Last week, stocks of railway stocks plunged and once led the market to fall. This reporter learned that on the railway industry chain, at least 44 listed companies directly involved railway-related industries and raised a group of listed companies with a market capitalization of more than 600 billion yuan.
Speeding up railways to make related companies develop rapidly
The rise and fall of the railway industry chain is related to investment. The listed companies directly related to the A-shares and railways appear at the time of high-speed rail fetal movement.
Listed companies directly related to A-shares and railways have emerged, most of them after 2007. It happened to be when the speed of the railway was increased to more than 160 kilometers, and when the high-speed rail was moving. The rise of the railway information industry is related to the acceleration of railways and the high-speed rail.
According to the 2010 Statistical Bulletin of the Ministry of Railways, the national railway has completed an investment of 707.459 billion yuan, an increase of 17.8% from the previous year. Prior to this, such railway investment has continued to increase for years, and railway investment during the 11th five-year period. Up to 1.98 trillion yuan.
In this situation, the railway industry-related companies have achieved unprecedented development. The reporter found that the number of upstream and downstream companies directly involved in the railway industry in the A-share market was not less than 44. The market value of the 44 known companies as of last Friday was as high as 600.2 billion yuan.
Among these companies, there are infrastructure companies that build rails, build bridges, and tunnels. There are also manufacturing companies engaged in vehicle manufacturing and axle manufacturing. There are also rainwater, shock absorbers and other ancillary works and parts manufacturers, and in the middle of the last seven or eight years. The rail transit informatization industry companies that only appeared, in addition to some railway operators.
In the railway industry chain, the largest scale of market value is still the railway operation, infrastructure and vehicle production enterprises. The market value of the Daqin Railway [7.70 1.32% of the shares] reached 113 billion yuan, which is the largest listed company in the railway industry chain in terms of market capitalization. In addition, the infrastructure companies and China Railway Group [3.47-0.86% shares], China Railway Construction [5.27 0.00% Shares], China South Locomo [5.70-1.89% of shares], China CNR [5.42-3.04% shares] market value of more than 40 billion yuan. At present, Jiaxun Feihong [18.34 0.49% shares] is the company with the smallest market value in the railway industry chain.
Individual company was "killed"
Railway concept stocks have recently fallen. Some investors believe that some of them were "killed."
Recently, the capital market has also quickly reflected investors' preferences, and railway stocks have fallen.
Among them, China South Locomotives and China North Locomotives, which are engaged in the manufacture of vehicles, all experienced significant declines, and China South Locomotive had fallen by a maximum of 15.3%. Among companies engaged in comprehensive railroad monitoring, Century Riel [26.33-1.94% shares] hit a daily limit after resumption of trading. The axle enterprise Jinxi axle [13.55 0.97% shares] fell 15%, another bearing company Tianma shares [11.54 0.79% shares] also fell more than 7%. Railway market value has shrunk by more than 40 billion yuan.
Most brokerages such as CICC and CITIC believe that the growth rate of railway investment will slow down, which is a bad factor for railway-related companies.
However, in the stock price drop, many investors believe that individual companies were "killed." Galaxy Securities and Haitong Securities [8.57 0.59% shares] Both brokerage firms issued a report last week that Tianma’s shares were killed by the high-speed rail concept.
Galaxy Securities analysis stated that the main business of Tianma is general bearing, wind power bearing and machine tool business, and the proportion of railway bearing in the main business is very small. In 2010, the sales revenue of Tianma shares was 3.583 billion yuan, and the sales revenue of railway bearing business only accounted for 10%. %, its products are also mainly used for supporting 60-ton and 70-ton railroad wagons and have not been supported by EMUs.
Motor vehicle bearings are mostly monopolized by foreign capital
The reporter learned that at present, the bearings for the EMUs of high-speed rails in China are basically monopolized by foreign capital, and domestic enterprises have not yet entered the tendering system for EMU bearings of the Ministry of Railways.
