"The performance of the power equipment and industrial control sector was stable in the first half of 2018, and the low-voltage electrical appliances and distribution network were the most prominent: in the first half of 2018, 38 listed companies in the power equipment sector realized a total net profit attributable to the parent company of 8.919 billion yuan, a year-on-year increase of 16.06%. From the perspective of segments, the performance of low-voltage electrical appliances, distribution network and cables is more prominent. Most enterprises have achieved year-on-year high growth in net profit, in which the gross profit margin of low-voltage electrical appliances and distribution network has increased simultaneously. The industrial control sector has been divided, and the platform company Huichuan technology and meggitt and the product company Xinjie electric still have strong competitiveness.
(source: Dianxin Deng Yongkang team Author: Deng Yongkang / Ding Xiaoyi)
Medium term overview of power equipment sector
From the perspective of industry investment, the growth rate of power grid investment fell in 2018h1, but the growth rate of power consumption continued to exceed expectations. In the first half of 2018, the completed investment in power grid was 203.6 billion yuan, with a cumulative year-on-year decrease of 15.1% to June 18; The completed investment in power supply was 97 billion yuan, with a cumulative year-on-year decrease of 7.3%.
The growth rate of power consumption was higher than expected: in the first half of 2018, the power consumption of China's whole society was 3229.1 billion kwh, with a cumulative year-on-year increase of 9.7%; Among them, the primary industry increased by 10.3% year-on-year; The secondary industry is 7.6%, and the tertiary industry is 14.7%.
In the power equipment section, there are 38 companies in 7 sub fields, including charging pile, cable, distribution network, electricity meter, UHV, low-voltage electrical appliances and industrial control.
Statistical overview of financial data of listed companies: according to the situation of 38 listed companies in the sub industry of power equipment, the industry achieved a revenue of 54.615 billion yuan in Q2, a year-on-year increase of 14.19% and a month on month increase of 44.3%. In the first half of the year, the total revenue reached 92.462 billion yuan, a year-on-year increase of 15.62%.
Among them, two companies in the distribution network sector had the largest year-on-year revenue in the first half of the year, up to 51.94%, of which four achieved year-on-year growth and three decreased year-on-year, with great differences in industry performance; Followed by electricity meters and cables, with a year-on-year increase of 35.42% and 28.23% respectively. The revenue of 4 of the 5 companies of electricity meters increased year-on-year, and the 18h1 of 6 companies of cables increased year-on-year; The two companies of low-voltage electrical appliances also increased year-on-year, with an overall year-on-year increase of 19.61%; The revenue of 7 companies in the industrial control sector increased year-on-year and 1 decreased; The revenue of charging pile increased less in the first half of the year. UHV is the only sector in the power equipment sector with a year-on-year decrease, and only one of its three companies had a year-on-year increase in revenue, mainly due to the decline in power grid investment.
The net profit attributable to the parent company of the industry in 2018q2 was RMB 6.462 billion, a year-on-year increase of 28.6% and a month on month increase of 163%. In the first half of the year, it achieved a total of 8.919 billion yuan, a year-on-year increase of 16.06%.
Among the 38 companies in the 18h1 power equipment and industrial control sector, 18 belong to the parent company, with a year-on-year increase in net profit and a year-on-year decrease in 12. Among them, 5 of the 7 charging pile companies decreased year-on-year, with an overall year-on-year decrease of 19.98%, as well as UHV, cables and meters. In the first half of the year, the largest increase in distribution network was 97.27%, 5 of the 7 companies rose year-on-year, followed by industrial control, 51.26%. Low voltage electrical appliances increased by 39.65% year-on-year, and both companies increased year-on-year.
In terms of average profit margin, the gross profit margin of power equipment and industrial control sector decreased slightly in 2018q2, to 29.64%; The net interest rate increased by 4.18 percentage points month on month to 11.63%, close to the level of the same period last year.
In terms of gross profit margin and net profit margin, most of the year-on-year changes in the subdivided sectors of power equipment and industrial control decreased. Except that the distribution network and low-voltage electrical appliances increased slightly in the same proportion, other sectors decreased year-on-year, and the decline of UHV was the largest, 5.57% and 6.44% respectively, and the three companies decreased year-on-year.
The overall gross profit margin of the power equipment industry increased by 12 and decreased by 26 year-on-year; The net interest rate increased by 14 and decreased by 24 year-on-year.
1. Power equipment industry segmentation I: charging pile and UPS
In terms of charging pile and UPS business, a total of 7 listed companies were counted, including yishite, kestar, Zhongheng electric, Heshun electric, Kehua Hengsheng, Tonghe technology and Shenghong Co., Ltd. The industry as a whole realized a revenue of 4.202 billion yuan in Q2, 2018, with a slight decrease of 0.52% and a month on month increase of 80.5%. In the first half of the year, the cumulative revenue was 6.53 billion yuan, an increase of 4.18% over the same period last year. Based on the single quarter situation in previous years, it is speculated that the revenue in the second half of 18 years can still maintain year-on-year growth, and Q4 reaches the highest point of the whole year. In addition, the net profit attributable to the parent company of the industry in Q2 of 2018 was 481 million yuan, a year-on-year decrease of 24.96%, which was due to the large Q2 base in 2017, with a month-on-month increase of 161.41%. In the first half of the year, the accumulated net profit attributable to the parent company was 665 million yuan, a year-on-year decrease of 19.98%.
The average gross profit margin of the industry remained stable, and the gross profit margin in 2018q2 was 32.68%; The net interest rate increased by nearly 6% to 10.05%, up 4.09% month on month.
From the change of gross profit margin, there is little correlation between the change of income and the change of gross profit margin due to the large difference in operating costs of Companies in the industry.
