Recently, Sany Heavy Industry, XCMG machinery, Zoomlion, Liugong machinery, Shantui Co., Ltd., Shanhe intelligent and other listed companies in the construction machinery sector have successively announced the transcripts of the first quarter of 2022. According to the data released by various companies, under the overall downward pressure of the industry, the performance is differentiated, and most enterprises have double year-on-year declines in single quarter revenue and net profit. Of course, a few enterprises have achieved contrarian growth.
As of May 5, among the 14 listed enterprises counted by construction machinery today, 4 enterprises have achieved growth in revenue and net profit respectively.
The revenue and net profit of most enterprises decreased, and the cash flow was tight.
The net profit of leading enterprises fell by a relatively larger margin, with the net profit of Sany Heavy Industry falling by 71.29%, Zoomlion's net profit falling by 62.48% and Liugong's net profit falling by 47.79% year-on-year. Shanhe intelligence even suffered losses, and the net profit attributable to the parent turned from profit to loss year-on-year. In the decline, Shantui shares performed really well, and the net profit in the first quarter increased by 342.05% compared with the same period in 2021. It should be noted that Shantui has just completed the acquisition of Shantui (Dezhou) Construction Machinery Co., Ltd. (formerly known as "Dezhou Degong Machinery Co., Ltd.) and Shandong Degong Machinery Co., Ltd. in March 2022 and included them in the scope of consolidated statements. As another important indicator to measure the operating status of enterprises, cash flow is also under pressure. Under the pressure of insufficient operating rate, deteriorating payment collection and rising costs, half of the enterprises have negative cash flow, and the cash flow of Weichai Power alone is as high as -4.604 billion yuan.
At present, the life of manufacturing enterprises is not easy.
Affected by short-term factors such as the spread of the epidemic in many places in China and geopolitical conflicts, the production and operation activities of the manufacturing industry slowed down as a whole, and the decline in production and demand increased at both ends.
The internal and external environment has become increasingly complex and severe. In the first quarter, it fell endlessly amid various risk factors. Market sales fell, product prices fell, and corporate profits shrank. Multiple factors such as tight supply chain, poor logistics, weak demand and rising raw material prices have also had a great impact on the upstream host manufacturers and supporting parts enterprises in the construction machinery industry chain, putting great pressure on the operation and profitability of the enterprises.
Summary of performance report of Listed Companies in construction machinery industry in the first quarter of 2022
Sany Heavy Industry: net profit of 1.59 billion yuan, down 71.29%
In the first quarter of 2022, the operating revenue was 20.077 billion yuan, a year-on-year decrease of 39.76%; The net profit attributable to the owners of the parent company was 1.59 billion yuan, a year-on-year decrease of 71.29%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.089 billion yuan, a year-on-year decrease of 79.27%; Operating cash flow increased significantly by 108.5% to 1.994 billion yuan.
XCMG machinery: net profit of 1.405 billion yuan, down 18.61%
In the first quarter of 2022, the main business income was 20.034 billion yuan, a year-on-year decrease of 19.79%; The net profit attributable to the parent company in a single quarter was 1.405 billion yuan, a year-on-year decrease of 18.61%; The non net profit deducted in a single quarter was 1.299 billion yuan, a year-on-year decrease of 18.21%; The net cash flow from operating activities was 563 million yuan, a year-on-year decrease of 71.08%. The debt ratio is 66.54%, the financial cost is -433892300 yuan, and the gross profit margin is 15.23%.
Zoomlion: net profit of 906 million yuan, down 62.48%
In the first quarter of 2022, the operating revenue was 10.012 billion yuan, a year-on-year decrease of 47.44%; The net profit was 906 million yuan, a year-on-year decrease of 62.48%; Deduct non net profit of 882 million yuan, a year-on-year decrease of 60.69%; The net cash flow from operating activities was 590 million yuan, a year-on-year decrease of 77.82%.
Compared with the fourth quarter of 2021 (operating revenue of 12.703 billion yuan and net profit of 519 million yuan), the operating revenue decreased by 21.18% and the net profit increased by 76.49%.
Liugong machinery: net profit of 255 million yuan, down 47.79%
In the first quarter of 2022, the operating revenue was about 6.736 billion yuan, a year-on-year decrease of 22.06%; The net profit attributable to shareholders of listed companies was about 255 million yuan, a year-on-year decrease of 47.79%. The operating cash flow decreased from 212 million yuan to - 588 million yuan.
Shantui shares: net profit of 364 million yuan, an increase of 342.05%
In the first quarter of 2022, the main business income was 2.339 billion yuan, a year-on-year decrease of 12.19%; The net profit attributable to the parent company in a single quarter was 364 million yuan, a year-on-year increase of 342.05%; The non net profit deducted in a single quarter was 60.8168 million yuan, a year-on-year decrease of 32.91%; Operating cash flow decreased from 304 million yuan to - 239 million yuan, a year-on-year decrease of 178.67%. The debt ratio is 54.47%, the investment income is 310 million yuan, the financial expense is 11.274 million yuan, and the gross profit margin is 13.3%.
