Benefit From Stock Transfer Xugongkeji 2008 Results Announcement Comments - Xugongkeji, Stock

1, Announcements profile Excluding the 2008 asset restructuring risks

, the company in 2008 revenues 3,369,801,900 yuan, total profit of 134,032,700 yuan, net profit of 105.5891 million yuan, 0.19 yuan per share, an increase of 280%.

2, Comments We believe that Xugongkeji (000 425) in 2008 substantially increased performance is not caused because the main business revenue growth, but benefited from the equity investment income caused by the transfer.

Reporting period, the company held by the transfer of Xuzhou Construction Machinery Group Import & Export Co., Ltd. 20% stake, to achieve income 151,064,600 yuan. This also allows the company in 2008 third quarter net profit as high as 1.0692 billion. But these gains are substantial growth performance and can not truly reflect the company's main results, if net investment income 151,064,600 yuan, the actual losses of the company in 2008 45.4755 million yuan.

(1) the original core business development in poor condition

Before injection in the assets of the Group, the company's products include the existing Earth-moving machinery , Compaction Machinery And road machinery, weak profitability (particularly difficult to satisfactory performance loader). In the domestic market, mainly located in the low-end products, and positioning high-end foreign brands of construction machinery products (such as Caterpillar, Komatsu and other brands) is difficult to create positive competition, low levels of integrated gross profit margin.

(2) the future development will depend largely on heavy machinery company

The main points of cranes Tower crane And two mobile cranes, mobile cranes which more extensive applications, including railways, highways, bridges, tunnels, and national defense projects such as infrastructure construction, as well as ports, airports, stations and other logistics distribution center, while the tower crane more is applied to real estate development and construction, especially of high construction crane used more widely. Mobile cranes in our holdings in Truck Crane The accounting for more than 65% (this is the heavy machinery XCMG main product), but significantly lower proportion lorry crane, considered and developed countries, China's urbanization rate is still relatively low, improving the infrastructure there larger space, cranes longer period of time in the future remains the leading Chinese crane market consumption. Currently a high market concentration of cranes, heavy machinery and Xugong Zoomlion Possession of more than 72% of total market share.

Xugong Group's assets into Xugongkeji heavy machinery, the company will own 90% stake in the company of heavy,

Heavy company was founded in December 1995 with registered capital of 300 million yuan. Business: hydraulic truck crane, Concrete Machinery , Track crane, pole motor vehicles, hydraulic platform fire engine, crawler cranes; wheeled excavators, foam tank fire, jet fire held high, all-terrain truck crane manufacture, sales. XCMG Xu weight is the most profitable subsidiary companies, their wheeled cranes and Crawler cranes Products with higher technology content and strong market competitiveness, in addition to concrete machinery, special fire trucks and other products, products with "high reliability, high-tech, high value, large tonnage" of the "three-high A big "features, Crane 2007 over 55% domestic market share. Heavy-duty crane company business is to improve the future Xugongkeji (000 425) the performance of the most important force.

(3) export growth was higher than expected

Company existing products (earth-moving machinery, compaction machinery and road machinery) exports all owned by Xuzhou Construction Machinery Group Import and Export Corporation completed (the on Xugongkeji assets include injection into the 100% export company equity), sales of most use, " Proxy Business "model, but for some overseas" big customer ", the company direct sales model, in order to gain maximum benefit. Xugongkeji 08 years ago, three quarters of the export revenue of approximately 900 million yuan, up more than 40% estimated annual overseas sales volume expected to exceed 1.2 billion. It is noteworthy that the U.S. financial crisis and the overall slowdown in Europe and the United States economic growth has little effect on the company's exports because the company in the past few products in the U.S. market sales, sales of the European market is also very limited, making the economic slowdown in Europe and the United States export performance of the company did not cause significant drag.

In recent years, China's rapid export growth crane products, from January to September 2008, the industry exported 1.6 billion U.S. dollars the amount of a breakthrough, an increase of more than 90% of new companies into the heavy machinery including cranes products won the Oceania, the Middle East , Africa, South America and Asia, 34 countries and recognized regional markets. Cranes in the global engineering market, the heavy sales volume ranking. But gradually as the U.S. financial crisis spread to the Asia-Pacific region, expected future sales in overseas markets the company is still subject to possible shocks.

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by: gaga

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