The machinery industry has a wide range of industry segments

In the past August, the disclosure of the listed company's 2011 interim report has come to an end.

Judging from the overall situation of a number of listed companies in the machinery industry that have disclosed the mid-year report, following the prosperity of the growth in 2010, the overall profitability of the listed companies in the machinery industry is still showing a significant year-on-year growth.

At the same time, due to the wide range of machinery industries, the subdivisions have different performances. Some sub-sectors are even in a quite different economic cycle. This makes it possible to examine them in detail, and the operating status of some companies may be far less than the overall situation. Good, there are also some enterprises in the production and operation situation is gratifying, a prosperous.

After the fall of the summer season and the fall of the past two years, to cope with the adverse impact of the international financial crisis, the Chinese government has introduced a variety of fairly loose policies and measures including a four trillion investment plan, and the machinery industry has become the most directly profitable industry. First, quickly get rid of the haze and reproduce the booming trend of the season.

On the whole, the situation of the economic environment in which the machinery industry is located this year is that the growth rate of the macro economy has dropped, monetary policy has continued to tighten, and the adjustment of the economic structure has been faltering. The overall situation is very complicated.

However, due to the inertia of development, the impact of these complex economic situations on production and operations did not make the China Daily appear ugly.

Some industries that were particularly prosperous last year, even if the growth rate has dropped back, the China Daily is still brilliant. For example, a report released by Sany Heavy Industry showed that operating income in the first half of 2011 was 30.363 billion yuan, an increase of 79.18% year-on-year; net profit attributable to parent companies was 5.939 billion yuan, an increase of 106.57% year-on-year. The same is true for the engineering machinery segment where it is located, Zoomlion, Xugong Machinery and other listed companies, even if the data has dropped, but the absolute growth rate is still eye-catching.

However, compared with the quarterly report, the industry's growth rate has declined, and the market's downward trend has become more clear in the mid-term reports of these companies. In addition, the tight cash flow is also caused by the aggressive marketing adopted by some companies in the market. Begin to reflect.

A closer look at the various interim reports that have already been released, combined with minor changes in specific financial data, it is not difficult to find that although the overall situation looks good, the direct impact of various constraints on the company’s specific production and operation activities in the macro environment Clues.

For example, in the reports of several listed companies in various fields, there are cases where income increases do not increase. The East China Numerical Control's mid-year report showed that the total operating income for the first half of this year was 324 million yuan, which was basically the same as the same period of the previous year, but operating profit was only 33.48 million yuan, a year-on-year decrease of 45.43%. This situation is not uncommon in the mid-year disclosures of the listed companies in the machine tool industry and other machinery sub-sectors.

The reason is that the multiple interest rate increases and capital shortages during the year caused the increase in corporate finance costs and the general increase in labor costs. This is a common factor frequently mentioned in many medium-term reports.

Obviously, the general temperature of the machinery industry such as midsummer has cooled. Looking into the future, the global liquidity easing situation will be difficult to change in the short term. The upward pressure on domestic production costs will continue to exist. The monetary tightening policy will continue and liquidity will remain tight. It seems that before the industry's concern about the industry trend is not a cloud, the impact of various complex factors has only just begun. Or it will be reflected in the future for some time.

The sub-sectors have different aspects of cooling and heating. In terms of the overall climate of the machinery industry, different sub-sectors may also be in different microclimates.

In the first half of the year, the net profit of the industry in the industry increased by doubling as a result of the behavior of ships and marine equipment. Among them, CIMC Group's net profit increased by 207% due to the height of the main business container business.

Another example is Jinggong Technology, which specializes in the production of polysilicon ingot furnaces. Benefiting from the high degree of demand for photovoltaic equipment, its operating income in the first half of 2011 was 1.256 billion yuan, a year-on-year increase of 183.55%, and the net profit attributable to shareholders of listed companies was 221 million yuan. , an increase of 1582.97%.

The wind power industry that has maintained rapid growth in the past five years has seen a major turning point in the first half of this year, and the performance of many listed companies that mainly operate wind turbines has generally declined. The industry leader Huarui Wind Power released a mid-year report that the company achieved operating income of 5.325 billion yuan in the first half of the year, a year-on-year decrease of 29.45%; and a net profit of 659 million yuan, a year-on-year decrease of 48.30%. In the same period, Goldwind achieved revenue of 5.194 billion yuan, a year-on-year decrease of 17.61%; and a net profit of 425 million yuan, a year-on-year decrease of 45.05%. A similar industry is the automotive industry.

It is roughly estimated that among the multiple sectors of the machinery industry, the revenue and net profit of the top three listed companies related to ships and marine equipment, railway equipment and construction machinery accounted for more than 70% of the listed companies in the entire machinery industry. .

However, it is worth noting that even in an industry, the business environment is not the same. As mentioned previously in the construction machinery sector, Shantui’s mid-year report shows that in the first half of the year, the company’s operating income was 9.25 billion yuan, an increase of 34.31% over the same period of the previous year; and the net profit attributable to the shareholders of the listed company was 500 million yuan. The same period last year increased by 1.30%. Although not too ugly, compared to the average level of the same sector can be regarded as dwarfed.

Each round of economic adjustment will inspire a round of industry reshuffle. The more complicated the economic environment changes, the less clear it is, the easier it is to see the division of companies in the industry.

From the more than a hundred of the 2011 interim reports of listed companies in the machinery industry, the various changes reflected in them are commonplace and individual factors. Faced with continuous pressure from the policy and market levels, whether in terms of financial strength, risk tolerance, or competitive strategy, can find some answers in the mid-year report.