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Public company info - Chongqing Machinery & Electric Co. Ltd. - H Shares , 02722.HK

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Chongqing Machinery & Electric Co. Ltd. - H Shares, 02722.HK - Company Profile
Chairman -
Share Issued (share) 1,100,000,000
Par Currency Renminbi
Par Value 1.0
Industry Machinery & Equipment
Corporate Profile Business Summary: The Group is principally engaged in designing, manufacturing and sales of clean energy equipment, high-end smart manufacturing equipment and industrial services. Performance for the year: Revenue increased by approximately 4.4% to approximately RMB5,516,812,000 yuan. Gross profit decreased by approximately 16.6% to approximately RMB1,038,673,000 yuan. Profit attributable to shareholders decreased by approximately 58.4% to approximately RMB184,835,000 yuan. Earnings per share was approximately RMB0.05 yuan. Business Review Clean energy equipment (hydroelectric generation equipment, electrical wires and cables and materials, wind power blades, industry blowers, industrial pumps, gas compressors, etc.) In 2019, the Group fully grasped the opportunity of the recovery of the wind power market. The orders of wind power blades business reached RMB1.27 billion, driving the growth of overall operating income of the segment. Stimulated by large hydropower equipment, stick prop porcelain insulator used for high speed railway, high speed variable frequency direct drive single stage centrifugal blowers, Generation IV nuclear lead cold reactor transfer pump, high pressure oil-free lubricated natural gas compressor and other products, the operating income of business such as hydropower equipment, wire and cable, industrial fans, industrial pumps and gas compressors maintained stable growth. The operating income of clean energy segment reached approximately RMB4,049.4 million, representing an increase of approximately 15.7% from the same period of last year. However, due to the intensified market competition in the wind power blades market, rising raw material costs, increased labor costs and a large decline in gross profit margin, the operating performance of the segment reached approximately RMB248.7 million, representing a decrease of approximately 7.8% from the same period of last year. In 2019, the wire, cable and materials business actively created a “hydropower integration” and “onestop sales platform”, and increased its market share; the industrial pump business actively expanded overseas market and successfully made sales of HSDZ50-170 charging pump, HSDZ160-65 mediumpressure safety injection pump, H3D6-12/24 boric acid injection pump and H3D5-6/24 hydraulic test pump in Pakistan. Four types of large-scale industrial water pumps suitable for the third generation of PWR nuclear power plants independently developed by the Company, including the chemical container water pump (Class D equipment), “Hualong One” reactor cavity water cooling pump (RCC-M Level 3), auxiliary electric water supply pump (Nuclear Safety Level 3, RCC-M Level 2) and start-up water supply pump, passed the examination of the state-level nuclear power expert group; “centrifugal steam compressor unit used for MVR system” of industry blowers business successfully passed the identification as the city-level key new product. In addition, Chongqing Cummins Engine Company Limited (“Chongqing Cummins”), a joint venture of the Company, is principally engaged in the production of high-horsepower diesel engine. In 2019, Chongqing Cummins actively responded to the impact of market downturn, implemented active marketing strategy, and increased its exploring in the markets such as power equipment, engineering machinery, petroleum machinery and ships and overseas markets. The sales of engines with more than 500 horsepower still maintained leading position in the market, and its annual performance remained overall stable. The construction project of the high-power engine technology R&D center of Chongqing Cummins has been put into use, and the new high-power engine plant project commenced construction and is expected to be completed and put into operation in 2020. It is expected that the business will remain stable throughout the year of 2020. High-end smart equipment (smart gear machine tools, smart screw machine tools, smart electronics, etc.) Following the State launched “3-Years Action Plan to Accelerate the Development of the New Generation of Artificial Intelligence Industry (2018-2020)”, the Group actively developed in-depth coordination and integration of intelligent manufacturing and industrial informatization, actively promoted the rapid development of intelligence level for key equipment, information technology, management software, platform software, industrial Internet and system solutions. The smart electronic business leads the technology innovation and was selected as the first batch of providers of intelligent manufacturing system solutions by the Ministry of Industry and Information Technology. However, affected by the continuous decline in the market demand of automotive industry, as well as the lack of market demand in the machinery industry, petroleum machinery and ships, the market demand for smart machine tool business has declined precipitously, and the operating income and operating performance have decreased significantly. Accordingly, the high-end smart equipment segment recorded overall turnover of approximately RMB1,319.6 million, representing a decrease of approximately 17.5% from the same period of last year. The operating loss of the segment achieved approximately RMB258.1 million, representing a decrease in profit of approximately RMB280.5 million from the same period of last year. Industrial services (industrial empowerment, financing, trading, etc.) In 2019, the “Industrial Internet Development Action Initiative (2018-2020)” and the “Guidance for Industrial Internet Network Construction and Promotion” were issued successively by the PRC. The Group sped up the construction of the intelligent manufacturing ecosystem of the empowerment center, and built two-level collaborative innovation system with corporate technology center; the Group completed the partner confirmation with SAP, and entered into strategic cooperation agreements with Shanghai PLM and other domestic and foreign partners; the centralized procurement of bulk materials directly reduced the procurement cost of the Group by approximately RMB10.0 million; the financial business maintained a stable operation; the operating income of the segment reached approximately RMB145.4 million, representing a decrease of approximately 20.7% from the same period of last year, and the operating results of the segment reached approximately RMB42.1 million, representing an increase of approximately 2.2% from the same period of last year. Prospects: Clean energy equipment (hydroelectric generation equipment, electrical wires and cables and materials, wind power blades, industry blowers, industrial pumps, gas compressors, etc.) Looking forward to 2020, the Group will continue to firmly grasp the opportunity of the recovery of wind power market, strive to expand high-quality EPC hydropower projects, steadily promote market application of key nuclear power equipment, and consolidate market share of electrical wires and cables and materials businesses in real estate, hydropower, urban rail transit, railway and other fields. It is expected that the segment will achieve better growth. High-end smart equipment (smart gear machine tools, smart screw machine tools, smart electronics, etc.) Looking forward to 2020, the Group will take advantage of the opportunities of the rapid development of smart manufacturing to accelerate the development of high-quality development of smart gear machine tools, smart screw machine tools and smart electronics, and will continue to promote the construction of smart technology and applied research centers, 3D printing centers, smart manufacturing displays and experience centers. It is expected that the segment will achieve recovery growth. Industrial services (industrial empowerment, financing, trading, etc.) Looking forward to 2020, the Group will continue to accelerate the implementation of digital upgrade demonstration projects for hydropower equipment and the construction of digital projects such as e-procurement platform. The Group will promote the research on the application of intelligentized big data operation and the construction of intelligent warning and diagnosis system for ultrahigh-head impact-type hydroelectric turbine generators and life cycle project system of industrial fan products, enabling technologies for digital transformation of enterprises. The overall operating performance of the segment will remain stable throughout the year.

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