Engineering machinery segment in the second quarter slow recovery
September 2 Monday midday with Zoomlion limit the impact of construction machinery soared red collective forum . Zoomlion closed at 5.74 , or 8.1 percent , to close at Sany 7.60 , or 5.26 percent , to close at Xugong 8.46 , or 4.57% . Zoomlion yesterday rebounded strongly , engineering machinery Forum has again been touted funds , primarily due to the performance of stabilization , national policy loosening , the industry is expected warming, as well as before undervalued sake.
Semi-annual study found construction machinery industry , the worst time has passed , the slow recovery of the second quarter of the entire industry , Zoomlion earnings results topped the first turn for the better , but Sany transcript was not ideal, frequently broke debt high, and overseas flashy.
Zoomlion profitability has improved second quarter results topped
In the three leading companies, the best performance is Zoomlion . In the first half , Zoomlion achieved operating income of about 20.165 billion yuan , to achieve the net profit attributable to equity holders of approximately 2.906 billion yuan , gross margin of 32.1% , ranking the first in the industry profitability . Wherein the second quarter revenue and net profit was 14.202 billion and 2.314 billion , representing a decline of 18.90% and 34.50% , compared to first quarter sequential growth significantly year on year decline substantially narrowed .
Risk control, the company performed on Days sales outstanding is strictly controlled in the first half operating cash flow reached 1.16 billion ; a quarter inventory growth in the second quarter has been significantly improved in the first half ending inventory declined slightly compared with the beginning ; improved operating structure of accounts receivable , accounts receivable during the first half increase of 5.222 billion yuan over last year , long-term receivables representing a decrease of 5.152 billion yuan .
Quite brisk , the consolidated balance sheet shows Zoomlion holds up to 20.6 billion of liquidity , only enough to withstand lower debt risk , capital strength to become Zoomlion subsequent strategic layout of strong support. Zoomlion wholly owned subsidiary of Zoomlion ( Hong Kong ) Holdings Limited as Zoomlion international financial leasing system 's center of gravity , in the first half net profit of 321 million yuan , the effective use of its liquidity advantage. Once domestic policy loosening, the international economic situation warming , in conjunction with the ability to quickly transfer funds advantage into product advantages, head start.
Overseas markets were high hopes did not give Sany bring the expected high profits. The company claimed to have achieved international sales revenue 5.439 billion yuan , an increase of 66.5 percent , accounting for 24.6% in total sales revenue , but this part of the margin is only 22.5%. Since the first half of the actual cost of a substantial increase in overseas sales , its overseas profit growth is very limited. Sany first half revenue increased 2.17 billion yuan international sales , gross profit increased by only 350 million yuan , an increase of $ 100 per international sales gross profit received only 16 yuan , only half the level of domestic gross . Not to mention the domestic international sales are usually higher than the management fees and sales charges , Sany Overseas net profit is very worrying. Blind expansion of overseas sales of insufficient quality , but also face foreign markets rebound . Lack of awareness of the law , the risk is not adequately prepared , the company more profitable high-end European and American market experienced litigation blocking , first wind power project in the United States were forcibly aborted , the U.S. International Trade Commission has launched 337 investigations against Sany is a result of the United States Manila Tuo Wake research vice director quit Sany Sany allegedly illegally obtaining commercial secrets and infringement of intellectual property rights. Sany's international road heavy " quantity" and light "quality" , which breaches.
