Abstract From the recent semi-annual report, the operation situation of listed companies in the machine tool industry has been diverging. Some small giant enterprises with distinctive characteristics have maintained steady growth in the depressed environment. Relatively speaking, it is the Shenyang machine tool and Qinchuan development. Leading companies are more difficult. Statistical data...
From the recent semi-annual reports, the operating conditions of listed companies in the machine tool industry have diverged. Some of the distinctive small giant companies have maintained steady growth in a depressed environment. Relatively speaking, they are the leading companies in Shenyang Machine Tool and Qinchuan Development. Businesses are more difficult. Statistics show that new orders for machine tools in China have continued to grow negatively, with demand for low-end products significantly decreasing. On the other hand, the import value of machine tool products used to meet the mid- to high-end market is high, which indicates that the contradiction between the product structure of China's machine tool enterprises and the market demand is more prominent. The persistence of the trade deficit indicates that the monopoly of imported high-end machine tools has further deteriorated, and many overseas machine tool giants have entered the mid-end market from the high-end product market and also robbed the traditional market of Chinese machine tools.
Shenyang Machine Tool: The demand is falling
Shenyang Machine Tool released a semi-annual report that the company achieved operating income of 3.728 billion in the first half of the year, down 11.28% year-on-year; net profit attributable to shareholders of listed companies was 10.2535 million, down 80.75% year-on-year, and the company's weighted average return on net assets was only 0.48%.
As for the decline in performance, the company said that due to the macroeconomic downturn at home and abroad, and the lack of investment demand in the downstream industry, the market demand for the company's leading products is still in a downward trend, and the company's revenue and profits have declined significantly.
The data shows that the company's main products CNC machine tools, ordinary boring machines, ordinary drilling machines, half-year revenues have declined in varying degrees, the decline has exceeded 5%, especially the ordinary trampoline, the decline rate as high as 40.47%, but the company said, 6 At the end of the month, the contract was 870 million yuan, and the new order contract in the first half of the year was 3.93 billion yuan.
In the first half of the year, the company's management expenses have changed significantly. The company's management expenses dropped from 434 million in the previous period to 292 million yuan in the current period, a decrease of 32.64%, and a savings of 142 million yuan. This fund laid the company's profit for the first half of the year. Foundation, Shenyang Machine Tool said that the company's transformation and upgrading, the management costs have been effectively controlled.
Qinchuan Development: Reorganization and Retreat
The semi-annual report of Qinchuan Development shows that in the first half of this year, the company's operating income was 621,121,040 yuan, down 7.18% year-on-year; the net profit attributable to shareholders of listed companies was -3,642,265.45 yuan, down 143.74% year-on-year.
The board of directors of the company analyzed that in 2012, due to the impact of the economic environment, the investment demand of the downstream industry was insufficient, and the market demand for the company's leading products plummeted and suffered a sharp decline. A similar narrative can be seen in the annual report of Shenyang Machine Tool in the same industry: In 2012, the global economy continued to be turbulent, the macro environment was complex, and industry competition intensified. Affected by factors such as the slowdown in macroeconomic growth, the domestic market demand for metal cutting machine tools shrank in 2012, and the whole industry showed a large downward trend.
By mid-2013, the decline in the machine tool industry has not stopped. According to customs data, in May 2013, China imported 6,604 metal processing machine tools, with an import value of 7,423.8 million US dollars, down 81.55% and 35.80% respectively. In the same period, China exported 690,000 metal processing machine tools, with an export value of 244.88 million US dollars, respectively. It fell by 13.75% and 9.19%.
On the other hand, Qinchuan's development and restructuring has attracted much attention. And its progress can be seen from a small announcement. Qinchuan Development announced that the first bondholder meeting in 2013 reviewed and approved the “Proposal on Changing 13 Qinchuan Debt Guarantee Measuresâ€. The meeting voted to approve the company's ongoing issuance of shares to purchase assets and to absorb the merger of Qinchuan Group and to raise matching assets and related assets of related transactions.
Qinchuan's development and reorganization behavior was exempted from the full and unconditional irrevocable joint liability guarantee provided by Qinchuan Group for the “13 Qinchuan Debt†when it was approved by the China Securities Regulatory Commission. However, if the above-mentioned major asset restructuring behavior has not been approved by the China Securities Regulatory Commission, the full unconditional irrevocable joint liability guarantee provided by Qinchuan Group for the “13 Qinchuan Debt†will continue to be valid.
Market participants believe that it can be seen from the announcement that the overall listing pace of Qinchuan Group has accelerated, and the possibility of Qinchuan's development asset restructuring, which has received much attention, is highly likely to be approved by the CSRC.
East China CNC: set up and repay
The semi-annual report of Huadong NC showed that the huge loss in the first half of the year was 29.177 million yuan, and the loss continued to expand. At the same time, the company's long-term loans and short-term loans amounted to 930 million yuan in total. In the first half of the year, only interest payments were 26.972 million yuan.
Under huge financial pressure, the company launched a fixed-income plan to finance the stock market to ease debt pressure. The company recently announced that the plan for the increase has been approved by the CSRC, and the funds to be raised will not exceed 320 million yuan. After deducting the handling fee, all of them will be used to repay bank loans.
As early as March 1 this year, Huadong CNC announced a plan to increase the number of shares. It plans to issue 50 million shares to Dalian Gaojin Technology Development Co., Ltd. at a price of 6.40 yuan. The funds raised will not exceed 320 million yuan. Reimbursement of bank loans.
It is worth noting that this increase is not simple, and there are "additional conditions." After the completion of the fixed increase, Huadong Technology's asset restructuring is a high probability event. Because, according to the “Future Restructuring†plan in the plan, during the 36 months after the completion of the issuance, Gaojin Technology intends to sell the equity or assets related to the machine tool manufacturing business of its company’s CNC shares to Huadong CNC, including the subscription of East China The way CNC sells stocks privately. If the reorganization is completed in the future, the actual controller of Huadong CNC will be subject to change.
Guanglu number measurement: overall demand is stable
Guanglu Digital Survey announced that in the first half of this year, the company achieved operating income of 88.405 million yuan, down 1.44% year-on-year, but profits increased by 10.08%.
While the revenue of Guanglu decreased while the operating income declined, the profit increased by a year-on-year. Is the company's product structure optimized and the proportion of higher value-added products increased?
“The company is mainly engaged in the production and sales of digital display gauges. The digital display and indicator are the main sources of revenue for the company. Overall, the company is operating well and the overall demand is stable.†Industry insiders said that the company this year In the first half of the year, revenue declined year-on-year. On the one hand, the domestic economy was weak. On the other hand, the continued appreciation of the RMB in the first half of the year also had a certain impact on the company's export sales. At the same time as the total income declines, profits are still growing and should be caused by the control of cost costs.
In the case of Guanglu's measurement, when the return on net assets and the growth rate of net profit are lower than the industry level, it is good to keep the asset-liability ratio low, because the debt is a double-edged sword. Only when the profit growth point can be improved, the debt increase can play a positive energy role, otherwise it will only increase the debt pressure of the enterprise and erode more profits.
In recent years, the growth rate of scientific instruments such as domestic testing and analysis can be maintained at more than 20%, and more is related to the field of food safety. The main source of income for Guanglu's digital measurement is the digital scale and indicator table. It is difficult to share this “big cakeâ€. However, industrial digital display instruments are expected to leverage the development of the marine economy, and the extensive land survey should have something to do in this field.
Portable Grinder,Small Angle Grinder,Electric Angle Grinder,Variable Speed Angle Grinder
ZHENGYANG TECHNOLOGY CO.,LTD , https://www.supraone.com