Shantui shares: the growth of bulldozers slowed down, and parts grew strongly
the growth of bulldozers slowed down due to the adverse impact of the credit tightening policy. In the month of 2011, Shantui sold 4454 bulldozers, with a year-on-year increase of 63%. The market share of national paint in dynamic precision was 65.5% and the export share was 73%. In May, due to the continuous impact of the national credit tightening control policy, the sales growth of bulldozers slowed down, and it is expected that the sales of bulldozers in that month will decline significantly year-on-year
the accessories business maintained strong growth. With the rapid increase of production capacity, the proportion of track assembly in the accessories business has risen to 80%. Benefiting from the substantial growth in the production and sales of downstream domestic excavators, the crawler assembly is still in short supply, and can only provide more than 50% of the market demand at present. Shantui plans to continue to increase the existing capacity of its accessories business in the future to continuously meet the potential demand of the domestic market. We expect that the revenue of Shantui's accessories business will reach 6.1 billion yuan in 2011, an increase of about 50% year-on-year
exports recovered rapidly and are expected to reach the best level in history. In 2011, 871 bulldozers were exported, accounting for 52% of the total export volume in 2010, with a year-on-year increase of 60%. The average monthly sales volume was more than 200. With the recovery of overseas economy and the rise of crude oil prices, the demand in the Middle East, Russia and other regions remains strong. It is expected that the export in 2011 is expected to exceed the historical highest level in 2008. At the same time, in order to deal with trade protectionism and implement the internationalization strategy, Shantui actively seeks suitable M & A opportunities in Russia and Poland, or cooperates with dealers to realize the transformation of local manufacturing and trade modes
error of applied experimental force for technical transformation of concrete machinery: ± loading speed: 2.4kn/S. the size of upper and lower pressing plates: upper 100 Lower overall dimension (mm): power supply power: 0.75KW (three groups of functions and characteristics, the experimental machine adopts the double space and frame potential construction project to reach the production capacity, and the sales maintain a rapid growth. In April 2011, Shantui Chutian phase I project was completed and put into operation, with sales of more than 100 million yuan in April. In 2011, Chutian launched a high-end mixing plant to realize "one station and three vehicles" The specialized industrial chain of complete sets of equipment has created a new growth point for Shantui's performance. Shantui plans to sell 2billion yuan of concrete machinery. The gross profit margin of concrete machinery is lower than our expectation because the sales are concentrated on the large sales of transport vehicles and the income of high-end mixing plants accounts for a relatively small proportion
the range of a single unit of phosgene process reaches 60000 tons/year; The scope of a single unit of non phosgene process reached 100000 tons/year. The decline of Komatsu's performance led to a drop of nearly 55% in investment income. In the first quarter, due to the rise of the yen exchange rate, which led to the rise in the prices of key imported parts, the substantial rise in expenses caused by promotional activities and the rise in the prices of raw materials such as steel, Komatsu's net profit in the first quarter fell sharply, resulting in a 54.9% year-on-year decline in its investment income
the income tax rate is temporarily charged at 25%, which temporarily affects the performance of Shantui. Due to the expiration of the qualification of high-tech enterprises, the income tax of Shantui has been restored to the original 25% tax rate from the first quarter of this year, which has a negative impact on the growth of Shantui's performance to a certain extent. According to national regulations, Shantui is actively applying for the qualification recognition of high-tech enterprises again. If it is approved, it will be refunded at the tax rate of 15% by the end of the year. Shantui is quite confident to obtain the certification again
maintain the "Buy-A" rating. Affected by the credit crunch, the bulldozer sales were lower than the expected automatic analysis and processing test results. As the gross profit margin of concrete machinery was lower than our expectations, we slightly lowered the original profit forecast. It is expected that Shantui will achieve EPS of 1.63, 2.14 and 2.58 yuan respectively in. They were lowered by 7.9%, 8% and 8.8% respectively. According to the dynamic PE of 15 times in 2011, the corresponding target price was 24.45 yuan, maintaining the investment rating of "Buy-A"