Chongqing Electromechanical (2.07, -0.07, -3.27%, Economic Link Real-time Quotes) (2722.HK) 2009 Performance Review: Focus on the development of commercial vehicle parts business

Revenue and profit both increased, but the sub-divisions showed different growth and decline: In 2009, the company’s revenue was 6.893 billion yuan, an increase of 15.9% year-on-year, and shareholders’ profit was 594 million yuan, an increase of 18% year-on-year. The company has four major businesses. Plate: Commercial vehicle parts, power equipment, general machinery and CNC machine tools, from the perspective of revenue, only general machinery showed a 3.1% decline in 2009; from the perspective of gross profit and gross profit margin, general machinery and CNC machine tools business both declined; From the perspective of operating profit and operating profit margin, only CNC machine tools are down.

In March 2010, the company held orders for more than 55% of its planned annual production target for 2010: In March 2010, the company held orders for more than 55% of the planned annual production target for 2010. It is expected that the company will have different products in terms of product prices. The price changes will also be different. The price of core products will be stable, while that of products with weaker competitiveness will be slightly reduced, such as wire and cable business. Overall, the overall gross profit margin of the company for the whole year of 2010 will be flat. The original advantage of products such as Cummins Engine gross margin will further increase. The main reasons for the gross profit margin being flat are the following: First, centralized procurement led to a 1.3% year-on-year drop in the company's raw material costs in 2009. This will continue in 2010. Second, internal control and management will be strengthened. Third, the IPO's investment direction will change. The company's manufacturing costs and models.

Capital expenditures are expected to remain flat in 2010: In 2009, the company’s capital expenditures were 696 million yuan, of which 256 million yuan were used to acquire 51% of Qijiang Gear and 24.48 shares of Qijiang Ruiya forged, and the other 440 million yuan was used in the company’s original four major projects. The development of the business segment is expected to have a capital expenditure of approximately RMB 700 million in 2010, of which RMB 220 million will be used to acquire the six subsidiaries of PTG, and the other are mainly used for commercial vehicle parts, CNC machine tools, and 2GW wind power blades. . The company’s capital expenditure of RMB 700 million was mainly resolved through bank loans and financing.

Future prospects: In the first quarter of 2010, the company's revenue and profits rose by 70-80% year-on-year, a slight drop from the previous quarter. Both the first quarter and the fourth quarter of the year are the company's peak business year. It is expected that the company's revenue will increase slightly in 2010, showing double-digit growth, while gross margin will remain flat. From the perspective of the business sector, the company will focus on the development of commercial vehicle parts business. First, it will develop large-horsepower engines and vehicle-mounted machines. Second, the company will increase new investment in transmission gearing, adjust product structure, and develop gearbox business. As the company has a market share of 70% in the luxury bus transmissions, it occupies a monopoly position, and the truck transmission market accounts for relatively less, the company will mainly develop in this market; the third is the development of steel pipe, spring business. At the same time, the company will continue to develop the other three major sectors.

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