Evaluation on the operating conditions of listed c

2022-09-22
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Evaluation of the operating conditions of listed construction machinery companies in 2002

evaluation of the operating conditions of listed construction machinery companies in 2002

China Construction machinery information

Guide: by the end of 2002, there were 13 construction machinery companies (complete machines) listed in the Shanghai and Shenzhen stock markets, including 7 in Shanghai and 6 in Shenzhen. At the end of 2002, the total capital stock of 13 companies was 3.34 billion shares, including 1.34 billion circulating shares, accounting for 40% of the total capital stock 1%, with total assets of 160

by the end of 2002, there were 13 construction machinery companies (complete machines) listed in Shanghai and Shenzhen stock markets, including 7 in Shanghai and 6 in Shenzhen

at the end of 2002, the total capital stock of 13 companies was 3.34 billion shares, including 1.34 billion circulating shares, which accounted for 40% of the total capital stock 1%, with total assets of 16.06 billion yuan, shareholders' equity of 8.46 billion yuan, asset liability ratio of 47.3%, shareholders' equity ratio of 111.3%; The main business income was 12.4 billion yuan, a year-on-year increase of 48.1%, the net profit was 786 million yuan, a year-on-year increase of 59.1%, the earnings per share was 0.235 yuan, an increase of 0.075 yuan over the previous year, and the return on net assets was 9.29%, an increase of 2.98%. Among these listed companies, according to the ranking of main business income, XCMG technology has broken through the 2billion yuan mark and continues to maintain the first position. There are five companies with income of 1billion to 2billion yuan, Shantui Co., Ltd. is in the second place, and Guilin Liugong and Xiamen Engineering Co., Ltd. are in the third and fourth places respectively; In terms of net profit, Zoomlion ranks first (153.71 million yuan), Shantui second (148.39 million yuan), Guilin Liugong third (123.63 million yuan), XCMG fourth (107.3 million yuan), and Anhui Heli fifth (73.86 million yuan). The products of 13 listed companies mainly involve the following categories:

first, mining machinery

the domestic mining machinery industry is in a period of rapid development. In recent three years, the sales volume has increased by more than 50% per year. In 2002, the annual sales volume reached a new high of 19500 units, with an increase of 57 3%。 At present, independent and joint ventures occupy a dominant position in the domestic excavator market, accounting for more than 90%. Listed companies of construction machinery mainly participate in the excavator industry through joint ventures. At present, two enterprises have established joint ventures with foreign construction machinery enterprises to produce excavators. Shantui shares and Komatsu jointly establish Komatsu Shantui (initial share ratio 50%, year-end share ratio 30%), and Changlin shares and Korean Hyundai jointly establish Changzhou Hyundai (share ratio 40%). In 2002, the two companies benefited from the rapidly developing excavator market. The investment income of Shantui was 45.15 million yuan, an increase of 46.78 million yuan over the previous year; The investment income of Changlin shares was 44.52 million yuan, a year-on-year increase of 192%. Guilin Liugong, Shandong Lingong and other non joint venture companies have also begun to set foot in the field of excavators, and have made rapid development in the rapidly growing excavator market. Guilin Liugong's excavator business income in 2002 was 54.82 million yuan, a year-on-year increase of 365%. Shandong Lingong's excavator business income in 2002 was 30.41 million yuan, a year-on-year increase of 68%

II. Shovel transport machinery shovel transport machinery mainly includes loaders, bulldozers, graders, articulated tippers, etc

1. Loader industry

at present, there are mainly 6 enterprises listed in the loader industry, namely GUI (1) digital and intelligent technology and equipment, which will run through the whole life cycle of products, Liugong, Xiagong, Shandong Lingong, Changlin, Sanjiu biochemical and XCMG shovel and transportation machinery branches. In 2002, loader was the industry with the fastest growth, and its sales volume and growth rate reached the highest level in history. The whole industry (13 companies) sold 41500 loaders, an increase of 74% over the previous year. Among them, six listed companies sold 27600 loaders, accounting for 66.6% of the total sales volume of the industry. The main business income of loader products of six enterprises was 5.25 billion yuan, an increase of 64.1% year-on-year. The main business growth was higher: Shandong Lingong increased by 93.8%, Changlin increased by 80.8%, Guilin Liugong increased by 72.7%, and the growth rates of other companies were lower than the average growth rate of the six companies. The operating revenue of Sanjiu biochemical loader increased by 57%, and XCMG technology shovel transportation branch had the lowest growth rate, with an increase of only 25.9% (see Table 1)

