Operational analysis of listed companies in the machine tool industry in the first half of 2015 (including superhard materials)

In 2015, the downward pressure on China's machine tool industry further increased, and business operations were generally difficult. The listed companies in the machine tool industry have always been the representatives of the industry's high-quality assets, business practices and growth. Through the analysis of the main financial indicators of listed companies in the industry, we can understand the current operating status and trends of the current industry entities.

I. Overview of Listed Companies As of June 2015, there were 23 listed companies with machine tool product manufacturing as their main business, with a total registered capital of 10.83 billion yuan. Among them, there are 6 A shares in Shanghai stock market and 17 A shares in Shenzhen Stock Exchange. According to the main business classification, there are 10 enterprises in the manufacturing field of metal cutting machine tools (including CNC machining equipment), belonging to 4 metal forming machine tools. There are 4 enterprises in the field of accessory parts manufacturing, and 5 enterprises in the field of abrasives and abrasives . The basic situation of listed companies in the machine tool industry is shown in Table 1. *: Rounding based on public data.

Second, the listed company's main financial indicators analysis In the recent stock market volatility, the performance of machine tools listed companies? What is the prospect of operation? The stock market performance of listed companies reflects the deep-seated problems in the development of industries. To clarify these issues, in addition to analyzing the factors of economic and financial environment such as macroeconomics and capital markets, another concern is the basic data of the operation of listed companies, which is the value of long-term investment. After several rounds of the ups and downs of the capital market, the causal and primary-secondary relationship of the real economy borrowing capital market to achieve rapid development is more clear, and it is more practical for the analysis of the operational indicators and trends of the real economy. The following is an analysis of the comprehensive situation, profitability, growth, operational capability, solvency and liquidity of listed companies in the machine tool industry.

1. Comprehensive situation - "the whole weak, running differentiation"
From the changes in the per share indicators (weighted earnings per share, net assets per share, per share operating cash flow and undistributed earnings per share) of the listed machine tool companies in the last four quarters, the operation of the listed companies of machine tool tools is “whole”. The characteristics of weakening and running differentiation. The index data per share for the second quarter of 2015 was lower than the previous three quarters, and the operating cash flow index per share was significantly reduced from the first quarter of 2015. At the same time, the cash flow indicator is also the most severe decline, reflecting the liquidity of listed companies in the machine tool industry.
The comprehensive operation of listed companies in different product areas of the machine tool industry has shown a trend of increasing differentiation. In general, listed companies in the field of metal cutting machine tools have the worst operating conditions, and listed companies in the field of metal forming machine tools have the best performance. At the same time, listed companies in the field of metal cutting machine tool manufacturing are below the industry average.
Based on the analysis of the above indicators, the listed companies in the machine tool industry have recently faced an unfavorable situation of “reduced earnings, shrinking assets, tight liquidity, and falling profits”. If there is no major change in the internal and external environment, it is expected that the downward pressure this year will further increase.

2. Profitability - "Basic operation is stable, profitability is weakened"
In the analysis of the profitability of listed companies in the machine tool industry, the focus is on the main business profit margin, cost and profit margin, sales net profit margin and main business profit. Combined with the data analysis of the main business profit and profit rate of the listed machine tools of Figure 5 and Figure 6, it can be seen that although the main business profit of metal cutting machine tools is the highest in total compared with other sub-sectors, but in terms of profit margin It is the lowest, indicating that listed companies of metal cutting machine tools are still in the stage of scale development and have poor profitability. In addition, from the trend of the profit rate of the main business, the recent profitability of listed companies of metal forming machine tools has declined, and the profitability of listed companies in the field of abrasives and accessories has rebounded.
From the perspective of cost profitability, the situation of listed companies of machine tools is analyzed. Figure 7 and Figure 8 show the trends of cost-benefit ratio and net profit margin of listed companies of machine tools. The outstanding performance is that the above-mentioned profit margins of listed companies in metal cutting machine tools are all negative, and it shows a downward trend, indicating that the profits of listed companies in the sub-sector are declining, operating costs and sales costs are rising; the profitability and comprehensiveness of the abrasives listed companies The costs are far better than the industry average.

3. Growth - "Insufficient power, the growth rate drops significantly"
From the two growth indicators of the main business income growth rate and net asset growth rate of listed companies of machine tools, the overall growth trend is weakened. In particular, in the first half of 2015, the growth rate of the main business income of listed companies of machine tools was worse than that of 2014, among which the metal forming machine listed companies experienced negative growth (-7.4%).
On the other hand, the growth rate of net assets of listed companies of machine tools has gradually declined. Among them, the number of supporting parts and measuring instruments has dropped sharply, from 41.1% in the first quarter of 2015 to 1.2% in the second quarter, with a drop of 39.9. percentage point.

4. Operational Capabilities - "The efficiency is significantly reduced, which intensifies the decline of operational indicators"
In the first half of 2015, the operating turnover rate of listed companies of machine tools decreased, the turnover rate of accounts receivable was 1.7 times, and the inventory turnover rate was 0.7 times, which was 57.5% and 58.8% lower than that at the end of 2014. The decline in the asset turnover rate of listed companies reflects a decline in operating efficiency, an increase in the level of capital occupation, and a decline in profitability and liquidity.

5. Debt-servicing ability - "high debt, weak liquidity"
Although the total assets of listed companies of machine tools are basically stable, the asset-liability ratio is at a high level. In the first half of 2015, the industry's asset-liability ratio averaged 39.7%, of which the metal-cutting machine tool listed company had the highest asset-liability ratio of 54.4%; the metal forming machine listed company had the lowest asset-liability ratio of 27%.
From the data of the current ratio (Figure 15), the current ratio of listed companies in metal cutting machine tools in the first half of 2015 was 1.6, lower than the industry average (2.3), and the liquidity of the above-mentioned sub-industry companies weakened.

6. Liquidity – “The risks and impacts of severe liquidity are expanding”
In the first half of 2015, the cash flow ratio of listed companies of machine tool tools was negative, reflecting that the industry-wide liquidity shortage is expanding, and this trend is expanding from partial structural liquidity shortage to the whole industry.

Third, the conclusion "one leaf falls to know the world under the autumn", through the analysis of the operation of listed companies in the machine tool industry, you can indirectly understand the operating conditions of the entire industry. As a listed company with the highest quality, growth and investment value and the strongest endogenous power, there are still cases of falling revenue, difficult operation and tight capital. It is conceivable how bad the operation of other non-listed companies is. As a basic and strategic industry that guarantees national security and national economic development, machine tool tools cannot be separated from the normal operation of enterprise entities, whether it is industrial development or structural adjustment. Once a systemic problem arises, it will not only affect the smooth development of industrial transformation and upgrading, but also cause industrial degradation that is difficult to reverse. Therefore, it is necessary to increase financial support for the entity, reduce the burden on the enterprise, remove the barriers to the independent operation of the enterprise, create a fair market order, increase the effective supply and increase the industrial growth, promote industrial transformation and upgrading, and respond to economic fluctuations to the industry. The impact of development.
In the process of selecting a listed company, this paper mainly selects the listed company whose main business is based on the manufacture of machine tool products, which guarantees the correlation between industrial background and operational characteristics. The conclusion of the analysis is based on the quarterly report data publicly released by the listed company, and is for reference by the insiders. If there is any bias, it is also expected to correct.

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