Machinery Industry: With The Recovery Of The Country's Fixed Asset Investment

- Apr 24, 2018-

Machinery industry 81 listed companies in the 2009 year, a total operating income of 361 billion 19 million yuan, an increase of 1.06%, attributable to the parent company's total net profit of 22 billion 974 million yuan, down -4.81%. Molecular industry, engineering machinery, machine tools, railway equipment of the three sub industries more prominent, mainly because last year the national fixed asset investment increased, but compared with the A stock market, due to metallurgical mining heavy equipment, shipbuilding and other income accounted for relatively large sub sector performance is still recovering, the overall performance of general machinery industry no more than all the A shares, the industry differentiation is obvious. In the first quarter of 2010, the machinery industry achieved total revenue of 962.28, an increase of 38.68%, attributable to the parent company's total net profit of 6 billion 389 million yuan, an increase of 53.94%. From the single quarter operating income and net profit situation, the first quarter of 2010, the machinery industry performance remained steady increase. The first quarter of this year income data, several industry machinery industry, engineering machinery, machine tools in addition to continue to maintain a steady increase in operating income, shipbuilding showed signs of recovery, basic parts, equipment operating income of railway increase smoothly, metallurgical mining equipment and heavy machinery operating income remains low, a certain profit decline. Industry differentiation still exists, but it is expected that the sub sectors will be accompanied by the recovery of the entire economy, while gradually small gap.

From the perspective of gross profit margin, the overall gross profit margin of the machinery industry improved significantly, the overall gross profit margin in 2009 was 18.12%, 18.87% in the first quarter of 2010, an increase of 0.6 percentage points. The first quarter of this year, gross margin is obvious basic parts and engineering machinery two sub industry, gross margin in more than 2%, at present, the industry valuation level is moderate, excluding the negative earnings for the machinery industry enterprises, the overall rolling average price earnings ratio of about 27 times, all the A shares corresponding rolling earnings ratio of 20 times. In the short term due to market volatility, the machinery industry are affected by economic fluctuations, due to the introduction of the national real estate control policies and policy exit efforts of fixed assets investment is reduced, at the same time as raw materials such as steel prices impact on the industry will gradually increase, temporarily lowered the overall industry rating to neutral. Specific sub sectors, due to the clear investment in railway construction and development, as well as the lower demand for the automotive industry in the lower reaches of the machine tools, the railway equipment and machine tools two sub industries "recommended" rating. Construction machinery industry as a result of the impact of real estate regulation, down rating to "neutral."". Specific recommendations for railway equipment and accessories in China China CSR, CNR, Taiyuan heavy industry, Jinxi axle; recommendation of machine tool industry in the development of Kunming, Qinchuan machine tool engineering machinery; pay close attention to the real estate policy influence small Xugong, Liugong and Shantui, Anhui force.