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    Machinery industry 2016 annual report analysis: industry demand sluggish, focusing on sustainable growth capability
    time:2017-05-04 11:42:33

    Industry demand is weak and income and net profit continue to deteriorate. In the first half of 2016, the machinery and equipment industry achieved operating income of 343 billion 800 million yuan, down 1.46% year on year, an increase of 6.01%. In the first half of 2016, the machinery and equipment industry achieved a net profit of 12 billion yuan, down 21.26% year on year. The same period last year was down 13.56%. From the above data, we can see that the entire machinery industry's income and net profit is still continuing to deteriorate.

    Management costs, financial costs, impairment of assets continued to rise, resulting in weaker profitability. In the first half of 2016, gross profit margin of machinery and equipment was 22.72%, up 21.78% over the same period of last year, up 4.28% from the same period last year. Sales expense rate was 4.87% in the first half of 2016, compared with 4.85% in the same period of last year, and the cost of sales was basically stable. In the first half of 2016, the management fee rate was 10.26%, up 9.54% over the same period last year, up 7.55%. The first half of 2016, the financial cost rate of 1.80%, compared with 1.62% last year, an increase of 11%. In the first half of 2016, the impairment loss on assets of the industry was 6 billion 200 million yuan, up 47.88% over the same period of last year, or 24.72%. Management costs, financial costs, asset impairment losses continued to deteriorate, resulting in the industry's profitability continued to weaken.

    Industry cash flow situation is poor. In the first half of 2016, machinery equipment receivable accounts for 352 billion 600 million yuan, an increase of 6.01%, the net cash flow from operating activities was -96 billion yuan. Cash flows from the industry remain poor.

    Thin molecules, industry, cold and hot uneven. Machinery and equipment industry is a typical industry in the downstream industry, in the fine molecular industry boom significantly, operating income and net profit to maintain sustained growth: such as environmental protection equipment and other special machinery, railway equipment, instrumentation, etc.. The construction machinery, machine tools, heavy machinery and other traditional machinery industry continued to expand losses, the industry is difficult to see signs of warmer demand.

    Investment advice. Machinery and equipment industry as a result of the downstream macro demand weakened, industry costs rigid, asset impairment loss increase and other factors superimposed, the industry's profitability is weakening. In the Commission to strengthen the supervision of mergers and acquisitions, as well as the background of the capital market under strict supervision, risk preference of the market decline, the original use of industry mergers and acquisitions to enhance the company's share price strategy, perhaps in the second half of the year to be continued. We value the company's long-term, sustainable growth. We recommend investors to focus on: victory, precision, Jin Tongling, Kang Li elevator, Zhejiang full, Mi Hiroyasu.

    Risk warning. Continued decline in macroeconomic / fixed asset investment continues to slow


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