The most anxious and joyless listed agricultural m

Much sorrow and little joy: the index of time for the listed agricultural machinery companies to reflect the downward dilemma of the industry has been set in September, and the agricultural machinery market is about to enter winter with the sequence, that is, the season of weaker sales of agricultural machinery. Not surprisingly, many people in the agricultural machinery industry this year will be disappointed

as a barometer of the development of the industry, after entering August, domestic listed agricultural machinery companies have released their semi annual reports. On the whole, domestic agricultural machinery enterprises are less happy, but more melancholy and full of mystery

1. YITUO shares: the industry of large and medium-sized tractors continued to decline, and the company's main business fell seriously

as a leading enterprise in the domestic agricultural machinery industry and a dual listed enterprise trading in Hong Kong and Shanghai Stock Exchange, Yituo shares, a listed company of China Yituo tractor, disclosed its performance announcement for the first half of the year as early as the evening of July 30, and its net profit is expected to decrease by 70-90% compared with the same period last year. Subsequently, the annual report released on August 5 showed that the company achieved a total operating income of 4.265 billion yuan in the first half of the year, a year-on-year decrease of 17.33%, and a net profit attributable to shareholders of listed companies of 32 million yuan, a year-on-year decrease of 79.62%. In terms of agricultural machinery business, under the influence of the sharp decline in the large and medium-sized wheeled tractor industry and the "double impact" of low-cost competition of some enterprises, the company sold 26800 large and medium-sized tractors in the first half of the year, a year-on-year decline of 36.6%. In terms of power machinery business, affected by the downturn in the tractor and harvester markets, the company sold 60800 diesel engines in the first half of the year, a year-on-year decrease of 29%

however, in the author's opinion, shareholders need not be misled by short-term performance. Despite the decline in the industry, the company's performance has been greatly affected. As the best enterprise in China's tractor industry, Yituo's performance will have a greater rebound after the industry adjustment period

2. Zoomlion: focus on cultivating agricultural machinery, clarify the strategy of medium and high-end products

Zoomlion, which has the agricultural machinery sector under it, released its 2017 semi annual report on the evening of August 30. During the reporting period, the company achieved an operating revenue of 12.79 billion yuan, a year-on-year increase of 42.05%, and the net profit attributable to the owner of the parent company was 1.132 billion yuan, a significant increase compared with -837 million yuan in the same period last year. What is more striking is that the operating cash flow of the company was 697million yuan, which was substantially improved compared with -302 million yuan in the same period last year

it is noteworthy that, as a phenomenal agricultural machinery enterprise that has risen rapidly in recent years, Zoomlion Heavy machinery, a subsidiary of Zoomlion that is mainly engaged in agricultural machinery, also suffered from the downward pressure of the industry, and its revenue fell. The current revenue was 1558358264.96 yuan, a decrease of 27.10% over the same period last year. However, the market share of its dryers, wheat harvesters and other products remains one of the best in the industry. In addition, the sugarcane harvester and animal husbandry machinery (silage harvester, baler and biological feeding machine) of Lianhe heavy industries are also worth looking forward to

Zoomlion also made major strategic adjustments in the first half of the year. The company sold 80% of its equity in environmental business, focusing more on the development of three sectors: construction machinery, agricultural machinery and financial services. The announcement of the semi annual report further explained the current strategic direction: on the one hand, it focused on the construction machinery sector. Strengthen platform construction, integrate big data and carry out precise management; Focus on promoting intelligent manufacturing and product 4.0 projects, and gradually build a cluster of advantageous construction machinery sectors. At the same time, we should vigorously cultivate agricultural machinery, clarify the strategy of developing medium and high-end agricultural machinery, and transform to a "equipment manufacturing + service" provider. As an important advantage of Zoomlion, the financial sector is also developing, helping the real industry grow

3. Xingguang agricultural machinery: successfully withstanding the adverse growth of the industry's downward performance

Xingguang agricultural machinery can be said to be a major attraction among agricultural machinery enterprises this year. Its semi annual report released on August 25 showed that the company achieved an operating income of 395.9084 million yuan in the first half of the year, an increase of 35.19% over the same period of the previous year. The company's net profit attributable to shareholders of listed companies was 39.2155 million yuan, an increase of 7.54% over the same period of the previous year. Among them, the sales revenue of combine business was 348.7391 million yuan, an increase of 50.18% over the same period last year, and the gross profit margin was 24.48%, an increase of 2.27% over the same period last year

as a mature business of Xingguang agricultural machinery, Xingguang combine harvester business accounts for 88.51% of the company's sales revenue, which is the main source of the company's sales revenue. In order to cope with the increasing market competition, the company launched new models in the second half of 2014. After continuous optimization and improvement and market running in, the reliability and stability of the new models have been greatly improved. At the beginning of 2017, after the company introduced the improved new models to the market on a large scale, it was highly recognized by users, and the competitiveness of the company was restored and enhanced. With the increase of sales of combine harvesters, the fixed cost shared by a single product of the company has decreased, and the gross profit margin of the company has increased compared with the same period of last year. As one of the achievements of the "supply side structural reform" of Xingguang agricultural machinery in recent years, the tractor, rotary cultivator and other series of products launched by the company have achieved small-scale sales and good market response driven by the company's good brand influence and mature sales channels

