Photograph of financial website dispatch compared with electric equipment of power of Guizhou Maotai, division this is planted familiar to the ear can the Bai Ma of detailed, chinese megalith (600176.SH) the company that is an unknown to public really. Regard domestic Bo fine as the industry get army enterprise, expression of company share price is driving recently, the history that approachs 12.93 yuan when achieved 2015 is nodded high (before answer authority) . Somebody can ask the likelihood: Be what reason was brought about after all so driving go up situation? Look in the author, chinese megalith is mixed in a lot of respects " 3 good students " 10 thousand China chemical and similar, why to meet so say, this is returned so that mention from enterprise itself.
Does Bo fine industry make money?
Studying the stock of a company is good is bad, do not break away from the profit pattern that studies this company. Chinese megalith is global minority (the whole world 6 the home, home 3) one of manufacturers that master Bo fine to manufacture core technology. At present enterprise of fine of before the whole world 6 big Bo holds what 75 ％ control the whole world to produce about can, the pattern that oligarch competes had no change 10 years in the past. Also because such, fibre glass industry has concentration to spend high competitive structure, new enter an enterprise to transfer the core technology that gets Bo fine production very hard through the technology. In the meantime, dimensions camp is very tall also, bo fine industry enters a doorsill now extremely tall, build a product line to need the circulating fund of billion at least, great drive up the investment camp of whole industry. Below such circumstance, wanting to produce what can furnish to increase is quite slow. (the author notes: Other is international of Ouwensikening, JohnsManivel, NEG, Chongqing and father-in-law Bo fine 5 respectively. )
Will look from the history, past Bo fine applies at building domain proportion bigger, periodic apparent, once the industry enters boom cycle, can bring about many Bo fine to produce can put into production. Extend ceaselessly as what use a field downstream, bo fine industry progressively and flowing drop its periodic, at present traffic of downstream electron, car, orbit, environmental protection is in go up periodic, and wind report has sign of get warm again after a cold spell, demand end is propped up apparent. Accordingly, bo fine industry is not everybody the strong periodic industry in the imagination, however one is in the weak cycle industry with boom cycle, slow growth, higher camp.
From the point of supply demand relations, crop of global Bo fine reachs 8.75 million tons of 2016 from 4.92 million tons of growth 2008, among them Chinese megalith is produced can 1.7 million tons, occupy the world to always be produced can 20 ％ . Because advantage of competition of industry of domestic Bo fine is clear, company of fine of foreign traditional Bo does not have new increase production basically already nearly 5 years can. From the point of consumption of global fibre glass, the whole world consumes big country to basically be centered in the developed country, europe is the consumptive market with world the biggest fibre glass, dosage is the 35 ％ above of global gross. And the United States, Japan also is main consumption country, china still is compared relatively little.
In addition, what the author needs to point out is, bo fine industry and whole world are macroscopical economic cycle is relatively synchronous, basically global economy anabiosises is the pronoun that boom of Bo fine industry goes up. Historical data shows, bo fine demand and global GDP are added fast dependency is tall, and rising stage by stage as a result of permeability of Bo fine material, its are added fast normally prep above GDP is added fast, it is its about 1.6 times. According to bureau of European Union statistic newest issuance report shows, euro region economy is added fast exceed the United States, this is since financial crisis erupted 2008 economy is added fast exceed the United States first. In the meantime, chu Xuan cloth adds beautiful couplet breath 25 base point, whole of economy of adumbrative also United States continues to good, see global economy do not have risk of be issued to lower levels at present.
Is the competition ability of Chinese megalith strong?
The predecessor of Chinese megalith is China is changed build, be in early established 1993 established limited company of fibre glass of megalith of tung country city, at that time is enterprise of a civilian battalion; Later for better progress, combine building materials of China of center look forward to, make at changing 1999 change for China build megalithic group limited company, face about becomes state-owned company; Later, introduce foreign capital, make a Chinese-foreign joint venture, 2004 again more the name is Chinese Bo fine. As a result of Chinese Bo fine the income of 95 ％ above comes from the group of core business megalith of the company, on March 18, 2015, successful more the name is Chinese megalith, also be helpful for developing " megalith " brand benefit. In April 1999, chinese megalith lands Shanghai stock exchange, name of the company when those still is " China is changed build " . Release the price 3.05 yuan, hair quotations is filled with lead 17.5 times, collect endowment amount 214 million yuan.
