A dark cloud floated from the sky of this year's "Double 11".
In the past, logistics, which made some hard money, began to become tougher, and they used the price increase to cast a shadow on the festive "Double 11". Under the expectation of price increase of
, express delivery companies such as Shentong , YTO have also developed the golden bell cover, and the stock price can be covered in this round of plunge.
In recent years, the high logistics costs have been increasingly restricting the transformation and development of the economy. In 2017, China's total social logistics costs were 12.1 trillion yuan, accounting for 14.6% of GDP, 6.5 percentage points higher than the global average.
Under this background, the operating quality and efficiency of the logistics industry need to be improved urgently, and the general trend of the development of intelligent logistics is.
China's intelligent logistics system industry started late, its technical foundation is weak, and enterprises in the industry are in a differentiated state. Foreign leading enterprises occupy more than 60% of my country's market share.
But as the saying goes, you walk on your Yangguan Road, I walk on my single-plank bridge, will Chinese companies grow and grow in adversity.
A shares have a good company that has grown against the wind and devoted itself to reducing logistics costs in my country: Nuoli Shares (603611).
1
Those who can't kill me will eventually make me stronger.
I believe Ding Yi, the actual controller of Nuoli Co., Ltd., is deeply touched by this sentence.
Nuoli was a collective small enterprise that produced coal machinery in Changxing Second Light System. Ding Yi worked at Nuoli Machinery Factory from 1984 to 2000 and served as the head of the supply and marketing section and factory director.
In 2000, the company was reorganized, and Ding Yi officially took over Nuoli Co., Ltd.
Nuoli's industrial structure has also been adjusted and entered the field of warehousing and logistics handling equipment manufacturing. After
turned around, under the leadership of Ding Yi, Nuoli produced manual hydraulic pallet handling truck in just a few years, and was sold overseas.
A few years later, the test comes.
In May 2004, the EU launched an anti-dumping investigation into manual hydraulic pallet trucks originating from my country. In order to safeguard the interests of the industry and the company, Ding Yi led the company to actively respond to the lawsuit.
After 15 months of hard work, he finally won the victory. Noli became the first company in China to reverse the initial ruling decision for the EU anti-dumping case. It became famous and was listed as a classic national anti-dumping case by the Ministry of Commerce.
After this incident, Ding Yi realized that products with low technical content will always be subject to others.
Nuoli has since begun to enter high-end electric products with independent intellectual property rights.
Since then, Nuoli's light and small handling vehicle business has become more and more prosperous, and soon became the industry leader, accounting for 50% of the EU market and 33% of the global market.
The EU jumped out again and said: Your years are peaceful, I can't stand it.
In April 2013, the EU once again imposed an anti-dumping duty of 70.8% on my country's manual transport vehicles and their accessories, with a validity period of 5 years.
The EU's attitude is very clear. If semi-electric and electric trucks do not reverse, they will reverse manual and suppress labor-intensive products.
This is also a disguised way to help Chinese companies upgrade and transform their products, but Nuoli is still very hurt.
Source: JD screenshot
Nuoli's manual handling van, the technical content is indeed not high, but it is cheap, simple and convenient, and has a high value for use. It can be widely used in various scenarios such as stations, factory workshops, warehouses, distribution centers, etc. In order to eliminate the adverse effects of anti-dumping, Noli has successively established subsidiaries in various countries such as Malaysia , the United States, Europe, etc.
avoids anti-dumping by secretly crossing Chencang.
In addition, it is also actively expanding new markets and expanding high-end product sales. Germany Kyo, Japan Toyota, the United States Naco and other top five industrial vehicle companies in the world are all customers.
In the past five years, the revenue of Nuoli light small handling vehicles has maintained a steady growth, and the impact of anti-dumping is no longer great. Although the industry is gradually recovering, its growth is insufficient and the ceiling is under pressure.
The global market size in 2017 was only 3 billion yuan. Fortunately, Nuoli has a high market share and its victory lies in its stability, which can provide stable cash flow for other businesses.
The era of manual transport of vehicles will eventually pass, and the general trend of electrification of industrial vehicles is in progress.
2
Currently, there are two types of motorized industrial vehicles: internal combustion forklift and electric forklift .
my country's electric forklifts started in 1952, but their development speed is far behind internal combustion forklifts.
Internal combustion forklift has good stability, large load capacity, no time limit for use, strong power, no pressure on climbing hills, so it has always been the main force of motorized industrial vehicles.
In recent years, with the rapid development of electronic control technology, electric vehicles have made great breakthroughs in power, transmission, control and other technologies, and are worthy of great responsibility.
