High-end manufacturing acceleration mechanism hunt China South car

Hold nearly hundred billion yuan orders of China South car (601176.　　SH,1766.HK) finally started exerting force. December 6, China South car A-share trend rose 4.05%, closed to 7.26 Yuan, for its 2008 since the highest closing price.　　In the recent volatile a-share, China's south car performance is quite eye-catching, November 11 to date the overall market has fallen 8%, the same period, China's south car but the trend is rising 6%. In the recent brokerage recommended a large number of "20,110 Gold Shares", China South car repetition rate is also the highest.　　Wanguo to "manufacturing upgrades" as the starting point, the emphasis on the recommendation of China South car. South Car Accelerated December 3, in the Beijing-Shanghai high-speed railway Zaozhuang to Bengbu pilot section of the combined trial and comprehensive test, domestic "harmony" crh380a a new generation of high-speed EMU maximum operating speed of 486.1 kilometers.　　This is the September 28 Shanghai-Hangzhou high-speed rail test run hit 416.6 kilometers per hour, China's high-speed rail again to refresh the world Railway Operation test the fastest.　　The manufacturer of CRH380A is China Southern car.　　Beyond the world's highest speed, the implication is that China's high-speed rail technology has entered the world's leading level, investors believe that China South car and other listed companies will benefit from China's high-speed rail technology output. According to statistics, China Southern car currently hands the total amount of orders has been close to 100 billion yuan.　　Among them locomotive 9.5 billion, passenger car 1 billion, goods vehicle 1.5 billion, EMU 53 billion, City rail subway vehicle 18 billion, new industry 4 billion, if consider the joint venture company BST320 billion of the train order, then total in hand orders 119 billion. "In the current adjustment and transformation period, high-speed rail is one of the few industries to identify growth." A public offering fund manager in Shanghai told reporters, "In addition, the market, high-end manufacturing optional investment is not a lot, South car is always counted." "But the fund manager who is not bullish on China Southern car thinks," although the performance growth rate is relatively certain, but the overall space is small, in addition, whether grasps the core technology, still has the question.　　"As of the beginning of the year, China Southern car (January-October) Emu delivery reached 52, the market Forecast 2010 4 Quarter will be delivered 40, so that the annual delivery to 92 columns (736 vehicles), the year-on-year increase of 88%."　　With the delivery of the number of locomotives and motor vehicle gross profit margin, China Southern car in the first half, three quarter performance, become a blue-chip plate a small number of high-growth listed companies. China Southern Car August 10 released the 2010 interim report shows that its January-June total sales revenue of 28.094 billion yuan, a year earlier growth of 51.2%, to achieve the operating profit of 1.658 billion yuan, growth of 91.05% per cent, achieve net profit of 1.104 billion yuan, the year-on-year increase of 76.27%　　The company's overall gross profit margin rose from 16.07% in the first half of 2009 to 16.43% in the first half of 2010. By the three quarter, its financial data further showed that the expansion of production scale resulted in a reduction in fixed cost allocationAnd the company EMU and urban rail subway and other high gross margin products increased, its overall gross profit rose 0.6% to 16.9% Year-on-year, three quarter per quarter gross profit margin reached 17.8%.　　The third quarter income of 15 billion yuan, an increase of 39.2%, net profit of 702 million yuan, an increase of 69.9%. According to the company's capacity and current orders in the hand, China Southern Car 2011 EMU delivery is expected to increase by one times, to reach 180 columns.　　Its existing unfinished orders could be maintained until the first half of 2012, but given the increased demand, China Southern will likely receive more orders from the Ministry of Railways. According to the Wanguo 2011 "Tracking Manufacturing Upgrade" strategy report, "Twelve-Five" period, China will create a new speed of more than 200 kilometers per hour passenger line (including high-speed rail and city iron) 12,500 km, the annual compound growth of 15%, new urban rail lines near 3200 kilometers, the annual compound growth rate of 30%.　　Obviously, this will lead to huge demand for rolling stock.　　UBS issued the November 22 China Southern Car Research report, also raised 2011 years, 2012 earnings forecasts, that is, earnings per share of 0.35 yuan, 0.43 yuan. UBS's performance measurement based on the above, 2010, 2011, the main business income reached 61 billion yuan, 84 billion yuan respectively.　　But China's southern car management seems more optimistic. According to media reports, the recent China Southern Car Chairman Zhao Xiaogang in a Hong Kong news conference, said that the company's 2012 revenue is expected to reach 100 billion yuan, more than 2009 growth of more than a year, to 2015, the company's revenue will reach 150 billion yuan, of which the overseas market revenue accounted for from 2009 5% to 20　　%。　　High-end manufacturing controversy with China's southern car performance in the release of semi-annual reports, more and more public offering funds began to focus on China Southern car. "In the context of economic restructuring and inflation, there are few options for investment." High-end manufacturing entered our field of vision this July.　　The above public offering fund manager told the reporter. China South Car Bulletin shows that there are 16 funds to hold China South car 398 million shares.　　In the two quarter of 2010, Social security funds, the South, the Great Wall and other companies under the large scale of China South car. Another Facebook that China's southern car presents to institutional investors is the representative of China's high-end manufacturing industry.　　This has in the near future attracted a large number of institutions overweight. Wang, Vice minister of Railways, said during the NPC that dozens of countries, including the United States, Russia, Brazil, Saudi Arabia, Cambodia and Laos, wanted China to participate in their railway projects. Zhao Xiaogang recently also said that the company intends to continue to open up overseas markets, and consider bidding for the U.S. high Iron project.　　The company has cooperated with General Electric in the United States, with the intention to include California, Florida, East Rail and the Desert Express line. China Southern car Dong Shao Renjiang on the same occasion that the company's current total orders of nearly 100 billion yuan, of which overseas orders accounted for 7%-8%. He also revealed, its overseas orders have exceeded 1 billion dollars in the first 9 months of this year.　　Securities professionals also agree with the huge demand for overseas markets, judging that the global rail vehicle market is about € 73.8 billion in 2010 and will increase to € 90 billion by 2014. There is no doubt that China's high-speed rail integrated technology has become one of the world's most advanced level.　　The question remains, however, whether China has mastered the main core technology. Someone on the network to say that the creation of the speed record of the crh380a traction locomotive, China South car subordinates of the South Car Quartet locomotive is only as a complete vehicle manufacturing integrator, including complete sets of equipment provided by foreign-funded enterprises, including Mitsui Products, Japan Toyo Motor, Hunan Electric Oriental Electric,　　Xiangtan Motor composed of a consortium to provide vehicle electrical traction system and air braking system (train "central system"), of which the most core components of thyristor can also be controlled thyristor from Dalian Toshiba Locomotive Electrical Equipment Co., Ltd. The reporter is not yet able to do accurate verification of the above information. But insiders have told reporters, "some of the core components really come from outsourcing." Our country's high-speed rail technology from the introduction of technology, but the absorption is very good, there are many of their own innovation. Zhao Xiaogang also said that China Southern car's biggest advantage in two aspects, one is to have independent innovation system, from system integration to core technology research and development, the second is the South car reform is relatively large, relatively open-minded, the reform encountered less resistance. It is said that in 2009, the proportion of South vehicle investment in research and development is 5.6% of income, this year is expected to reach 6%.