xuangong, Changlin Co., Ltd. and Xiamen Industrial Group Co., Ltd. also achieved leapfrog growth, an increase of 220% over the same period last year The difficulty of further expanding the export of China's machinery products is increasing by 09%, 206.64%, 190.95% and 173.10%. In addition, the profits of Zoomlion, Liugong, Shantui and other enterprises also increased by more than 60%. In the first half of the year, the company with the largest net profit was still Sany Heavy Industry, up to 824million yuan. Followed by Zoomlion, with 516 million yuan, followed by Liugong and Shantui, with net profits of 325 million yuan and 249 million yuan respectively

the increase in net profit of construction machinery enterprises in the current period mainly came from the increase in operating income. Among the 12 listed companies, Sany Heavy Industry has the largest increase in operating income, up to 89.12%. Shanhe intelligent, Zoomlion Heavy metal sheet samples can adopt wedge clamping method, and the operating income of branch and Northern Co., Ltd. has increased by more than 50%. From the perspective of the main business income in the first half of the year, the advantageous enterprises showed the incomparable income generating ability of other enterprises. The main business income of Sany Heavy industry reached 4.092 billion yuan, followed by Liugong and Zoomlion, with 3.853 billion yuan and 3.604 billion yuan respectively; XCMG and Shantui also performed well, with their main business income reaching 2.842 billion yuan and 1.969 billion yuan respectively, an increase of 33.30% and 25.53% year-on-year

in the first half of 2007, due to the intensification of market competition and the lack of substantial decline in the prices of various raw and auxiliary materials related to resources, the contribution of gross profit margin to the growth of net profit of enterprises was not very obvious. Among the 12 listed companies counted, only Sany Heavy Industry, Zoomlion Heavy Industry, Xiamen Industrial Group Co., Ltd. and s Xuangong maintained a gross profit margin increase of about 2%, while some enterprises showed a significant decline. Among them, the gross profit margin of Shanhe intelligent in the first half of the year was 25.18%, down 9.16 percentage points from the same period of the previous year. This is mainly due to the increase in the purchase price of the hydrostatic pile driver and the increase in the outsourcing cost of a large number of structural parts. The gross profit margin decreased by 12.21 percentage points compared with the same period last year. In addition, the sales scale of construction machinery products with low gross profit margin expanded in the first half of the year, which also reduced the overall gross profit margin. In addition, Xingma automobile and Dingsheng Tiangong also fell by about 8%. However, on the whole, due to the strong pull of business income growth, the decline in the profitability of some products did not affect the trend of substantial growth in the performance of enterprises in 2007

The year 2007 is the second year of the eleventh five year plan. Due to the large-scale investment of the state in infrastructure construction, the gradual realization of urbanization and new rural construction, as well as the active policies on equipment manufacturing, the construction machinery industry has ushered in another climax of development. In the first half of the year, the number of construction projects started increased, and the demand for various construction machinery also increased accordingly, so that the sales of most products remained strong

the performance of Sany Heavy Industry soared during the reporting period, mainly because its concrete machinery, crawler cranes, road machinery and export sales increased rapidly in the first half of the year. The sales revenue of concrete machinery reached 2.937 billion yuan, an increase of 92.41% over the same period in 2006; The sales revenue of road machinery and crawler crane was 335 million and 289 million respectively, with a year-on-year increase of 128.50% and 174.92% respectively

at the end of the reporting period, Zoomlion's two important product categories, concrete machinery and lifting machinery, achieved revenue of 1.393 billion yuan and 1.672 billion yuan respectively, with year-on-year growth of 61.91% and 46.32% respectively. Its environmental sanitation machinery also achieved a revenue of 228 million yuan, an increase of 67.58% year-on-year

the loader income of Liugong was 2.942 billion yuan, an increase of 32.33%; Excavator business income continued to rise rapidly, reaching 496million yuan, an increase of 61.77% over the same period in 2006; Road machinery has made great progress, with a year-on-year increase of 145.13%, reaching 150million

during the reporting period, the mining dump truck, the leading product of northern Co., Ltd., achieved a business income of 341million yuan, an increase of 56.39% year-on-year, accounting for 62.4% of the total sales revenue, while the sales revenue of hydraulic excavator, rotary drilling rig and spare parts accounted for 15.8%, 11.5% and 10.3% respectively, an increase of 211.8%, 36.9% and 65.6% respectively. Atlas company, which accounts for 75% of the company's shares, sold the overstocked hydraulic excavators passively at a low price at a loss in order to expand market sales, and the rotary drilling rig mainly adjusted the price downward, which affected the company's overall gross profit margin

the sales revenue of small hydraulic excavators, which accounts for the largest proportion of operating revenue, increased by 125.11% year-on-year to 251 million yuan; At the same time, the revenue of skid steer loader and down the hole drill was 18.6846 million yuan and 23.6897 million yuan respectively. Although they account for a small proportion of revenue, they have great potential for improvement

the business income of bulldozers and excavators of Shantui Co., Ltd. was 953million and 318million respectively, with a year-on-year increase of 33.54% and 34.21% respectively; Its accessories revenue also increased by 18% year-on-year, reaching 647million yuan