Compared with internal combustion forklifts that burn oil, electric forklifts not only have cheap unit price, but also have advantages in operating costs and maintenance costs. The market share of
electric forklifts has steadily increased, from 21% in 2005 to 51% in 2017.
Judging from the market share of electric forklifts in various countries in 2013, Europe accounts for as high as 80%, the United States and Japan are about 60%, and my country is only 25%.
Not to mention the foreign market, there is still a lot of room for the domestic market.
In 2016, under the environment of industry recovery and strong European market growth, motor industrial vehicles grew more than expected.
After the horn of domestic environmental protection inspections sounded, the shortcomings of exhaust pollution and noise pollution of internal combustion forklifts were doubled, and electric forklifts with outstanding environmental protection performance ushered in a good opportunity for development.
According to statistics from the China Construction Machinery Association, the market share of electric forklifts in my country has been increasing. In 2017, sales were 203,700 units, a year-on-year increase of 43.9%, accounting for 41% of the proportion of industrial vehicles.
In the first half of 2018, the sales of motorized industrial vehicles were 307,300 units, and the sales of electric forklifts were 132,100 units, and the market share further increased to 43%.
The spring of the industry is here.
Electric forklifts are mainly divided into balanced forklifts and storage forklifts, and the industry concentration is very high.
Nuoli Co., Ltd. mainly produces electric warehousing forklifts, focusing on the logistics warehousing and freight market.
From JD data, Nuoli's electric forklift brand is the most well-known and is the leader.
Nuoli's electric storage forklifts are divided into electric ride-hailing storage forklifts and electric walking forklifts, among which electric walking forklifts occupy most of the market share of electric forklifts.
In the first half of 2018, the domestic electric pedestrian forklift sales were 96,600 units, accounting for 73.13% of the total electric forklift sales, of which 44% were sold overseas.
Overall, the development of the electric forklift market is still in the primary stage of socialism.
Electric balanced forklifts, ride forklifts, lift loading and unloading trucks and other models with high gold content are still niche products.
After Nuoli Co., Ltd. made efforts in electric forklifts, it quickly grew and grew with the company's sales network at home and abroad, and its domestic market share was second only to Zhejiang Zhongli.
After the company went public in 2015, in view of the current situation of insufficient production capacity, 213 million yuan raised funds for the annual production of 22,000 energy-saving industrial vehicles to increase the production capacity and sales of electric products.
In 2017, the production capacity was in place and the bottleneck was solved, and the sales of the three major models increased significantly.
electric ride-hailing forklift sales were 1,307 units, a year-on-year increase of 103.6%, and achieved revenue of 115 million yuan.
electric pedestrian forklift sales reached 25,483 units, a year-on-year increase of 26.15%, market share reached 26.4%, revenue of 306 million yuan, accounting for 14.44% of revenue.
sales of small-scale transport vehicles continue to grow, but their proportion of revenue has dropped to 44.9%, and product upgrades and transformation have achieved results.
3
lower your head to pull the cart, and you must look up at the road. Although Ding Yi, who was busy pulling the cart, built "Nuoli" into an international brand as he wished, his products were sold to more than 100 countries including the Americas, Europe, Asia, etc.
But lack of growth is the biggest problem for the company.
No matter what, forklifts are just small transactions, limiting Nuoli's room for improvement.
It’s time to think of a way out.
The craze of mergers and acquisitions and restructuring in 2015 has brought the GEM to its peak and has also slid into the abyss.
Unlike many listed companies who are keen on cross-border mergers and acquisitions and pursue hot topics, Nuoli shares mergers and acquisitions Wuxi Zhongding is quite down-to-earth.
In December 2016, Nuoli Co., Ltd. acquired 90% of Wuxi Zhongding's equity through the issuance of shares and targeted additional issuance for a price of 540 million yuan.
Ding Yi invested 77 million yuan to participate in the additional issuance, demonstrating his confidence in the company's development prospects and the strategic significance of this merger and acquisition.
Wuxi Zhongding was established in 1985. It is mainly engaged in the research, development, design, production and manufacturing of intelligent logistics system integration and related logistics equipment. It is a well-known domestic logistics system integrator and equipment supplier.
Nuoli shares acquires Zhongding to build a "big logistics" platform.
realizes the automation and intelligence of logistics handling, storage and transportation, and creates services for the entire industrial chain.
Nuoli Co., Ltd.'s original positioning was at best a senior porter, earning coolie money, and its status was not high.
Entering the field of intelligent logistics can not only increase the added value of the company's products, but also achieve coordinated development of the industry. This is an emerging industry market, and development space is no longer a problem.
my country's warehousing and logistics costs are too high, and intelligent logistics can effectively reduce the costs of manufacturing and circulation links and improve production and logistics efficiency.