Jinxi’s axles are basically in a similar situation. Taking the 2010 business as an example, its axle business accounted for 31% of its main revenue, but its gross profit margin was only 4.56%. In addition, its business also included vehicles, wheelsets and vehicles. And forgings.
At the end of 2010, this company also had four consecutive daily limit due to the high-speed rail concept. However, the actual situation is that the company has nothing to do with high-speed trains and high-speed rails. Earlier, Jinxi Axle Director Zhou Haihong told reporters in an interview that the company's products are currently mainly used in trucks, vacuum axles for high-speed rail still in the test, the material through the Ministry of Railways certification will take time.
In the railway industry chain, many core components are not domestically produced. Axle is just one example. Jinxi axles are still on the technical level of manufacturing trucks and subway axles, while high-speed rail axles are all imported products.
The bearing industry where Tianma shares is also an example. At present, the high-speed rail EMUs used in China are basically monopolized by foreign-funded enterprises such as SKF (Swedish), FAG (brands of Schaeffler, Germany), Timken (US Tieken) and NSK (Nippon Seiko). Domestic enterprises have not yet entered the tendering system for EMU bearings of the Ministry of Railways.
According to industry insiders, on the one hand, the railway industry is an equipment manufacturing industry with no technical advantages, low gross profit margin, and low added value. On the other hand, the rapid development of the railway information industry is entirely dominated by several small companies.
In this lack of competition, product gross margins are extremely high. Financial data show that the gross profit rate of the railway communications signal industry products is 51.2%, of which the gross margin of the signal centralized monitoring system is 49.64%, the gross margin of the wireless shunting signals and monitoring system is 53.12%, and the railway disaster prevention safety monitoring The gross margin of the system is 54.62%.
In the A-share market, of the more than 2,000 listed companies in 2010, only 238 had a gross margin of over 50%, accounting for 11.9%.
Some company executives came from the railway system
Among the listed companies involved in the high-speed rail industry, there are a large number of small-scale equipment suppliers with similar brilliant technologies. The executives of these companies are inextricably linked with the railway system.
Among listed companies involved in the high-speed rail industry, locomotive manufacturing and major engineering construction companies such as CSR, CNR, CRG, and China Railway Second Bureau [7.75-0.26% shares] are undoubtedly in the towers of the high-speed rail industry chain in China. Sharp location. Under these companies, there are a large number of small-scale equipment providers such as brilliant technology and new stocks [25.68-2.36% shares], and these companies all have a common feature that the company’s executives are all in the Ministry of Railways and its subsidiaries. The experience of office, this feature is also common in non-listed companies.
Taking CSR and CNR as examples, CSR Chairman Zhao Xiaogang has served as the company’s chairman and secretary of the party committee since December 2007. From November 1990 to April 1997, Zhao Xiaogang served as deputy director and party committee secretary and deputy director of the Zhuzhou Electric Locomotive Research Institute of the Ministry of Railways. From April 1997 to September 2000, he served as the director and party committee member of the Zhuzhou Electric Locomotive Works of the Ministry of Railways. vice secretary. The company’s deputy chairman and president, Zheng Changwei, once served as deputy director of the Beijing Erqi Motorcycle Factory of the Ministry of Railways, and a director and deputy general manager of the China Railway Locomotive and Rolling Stock Industry Corporation. The director and vice president Tang Kelin also worked in the subsidiaries of the Ministry of Railways before he took office.
Among senior executives of CNR, Liu Kexian, chairman of the board of supervisors of the company, served in the Ministry of Railways Industry Corporation from July 1986 to February 1997; Qin Jiaming, an independent director, served as deputy director and director of the Ministry of Railways' Electrification Engineering Bureau.
In addition, companies such as Jiaxun Feihong, Brilliant Technology, and Century Riel, which are engaged in the production of railway information, show that the company's general managers, directors, and independent directors have shown that there are thousands of railway systems.缕 缕 contact. The general manager of Brilliant Technologies was born in Zhengzhou Railway Bureau, Dinghan Technology [23.06-1.11% shares], and Century Riel has directors or independent directors from the Ministry of Railways.
