Industry is the foundation of a country's comprehensive national strength, the main engine of economic growth, and the main battlefield of scientific and technological innovation.
According to relevant ** reports, in the past 2023, 21 provinces across the country have held conferences to promote new industrialization.
It is worth noting that the focus of "new industrialization" is penetrating from the provincial level to the prefectural and municipal level. At present, Wuhan, Shenzhen, Pingxiang, Wuhan and other cities have successively held new industrialization promotion conferences, and are actively implementing relevant measures.
Obviously, the "new" industry has become the top priority of the country's development.
Relevant data show thatIn November 2023, the added value of industrial enterprises above designated size increased by 66%, the growth rate is 2 percentage points faster than that in October;Month-on-month growth of 087%, 048 percentage points.
Most importantly, the industrial structure is also continuously optimized. The added value of high-tech manufacturing increased by 6 percent year-on-year2%, 4 percent faster than October4 percentage points.
With the successive promotion of new industrialization in China's major provinces and cities, the relevant enterprises in the industrial chain are expected to fully benefit, especially the leading enterprises with unique advantages, or will take the lead.
In A-shares, there is such a companyIt is not only one of the main manufacturers of CNC large and heavy machine tools and machining centers in China, but also has a very high market share in food machinery, elevator accessories and gearboxes.
The company's main business is the research and development, production and sales of CNC machine tool products and elevator accessories.
From the perspective of the company's main products, it is roughly divided into three categories
One,Elevator products accounted for 7374%, with a gross margin of 721%。
Second,Gearbox, revenue accounted for 1695% with a gross margin of 1175%。
Thirdly,Machine tool products, revenue accounted for 715% with a gross margin of 880%。
The company's core advantages:
The company's main subsidiaries are all state-level high-tech enterprises, and have strong core competitiveness in product level, marketing service network and market segment.
Among them, the company's railway special machine tools, heavy-duty horizontal lathes, roll lathes series products in the domestic market share are in the top three in China.
So far, the company has undertaken a total of four national high-end CNC machine tools and basic manufacturing equipment science and technology major projects, participated in two, in 2012 was approved by the national approval as the "national and local joint engineering research center", the existing effective patents 130, including 20 invention patents, by the Ministry of science and technology identified as the only "2007 National Torch Plan key high-tech enterprises" in Qinghai Province
Next, through the company's latest financial report data, we will conduct a detailed analysis of the company's growth, profit composition, and cash flow, and fundamentally understand the company's true face
First of all, from the perspective of the company's growth, compared with the revenue statement of the past 8 years,
The company's revenue in the last 8 years has increased from 11. in 15 years5.9 billion yuan, down to 53.5 billion.
In 8 years, it has dropped by more than 5383%, an average annual decrease of 672%。
The reason for this situation is mainly due to the downward trend of the machine tool industry, resulting in a weak market and insufficient demand.
From the perspective of the company's main profit, the situation in recent years has not been ideal, especially in 2019, the net profit has reached -4400 million yuan.
On the whole, the company's growth performance in recent years is relatively poor.
And what about the company's financial health?
First of all, from the perspective of the company's debt-to-asset ratio,
In the past 8 years, it has been in a ** downward trend, from 42 in 2015The debt-to-asset ratio of 68% fell to 33 in 20229%, which shows that the company's asset situation has improved, although there are some repetitions in the middle, but the overall is still good.
Let's look at the company's liquidity
The company's current ratio for 2022 is 195, which means that for every 1 yuan of current liabilities of the company, there is 1$95 of liquid assets like correspondence.
Overall, the company's financial situation is relatively healthy, and the liquidity is relatively abundant.
Finally, let's take a look at the company's cash flow.
After all, a steady stream of cash flow is the fundamental driving force for a company's development
As you can see,The company's cash flow performance is not stable. Even in 2016, there was a large outflow.
It can be seen from here that the company's sales side is not particularly ideal, and the products are unsalable, of course, this is also related to the market environment, but it has to be said that this is a more obvious defect of the company.
On the whole, the growth of this company is poor, the profitability is average, the cash flow is not very stable, only the financial situation is relatively healthy, and it is not a company with particularly good fundamentals.
So, why is Zhuqing still so optimistic about this company?
In fact, the real logic is only the following three points, which are the fundamental reasons why I am firmly optimistic about the company's recent trend.
1. New industrialization is the general trend of China's future development and the tuyere of the times, and the company stands on this tuyere. Recently, the relevant departments have continued to "speak out" to promote new industrialization, and a number of important meetings have proposed to strengthen the deployment of research related to new industrialization, as a key task to achieve Chinese-style modernization and a new engine to promote economic development.
2. The inflection point of the industrial machine is coming. From the perspective of the big cycle, the replacement cycle of the industrial machine tool industry is about 7-10 years, and the last round of highs was 2011-2013.
3. The company's market value is small and beautiful, and the stock price is less than 5 yuan, which is cheap enough. Since the beginning of 2017, so far the company has been sideways at the bottom for 6 years, low and low, and the chips are highly concentrated.
Risk Warning: The views mentioned in this article only represent personal opinions, and the subject matter involved is not recommended.