A brief analysis of the decline in the growth rate

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A brief analysis of the decline in mechanical growth rate

: no paging title!: Technological innovation has laid a competitive advantage

due to the impact of the overall macroeconomic situation is not optimistic, the growth rate of fixed asset investment has declined, and the bank credit tightening policy, the growth rate of the overall machinery and equipment industry has declined. As a high-value capital product, Haiyuan machinery's equipment, orders and sales are inevitably affected. However, insiders believe that the decline in short-term performance does not change the future growth of the company. At present, the local governments' implementation of the "real and limited viscosity" varies. With the further tightening of policies in the future, the demand for wall machines is expected to be further released, and the growth rate of the company's revenue is expected to rebound

performance is expected to rise from the bottom.

Haiyuan machinery is the only enterprise with mature "related diversification" core competitiveness in the field of mechanical, electrical and hydraulic integrated equipment. In 2011, the company's business condition was good, its main business grew steadily, and maintained a high market share. After overcoming the adverse factors such as the poor macroeconomic environment and the bank's credit tightening policies in 2011, the company achieved an operating income of 37.56264 million yuan, an increase of 7.96% over the same period of the previous year

due to the company's increased investment in advertising last year, and with the expansion of sales scale and the rise of labor costs, the company's sales expenses and management expenses have increased; And affected by the first instance judgment of the contract dispute case between Luoyang Longyu Gerui building materials Co., Ltd. and the company, the company has accrued an estimated liability of 2007.39 million yuan, resulting in a year-on-year decrease of 23.03% and 27.47% in the total profit and net profit attributable to shareholders of the listed company in 2011. Despite the decline in net profit, the company still plans to distribute cash dividends of 1.875 yuan (including tax) for every 10 shares, with a total cash dividend of 30million yuan, demonstrating the company's determination to repay shareholders

although the company's performance is temporarily at the bottom, insiders are not worried about it. Lu Zhou, an analyst of machinery industry at Everbright Securities (601788), believes that the company is actively appealing the contract dispute case of Luoyang Longyu Gerui building materials Co., Ltd. If the lawsuit is won, part or all of the non operating expenses withdrawn will be reversed, which will have a positive impact on the performance in 2012. If there is no victory in the lawsuit, the loss will be fully borne by Haiyuan industry, the major shareholder, which also deformed the sample and made it "drum shaped" when it actually occurred, and will be entered into the capital reserve as an equity transaction. The impact on the company's net profit is also one-time, without affecting net assets

Shi Haisheng, an analyst of Zheshang securities industry, believes that the fourth quarter of the company is the traditional peak sales season, but due to the tightening of credit policy last year, some orders were delayed, resulting in a year-on-year decline in annual revenue. In the fourth quarter of 2011, the operating revenue was 96.06 million yuan, a year-on-year decrease of 28%. The customer's delay in picking up goods is only the impact of short-term credit tension at the end of the year. It is expected that the part of delayed picking up goods in the first half of 2012 will have a positive impact on the performance of the first half of 2012

in addition, the company established Haiyuan new materials company, which is engaged in the production and sales of composite building templates, auto parts, inorganic composite insulation boards and other composite products, aiming to expand the downstream product industry and improve the company's industrial chain. Building formwork is an important tool for the construction of concrete structures, accounting for 15% - 20% of the construction cost of concrete structures. It is an important content to promote the progress of construction technology in China

the company uses the long fiber reinforcement of its own equipment he series composite press. When using this equipment, it should also pay attention to the maintenance of equipment parts thermoplastic composite (lft-d) production line technology, develop composite building templates that meet the requirements of the construction market, and comply with the industrial policy development of "replacing wood with plastic and steel with plastic". In 2011, the total output value of the template industry was more than 50billion, and will maintain an annual growth of about 10%

technological innovation lays a competitive advantage

the company's initial fund-raising investment in new capacity projects has begun to steadily promote the construction, increasing the new capacity of 320 sets of HF wall material press, HP ceramic press and HC refractory press, 50 sets (large tonnage of more than 3000 tons) and 50 sets respectively. At present, the first phase of the project has been basically completed and has been put into production, accounting for 60% of the total planned capacity. After capacity expansion, the leading position of the company has been further consolidated and is expected to enter a new round of growth track

it is worth mentioning that Haiyuan machinery relies on years of technical precipitation in this field to fully master the proprietary technology of hydraulic forming equipment integrating machinery, electricity and hydraulics. Since the company launched the first 1000 ton ceramic press in 1994, the technical team has accumulated rich professional technology of hydraulic equipment. With a keen grasp of the market, the company will expand the application of technology in the field of ceramics to the field of ceramics, refractory materials, composite materials and the future fields of desulfurization gypsum and briquette, and become the only comprehensive leading enterprise with multi category and multi specification product system in the domestic Hydroforming Equipment Industry

compared with the company's international competitors, the company has comparative advantages in human resource costs, manufacturing costs, economies of scale in procurement, production, product sales and other aspects, as well as the efficiency of the company's operations, which effectively reduces the company's product production costs and enhances the flexibility of the company's product pricing. At present, the technical performance of similar products of the company has reached or even exceeded the level of foreign competitors, but the price remains at the level of 30% - 50%, which has a strong cost performance advantage

industry development ushers in huge space

Haiyuan machinery belongs to the high-end equipment manufacturing industry encouraged by the national policy, and benefits from the National Encouragement and promotion of new building materials, with rich reserves of new products. In its leading position in the industry, product quality, R & D and brand have formed a strong competitive advantage, and the medium and long-term growth is determined

the company's products are mainly used to produce new wall materials (mainly fly ash autoclaved bricks at present), building ceramics and refractories, which are closely related to the macro-economy. In terms of sub industries, HF wall material press is mainly driven by "no compaction and no adhesion" in the short term, and the cost performance of fly ash is improved. In the long term, it is mainly affected by the enhancement of social awareness of environmental protection; HC refractory press will benefit from the import substitution brought by high cost performance in the short term. In the long term, the process of urbanization and the restart of heavy industrialization will be seen; HP ceramic press has made such rapid progress in a short period of time, which comes from the ldquo; Blast furnace dismantling movement rdquo; The real estate regulation has a great impact. The long-term urbanization process in China has a long way to go, and the prospect is still promising

in the short term, the company's products benefit from the policy of "banning production and limiting adhesion" and the import substitution driven by cost advantages, which continue to expand the sales scale. In the long term, it also depends on the environmental protection pressure brought by the enhancement of people's awareness of environmental protection to enterprises and the background of sufficient momentum in the urbanization process. As a provider of "green" building materials solutions, the company undoubtedly accurately grasps the pulse of future industrial development. With the growth of future industrial demand, the company's comprehensive advantages will be fully displayed

the national development and Reform Commission plans that the proportion of new wall materials will reach 65% in 2015. In the next five years, a total of about 84 billion solid clay bricks will be replaced by new wall materials. According to the current market mainstream equipment Haiyuan machinery HF1100, the annual production capacity is 50million pieces, the theoretical market space is 1680 units, and the market space is about 4.5 billion. Local governments' implementation of the "real and limited viscosity" varies. With the further tightening of policies in the future, the wall machine is expected to continue to grow steadily. HC refractory press is expected to grow relatively well this year due to its low base

(source: Zhonghua machinery)

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