Best fire Xiamen Industrial Co., Ltd. 600815 manag

2022-09-22
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Xiamen Construction Machinery Co., Ltd. (600815) management improvement and efficiency improvement

Xiamen Construction Machinery Co., Ltd. (600815) management improvement and efficiency improvement

China Construction machinery information

Guide: the management level has been greatly improved. In June 2006, the company adjusted its management, and the new management quickly promoted three system reforms with personnel, employment and salary systems as the main content. Buy out the identity of all employees of state-owned enterprises; Reduce non production and expand the scope of bilateral local currency swap posts; Greatly reduce the redundant staff of the enterprise, improve efficiency, and improve the gross product quality

the management level has been greatly improved. In June 2006, the company adjusted its management, and the new management quickly promoted three system reforms with personnel, employment and salary systems as the main content. Buy out the identity of all employees of state-owned enterprises; Reduce non productive posts; The principle of greatly reducing enterprise redundancy, increasing efficiency, and increasing gross product growth has led to a rapid rise in interest rates

the efficiency of loader products has been improved and steadily increased. The improvement of the company's management efficiency in 2007 was directly reflected in the company's mainframe product loaders. In the first half of 2007, the gross profit margin of loaders increased from 12% in 2006 to 15.8%, close to 19% of Liugong. The company also pays attention to product segmentation, focuses on the development of light-duty loaders for coal mines, and has achieved good results

excavators have become the products with the greatest growth potential of the company. Excavators have a lot of room to expand in domestic and foreign markets. Domestic brand excavators have only 20% of the domestic market at present Overload emergency stop device has great potential. Based on the production experience of medium and large loaders, the company has actively developed excavators and has entered the track of normal mass production. The company is using the raised funds to build a technical transformation project for the expansion of excavator production, and it is expected that excavator will be the fastest-growing product of the company

the self-sufficiency rate of drive axle, gearbox and other parts has increased, helping to increase the gross profit margin of the company's host products. The company acquired the equity of Xiamen gear plant of the group company, integrated with the company's existing bridge box manufacturing, and improved the self-made rate of bridge boxes. In November 2007, the company raised funds to invest in the bridge box production expansion and technical transformation project, and the production capacity will be increased from the current 15000 sets to 30000 sets, effectively improving the gross profit margin of the company's host products

the group company actively supports that in the future, Xiamen Industrial Group will further integrate the assets and businesses of the construction machinery industry, and the core resources and core production capacity such as road rollers, garbage compactors, special vehicles, key accessories will be concentrated to Xiamen Industrial Group Co., Ltd., so as to enhance the competitiveness of the main business of the joint-stock company

the price increase of steel affects the direct steel procurement cost of limited loader products, accounting for about 18% of the total cost. The price increase of host products by more than 3% can basically cover the rising factors of steel costs. The concentration of loader industry is higher than that of steel. Steel enterprises can transfer the price increase factors of iron ore to the downstream, and the construction machinery industry also has this ability

maintain the "recommended" investment rating. We expect the company's earnings per share in 2007, 2008 and 2009 to reach 0.42, 0.68, 0.86 yuan/share, 30 times PE in 2008, with a reasonable value of 18 yuan. It is recommended

risk factors:

the construction machinery industry is greatly affected by large-scale infrastructure projects, and policy risks still exist. The transformation and upgrading of steel enterprises themselves, and the change in price may still affect the direct and indirect costs of raw materials - steel

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