The hottest XCMG 000425 crane industry Gaojing bea

2022-10-01
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XCMG machinery (000425) crane industry Gaojing bearing company's performance exceeded expectations

event: today, the company released a performance forecast, achieving a net profit attributable to listed companies in the first quarter of 9 RMB 500million, with a year-on-year increase of 83%-121%

comments on this are as follows:

1. The crane industry continues to maintain a high outlook. As a leader, the company has fully benefited and its performance has increased significantly. In 2019, driven by multiple factors such as the demand for infrastructure, the strengthening of environmental governance by the state, the increase in the demand for equipment renewal, and the effect of artificial substitution, the construction machinery industry continued to maintain a high momentum, and the sales momentum of the crane industry was rapid. In the first two months, 5784 truck cranes were sold, a year-on-year increase of 58%, 2430 truck cranes were sold, a year-on-year increase of 14%, and 278 crawler cranes were sold, a year-on-year increase of 32%, In March, it is expected that the overall industry will still maintain a high growth rate; As a leader, the company sold 2390 truck cranes in the first two months, with a year-on-year increase of 32%, 1557 truck cranes, with a year-on-year increase of 8%, 126 crawler cranes, with a year-on-year increase of 18%. With the gradual increase of production capacity, the company's sales in March is expected to further increase its efforts to strive for a big innovation speed in the field of basic science and technology

2. The profitability of the company was further improved. On the one hand, the repair of the company's balance sheet is coming to an end. On the other hand, with the urbanization process of the industry in 2014, the construction of smart electricity and the construction of distributed energy, the cable industry has brought development opportunities; Technical status and utilization of UHV special cable materials; Current market situation and development trend of medium and high voltage crosslinked cable materials; Current market situation and development trend of thermoplastic elastomer cable materials; Introduction of new rubber and plastic formula for wire and cable; Current market situation and development trend of automotive cable materials; Current situation and utilization of peroxide crosslinked polyethylene cable material technology; Innovative utilization of nano inorganic materials and technologies in the field of cable materials; Utilization of plastic modification technology in wire and cable materials; The use of recycled materials in rubber and plastic cables and so on has made the company's revenue scale grow rapidly, various expenses are well controlled, the profitability has increased significantly year-on-year, and the company's net profit has increased significantly year-on-year

3. We are optimistic about the changes brought by the mixed reform of the company in the future. Last year, the controlling shareholders of the company were included in the list of "double hundred" mixed reform, and the reform process of state-owned enterprises is expected to accelerate in the future. As one of the core assets of the group, excavators sold 25000 units in 2018, with a market share of 12.3%, and 10000 units in the first quarter of 2019, with a market share of 13.4%, ranking third in the industry. In the future, with the continuous and in-depth promotion of the reform of state-owned enterprises, the group's high-quality assets are expected to be injected, further improving the comprehensive competitiveness of listed companies

investment advice and rating: we expect the annual net profit of the company to be 3.5 billion and 4 billion, and PE to be 11 times and 10 times, giving a "buy" rating

Feng Liu Yu Xiwen information tips: the macro-economic boom has fallen sharply, and the investment in infrastructure and real estate is less than expected

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