129788454867500000_119Xugong machinery: fast performance in line with expected sales growth
15% 2011 net profit growth, results in line with forecasts 2011, company revenues $ 32.97 billion, an increase of 28.03%, achieving vested in the parent company's net profit of $ 3.38 billion, an increase of 15.12%, achieving EPS to $ 1.64, results in line with expectations. 2011 allocation plan: every 10Gold bonus $ 2.5. Crane 11% sound growth of business, specializing in 50%. In 2011, due to the effects of State macro-control, real estate and infrastructure investment growth rate continued to drop since April, facing a severe test of construction machinery. Sales of truck cranes, crawler cranes, 35,500 1,916, up only 0.11%, 9.5%. As an industry leader, the company sales of truck cranes, crawler cranes, 18,351, respectively 1.1% and 3.7% down, 9 consecutive years of truck crane industry first, cranes, 31, of intense competition in the business market share declined 3% per cent; the other product sales of truck crane4,833 units, an increase of 55.3%. 2011 company crane business income $ 15.73 billion, an increase of 11%. Concrete equipment-leap-forward development, substantial growth in revenues from sales of 91%. In recent years, concrete machinery in China gradually to two or three lines of urban penetration, as companies offering investment projects coming on stream in 2011
tera power leveling, concrete machinery business fastDevelopment, sales revenue reached $ 1.97 billion, up substantial growth 91%, than the main income for the 6.3%, and in 2010 accounted for only 4.3%, the business gross margin 27.6%, rose 0.21%. Product structural changes reduce the consolidated gross margin level in 2011, the company consolidated gross margin of 20.7%, down 1Percentage point per cent decline in the third quarter of 1.3%. As a leading crane lorry crane than the rise in the business structure, leading to the business gross margin declined 1.19% per cent due 2012 crane industry is still relatively low, gross margin level is expected to slow further. Due to weak industry demand, credit extension leadSurge in accounts receivable, continuing deterioration of the company's cash flow. In 2011, the company accounts receivable balance of $ 12.06 billion, representing a substantial growth in early 141%, than by the total assets rose to 19.8% of last year, during the reporting period, companies write off customer receivables $ 10 million. As sales expand, extend the time for credit sales and staging collectionBusiness increase, net cash flow from operating activities-$ 2.03 billion, up $ 680 million in the same period last year decreased by $ 2.71 billion. Company's cash flow is tight, in order to meet the liquidity requirements of business scale expansion brought, company short term loan balances of $ 3.7 billion, representing a substantial growth in early 176%, share of the total assets rose by 5.42% to 107%. Speed up internationalization strategies, export revenue soared 113% company actively expanding overseas channels, now has the layout of global marketing network, is one of the largest exporters of construction machinery, 2011 export sales reached $ 4.2 billion, up substantial growth 113%, than the main revenue reached 13.5%, rose 48%. Investment advice and ratings of 2012 real estate regulation in China will continue, railway infrastructure investment 14%, engineering machinery into the adjustment period. We expect companies 2012-2014 for EPS $ 1.76, 2.02
tera gold, respectively, corresponding to Dynamics PE-8 times times, 7 times, 6 times times
tera power leveling, maintaining "overweight-A"Rating. Macro-control lead to lower risk investments fall-Bloomberg; risk of fluctuations in raw materials prices; tightening credit lead to risk bad credit sales; industry boom declined, increasing competition in the market.
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