Weichai Heavy Machine: Look Forward To Enhance The Profitability Of New Products Weichai Heavy Mac}

Weichai heavy machine: look forward to enhance the profitability of new products – Weichai heavy mac


jojoWeichai ship heavy machinery leading product is the power of small and medium-speed machines, 2008, accounting for 39% of the business, in addition to Generator 32%, 20% accessories business, as well as materials and other income 9%.

2009 years after the crisis of steel plate prices fell sharply, fishing boats, small boats, river transport ship construction cost will be greatly reduced, so the construction of enthusiasm, resulting in medium-power medium-speed marine Diesel engine Demand. Company’s existing medium-speed machine mainly 160,170 series and Chongqing Weichai CW200 Series, 160 Series power range of 90-255KW, 170 series, 258-601KW, belong to small-power medium-speed machines, the company’s share of the market more than 90%; CW200 Series power range of 450-1632KW, an excess of high-power medium-speed machines, the same strong demand this year.

2009 years due to strong demand for medium-speed machines, the company earnings will grow 80%, net profit growth is expected to be conservative about 120% net profit growth is much higher than income growth is mainly due to increased gross profit margins that the decline in steel and other raw material costs and product mix in the CW200 and other large power products increased. According to the company expects strong demand for medium-speed machine that situation at least until the second quarter of 2010, it is still optimistic about the business.

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High-power medium-speed machine worth the wait

2008, the company entered into production with the German MAN 27/38 and 32/40 series, and may take into account production of 40/54 series medium-speed machine production license, the project reached annual production target of 100 27/38 Series Diesel Engine , 32/40 series diesel engine 200 and a planned increase Pin Sales income of 2.56 billion, total profits, 210 million and net profit 157 million. The implementation of the project will allow the company the scale of the existing revenue and net profit doubled in size, the next three years an average annual growth rate of about 25%.

According to the Chinese Heavy [7.820.90%] prospectus to disclose the cost of production licenses on the content, we guess the production license fee a percentage of revenue for the 7-10%, while the high-power medium-speed machine products net profit margin of roughly 10%.

Introduced for the domestic production of medium-speed machine license, the majority of the German MAN and the production license. Domestic medium-speed machine manufacturers mainly Shan Cai, town firewood, and Anqing, and other enterprises. Shaanxi Diesel Engine market share of the largest of its high-power medium-speed machine for more than 50% market share, close to the first half of 2009, which reached 970 units speed machine orders, orders have been arranged in 2011. High-power medium-speed machine is mainly used in offshore ships, large fishing vessels and ocean-going ships and other units. As the coastal waters and large fishing vessels and BDI, ocean-going vessels smaller correlation, so the company the project is mainly affected by domestic economic growth. Now, in 2010 China’s economic development is still rapid, demand remains strong, especially for resources, goods, demand is still strong, so coastal bulk cargo transportation very bullish outlook, which constitutes a coastal bulk ships, which means on the demand for high-power medium-speed machines.

Profit forecasts and ratings Our medium-speed machine segment the conservative assumption that the 2010 growth rate of 10% (basic and GDP growth may be flat); the generator business segments as the decline in 2009 (growth of the business in 2009 essentially -50%), we have conservatively estimated that the growth plate of 10% in 2010, the company other parts, materials and other income, assuming 0% growth. New business for the company’s 2010 high-power medium-speed machine, is expected to scale production and sales of 40 units, according to the company 10 million yuan each hypothetical price, this business in 2010 high-power medium-speed machine company will contribute 400 million yuan, according to 10% of the net profit margin, net profit was 40 million yuan. Above assumptions, the company earnings in 2010 net profit growth rate will reach 26%, revenue exceeded 2.6 billion, net profit of 185 million.

2009-2011 Consolidated expects earnings per share were 0.53 yuan, 0.70 yuan and 0.90 yuan, according to yesterday’s closing price, the corresponding price-earnings ratio was 30 times, 23 times, 17.8 times, giving the company a “buy” investment grade.

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