When Industry 4.0 is in full swing, intelligent logistics, as an important part of the industrial Internet, has huge development potential.
The rapid growth of lithium batteries, domestic e-commerce and express delivery industries has added fire to the smart logistics industry.
countries are also supporting it. In August 2017, the State Council issued the "Opinions on Further Promoting Logistics Cost Reduction, Increase Efficiency and Promoting the Development of the Real Economy", striving to promote the standardization, intelligence and informatization of logistics.
Source: Information Center of China Logistics Technology Association
According to statistics from the Information Center of China Logistics Technology Association, intelligent logistics systems are widely used. In the past five years, the intelligent logistics market has grown rapidly at an average annual rate of 28.8%, and is expected to exceed 100 billion yuan in 2018.
But in industries with good money, there are naturally internationally renowned companies that have seized the lead. Because they started early, had rich experience, and advanced software and hardware technology.
Overall, Chinese enterprises are still relatively weak.
system integrators such as Japan's Daifuku and Germany's Shengpei Xun are at the core of the industrial chain, occupying more than 60% of the market share, strong bargaining power and high profit margins.
Most of my country's enterprises are positioned as equipment manufacturers and subcontractors, providing low-end, standardized system products, and eating chickens are pecking each other.
After fierce competition, Shenyang Xinsong, Today International and other companies have greatly improved their technical level, and their product integration and non-standardization are high, and they have gradually stood out and become system integrators.
Wuxi Zhongding Integration also grew up slowly from a grassroots player.
4
As the saying goes, no one dares to go to Liangshan without three or three.
gradually grew up from grassroots Wuxi Zhongding, and there are three tricks.
Zhongding’s business modules mainly include: automated three-dimensional warehouse system, automatic sorting system, conveying equipment system, lithium battery industry material management plan, etc.
In terms of team, Zhongding learns from the barbarians' strengths to control the barbarians and actively learns from the West. Half of its core members come from well-known companies such as Dematek, Fujida Logistics, and Mengli Automation .
not only has rich experience in the intelligent logistics industry, but also maintains an outstanding domestic level in logistics equipment research and development, process design, product technology, etc.
In terms of products, Zhongding started with stacker and conveying equipment, and has a complete set of solutions including workshop conveying, palletizing and sorting to automated warehousing integration.
key core equipment such as stackers, conveyors and welded non-standard shelves are independently developed and produced by the company in accordance with customer needs, which can achieve seamless connection with the overall logistics design plan. The super-high, overweight and super-large tunnel stacker developed by
Zhongding has become the first in the industry and is the largest stacker supplier in China.
The most important thing is that Zhongding has a strong business strategy, seized the opportunity of rising in new downstream industries and is expected to overtake.
In the downstream field of intelligent logistics, four major state-owned enterprises, including Xinsong, Beizi, Beiqi, Kunchuan , etc., have an advantage in traditional industries such as tobacco, electricity, and automobiles.
Large e-commerce, express delivery, distribution companies and other industries are the sphere of influence of foreign brands such as Deutsche Mark and Sheng Peixun.
The middle tripod that survives in the cracks can only cast a wide net and choose the best choice.
Zhongding seized the opportunity of the rise of lithium batteries and food cold chains.
Due to his years of deep cultivation in lithium batteries and food cold chains and obvious advantages in technical experience, he has selected high-quality companies in a targeted manner to cooperate in depth.
Source: Company Announcement
In a sense, high-end customers are equal to brand endorsement.
In the new energy industry, Zhongding not only established long-term cooperative relationships with CATL and BYD , but also power battery giants such as LG Chem and Panasonic are also company customers.
In addition, the company has customized and developed personalized solutions based on the characteristics of intensive storage, fast sorting and large traffic in the new retail industry, and successfully held the thigh of Alibaba .
In 2017, Zhongding and Cainiao Logistics cooperated to build a Cainiao Jiaxing Intelligent Logistics Distribution Center, and adopted the fifth generation ultra-high stacker developed by the company. The company's strength has been highly recognized by it.
is backed by the rookie logistics, Zhongding has no worries about eating and drinking.
In June 2018, Teacher Ma announced that Cainiao Logistics will invest 100 billion yuan in intelligent logistics construction and build an intelligent logistics backbone network.
Zhongding will also play the role of screws to contribute to it.
In addition, the company has established cooperative relationships with well-known companies such as Yili, Mengniu , Sofia, Sinopharm , etc., to achieve multi-point development and comprehensive development.
