Overcapacity in the machinery industry is intensifying (3)
Liugong
Overloading in the loader industry will increase the concentration, and companies with smaller capacity will gradually be eliminated from the market. Liugong loader products have obvious advantages in scale, technology and brand; the product series is complete and is the leader in the industry. As the core product of the company, the loader is a stable source of profit in the future.
Excavator market currently dominates foreign capital, but the market share of domestic brands is expanding. Liugong is one of the main domestic brands of excavators. With its existing marketing network and improved product quality, the market share continues to increase. As the scale of production expands, product competitiveness will continue to strengthen and contribute to the company's profit. Will gradually improve. As a strategic business in the future, the expansion of its market will be the key to the company's substantial growth. At the same time, Liugong has industry-leading manufacturing capabilities and cost control capabilities. With the substantial increase in the company's forklift capacity, the company will become a new profit growth point in the future.
Excellent management and marketing capabilities enable Liugong to calmly face macroeconomic regulation and control, and seize the opportunity of macroeconomic regulation and control to further enhance the company's influence in the industry. Through the construction of digital Liugong, the construction of supporting equipment and related workshops will be increased, and the production cost of products will be reduced. At the same time, the company's emphasis on product quality will further enhance the company's product market competitiveness and maintain the company's "recommended" rating.
Shantui shares
The growth of bulldozer export and accessories is the guarantee of the company's future performance. With the gradual release of the spare parts capacity of Shantui International Business Park, the company plans to increase the sales of accessories to 50% of the main business income in the future. The company has raised 490 million yuan through the allotment, mainly for expanding the two projects of bulldozer export and construction machinery crawler chassis. At present, the two projects are progressing smoothly. It is expected to reach production in 2009. After the production, the bottleneck of the company's bulldozer capacity will be eased, and the production capacity of accessories will be further improved.
The company has a state-level enterprise technology research and development center. Through the technical cooperation with Komatsu, the company continues to strengthen its own independent innovation capability, and the technology research and development capability is in a leading position in the industry. At the same time, the complete parts matching system has strengthened the company's ability to withstand cyclical fluctuations in the machine market.
The company acquired Hubei Chutian, improved the company's products in a single situation, and increased its capital, the registered capital increased to 50 million yuan, Shantui shares held 89% of the shares. The company's mainframe industry chain extends to concrete machinery. The future product structure will become more reasonable and the product types will be more abundant. The company's anti-risk capability will be strengthened and the company's “recommended†rating will be maintained.
Zoomlion
About 30% of China's concrete machinery is used for real estate construction, and 70% is used for other engineering infrastructure construction. At present, the macro-control will make the future investment of the real estate industry slow down. With the end of the Olympics, investment in large-scale engineering infrastructure construction will also be Declining, the growth rate of China's concrete machinery sales will decline in the future. Due to the wide downstream demand and the wide range of products used by the company's lifting machinery, we expect that China's truck cranes will maintain rapid growth in the future as people change the concept of efficiency and efficiency of using machinery.
Due to the strong demand for lifting machinery products, the company is in short supply. Although the company continues to carry out technological transformation to increase production capacity, the company's cranes are still limited by capacity bottlenecks. The company has actively adjusted its product structure. At present, it mainly produces medium-sized enterprises with relatively high added value. Tonnage truck cranes (more than 16 tons), enhance profitability.
The company acquired Italian CIFA company. Since the laws, taxation, finance, market management, etc. of Italian companies are very different from those in China, the future integration prospects remain to be seen. At the same time, the company plans to raise 200 million US dollars for acquisition. According to the exchange rate of 1:6.9 and the loan interest rate of 5.7%, the company's financial expenses for one year is 78.66 million yuan. The company will face certain financial pressure for integration. We expect the company's 08-10 EPS to be 1.06 yuan, 1.34 yuan and 1.70 yuan respectively, maintaining the company's "recommended" rating.
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