Tall growing sex is financial " appear on the market company value observes " measure appear on the market the important facet of the company, and reverse Chinese megalith history, tall growing be worthy of. Chinese megalith business income 370 million yuan from 1999 all the way violent wind rises reach 7.446 billion yuan of 2016, compound increase rate is 19.24 ％ ; Business profit reachs 1.746 billion yuan from 33 million yuan of growth, 17 years a business profit growth 52.91 times, compound increase rate achieves 26.29 ％ . Besides 2008 the influence as a result of global banking crisis, bo fine demand drops considerably cause business income and profit to appear beyond negative growth and deficit, the business income of Chinese megalith and profit keep ascendant current basically.
One quarterly reports shows Chinese megalith, business income grows 5.5 ％ compared to the same period, realize attributive net profit 470 million yuan, grow 30.8 ％ compared to the same period, wool interest rate is as high as 47.1 ％ , net interest rate achieves 25.3 ％ , achieve the history new tall. What concept is the wool interest rate of 47 ％ ? The Chongqing international of banner home and father-in-law Bo fine are about the same 10 percent, and abroad tycoon NEG came a few years in the past glass and Bo fine profit margin are in only 10 ％ left and right sides, the bargain ability that shows a company is very strong, also mirror instead from flank client viscosity is very tall.
The core that supports company powerful competition ability basically comes from technical advantage and cost advantage. Visit technical camp first, the domain of technology of crucial technology size that the company broke through Bo fine industry with 5 years of time, had own speech right, realized products of pair of the high end in foreign competitor replace. Be worth what carry is, the company produces per year 100 thousand tons not to have alkaline pool kiln was to create global sheet more pool kiln is produced per year can record, no matter equip from technical capability and hardware establishment,the level already all reached world top-ranking level.
From the point of cost, countryside of company headquarters tung is located in home rich the Zhejiang province that produces Xie Lashi, can nearby purchases the raw material that drops a company to carry cost. Additional, according to " money river evening paper " report, 2007-2014 is produced per year can break up times but total staff number and strength of manufacturing worker worker all have decrease, main profit from is early in the whole world that built 2006 the biggest pool kiln draws filar automation product line, use IT and the sufficient confluence of production technology, realize Bo fine industry optimize upgrade, intelligence is made, make the cost of the company far under other company.
In addition, the report of a research of negotiable securities of Shen Mohong source shows, chinese megalith is the United States' current and main Bo fine exporter, exit United States is occupied than 15 ％ (integral exit is occupied control than 50 ％ ) , will be the person that the United States restarts capital construction core is benefited. The United States produces per year 80 thousand tons to pull project of filar product line to already was made an appointment with at formal on May 28, 2016 autograph without kiln of pool of alkaline fibre glass, predict to build by 2017, also mirror those who give company technology craft to get abroad client to approbate from flank, already became the main supplier of before the United States 4 big dockyard at present.
Whether is continuance fast growth mythological?
The author browses Chinese megalith 3 years of money announce the correct time recently, discovered an interesting phenomenon: Of net profit add fast the amplitude that exceeds business income far, add Libuzeng to close namely. Why can you appear this kind of circumstance? Look in the author, more returning is the consideration that stems from share of market of race to control. Lower than others, quality compares the product cost that a moment ago we had said megalith again other people is high, did not raise price however below this kind of circumstance. Will look at present, only a kind of reason can explain this circumstance: Chinese megalith uses same price and share of better market of product race to control. When alone big when, what strategy can it have?
Additional, notable is, in September 2016, chinese megalith releases announcement to plan to be bought with 760 million yuan in answer even limited company of group of numerous composite material, aggregate the equity of 32.04 ％ , be being bought this is a company the important sign with patulous catenary of yearning and downstream industry. Chinese megalith regards catenary of Bo fine industry as absolutely bibcock of upper reaches, make oneself manufacturing material into the product, cost nature should compare others low. Swim downward periodic meeting is relatively abate after buying, into the enlarge between vast sky, of new growing field find hopeful to escort the Emperor for boom continuance convoy, also offer for income growth strong prop up.
