Recently, a number of construction machinery companies including Xugong and Liugong announced the first half performance notice. All the enterprises have achieved varying degrees of growth in the forecast of our performance in the industry. At the same time, the word "profit table repair" and "gross profit margin" are frequently seen in the performance forecast of enterprises.
Performance Preview
Xugong: Xugong machinery issued the 2018 half year performance forecast in July 13, 2018. In the report period, the net profit was 10.0-11.5 billion yuan, and the growth rate was 81.72%-108.97%; the basic earnings per share was 0.132 yuan -0.154 yuan, and the growth rate was 67.09%-94.94%.
Liugong: in July 13, 2018, it released the performance notice of the China Daily. It is estimated that the net profit for the first half of 2018 is 5.33~6.63 billion yuan, up by 118.94%-172.08% over the same period last year.
Dragon workers: in July 9th, China Dragon Industry released positive earnings forecast, and expected net profit in the first half of 2018 will increase significantly.
Mountain and river Intelligence: mountain and river intelligence 2018 annual report performance forecast data show that the net profit belonging to the shareholders of Listed Companies in 1-6 months of 2018 was 277 million 660 thousand yuan to 319 million 729 thousand and 800 yuan, up 230% to 280% over the same period.
Zhejiang: Zhejiang has announced the 2018H1 performance advance, which is estimated to be 205 million and 189 million yuan, respectively, and 37% and 30% respectively.
Northern shares: Northern shares are expected to increase by 220% in the first half of 2018 compared with the same period last year, and the company made a profit of 21 million 310 thousand yuan in the same period last year.
Weichai: a semi annual report on the performance of Weichai Power in the evening of July 9th revealed that the net profit belonging to the shareholders of the listed company was 3 billion 980 million yuan to 4 billion 500 million yuan during the reporting period, up from 50% to 70% over the same period.
Addie precision: it is estimated that the net profit attributable to shareholders of listed companies will increase by 55 million yuan in the half year of 2018, an increase of about 81% over the same period last year. The net profit of the companies belonging to the shareholders of the listed companies is expected to increase by about 56 million yuan, about 84% year on year, and the overall super market expectation.
The industry has risen to better sales
In 2018, the construction machinery industry continued its trend in 2017, which is a year of continuous development. This year, the overall index of construction machinery has dropped by 12.15%, while the Shanghai Composite Index has fallen by 14.2% over the same period. The construction machinery index has outperformed the Shanghai Composite Index by 2.05 percentage points. That is, in the slow development of China's economic development, the construction machinery industry still maintains rapid development.
In the 1-6 month of 2018, sales data of all kinds of construction machinery were also very bright. Among them, 120123 sales of excavators, more than 50% year on year increase, the cumulative sales volume of loaders exceeded 75 thousand, bulldozers, planters, milling machines and other sales have increased significantly, and export sales increased more significantly. Industry experts said that the rapid development of the construction machinery industry will focus on updating demand, and the investment in infrastructure construction will be stable, and the duration is expected to exceed expectations. In the past 2017-2019 years, engineering machinery and equipment have entered the stage of renewal and replacement. At present, there are more than 7 million used engineering machinery. The backward, old and old equipment will gradually make room for the market. At the same time, the State Council also issued a policy document on the fight against the environment in the near future, which made it clear that "to encourage and eliminate old ships, engineering machinery and agricultural machinery". Therefore, two aspects of environmental protection policy and age have further expanded the demand for upgrading of construction machinery. At the same time, with the continuous promotion of the one - way strategy, the export of engineering machinery products continued to increase in the first half of the year. The superimposed growth of domestic demand and external demand has promoted the rapid development of construction machinery.
The rapid development of the industry has brought important opportunities for the development of various enterprises. In the performance forecast of various engineering machinery enterprises published, many enterprises attributed the high trend of profit to the rapid development of the industry.
The competitive advantage of the product is strong and the high market rate is maintained.
The development of the industry is only an opportunity, and the strength of the enterprise ultimately determines the profit margin of the enterprise. In recent years, with the improvement of China's industrial level, the localization of construction machinery industry has been continuously promoted, and the market share of leading enterprises of construction machinery in China has been increasing.
As is known to all, Xugong is one of the leading industries in the engineering machinery industry. The competitive advantage of the product is remarkable, so it can expand the market in the first half of the first half of the major category of construction machinery sales, and maintain the market share in a high level. In the first half of 2018, Xugong excavator surpassed Caterpillar, and became the second brand in domestic sales, and the city occupied 12%. At the same time, in the fields of truck crane, pavement equipment and pile machinery, cccccccan industry accounted for the first place for many years, and the occupation rate of hoisting machinery was up to 50%.
Liugong is a company that is constantly optimistic by major brokerages in the whole machine enterprise. In the first half of 2018, Liugong accumulated 7929 excavators, an increase of 88.83% over the same period, far higher than the 60% in the industry. The city's share rate was raised from 5.59% in the first half of 2017 to 6.6% in the first half of 2018. In the loader and other bulldozers, rollers and other subdivision products, Liu workers have made great achievements. At the same time, Liugong continued to improve its internal strength. The net interest rate recovered from 0.68% in 2016 to 6.78% in 2018, and the net interest rate was upward elastically. Q1
In the past two years, the field of aerial work has been regarded as another blue ocean in the construction machinery industry. The leading speed of our country's high altitude operation field, Zhejiang's full hydraulic power, can not be underestimated. The "deterministic growth industry + high quality company" combination is one of the strong evaluation of the securities dealers. At the beginning of the year, the high altitude operating platform in the domestic market is more than 40%, which is the absolute leader of the domestic high altitude operating platform. At the same time, with the advanced technology of leading domestic counterparts, the core products of Zhejiang have exceeded 40% gross interest rates, and have a certain product pricing power, which can gradually build up brand and scale advantages by the rapid expansion of high quality customers and the scale of production and marketing.
Similarly, as the leading enterprise of the construction machinery, Addie precision, its production is suitable for 30 tons -100 ton excavator hydraulic crushing hammer technical barriers, manufacturing difficulty, the product market competitiveness is strong. The company is convenient to use the advantages of the products in technology and performance, rapidly expand the market share, and realize the strategic cooperation with the famous domestic excavator plant. The product order is full and the supply is in short supply.
Corporate profitability is generally strong in the second half of the year
In the analysis of the reasons for the rise in revenue and profits, gross margin is an inevitable factor for all enterprises. Through communication with many enterprises, we know that in the downlink period of the industry around 2015, all enterprises are working hard to improve product technology, optimize product structure, control cost and improve product gross interest rate; on the one hand, optimize customer quality, control accounts receivable and enterprise inventory. In the first half of 2018, the hot market also has a very large auxiliary role for the benign development of the enterprises. The market prices in short supply enable enterprises to grasp the initiative in the selection of high quality customers and inventory inventory, thus maintaining good luck in assets and liabilities and operating cash flow.
Therefore, in the second half of the sales earnings forecast, the good industry development trend and the enterprise's increasing gross profit margin make the large enterprises and securities companies generally optimistic attitude.