4. Smart Agriculture: the diesel engine and agricultural equipment business have slipped together, and the scale and interest rate have both fallen

after catching up with the fashion and changing the name from "JAC power" to "smart agriculture", the company's performance has not improved. In the first half of 2017, the company's operating income was 849.1955 million yuan, and the total profit was -69.5461 million yuan. The company said that due to policy changes, exchange rate fluctuations, rising raw material prices, changes in demand structure and the sharp decline in the scale of the agricultural machinery and equipment industry, the company's business objectives did not meet expectations

once "Jiangdong" was a well-known enterprise of small bore engines in China. The company's semi annual report shows that its domestic sales of diesel engines are mainly concentrated in the supporting fields of medium trailers, three wheels and small four wheels, which has a great impact. In the first half of the year, the domestic sales of diesel engines fell compared with the same period, and the export sales fell year-on-year due to the influence of customers' digestion of inventory. The export of GM small gasoline engines remained basically stable in this period. The sales of agricultural clothing business fell sharply year-on-year, and the scale did not meet expectations. The company explained that the rise in raw material prices in the first half of the year increased production costs, the appreciation of the RMB increased exchange losses, and the gross profit margin of the company's machinery manufacturing industry fell sharply. In addition, the sales scale in the first half of the year did not meet expectations, and the double decline in scale and gross profit margin became the main factors affecting the company's profits

5. Xinyan shares: agricultural machinery and military products have been squeezed

Xinyan shares, a GEM listed enterprise that has stepped into military industry, released its semi annual report as early as this year. The company achieved a total operating income of 487.5196 million yuan, an increase of 86.58% year-on-year, of which the main business income was 485.6179 million yuan, an increase of 86.46% year-on-year; The operating profit was 104.2987 million yuan, a year-on-year increase of 1911 Tensile test provides a relatively simple and low-cost technology for developing or evaluating the mechanical properties of metal materials 06%

as early as 2015, Xinyan Co., Ltd. seized the opportunity of the national opening-up of "military civilian integration", entered the military and civilian products market at one stroke, successfully acquired Sichuan tomorrow aerospace, and became a cross military and agricultural machinery enterprise. However, some insiders believe that Xinyan shares, after cross cutting, focuses more on new businesses, and its competitiveness in the once prosperous agricultural machinery business seems to be declining. Its main product, "mushen" brand corn harvester is strongly squeezed by products from yongmeng machinery, Jiufang Dima, Shandong juming and other enterprises, and the prospect is not very optimistic

6. Jifeng agricultural machinery: affected industries adjust and expand business connotation

another GEM listed company and agricultural machinery circulation benchmark enterprise Jifeng agricultural machinery also released its semi annual report on August 29. The report shows that the company achieved an operating income of 1473898949.26 yuan in the first half of 2017, a decrease of 3.81% over the same period last year; The operating cost was 1258308905.29 yuan, a decrease of 3.01% over the same period last year; The operating profit of the company in the first half of 2017 was 1657695.19 yuan, a decrease of 97.49% over the same period last year, mainly due to the decrease in sales, increase in expenses and decrease in the write back of asset impairment losses; The company's sales expenses increased by 9.73% over the same period last year, and the management expenses decreased by 15.93% over the same period last year. The total profit was 1579048.20 yuan, a decrease of 97.62% over the same period last year; The net profit attributable to listed companies was -17060312.78 yuan, a decrease of 171.46% over the same period last year; The shareholders' equity attributable to listed companies was 234126176.61 yuan, a decrease of 7.08% over the same period last year

objectively speaking, as a circulation enterprise, it will be more affected in the downward period of the industry. However, Jifeng agricultural machinery has been focusing on the development strategy in recent years, inheriting the strategic concept of "building a comprehensive service platform for agricultural machinery and agriculture, rural areas and farmers". Under the guidance of the strategic direction of "deeply cultivating circulation, improving services, strengthening alliances, and expanding logistics", it has merged and acquired high-end characteristic agricultural machinery (tools) and core parts enterprises with high-quality growth, creating new connotations and promising development prospects. For example, Jilin Kangda, a medium and high-end no till planter enterprise that does not conflict with its host agency business and can enhance its profit point to a general enterprise, was acquired. Since this year, as another extension of the connotation, Jifeng agricultural machinery has also announced the acquisition of Wuxi Zhonghui technology and Ma'anshan Ruisheng industry and trade company, the leading enterprises of domestic agricultural machinery belt, which are two "invisible champions" in the field of segmentation. It is expected that the transaction will be officially cut off soon, and the competitiveness of Jifeng agricultural machinery will be improved again

7. Engine listed enterprises: the overall situation is stable, and the performance of enterprises is differentiated

however, as a professional agricultural diesel engine enterprise supporting the main engine production enterprises, the overall situation this year is better, reflecting that the domestic agricultural diesel engine industry has basically passed the threshold of upgrading from the second country to the third country. According to the data of key enterprises in the monthly sales report of China internal combustion engine industry issued by the China internal combustion engine industry association, the market for construction machinery and agricultural machinery has grown rapidly, with a cumulative sales of 2.0955 million internal combustion engines for agricultural machinery, a cumulative year-on-year increase of 20.23%

from the perspective of enterprises, some enterprises have also achieved good benefits. Changchai and quanchai are the two most representative listed enterprises providing engines for agricultural machinery. According to the data of the first half of the year released on August 25, the operating revenue of Changchai in the first half of the year reached 1.308 billion yuan, a year-on-year increase of 12.41%; The net profit reached 39.68 million yuan, a year-on-year increase of 13.31%. Quanchai actually sold 167600 multi cylinder diesel engines in the first half of the year, a year-on-year decrease of 3.59%; The operating income of 167 pairs of fiber core steel wire ropes is realized. If the jacketing method is used, the fiber core is removed at the jacketing place first, and the steel core with the same strand diameter is used to enrich this section, and then jacketing, 7.12 million yuan, an increase of 5.47% over the same period last year. However, the company achieved a net profit (net profit attributable to shareholders of the parent company) of 47.25 million yuan, a decrease of 22.17% over the same period last year

８. The pressure of industry adjustment remains to be solved, and the overall recovery will take time.

listed enterprises are the barometer of industry development. From listed company