Chinese construction machinery companies performed well in the first quarter
Recently, various construction machinery companies have announced their first-quarter annual reports or performance forecasts, and major securities investment companies have also attached great importance and analyzed and forwarded them. The sales of 121.59 billion in the quarter of eleven, the net profit growth of more than 300% of China United, and the net profit of 157 million of Hengli Hydraulics all reminded the industry and outsiders of the good development momentum of the construction machinery industry.
XCMG: First-quarter net profit increased by 147%~167% year-on-year
Xugong Machinery expects to achieve a net profit of RMB 500 million to RMB 540 million in the first quarter of 2018, an increase of 147% to 167% year-on-year. In the notice, Xugong also disclosed two major reasons for achieving growth in performance: The industry’s booming economy continued to exceed expectations, and the company’s leading products were in short supply; historical accounts receivables, inventory and other historical burdens accelerated, and the company’s net interest rate was expected to exceed expectations. However, as we all know, XCMG’s listed companies are Xugong Group’s Xugong Machinery. Many assets, including XCMG excavators, are not listed companies. Therefore, XCMG’s earnings income should be more substantial.
Chinese construction machinery companies performed well in the first quarter
Sany Heavy Industry: First Quarter Net Profit of 1.5 Billion Over 70% of Full Year 201
Sany released the first quarterly report of 2018. From January to March this year, the company’s operating income was 12.159 billion yuan, an increase of 29.7% year-on-year; net profit attributable to shareholders of listed companies was 1.5 billion yuan, an increase of 101.18% year-on-year, reaching 71.7% of the full-year level in 2017. The performance growth far exceeded market expectations. The year-on-year increase in profit growth of Sany caused the increase in revenue, as well as the steady increase in gross profit margin, the decrease in the expense ratio during the period, and the significant decline in exchange loss, and the performance elasticity brought about by the scale effect.
Zoomlion: First-quarter net profit increased 325.69%~372.99%
Zoomlion expects that the net profit attributable to shareholders of listed companies in the first quarter of 2018 will increase 325.69% year-on-year – 372.99%, and net profit will be about 360-400 million yuan. The notice also mentioned that the operating income of the company’s construction machinery segment increased by approximately 80%, and continued to maintain a substantial growth year-on-year. On the one hand, Zoomlion continued to deepen structural reforms on the supply side. On the other hand, it actively embraced the new economy and allowed traditional equipment manufacturing to closely integrate new thinking and new technologies so that the company could achieve high-quality development of its main business.
Liugong: First-quarter net profit increased by 130%~180%
On April 13, Liugong released the 2018 first-quarter performance forecast. During the reporting period, it is estimated that the net profit attributable to homeowners will be between RMB 250 million and RMB 300 million, a year-on-year increase of 130% to 180%. Through the management innovation and marketing changes in recent years, Liugong has seized the market opportunities, and the sales of the loaders and excavators and other product lines such as bulldozers, road rollers, and flatroad machines are all significantly ahead of the industry average. , promoted the company’s operating income and profit growth.
Shantui : net profit of 4204 million in the first quarter increased 150% over the same period of last year
On April 27th, Shantui announced the first quarterly report of 2018. From January to March in 2018, the company realized operating income of RMB 2.115 billion, an increase of 30.83% over the same period of last year; the average operating income of the equipment industry grew by 15.20%; it was attributable to the shareholders of the listed company. The net profit was RMB 42.0471 million, an increase of 149.71% year-on-year, and the average net profit growth rate of the special equipment industry was 43.56%. The company’s earnings per share was RMB 0.03. The company said that during the reporting period, the market demand for construction machinery industry increased, the company seized market opportunities, through the development of markets, product production and sales increased year-on-year.
Shanhe Intelligence: 68.52% of net profit in the first quarter of last year
Shanhe Intelligence achieved operating income of 1.204 billion yuan in the first quarter of 2018, a year-on-year increase of 28.13%; net profit of 111 million yuan, an increase of 56.63%.
In only one quarter, it achieved 68.52% of net profit last year. “Focused on equipment manufacturing, engineering equipment, special equipment, aviation equipment, three-line development” is the “one-and three-line” industrial development strategy of Shanhe Intelligent. In the context of the recovery of the entire industry, Sanhe Intelligent has made great progress in these three major areas. .
Anhui Heli: First-quarter operating revenue of 2.272 billion yuan
On April 25th, Anhui Heli announced the first quarterly report of 2018. From January to March 2018, the company achieved operating revenue of 2.272 billion yuan, an increase of 19.85% year-on-year; the average operating income of the special equipment industry grew by 10.95%; attributable to the shareholders of the listed company. The net profit was 136 million yuan, a year-on-year increase of 31.18%, the average net profit growth of the special equipment industry was 45.03%, and the company’s earnings per share was 0.18 yuan.
Hebei Xuangong: The first quarter net profit of 33.52 million decreased 81% year-on-year
On April 25th, Hebei Xuangong (000923) released its first quarterly report for 2018. From January to March of 2018, the company realized operating income of 1.145 billion yuan, a year-on-year decrease of 11.25%; the average operating income growth rate of the petroleum mining industry was 24.87%; The net profit of the shareholders of the listed company was 33,523,100 yuan, a year-on-year decrease of 80.67%. The average net profit growth rate of the petroleum mining industry was 190.70%. The company’s earnings per share was 0.05 yuan.
Hengli Hydraulic: The first quarter net profit increased 283.65% year-on-year
In the first quarter of 2018, Hengli Hydraulics realized an income of RMB 970 million, a year-on-year increase of 74.38%, and a net profit of RMB 157 million, a year-on-year increase of 163.53%, and a non-net profit of RMB 175 million, a year-on-year increase of 283.65%. Benefited from the triple benefit of “industry demand growth + market share increase of major customers + increase in customer supply chain”, Hengli Hydraulics has achieved excess growth. With the further consolidation of the position of the company’s pump and valve products in the domestic construction machinery sector, the profitability of the latter stage will be further manifested.
Aidi Precision: First-quarter net profit increased by 67% year-on-year
In 2018, Eddie’s revenue for the first quarter was 217 million yuan, an increase of 56% year-on-year, and net profit attributable to mothers was 51.06 million yuan, a year-on-year increase of 67%. The first-quarter results were significantly higher than expected, and phased verification of high growth in 2018 was made. Previously subject to capacity reasons, Eddy voluntarily gave up many orders. With the increase of production capacity, both the hydraulic hammer and the hydraulic parts can maintain rapid growth in 2018. Moreover, Eddy, as a leading supplier of domestically owned hydraulic equipment, continues to benefit from the increase in the ratio of construction machinery, and superimposes import substitution opportunities in the context of the shortage of downstream hydraulic pressure components. The company is experiencing a long period of high-speed growth, and its profitability is expected to increase with production capacity. The rhythm continues to increase.
Although construction machinery companies performed very well in the first quarter, a large part of them are due to the overall recovery of the industry. We must know that when the industry situation is good, going down the river does not mean the true strength of the company. When the industry screams, it is the true strength of the company. ZTE, the fourth-largest global sales volume in the past, can be forced into a dead end. The once-permanent “National Sedan” Xialieng announced the suspension of production with consecutive sales of several months, and construction machinery companies should be warned. The R&D investment of large products, the optimization of asset quality, and the acceleration of the handling of inventory and accounts receivable, responding to the changing industry situation indifferently.
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