2. Bulldozer industry

at present, the listed companies of construction machinery mainly include Hebei Xuangong, Shantui Co., Ltd. and XCMG technology shovel transportation company, which have come out with some door companies to produce bulldozers. In 2002, the sales volume of bulldozer industry was 3800 units, with a year-on-year increase of 20%. The growth rate was lower than that of other industries of construction machinery, and the economic benefits did not improve significantly. The above three companies sold 2300 bulldozers, accounting for 61% of the total sales of the industry, and the industry concentration was further improved

Hebei Xuangong sold 1224 bulldozers in 2002, with a year-on-year increase of 12.5%. The market share calculated by sales volume was 32%, 3 percentage points lower than that of the previous year. In 2002, the sales volume of bulldozers ranked first in the same industry, and the main business income reached the best level in history

Shantui Co., Ltd. sold 1059 bulldozers in 2002, with a year-on-year increase of 43.7%. The market share calculated by sales volume was 28%, an increase of 5 percentage points over the previous year. Due to its relatively low gross profit rate, bulldozer products make little contribution to the company's net profit. The company's profit mainly comes from the joint venture - Komatsu Shantui Construction Machinery Co., Ltd

XCMG technology shovel transportation branch sold 31 bulldozers in 2002, a year-on-year decrease of 18%. It does not have a competitive advantage in the bulldozer industry

3. Motor grader industry

at present, the listed companies of construction machinery mainly include Zhongfa, XCMG road construction machinery factory and Changlin Co., Ltd., which produce motor graders

in 2002, the sales volume of the grader industry was 1241 units, with a year-on-year increase of 57.7%, and the operating income also increased significantly, but the economic benefits did not improve significantly. The sales volume of motor graders of the above three companies totaled 1001, accounting for 81% of the total sales volume of the industry. The industry concentration was further improved, and the three companies occupied an absolute monopoly position in the industry

China development occupies a large market advantage in the grader industry, and the sales volume of graders ranked first in the industry in 2002. In 2002, the total operating revenue was 258.82 million yuan, with a year-on-year increase of 41.1%, of which the revenue of grader business was 223.7 million yuan, with a year-on-year increase of 42.7%. The net profit was -37.27 million yuan, with a year-on-year increase of 39.51 million yuan

XCMG road machinery plant sold 218 graders in 2002, with a year-on-year increase of 47.3%. Its market share ranked second in the industry, and the sales gap with the first in the industry was gradually narrowing. In 2002, the business income of graders was 85.06 million yuan, an increase of 46.9% year-on-year (see Table 2)

Changlin Co., Ltd. sold 205 motor graders in 2002, with a year-on-year increase of 123%. Its market share ranks third in the industry, and its development momentum is very rapid. In 2002, the business income of graders was 77.85 million yuan, an increase of 107% year-on-year

4. Articulated dump truck (off highway dump truck)

at present, the listed companies of construction machinery mainly include northern shares and XCMG technology to produce articulated dump trucks. In 2002, the heavy-duty automobile industry was selling well, but the main business income of northern shares was 269.62 million yuan, an increase of only 18.3%. Obviously, the technical and brand advantages have not yet been transformed into market advantages, and more efforts need to be made in market development. In addition, the company also faces that after joining the WTO, foreign advanced technologies and products will occupy more market share, and with the gradual reduction of import tariffs on dump trucks with more than 30 tons, the company has lost its advantage in price, which will bring certain pressure to its future production and operation. Turning pressure into power, relying on the leading technology of major shareholders and the broad prospects of the industrial and mining vehicle industry, northern shares should have great development potential

the articulated dump truck of XCMG technology in 2002 is still in the trial production stage and has not been mass produced. It is estimated that the demand for heavy mining vehicles in domestic and foreign markets will increase by more than 10% year by year in the future, and the market prospect is relatively broad. After the mass production of articulated dump truck project, it will become a new profit growth point of XCMG technology