Shanhe Intelligence: net profit -49 million yuan, down 116.47%
In the first quarter of 2022, the company's main revenue in a single quarter was 1.662 billion yuan, a year-on-year decrease of 49.95%; The net profit attributable to the parent company in a single quarter was -48.9788 million yuan, a year-on-year decrease of 116.47%; The non net profit deducted in a single quarter was -55.4731 million yuan, a year-on-year decrease of 120.58%; Operating cash flow decreased significantly by 419% to -1.309 billion yuan. The debt ratio is 72.46%, the financial cost is 82.4621 million yuan, and the gross profit margin is 20.62%.
Zhejiang Dingli: net profit of 196 million yuan, an increase of 15.07%
In the first quarter of 2022, the main business income was 1.253 billion yuan, a year-on-year increase of 48.97%; The net profit attributable to the parent company in a single quarter was 196 million yuan, a year-on-year increase of 15.07%; The non net profit deducted in a single quarter was 191 million yuan, a year-on-year increase of 17.06%; The net cash flow from operating activities was - 207 million yuan, compared with - 351 million yuan in the same period of last year. The debt ratio is 35.67%, the investment income is 2.4663 million yuan, the financial expense is 15.6668 million yuan, and the gross profit margin is 29.2%.
Anhui Heli: net profit of 194 million yuan, an increase of 8.46%
In the first quarter of 2022, the operating revenue was 3.946 billion yuan, a year-on-year increase of 13.56%; The net profit attributable to the parent company was 194 million yuan, a year-on-year increase of 8.46%; The non net profit deducted in a single quarter was 153 million yuan, a year-on-year decrease of 0.83%; The net operating cash flow increased from - 150 million yuan to 199 million yuan. The debt ratio is 47.51%, the financial cost is 6.0779 million yuan, and the gross profit margin is 15.47%.
Hangcha group: net profit of 190 million yuan, down 13.82%
In the first quarter of 2022, the main business income was 3.603 billion yuan, a year-on-year increase of 7.5%; The net profit attributable to the parent company in a single quarter was 190 million yuan, a year-on-year decrease of 13.82%; Deduct 185 million yuan of non net profit, a year-on-year decrease of 15.34%; The net cash flow from operating activities was 225 million yuan, a year-on-year decrease of 47.19%. The company's gross profit margin was 15.3%, up 8.4 percentage points month on month.
Tongli heavy industry: net profit of 130 million yuan, an increase of 79.53%
In the first quarter of 2022, the operating revenue was 1.316 billion yuan, a year-on-year increase of 67.72%; The net profit was 131 million yuan, a year-on-year increase of 79.53%. The net cash flow from operating activities was - 89.58 million yuan, compared with 52.64 million yuan in the same period in 2021.
Yutong heavy industry: net profit was 84.9183 million yuan, down 9.43%
In the first quarter of 2022, the main business income was 740 million yuan, a year-on-year decrease of 14.57%; The net profit attributable to the parent company was 84.9183 million yuan, a year-on-year decrease of 9.43%; Deduct non net profit of 49.6865 million yuan, a year-on-year decrease of 38.86%; The net cash flow from operating activities was -179 million yuan. The debt ratio is 46.61%, the financial expenses are -4.5496 million yuan, and the gross profit margin is 29.57%.
XCMG: net profit -1911700 yuan, down 113.42%
In the first quarter of 2022, the main business income was 297 million yuan, a year-on-year decrease of 36.37%; The net profit was about -1911700 yuan, a year-on-year decrease of 113.42%; Deduct non net profit of -18.4169 million yuan, a year-on-year decrease of 11573.86%; The debt ratio is 50.42%, the investment income is 9.3657 million yuan, the financial expenses are -1.9209 million yuan, and the gross profit margin is 9.48%.
Weichai Power: net profit was 1.051 billion yuan, down 68.61%
In the first quarter of 2022, the main business income was 41.104 billion yuan, a year-on-year decrease of 37.16%; The net profit attributable to the parent company in a single quarter was 1.051 billion yuan, a year-on-year decrease of 68.61%; The non net profit deducted in a single quarter was 897 million yuan, a year-on-year decrease of 70.54%; The net cash flow from operating activities was -4.604 billion yuan, compared with -2.382 billion yuan in the same period in 2021. The debt ratio is 61.98%, the financial cost is -155.5143 million yuan, and the gross profit margin is 18.63%.
Hengli hydraulic: net profit of 528 million yuan, down 32.56%
In the first quarter of 2022, the operating revenue was 2.2 billion yuan, a year-on-year decrease of 22.97%; The net profit attributable to the owners of the parent company was 528 million yuan, a year-on-year decrease of 32.56%; The net cash flow from operating activities was 285 million yuan, a year-on-year decrease of 8.07%.