Xingma's concrete mixer truck business revenue reached 811 million yuan, an increase of 23.24% year-on-year; The sales of bulk cement trucks also increased steadily by 5.58%

export growth remains strong

the further recovery of the global economy has driven the rapid development of the construction market. It is estimated that from 2007 to 2010, the total volume of the global construction market will increase by about 6% to 9% annually. Infrastructure construction in South America, South Asia, West Asia, North Africa and Russia is at its peak. Due to the price advantage and the continuous improvement of product performance, China's construction machinery products are generally welcomed by the international market, especially the markets of developing countries

in the first half of 2007, the export of domestic construction machinery industry maintained a good trend of high growth, and the foreign main business income of 12 enterprises increased. Among them, the most remarkable is Xiamen Industrial and Commercial Corporation, whose foreign operating income reached 134 million yuan, an increase of 1575.37% over the same period last year; During the period, the net profit was about 102 million yuan, an increase of 173.1% over the same period last year. The company's overseas market is mainly concentrated in Asia. In the first half of 2007, the company received many large orders from Iran, and the overseas market strategy has achieved initial results. The second is Zoomlion, which contributed about 479 million yuan to the main business income from exports, an increase of 569.48% over the same period last year. Xingma automobile and NORINCO achieved export growth of 412.77% and 296.42% respectively. Changlin shares, Shanhe intelligent and Sany Heavy Industry also achieved a steady growth of more than 120%. In addition, XCMG, which vigorously pursued its product export strategy, also achieved an export revenue of 440million during the period, with a year-on-year increase of 68.99%, becoming the main growth point of its business revenue

according to the import and export data in the first half of 2007, the export of forklifts, cranes, graders, loaders and rollers increased rapidly, which explained the prosperity of the industry to a certain extent. From the perspective of the growth rate and structure of imported products, the import substitution of heavy tonnage products is obvious, and the imports of truck cranes above 50t, road rollers above 18t, crawler bulldozers above 238kw, crawler cranes and so on have declined rapidly. In contrast, the export growth of truck cranes and concrete pumps with strong domestic demand is not obvious. Export has become an important way for construction machinery enterprises to continue to grow

in recent years, the number of Chinese enterprises participating in international exhibitions has been increasing. Chinese enterprises themselves have paid more and more attention to the quality and reliability of products, and the performance of products has been greatly improved, which provides more opportunities for Chinese enterprises to open foreign markets, making their development more stable and less affected by domestic macro-control

the brewing and evolution of the competition pattern

the overall growth of the construction machinery industry has not eliminated the gap between enterprises. Taking a comprehensive view of the 2007 semi annual report, it is not difficult to see that advantageous enterprises have obtained richer profits, and their profitability has become more prominent, while some enterprises are still facing the dilemma of profit growth. The gap between the product competitiveness and market position of enterprises is further widening. Judging from the return on net assets of 12 enterprises, the asset performance of advantageous enterprises is more high-quality. Sany Heavy Industry still firmly occupies the leading position in the industry, and its return on assets is as high as 24.07%. The return on net assets of Zoomlion, Liugong, Shantui and Shanhe intelligent also remained above 10%. However, the profitability of Dingsheng Tiangong and s Xuangong is not ideal

in the first half of 2007, some enterprises also actively sought greater market share through industry restructuring, asset integration and improvement of internal management, so as to further enhance their comprehensive competitiveness, which also accelerated the change of industry competition pattern

Sany group, the controlling shareholder of Sany Heavy Industry, is expected to inject some high-quality assets into the company, and the company also acquired 100% equity of Beijing Sany Heavy Machinery Co., Ltd. in the form of private placement

due to the restructuring and reorganization of Changsha Construction Machinery Institute, the property right structure of Zoomlion has been significantly improved, which has effectively stimulated the enthusiasm of management and employees, and greatly improved the business efficiency of the enterprise. At the same time, the company acquired the assets of the subsidiaries of Puyuan group and Changsha Construction Machinery Institute, which will further improve the operation and management efficiency, make the company's industrial chain more complete, and further improve its anti risk ability

Liugong plans to set up "Liuzhou Liugong forklift Co., Ltd." in Yanghe industrial new area of Liuzhou City, with a registered capital of 100million yuan, to undertake the forklift project of Guangxi Liugong Group Co., Ltd., the major shareholder. The project plans to produce and sell 10000 forklifts in 2010, with a sales revenue of 680million yuan and a net profit of 80.8 million yuan. In order to avoid horizontal competition with major shareholders and reduce related party transactions, the company also plans to acquire three enterprises subordinate to the group, including Shanghai Liugong forklift Co., Ltd., Liuzhou Liugong accessories manufacturing Co., Ltd. and Liuzhou Construction Machinery welfare factory. Liugong plans to set up an investment company in Hong Kong. Company return

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