III. compaction machinery (roller)

at present, there are mainly production compaction machinery such as XCMG science and technology road construction machinery branch, Changlin Co., Ltd., Guilin Liugong, Zoomlion Heavy Industry Co., Ltd., Jintai B, Shantui Co., Ltd., and Zhongfa Development Co., Ltd

in 2002, the road roller industry was as popular as the excavator, loader and other industries. The sales volume and growth rate of the industry reached the highest level in history. 8400 road rollers were sold in the whole industry, an increase of 38% over the previous year. Among them, 6 listed companies sold 4900 Road rollers, accounting for 58% of the total sales volume of the industry. The main business income of 6 enterprises' road roller products was 1.154 billion yuan, A year-on-year increase of 38.9% and subsidy decline are the key words of the new deal for new energy vehicles in 2017

XCMG road construction machinery branch sold 3611 road rollers in 2002, with a year-on-year increase of 28%. The market share calculated by sales was 44 3%, with an operating income of 88.123 million yuan, an increase of 26.6%, ranking first in the industry in terms of market share and operating income; Although XCMG's road rollers still maintain absolute advantages in the industry, there are more and more competitors. YITUO Group, Changlin, Liugong, Xiagong, Zoomlion Heavy Industry, Shantui, Ingersoll Rand, a foreign-funded enterprise, and Sany Heavy Industry, a private enterprise, have entered the road roller industry. These enterprises are also very strong, and the future road roller market will face extremely fierce competition

Changlin shares became a dark horse in the road roller industry in 2002 with a high growth rate that attracted the attention of the industry. The sales volume of road rollers was 527, an increase of 279%, the market share was 6.5%, and the business income of road rollers was 105.06 million yuan, an increase of 303%

since the reorganization of Jiangyin traffic engineering machinery factory and its involvement in the field of rollers, Guilin Liugong has developed rapidly in the roller industry in recent years. In 2002, it achieved a good result of 327 roller sales, an increase of 93.5%

Zoomlion's main business is concrete machinery. In 2002, its road machinery business revenue reached 65.3 million yuan, an increase of 144%

Jintai B is the only listed construction machinery company issuing B shares in the two cities, and the largest shareholder is Shanghai state owned Assets Management Co., Ltd. In 2002, the main business income and net profit increased slightly. The business income of engineering drilling rigs was 70.29 million yuan, pile drivers 29.11 million yuan, road rollers 18.35 million yuan, and municipal construction 46.35 million yuan. The sales volume of road rollers is 94, with a year-on-year decrease of 38%. The sales volume of road rollers of the company has decreased year by year, and the company is basically not competitive in the road roller industry (see Table 3)

IV. piling machinery (drilling rig, pile driver)

at present, the listed construction machinery companies mainly include Jintai B, XCMG road construction machinery branch, Zoomlion and other production piling machinery

in recent years, the market demand for drilling rigs has increased rapidly, but most products are imported from abroad. After the transformation of Jintai B from road roller business, its main business has changed to engineering drilling rig. The products have high technical content, and the quality and performance are close to imported products. The materials are tested to ensure that the products are produced according to the expected results, but the price is far lower than imported products. Therefore, Jintai B has certain advantages, has been gradually recognized by the market, and has a good market prospect. However, its inflexible mechanism restricts the operation and development of the company. In recent years, its main business has been hovering around 150million yuan, and its net profit has always been around several million yuan. In recent years, its main business has begun to transform, turning to the engineering drilling rig business with high technology content and high added value, and has carried out major asset restructuring. It has changed from traditional machinery manufacturing to municipal construction project investment, construction and management industries such as urban sewage treatment, and has entered a modern environmental protection business industry with stable growth and great potential. Its development speed may be accelerated in the future

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