Speeding up railways to make related companies develop rapidly
The rise and fall of the railway industry chain is related to investment. The listed companies directly related to the A-shares and railways appear at the time of high-speed rail fetal movement.
Listed companies directly related to A-shares and railways have emerged, most of them after 2007. It happened to be when the speed of the railway was increased to more than 160 kilometers, and when the high-speed rail was moving. The rise of the railway information industry is related to the acceleration of railways and the high-speed rail.
According to the 2010 Statistical Bulletin of the Ministry of Railways, the national railway has completed an investment of 707.459 billion yuan, an increase of 17.8% from the previous year. Prior to this, such railway investment has continued to increase for years, and railway investment during the 11th five-year period. Up to 1.98 trillion yuan.
In this situation, the railway industry-related companies have achieved unprecedented development. The reporter found that the number of upstream and downstream companies directly involved in the railway industry in the A-share market was not less than 44. The market value of the 44 known companies as of last Friday was as high as 600.2 billion yuan.
Among these companies, there are infrastructure companies that build rails, build bridges, and tunnels. There are also manufacturing companies engaged in vehicle manufacturing and axle manufacturing. There are also rainwater, shock absorbers and other ancillary works and parts manufacturers, and in the middle of the last seven or eight years. The rail transit informatization industry companies that only appeared, in addition to some railway operators.
In the railway industry chain, the largest scale of market value is still the railway operation, infrastructure and vehicle production enterprises. The market value of the Daqin Railway [7.70 1.32% of the shares] reached 113 billion yuan, which is the largest listed company in the railway industry chain in terms of market capitalization. In addition, the infrastructure companies and China Railway Group [3.47-0.86% shares], China Railway Construction [5.27 0.00% Shares], China South Locomo [5.70-1.89% of shares], China CNR [5.42-3.04% shares] market value of more than 40 billion yuan. At present, Jiaxun Feihong [18.34 0.49% shares] is the company with the smallest market value in the railway industry chain.
Individual company was "killed"
Railway concept stocks have recently fallen. Some investors believe that some of them were "killed."
Recently, the capital market has also quickly reflected investors' preferences, and railway stocks have fallen.
Among them, China South Locomotives and China North Locomotives, which are engaged in the manufacture of vehicles, all experienced significant declines, and China South Locomotive had fallen by a maximum of 15.3%. Among companies engaged in comprehensive railroad monitoring, Century Riel [26.33-1.94% shares] hit a daily limit after resumption of trading. The axle enterprise Jinxi axle [13.55 0.97% shares] fell 15%, another bearing company Tianma shares [11.54 0.79% shares] also fell more than 7%. Railway market value has shrunk by more than 40 billion yuan.
Most brokerages such as CICC and CITIC believe that the growth rate of railway investment will slow down, which is a bad factor for railway-related companies.
However, in the stock price drop, many investors believe that individual companies were "killed." Galaxy Securities and Haitong Securities [8.57 0.59% shares] Both brokerage firms issued a report last week that Tianma’s shares were killed by the high-speed rail concept.
Galaxy Securities analysis stated that the main business of Tianma is general bearing, wind power bearing and machine tool business, and the proportion of railway bearing in the main business is very small. In 2010, the sales revenue of Tianma shares was 3.583 billion yuan, and the sales revenue of railway bearing business only accounted for 10%. %, its products are also mainly used for supporting 60-ton and 70-ton railroad wagons and have not been supported by EMUs.
Motor vehicle bearings are mostly monopolized by foreign capital
The reporter learned that at present, the bearings for the EMUs of high-speed rails in China are basically monopolized by foreign capital, and domestic enterprises have not yet entered the tendering system for EMU bearings of the Ministry of Railways.
Jinxi’s axles are basically in a similar situation. Taking the 2010 business as an example, its axle business accounted for 31% of its main revenue, but its gross profit margin was only 4.56%. In addition, its business also included vehicles, wheelsets and vehicles. And forgings.