Benefiting from the rapid growth of the new energy industry, food cold chain and logistics industries, the company's performance is outstanding.
According to the company's annual report, in 2017, Zhongdingxin signed 1.003 billion yuan in orders, 84 completed projects, ranking among the top three in the same industry, and maintained rapid growth for eight consecutive years.
Among them, the new energy industry signed 513 million yuan, and the pharmaceutical and food sectors signed 202 million yuan, with the support role of advantageous industries.
In 2017, Zhongding achieved revenue of 459 million yuan and net profit of 52.8483 million yuan, a year-on-year increase of 54.74%. In the past two years, it completed 106.73% and 105.7% of the acquisition performance commitments respectively. Although
seems to be showing signs of playing the edge, judging from the new order, 1 billion orders correspond to Zhongding's 29% gross profit and 10% net profit margin, which is also a perfect net profit of 100 million. Almost all the companies signed by Zhongding are well-known companies, with high gold content and very little performance.
In the capital market where thunder is constantly roaring, it has to be said to be a bowl of chicken soup in the cold winter.
In the first quarter of 2018, the company's new orders reached 480 million yuan, of which 183 million yuan were ordered for the second and third phases of BYD Qinghai Lithium Battery Company.
Judging from the development trend of Zhongding, with the explosion of intelligent logistics systems in industries such as new energy lithium batteries and e-commerce, performance is expected to usher in accelerated growth.
5
02017 After Zhongding was merged, coupled with the explosion of other businesses, Nuoli Co., Ltd.'s performance also ushered in a spring.
Nuoli Co., Ltd.'s revenue and net profit reached a higher level. In 2018, H1 achieved operating income of 1.2 billion yuan and net profit of 96 million yuan, of which the revenue of smart logistics business was 305 million yuan, an increase of 62.23% year-on-year, making the largest contribution.
From the perspective of overall growth rate, Nuoli Co., Ltd. was dull before 2016. After the industry recovered, combined with the merger of Zhongding's statements, Nuoli Co., Ltd. began to shine.
From the perspective of net profit, the performance is much better than revenue. It has increased significantly since 2015, but the net profit growth rate was small in 2017.
It can be seen that as the company's R&D investment increases, product upgrades accelerate, gross profit margins continue to increase, and life is getting more and more prosperous.
's gross profit margin in 2011 was only 15.65%, and it has increased to 27.46% by 2016.
However, the gross profit margin in 2017 fell by 3.6 percentage points year-on-year.
This is mainly because the sharp rise in raw materials has eroded the gross profit space.
Prospectus shows that the raw materials of Nuoli Co., Ltd. are mainly steel products such as steel, cast steel parts, oil cylinder parts, and cost accounts for nearly 50% of the total cost.
At the beginning of 2016, steel prices began to rise. Taking 2.75mm hot-rolled coils as an example, it was 2,100 yuan/ton in January 2016, and it rose to 4,500 yuan/ton by the end of 2017.
Nuoli Co., Ltd., as a company with a large proportion of exports, has benefited from the depreciation of the RMB in the past few years and has high exchange returns. In 2015 and 2016, the financial expenses were -15.04 million yuan and -20.6 million yuan respectively.
This is also the reason why the company's revenue in 2015 and 2016 did not change much and its net profit increased significantly.
In 2017, the RMB increased significantly, and financial expenses increased to 20.27 million yuan.
With the significant increase in costs and financial expenses, Noli can also maintain year-on-year growth in net profit, which shows that endogenous growth is strong.
In 2018, the RMB entered a depreciation cycle again, and from the trade war and domestic economic situation, there is no possibility of strengthening in the short term, and Nuoli will also take a ride.
While building a large logistics platform, Nuoli Co., Ltd. insists on diversification, and businesses such as AGV, three-dimensional garage, and aerial operation platforms are also developing in full swing.
's new business is also targeted, in line with the company's strategic direction of large logistics, and in line with the main business.
Nuoli Co., Ltd. has made steady progress in recent years, and its business has developed from a single industrial vehicle manufacturing to its current large comprehensive logistics platform.
The goal of industrial upgrading is firm and the pace is steady.
achieved a net profit of 200 million yuan this year, and compared with its market value of less than 3 billion yuan, the investment value is gradually highlighted.
The capital market is stormy and steady, and it is also a kind of beauty.
After reading this, you may think, "Can I invest in this company?"
This is not a decision that can be easily made by patting your head, because in addition to the fundamental opportunity analysis, it also requires a more in-depth investigation of financial risks, performance certainty, business competition landscape, etc.
For more information, please follow "King Land" to obtain.
Author: Junlin Team.
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