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Annual Analysis of Mechanical Industry: The Demand Restoration is Limited, Searching for Improved Va

Date:2016-05-04

Industry as a whole: the machinery industry 208 listed companies in 2015, representing a decrease of 5.6% in operating income, net profit rose 28.6% decrease. 2016 first quarter revenue fell 1.5%, net profit fell 5.8%.

Overall, the lack of demand, revenue decline, the cost performance is rigid core reason downturn, and lower raw material costs to improve performance enough to reverse the trend; Looking to the future, the need to pay attention to two major risks: (1) Accounts Receivable impairment losses caused by pressure; (2) epitaxial merger risk dominance.

Railway equipment: rail equipment business in 2015 operating income grew 7.02%, net profit rose 4.76%, but excluding the impact of the car, the railway equipment sector fell significantly. A quarter of decline has narrowed. Sector stocks significantly different, mainly the purchase of the vehicle structure results in stock performance differentiation, trucks and locomotives weak demand, a new creation of EMU, urban rail vehicle and good maintenance, spare parts and other needs.

Construction Machinery: 14 engineering machinery enterprises in 2015 revenue fell 25.64%, net profit decline significantly. Industry rebound in the first quarter, driven by revenue and net profit has been restored (some companies to achieve single-quarter earnings). Run high risk accounts receivable show business industry has not been effectively controlled.

Marine Equipment: 9 representative firm in 2015 revenue growth of 0.37%, generally at a loss, 1 quarter operating income decreased 7.7%, net profit fell 9.1%. Demand was continued downward trend, business differentiation and intense, but behind the choice of corporate strategy and core competitiveness test.

Automation equipment: 11 representative enterprises in 2015 revenue growth of 24.59%, net profit rose 18.36%, acquisitions allow epitaxial sector continues to maintain a high boom. Quarter revenue growth rate dropped to 14.0%, net profit turned negative to -23.2%, significantly lower than the growth in the fourth quarter of last year, the core reason for the decline in downstream demand, mergers incremental effect gradually weakened, pulling revenue and profit bidirectional decline.

Pumps and compressors: 7 representative companies in 2015 revenue growth of 10.51%, net profit of -3.43% in the first quarter revenue and net profit have continued to fall. Since the impact of the macroeconomic situation and the weak contribution of new products, slowdown in revenue and profit growth sector enterprises, cash flow situation has also worsened.

Oil and Gas Equipment: 7 representative companies in 2015 revenue fell 21.12%, net profit fell 73.2%, the first quarter revenue fell 23.9%, net profit fell 88.0%. Sector differences are significant, good companies began to gradually adapt to the low oil prices, positive going, the future is expected to benefit from the rebound in oil prices.

Investment suggestion: We propose to focus on the supply side contraction earlier, international efforts to promote a greater variety of cycle and moderate pick up in economic growth in the central direction of the enterprise. We remain optimistic about growth stocks performance gradually accelerated, long-term growth potential of the business.

Recommended combination: Jerry shares, Ryoma sanitation, Wing Chong smart, star technology, Dong Jie intelligent, Offshore Oil Engineering, CIMC, Hua Wu shares, Zhejiang full, Huanghe Whirlwind, mountains shares, Jiangsu and other supernatural powers.

Risk Warning: macroeconomic changes cause sharp fluctuations in demand for machinery products; machinery and raw material price increases to suppress profitability of the business; changes in exchange rates led to a higher proportion of export earnings volatility and other enterprises; due to economic and market fluctuations caused by corporate refinancings and acquisitions and extension rhythm changes.

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