At the end of 2010, this company also had four consecutive daily limit due to the high-speed rail concept. However, the actual situation is that the company has nothing to do with high-speed trains and high-speed rails. Earlier, Jinxi Axle Director Zhou Haihong told reporters in an interview that the company's products are currently mainly used in trucks, vacuum axles for high-speed rail still in the test, the material through the Ministry of Railways certification will take time.
In the railway industry chain, many core components are not domestically produced. Axle is just one example. Jinxi axles are still on the technical level of manufacturing trucks and subway axles, while high-speed rail axles are all imported products.
The bearing industry where Tianma shares is also an example. At present, the high-speed rail EMUs used in China are basically monopolized by foreign-funded enterprises such as SKF (Swedish), FAG (brands of Schaeffler, Germany), Timken (US Tieken) and NSK (Nippon Seiko). Domestic enterprises have not yet entered the tendering system for EMU bearings of the Ministry of Railways.
According to industry insiders, on the one hand, the railway industry is an equipment manufacturing industry with no technical advantages, low gross profit margin, and low added value. On the other hand, the rapid development of the railway information industry is entirely dominated by several small companies.
In this lack of competition, product gross margins are extremely high. Financial data show that the gross profit rate of the railway communications signal industry products is 51.2%, of which the gross margin of the signal centralized monitoring system is 49.64%, the gross margin of the wireless shunting signals and monitoring system is 53.12%, and the railway disaster prevention safety monitoring The gross margin of the system is 54.62%.
In the A-share market, of the more than 2,000 listed companies in 2010, only 238 had a gross margin of over 50%, accounting for 11.9%.
Some company executives came from the railway system
Among the listed companies involved in the high-speed rail industry, there are a large number of small-scale equipment suppliers with similar brilliant technologies. The executives of these companies are inextricably linked with the railway system.
Among listed companies involved in the high-speed rail industry, locomotive manufacturing and major engineering construction companies such as CSR, CNR, CRG, and China Railway Second Bureau [7.75-0.26% shares] are undoubtedly in the towers of the high-speed rail industry chain in China. Sharp location. Under these companies, there are a large number of small-scale equipment providers such as brilliant technology and new stocks [25.68-2.36% shares], and these companies all have a common feature that the company’s executives are all in the Ministry of Railways and its subsidiaries. The experience of office, this feature is also common in non-listed companies.
Taking CSR and CNR as examples, CSR Chairman Zhao Xiaogang has served as the company’s chairman and secretary of the party committee since December 2007. From November 1990 to April 1997, Zhao Xiaogang served as deputy director and party committee secretary and deputy director of the Zhuzhou Electric Locomotive Research Institute of the Ministry of Railways. From April 1997 to September 2000, he served as the director and party committee member of the Zhuzhou Electric Locomotive Works of the Ministry of Railways. vice secretary. The company’s deputy chairman and president, Zheng Changwei, once served as deputy director of the Beijing Erqi Motorcycle Factory of the Ministry of Railways, and a director and deputy general manager of the China Railway Locomotive and Rolling Stock Industry Corporation. The director and vice president Tang Kelin also worked in the subsidiaries of the Ministry of Railways before he took office.
Among senior executives of CNR, Liu Kexian, chairman of the board of supervisors of the company, served in the Ministry of Railways Industry Corporation from July 1986 to February 1997; Qin Jiaming, an independent director, served as deputy director and director of the Ministry of Railways' Electrification Engineering Bureau.
In addition, companies such as Jiaxun Feihong, Brilliant Technology, and Century Riel, which are engaged in the production of railway information, show that the company's general managers, directors, and independent directors have shown that there are thousands of railway systems.缕 缕 contact. The general manager of Brilliant Technologies was born in Zhengzhou Railway Bureau, Dinghan Technology [23.06-1.11% shares], and Century Riel has directors or independent directors from the Ministry of Railways.
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