Focus on the three major themes of the machinery industry during the recovery process
In 2009, a total of 146 listed companies in the machinery industry achieved operating income of 460.645 billion yuan, a year-on-year increase of 1.43%. The net profit attributable to the parent company was 29.53 billion yuan, down 0.73% year-on-year. The overall gross profit margin of listed companies was 18.2%. In the first quarter of 2010, the industry recovered strongly, achieving a total operating income of 118.99 billion yuan, a year-on-year increase of 35.8%, and a net profit of 8.16 billion yuan, an increase of 57.03%.
The main segments of the industry have different performances, and the overall profitability of the first quarter has increased.
We have studied the operation of listed companies in major sub-sectors in 2009 and the first quarter of 2010 and found that the average earnings per share of construction machinery, shipbuilding and marine equipment, heavy mining equipment and oil drilling equipment is strong. The annual earnings per share of machinery and oil drilling equipment are above 0.5 yuan, and the return on net assets of heavy mining equipment and construction machinery has reached more than 20%. The relatively weak profitability is the textile machinery, abrasives listed companies, showing a loss.
In 2009, the fastest growth in revenue was in the internal combustion engine, railway equipment and construction machinery, with growth rates of 24.28%, 20.33%, and 18.51%, respectively. The revenue from shipbuilding and marine equipment, abrasives and bearings declined significantly year-on-year. In the first quarter of 2010, the growth rate of abrasives, bearings, textile machinery and construction machinery reached more than 60%. Printing and packaging equipment, pump and valve hydraulic equipment, oil drilling and mining machinery showed a negative growth.
Investment strategy and investment points in the machinery industry in the second half of 2010
Following the theme of energy conservation and environmental protection, the theme of industrial upgrading, the theme of mergers and acquisitions, combined with the operation of sub-sectors and listed companies in the first quarter, we recommend investors to focus on energy conservation and environmental protection equipment, machine tools, railway equipment, aerospace and heavy mining equipment in the second half of the year. Subdivided industries. For listed companies, we recommend focusing on: Yantai ice wheels with low carbon economy and consumption upgrade theme in refrigeration and air-conditioning equipment, as well as Chuanrun, Keda Electromechanical and Taihao Technology with environmental protection themes.
Qinchuan Development in the machine tool industry, Kunming Machine Tool, Tianma shares. Aerospace and other military equipment in China National Aviation Heavy Machinery, Hafei shares, Hongdu Airlines. The listed companies in the construction machinery that are not closely related to the real estate market are Xugong Machinery, Anhui Heli and Shantui. China Railway and China North Locomotive, which have strong comprehensive strength in the railway equipment manufacturing industry, as well as the axle axle leading Jinxi axle and the high-speed rail fastener leader Jinyi Industrial benefiting from the construction of high-speed rail. CIMC Group in marine equipment. Construction steel structure faucet precision steel structure. The diesel fuel project in the internal combustion engine industry has the energy-saving and emission reduction effect of Yunnei Power and the Weichai heavy machine benefiting from the rapid development of the inland shipping industry.
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