Speculation on the integration of the common forest shares in the "most surplus" industry

Chang Lin shares (600710, closing price of 11.15 yuan) yesterday launched the issuance program attracted many concerns and questions.　　According to the Chang Lin shares yesterday, the company plans to be at a price of not less than 10.46 yuan to not more than 10 objects in the number of non-public offering of shares of less than 70 million shares, the total amount of fund-raising not more than 520 million yuan. A mechanical industry analyst believes that the loader industry can be said to be all construction machinery production capacity of the most surplus sub-industry, the industry's relatively low gross profit margin.　　Want to invest less than 600 million yuan to complete technical transformation, upgrade, and in the fierce competition quickly recover costs and profitability, will be more difficult. Additional projects are alleged not to make money according to the additional scheme, The funds raised are intended to be invested in the following projects: The total investment of 585 million of the 9 Series of High-performance loaders and high-end transmission parts industrialization Project yuan, to use the fund-raising 340 million yuan, the total investment of 155 million yuan of municipal special vehicle Industrial base construction project, the use of fund-raising 100 million yuan, the total investment of 60 million yuan overseas marketing platform construction projects all use to raise funds Gold。　　It is visible that the company's targeted additional funds are mainly invested in the loader project.　　Chang Lin shares the gross profit margin of the construction machinery is only 13.3%, of which scraper weapon's gross profit margin is 12.8%, the profit level is far lower than the same belongs to the engineering machinery industry LiuGong (000528, closing price of 32.27 yuan), Ha Gong shares (600815, closing price 12.52 yuan) and so on. According to the Engineering Machinery industry research report of Shanxi Securities, 2010 1 ~ August, Chang Lin shares of the loader market share of less than 5%, the traditional four strong liugong, dragon workers, Xiamen workers, temporary workers occupy about 67% of the market share. "Loader industry relative to other construction machinery overcapacity rate is the highest, the traditional loader, such as LiuGong, is the advantage of capacity and market share to maintain about 20% of the gross profit margin, but this level of interest rate is far lower than concrete machinery, excavators, cranes and other construction machinery industry gross profit margin, Therefore, in the competitive market situation, the Chang Lin shares of the loader project reservations.　　"A long-time research machinery industry analyst told The Daily Economic news reporter. Capital securities researcher Jing Wei said, the company intends to invest in the loader project is difficult to convince people, because we all know that the industry is not making money, such as liugong and other traditional loader brand market share and product technology has been higher, through less than 600 million yuan to achieve technical transformation, upgrade,　　And in such a fierce competition to quickly recover costs and profits, it will be more difficult. Close to the company's relevant people said, because the previous period of the company's product market positioning and adaptability error, coupled with the company's small size, many parts need external processing and many other reasons, pulling down the company's main business gross margin. Since the Chang Lin shares and shareholding subsidiaries of Jiangsu Hyundai has a contract, Jiangsu Hyundai and Chang Lin can only have one can produce excavators, so Chang Lin shares can only be exclaiming excavator projects. In addition, the company's early stage in the loader project of technical innovation Research and developmentAnd so the cost of investment has been greater, if the halfway to give up without further input and increase production, it is difficult to maintain a foothold in the fierce competition. In the dilemma of choice, Chang-Lin shares had to reluctantly mount the loader project.　　Another risk the company faces is that the trend towards replacing loaders is already evident. Look forward to the follow-up integration of the National Machinery Co., Ltd. is one of the 5-a-share listed companies of China Mechanical Group (hereinafter referred to as the National Machine Department). As the leader in the field of machinery manufacturing, the state-owned enterprises have already opened the integration of the main curtain, Axis research technology (002046, closing price of 26.94 yuan), the heyday of Tiangong (600335, the former closing price of 20.91 yuan), China International (002051, closing price 61.88 yuan) successively announced directional additional.　　Today, only the remaining Chang Lin, Lin Hai shares (600099, closing price of 11.67 Yuan) has no action. "State machine machinery plate of the listed platform should be very forest shares mo!" "Long-term tracking of Chang Lin's stake in Everbright Securities before the analysis of Shi Min said, National Machinery Department originally involved in mechanical business of a shares listed companies, including the heyday of Tiangong, Chang Lin shares, Linhai shares of 3, now the peak Tiangong has been stripped of the machinery business, Chang Lin shares also introduced the mechanical business of the additional program, should say, The future development direction of Chang Lin shares is basically clear. No accident, the machine group's machinery business sector in the future when the appropriate time will be injected into the Chang Lin shares. However, from the State machinery group assets, the injection of the overall quality of machinery business is not high, whether the group's peripheral assets injection is to be seen.