Term financial data analysis report, the purpose is through the data analysis, an objective reflection of the growth of the industry and listed companies, profitability, operating capacity and asset turnover, although not forward-looking, but it is our analysis and forecasting. We chose 207 machinery industry listed companies in 12 sub-sectors as a sample, is incomplete statistics, but the basic representative of listed companies in which the characteristics of sub-sectors.

The first three quarters of mechanical industry income decline slightly narrowed, net profit quarterly improvement. Operating income of 550.73 billion yuan, down 4.4%, a slight decline in the first half of contraction. The economy is still poor, although a slight recovery in investment growth, but the overall low, although the decline in market demand has been suppressed but the trend has not changed, net profit decline is still far greater than the decline in income, the industry operating pressure is still not be underestimated. On the whole, the decline in revenue slightly narrowed, net profit improved quarter by quarter, the profit improvement was more obvious for the basic parts, special equipment and engineering machinery three subdivision plate.

3 quarter industry revenue decline reversal, segmentation differentiation is more obvious. (Q1, Q2, respectively, down 4.8%, 4.2%); net profit of 7 billion yuan, down 7% year on year, the decline was significantly narrowed (the first quarter of the total industry revenue of 189.2 billion yuan, a slight increase of 0.38% Q1, Q2, respectively, down 14%, 26%). Eight sub-sectors to achieve positive revenue growth.

Benefit from the rebound in demand, the first three quarters of the level of profitability has improved. Although the raw material prices, but benefited from the demand to pick up, the industry as a whole gross profit 21.8%, up 1.22 percentage points; net profit of 3.5%, down 0.67 percentage points, but the management fee rate. Net profit fell mainly due to heavy machinery dragged down, while special equipment, engineering machinery, basic parts and components have achieved the first three quarters of more than 1 percentage point net profit margin is to enhance.

3 quarter single-quarter profit level has improved, the scale effect. 3Q gross margin 21.6%, an increase of 0.6 percentage points. During the cost rate fell slightly by 0.4 percentage points, net profit margin fell 0.29 percentage points, a slight contraction in the decline, in which the basic parts net profit margin growth of 5 percentage points the best.

Asset turnover rate has not improved significantly. Inventories increased by 3.5% year-on-year to 345.32 billion yuan, with an increase of 72.9 days as compared with the same period of last year. Inventory turnover decreased significantly. Fixed asset turnover increased by 12.6% year on year, but the overall asset utilization efficiency is still lower, corporate financial pressure is still large.

Capital spending slightly down 7%, special equipment, basic parts, elevator capital spending increased significantly.

Conclusion: The first three quarters of the industry operating pressure is still large, but the weak recovery in the second quarter continued, slightly more than expected third-quarter single-season revenue scale, profitability, business environment continues to improve, engineering machinery, basic parts boom pick up the most obvious. If this year is the peak of large-scale projects started, the next two years should be the investment peak, construction machinery industry profits next year, a substantial increase in the probability of large, the fourth quarter to see more strategic; large iron and urban rail planning clear orders peak in the Ming Gradually come the year after.