The company I watched today, Changfeng believes that it can be regarded as our A-share high-end equipment backbone leading company .
Company spans multiple high-end equipment fields such as defense and military industry, nuclear power, wind power, intelligent machines, etc.
So far, in the equipment manufacturing industry, company has created more than 250 "China's No. 1" records.
The company's stock price has retreated nearly 50% from its high level, almost halving, and the stock price is still fluctuating in the 6 yuan range.
Let’s take a look at the company’s industry status and competitive advantages.
First of all, the company is mainly engaged in the research and development, production, sales and services of large-scale high-end casting and forging products.
is a large-scale key backbone enterprise in the heavy machinery industry in .
In the company's current main business, it is roughly divided into four major parts.
The company's revenue is the company's material handling equipment sector, accounting for 34% and gross profit margin is 17%.
Secondly, it is the company's new energy equipment, accounting for 26% and the gross profit margin is 13%.
Again, it is the company's metallurgical equipment sector, with revenue accounting for 15% and gross profit margin of 27%.
is the core components sector, with revenue ratio of 14% and gross profit margin of 17%.
Among the 44 energy and heavy equipment companies in A-shares, the company's total revenue ranks 5th in the industry, ranking at the forefront of the industry.
is attached to the top 8 companies in the industry's revenue, for your reference.
In the military industry,
In March 2022, the wholly-owned subsidiary of Company received the "Certificate of Second-level Confidentiality Qualification for Weapons and Equipment Research and Production Units" issued by the Liaoning Provincial State Administration of Secretariat and the Liaoning Provincial Defense Science and Technology Industry Office, thus having a pass to enter the military industry.
In the field of wind power,
has now become the industry's leading supplier of large-scale wind power duct iron casting products. The wind power customers that have cooperated with include nearly 90% of high-quality customers at home and abroad. At the same time, the company also plans to invest 2.6 billion yuan in wind power core components projects to further expand its wind power business.
In the market field,
company has signed long-term strategic cooperation agreements with more than 70 key customers
, among which, with more than 30 central enterprises, China China Baowu , Angang Group , China Shipbuilding Group , Wumin Group, State Power Investment Group, National Energy Group , China Resources Group , China National Nuclear Corporation, Huaneng Group , Huadian Group, CRRC Group, China First Heavy, Oriental Electric , Harbin Electric Group , China Merchants Group and more than 30 central enterprises have established mutually beneficial long-term strategic partnerships with more than 30 central enterprises, and have established a good reputation in the industry.
After reading the company's industry status and competitive advantages,
Next, let's take a look at the company's internal texture.
First of all, from the perspective of the company's growth, the operating income of
has increased for five consecutive years in the past five years.
In 2017, the company's revenue was 6.4 billion, and the company's revenue reached 9.1 billion in 2021, and the revenue growth rate of
was 42%.
has an average growth rate of 14% in the past five years.
. Judging from the company's profit growth, the company's net profit increased from 25 million in 2017 to 115 million in 2021, and the growth rate of
was as high as 460%. An average annual growth of 92%.
Moreover, in this year's semi-annual report, the company's profit once again hit a new high since 2014, with profit growth exceeding 180%.
Overall, the company has performed excellently in the past five years.
After reading the company's growth, let's look at the profitability.
Judging from the return on equity in the company's financial report,
has shown a growth trend in the past five years, although the objective performance is not very good.
is mainly because, although profits are growing year by year,
has too low profitability compared with its profits and assets.
average yield in the last five years is 0.79%.
Compared with the company's first two years when it first went public, the yield rate was greatly reduced.
Overall, the company's yield is not very ideal.
So, what is the current financial situation of the company and what is the liquidity?
Judging from the debt-to-asset ratio in the company's financial report,
In the past five years, the company's debt ratio has increased.
In 2017, the company's debt ratio was 57%, and in 2021, the company's debt ratio was 67%.
From the perspective of liquidity, with the increase in the company's debt ratio, liquidity has also declined.
In 2017, the company's current assets could cover 139% of current liabilities.
And by 2021, the ratio of the company's current assets covering current liabilities fell to 126%.
Overall, the financial situation of
company is at a normal level.
Finally, let’s take a look at the company’s cash flow situation.
After all, if you have money or not, it depends on how much real money is earned.
Judging from the cash flow statement in the company’s financial report,
has not performed very stably since 2010.
But from 2017, the company's cash flow performance is very good.
has been proof for five consecutive years and is showing an upward trend year by year.
is exactly the past five years, and it is also a period of growth in the company's revenue and profits.
This means that the company's operating conditions have improved in the past five years.
The more revenue, the more profits, and the more cash flow. Overall positive development.
Overall, company has excellent growth performance, its financial status is at a normal level, and its cash flow continues to improve. The disadvantage of
is that the company is still in recovery and development, and its overall profitability performance is not ideal.
This company is 002204 listed on the A-share market, Dalian Heavy Industry .
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