The Ministry of Industry and Information Technology issued a plan for the implementation of the revitalization of the mechanical parts and components industry
Notice of the Ministry of Industry and Information Technology on Printing and Distributing the Implementation Plan for the Revitalization of the Mechanical Fundamental Components Industry
The provinces, autonomous regions, municipalities directly under the Central Government, and separately listed municipalities and the industrial and informatization departments of the Xinjiang Production and Construction Corps:
In order to implement the “Restructuring and Invigoration Plan for the Equipment Manufacturing Industry†to upgrade the overall level of the equipment manufacturing industry and promote the optimization and upgrading of the mechanical basic parts and components industrial structure, the Ministry of Industry and Information Technology has organized the Implementation Plan for the Revitalization of the Mechanical Fundamental Components Industry, which is now issued. you guys.
All regions must study and formulate specific measures to promote industrial upgrading of mechanical parts and components in accordance with their actual conditions, accelerate breakthroughs in the development of bottlenecks in the development of key components, and continue to meet the needs of equipment and strategic emerging industries in various fields.
October 11th, 2010
Mechanical Foundation Parts Industry Revitalization Implementation Plan
Mechanical basic components (mainly: bearings, gears, molds, hydraulic components, pneumatic components, seals, fasteners, etc.) are an indispensable part of the equipment manufacturing industry and directly determine the performance of major equipment and mainframe products. The level, quality, and reliability are the key to the transformation of China's equipment manufacturing industry from big to strong. In order to implement the "planning for the adjustment and revitalization of the equipment manufacturing industry", improve the level of development of basic components and components, and promote the optimization and upgrading of industrial structure, this plan has been formulated. The implementation period of this plan is from 2010 to 2012.
I. Status and issues
(a) The status quo
The variety of basic mechanical parts and components has a wide range of specifications. It covers a wide range of fields and provides supporting facilities for aerospace, weapons, machinery manufacturing, transportation, construction, metallurgy and mining, petrochemical, power and energy, electronic communications, and light industrial textiles. Apply to all aspects of social life. After years of development, China's machinery base component manufacturing industry has formed a relatively complete range of large-scale, competitive industrial system.
At present, China has more than 8,000 enterprises above the scale of basic mechanical parts and components. After entering the 21st century, China's mechanical parts and components manufacturing industry has maintained an average annual growth rate of more than 20% for many years. The domestic market share is about 65%. The level of major equipment supporting has increased significantly. It has become a large exporter of mechanical and electrical products, and the output of fasteners ranks high. In the world, sales of hydraulic components and gears ranked second in the world, and sales of bearings and dies ranked third in the world.
(b) Problems
In recent years, the level of China's equipment manufacturing industry has greatly increased, and large-scale complete sets of equipment have been able to basically meet the needs of national economic construction. However, basic parts and components cannot meet the requirements of the host equipment and have become a bottleneck restricting the development of major equipment in China. The main problems are:
First, the ability of technological innovation is weak. China's mechanical parts and components manufacturing industry lacks systematic research and application of materials and processes, basic and common technology research and development and experimental investment are few and scattered, the technical foundation is weak, original technology and patented products are few, resulting in early product failure rate, short service life, The reliability is poor, and there is a big gap compared with the world advanced level.
Second, the industrial structure is irrational. The entry barriers for the industrial basic parts and components industry market are low, effective industry supervision and corporate self-discipline are absent, and there are few internationally competitive enterprises and well-known brands. The low-cost and vicious competition in the low-end and mid-level base component products is serious; the high-end basic component R&D and manufacturing capabilities are seriously insufficient.
The third is backward technology equipment. China's machinery base parts manufacturing process and equipment have been lagging behind for a long time, insufficient accumulation of process basic data, unbalanced process control capabilities and process assurance capabilities, and backward manufacturing technology and testing methods, resulting in product consistency and stability can not meet the supporting needs of the host , seriously affected the improvement of product manufacturing.
Fourth, it is difficult for new products to enter the market. The inspection and certification system is not complete, and new products lack experimental verification and application performance. In addition, users and host companies are affected by factors such as liability risks and lack confidence in the use of basic components and new products. At the same time, some users' inertial thinking on the poor quality of new products has made it more difficult for new products to enter the market.
Shenyang Machine Tool (000410): Rapid recovery in the industry
According to the 2010 semi-annual report, from January to June, the company achieved operating revenue of RMB 4.361 billion, an increase of 78.49% year-on-year; operating profit of RMB 53.07 million was a loss of RMB 41.08 million during the same period of last year; and the net profit attributable to the parent company was RMB 162 million. The loss was 49.94 million yuan; the realization of EPS 0.31 yuan, the return on net assets was 10.79%. The net profit after deducting non-recurring gains and losses is 37,698,800 yuan, and the EPS is 0.07 yuan.
The rapid recovery of the industry, the company's operating income increased significantly. During the reporting period, the domestic and international machine tool industry market showed a recovery momentum. From January to June, the cumulative production of gold cutting machines in China increased by 25.7% year-on-year; the cumulative production of CNC machine tools increased by 50.8% year-on-year. Benefiting from the continuous recovery of the machine tool industry, the company's product sales grew rapidly, and CNC machine tools achieved sales revenue of 2.521 billion yuan, a year-on-year increase of 129%. Sales revenue from ordinary lathes, boring machines, and drilling machines increased by 53%, 22%, and 36% year-on-year respectively.
The product structure has been continuously optimized and the gross profit margin has been greatly improved. Starting in 2007, the company strongly promoted the adjustment of product structure and continuously increased the proportion of CNC machine tool products in its main revenue. During the reporting period, the sales revenue of CNC machine tools increased significantly, and the proportion of main business revenue increased to 58%. In 2009, the proportion of CNC machine tools was only 52%. The main comprehensive gross profit rate was 19.38%, an increase of 3.63 percentage points year-on-year.
The major reason for the substantial increase in gross profit margin is the continuous optimization of product structure. The gross profit margin of CNC machine tools is much higher than that of ordinary machine tool products.
The management level needs to be improved. During the reporting period, the company received a government subsidy of 137 million yuan, a substantial increase in non-operating income of 923.60%, net profit after deducting non-recurring gains and losses only 2.57%, net profit margin of only 0.86%, profitability needs to be improved.
During the company's period, the cost rate was as high as 17.56%, and at a relatively high level of about 17% all year round. The management fee rate has been around 8%. The company's profitability in the future will be improved. In addition to optimizing the product structure, it is also crucial to improve the management level.
Acquisition of group subsidiaries reduces related party transactions. On July 20th, the company acquired 80% of the shares of the company's subordinate company's complete set of equipment limited liability company through a listed transfer method. The company provides castings and forgings, machine tool accessories and complete machine products to the complete set of companies each year, resulting in large-scale connected transactions. Through this acquisition, it will help improve the company's production and operation chain, enhance the company's business independence, and reduce associated transactions.
Earnings forecast and rating. We expect the company's EPS to be 0.48 yuan, 0.65 yuan, and 0.86 yuan from 2010 to 2012. Based on the previous day's closing price, the corresponding dynamic PE for the company from 2010 to 2012 is 26, 19, and 14 times, respectively. We maintain the company " Overweight investment rating.