MRI: one-week trends and comments on the steel industry downstream
發(fā)布時間:[2019-11-10 10:6:1] 瀏覽量:1869次
1. [ real estate ](1) in the third quarter, 142 listed real estate enterprises reported a decline in revenue and net profit growth, and cash flow pressures were highlighted in the first three quarters. The total revenue of 142 listed real estate enterprises on the Shanghai and Shenzhen stock markets totaled 1,505.23 billion yuan, up 22.04 percent year-on-year The growth rate was 5.02 percentage points lower than that of the same period in 2018, and the total net profit of mother-in-law was 144.063 billion yuan, up 12.52% from the same period in 2018. The growth rate was 19.56 percentage points lower than that of the same period in 2018. Among leading housing enterprises, Vanke's revenue growth in the first three quarters of 2019 was 23 percentage points lower than that in the same quarter of 2018. Overall, 26 housing enterprises had negative net profit attributable to their parent companies in the first three quarters of 2019 Among them, the net profit of Yunnan Chengtou Guimu decreased by 567% to-1.063 billion yuan. MRI COMMENTS: current sales data is still bright, but the current sales data mainly rely on high turnover in the previous period of income delay, followed by the real estate to fall back, sales data is also a probability event. In the financing environment of marginal tightening, into the second half of the year, a lot of head real estate enterprises have slowed to take the land, is expected to late real estate cash flow pressure is still large. II. [ car ](1) new power vehicle, Nanchang will add 16,300 new charging posts to promote and use of new power vehicle. Recently, Nanchang released the Layout Plan of new power vehicle charging posts facilities in Nanchang (the code) More than 16,300 new charging piles will be added, and it is hoped that through the scientific planning and construction of the charging piles in the central city of Nanchang, a relatively complete service system for new energy vehicles will be formed. Mri Review: According to the development plan, Nanchang will focus on the four strategic emerging pillar industries of automobiles and new energy vehicles, electronic information, biomedicine and aviation equipment. Among them, in the automobile and New Energy Automobile Industry, we will accelerate the promotion of projects such as the new energy automobile base in Toyama Prefecture and the new energy automobile base in Jingkai district, make full use of Jiangling license plate resources, and bring in strategic partners Rapidly improve product grade and industrial scale, increase the application and promotion of new energy vehicles. III. Construction Machinery (1) the head company's performance hit a record high, profitability continued to enhance the categories of construction machinery sales growth led to rapid growth in the industry as a whole revenue. From January to September 2019, the total revenue of the 14 construction machinery enterprises included in the statistics was 184.309 billion yuan, up 27.52 percent year-on-year; zoomlion's revenue grew the fastest, up 50.96 percent year-on-year, mainly related to the different product mix of different companies. Broken down by segment, the combined revenue of Sany, Xugong and zoomlion in january-september 2019 totaled 133.685 billion yuan, up 39.0 percent from the same period a year earlier; the revenue of other main engine factories totaled 27.755 billion yuan in January-september 2019, up 0.2 percent from the same period a year earlier Leading Manufacturers'growth rate is far higher than other manufacturers, while components manufacturers such as Hengli hydraulic, Eddy precision, etc. in January-september 2019 combined revenue of 4.902 billion yuan, up 25.4% year-on-year; In january-september 2019, the combined revenue of forklift truck companies Heli and Hangcha group was 14.234 billion yuan, up 2.9 percent year-on-year, and construction machinery rental manufacturers posted revenue of 2.288 billion yuan, up 47.07 percent year-on-year, from January to September 2019 The utilization ratio of Pangyuan tower crane remains high, and Zhejiang Dingli, a high-altitude platform company, realized revenue of 1.445 billion yuan from January to September 2019, up 9.02 percent year-on-year, with a slight increase in growth rate. MRI EVALUATION: In the first three quarters of 2019, the construction machinery industry continued to enjoy a high degree of prosperity, all categories of construction machinery sales continued to grow, leading to a rapid rise in the overall industry revenue. From the revenue ratio, the leading mainframe factory in January-september 2019 revenue accounted for 72.5% of the industry, is the industry's main source of revenue. From the perspective of Revenue Growth, construction machinery rental manufacturer construction machinery ahead of the year-on-year growth rate, leading host plant and revenue growth rate than the industry revenue growth rate, while the revenue growth rate of component manufacturers and the industry is basically the same. As the market share of the leading enterprises of construction machinery is further increased, the market structure will be further optimized, the leading enterprises'position in the industry will be further highlighted, and the revenue growth will continue to be faster than the industry. Looking ahead, as sales of excavators tend to stabilize, sales of subdivided varieties represented by truck cranes, concrete machinery, etc. will continue to increase The prosperity of construction machinery is transferred to the later period of crane, tower crane and concrete machinery in the industrial chain. The Construction Machinery Bibcock year performance continues the high growth not to worry, moreover the performance cash content is extremely high. IV. [ home appliances ](1) home appliance sales fell 4.2 percent in the third quarter from a year earlier, according to the 2019 third quarter report on China's home appliance industry, jointly released by the China household appliance research institute and the National Home Appliance Industry Information Center In the third quarter, the home appliance market performed less well, with sales of 174.5 billion yuan, down 4.2 percent from the same period last year. Export growth narrowed, with the value of household appliances exported reaching 73 billion yuan in the third quarter, up 1.7 percent year on year. According to Shenwan first-class industry classification, the home appliances sector reported a 12.5% year-on-year increase in net profit in the third quarter, compared with the first quarter and the report, respectively, accelerated by 6.0% and 2.7% . Leading enterprises generally improved performance, profitability continued to improve. Mri Review: from the market channel performance, the third quarter online market cumulative retail sales growth of 1.3% year-on-year, compared with the first half of the 4.2% decline; That's down from-5.3% in the first half. The rapid growth of the household appliance industry over the past decade has pushed the market size to 810.4 billion yuan in 2018. Such a huge market base and the number of nearly saturated residents, but also determines the future scale of breakthrough has been very difficult, the future domestic home appliance industry revenue growth will still face greater problems. V. [ shipbuilding ](1) marine fuel sulphur restriction test approach IMO (International Maritime Organization) on January 1,2020, with only two months to go before the global marine fuel sulphur restriction is implemented, on October 25,2020, the Maritime Safety Administration issued the implementation plan of the global sulfur-limiting regulation for Marine fuel, which for the first time explicitly announced that China would not encourage the use of desulfurization towers This means that Chinese ships and other ships may choose marine LNG or low sulphur fuel oil as the mainstream low sulphur solution. MRI EVALUATION: In order to meet the requirements of sulfur limitation, the shipowner has three choices That is, the continued use of high-sulfur aviation fuel and the installation of scrubbers to remove most of the sulfur dioxide in the tail gas, the replacement of low-sulfur blended aviation fuel and the use of LNG, the use of methanol and other low-sulfur alternative fuels, whichever way is chosen, will inevitably increase the cost of business. This will not only put a heavier burden on companies, but also accelerate the delisting of ageing ships. LNG is regarded as the most realistic and promising alternative fuel for inland shipping in China, and the order quantity of LNG carrier has increased in the past two years It also brings a good prospect to the market of low-sulfur heavy clean marine fuel oil.