In this quarter, among the 7 listed companies, 3 achieved year-on-year increase in gross profit margin and 4 decreased; Five achieved year-on-year increase in net interest rate (net interest rate of Tonghe technology changed from negative to positive), and two decreased.
2 power equipment industry segment II: Cable
There are 6 listed companies in the cable industry included in the statistics, namely star cable, Dongfang cable, Tongguang cable, hancable Co., Ltd., sun cable and Jinbei electrician. In Q2 2018, the industry achieved a total revenue of 5.656 billion yuan, a year-on-year increase of 20.96% and a month on month increase of 35.41%, reaching the highest value in a single quarter in recent four years. From the perspective of trend, the year-on-year growth rate of revenue shows a downward trend. In the first half of 2018, the cumulative revenue was RMB 9.833 billion, a year-on-year increase of 28.23%. Judging from the similar development trend in 16 and 17 years, Q3 revenue in 18 years is expected to be the same as Q2, and Q4 will increase significantly month on month.
In terms of net profit attributable to the parent company, the industry achieved a total of 205 million yuan in Q2, a year-on-year decrease of 2.38% and a month on month increase of 122.83%. The overall year-on-year growth rate fluctuated and increased. In the first half of 2018, the accumulated net profit attributable to the parent company was 297 million yuan, a year-on-year decrease of 13.16%.
From the perspective of profit margin, the gross profit margin and net profit margin of the cable industry have a certain periodicity. They show a downward trend after Q2, reach the lowest point in Q4, and then show an upward trend. The average gross profit margin and net profit margin of Q2 industry were 14.56% and 4.38% respectively, both higher than Q1. Although the gross profit margin and net profit margin show an upward trend, they are low in the power equipment sector.
In terms of gross profit margin, except for optical cable and solar cable, the gross profit margin of 18q2 decreased by 2.58% and 8.88% respectively year-on-year, and the rest increased year-on-year.
In terms of net interest rate, in the second quarter of 18, the net interest rate of two of the six companies increased year-on-year, and the other four decreased year-on-year. However, the improvement is obvious month on month, and only hancable Co., Ltd. decreased month on month.
3 power equipment industry segment III: distribution network
According to the statistics of 7 listed companies (Beijing Kerui, Baiyun electric, Jinzhi technology, hezong technology, Guodian Nari, XJ electric and Haixing power), the total revenue of the distribution network company in the first half of the year was RMB 18.488 billion, an increase of 51.94% over the same period last year; The net profit attributable to the parent company was RMB 1.878 billion, a year-on-year increase of 97.27%. Among them, the revenue of Q2 in 2018 was RMB 11.794 billion, a year-on-year increase of 50.78%; The net profit attributable to the parent company was RMB 1.647 billion, a year-on-year increase of 132.63%, and the overall performance was better than that in the first quarter. From the situation of previous years, Q4 revenue and net profit attributable to parent company will perform well, with a large year-on-year and month on month increase.
The gross profit margin of the industry declined slightly in 2018, from 28.02% in Q1 to 26.9% in Q2; The net interest rate of the industry fluctuates periodically, which is low in the first quarter of each year, and then rises. On a year-on-year basis, the net interest rate in 2018q2 was slightly better than that in the same period last year.
4 power equipment industry segment 4: electricity meter
According to the statistics of five listed companies (Xinlian electronics, Juhua technology, ankerui, Zhiguang electric and Kelu Electronics), the industry showed an upward trend after 2018q1. In the second quarter, the total revenue of the industry was 2.499 billion yuan, a year-on-year increase of 46.14%. The net profit attributable to the parent company was 218 million yuan, a year-on-year decrease of 7.23%. In the first half of the year, the total revenue was 4.167 billion yuan, a year-on-year increase of 35.42%; The net profit attributable to the parent company was 344 million yuan, a year-on-year decrease of 9.47%.
From the perspective of overall profitability, the gross profit margin of the electricity meter industry began to rise in the fourth quarter of 2017, basically maintained at about 35%, and the net profit margin continued to improve.
In terms of gross profit margin, the industry average gross profit margin decreased slightly year-on-year and month on month in the second quarter of 2018, and the gross profit margin of most companies decreased year-on-year and month on month.
In terms of net interest rate, the performance in the second quarter of 2018 was better than that in the first quarter, rising from 13.66% in Q1 to 16.28%, with a slight decline compared with the same period.
5 power equipment industry segment 5: UHV
The UHV industry mainly includes three listed companies (China XD, TBEA and Pinggao electric). In Q2 2018, the total revenue was RMB 15.393 billion, a year-on-year decrease of 5.14%; The net profit attributable to the parent company was 904 million yuan, a year-on-year decrease of 29.7%. In the first half of the year, the total revenue was 27.052 billion yuan, a year-on-year decrease of 4.79%; The net profit attributable to the parent company totaled 1.548 billion yuan, a year-on-year decrease of 32.9%. From the single quarter performance of the previous two years, it is expected that the revenue of 18q3 will decline month on month, and Q4 will rebound significantly.
In 2018, the average gross profit margin of the three companies was in a downward trend. Industry gross profit margin Q2 fell to 17.6%; The average net profit margin of the industry is consistent with the trend of gross profit margin, and Q2 drops to 1.75%.
Among the three companies, except TBEA, the net interest rate of the other two companies decreased year-on-year, and Pinggao electric Q2 fell to a negative value.
6 power equipment industry segment 6: low voltage electrical appliances
From the revenue of Nader and Chint included in the statistics, both companies achieved year-on-year growth in the first half of 2018, of which the year-on-year growth of Q2 was higher than Q1. Nader achieved a total revenue of 802 million yuan in the first half of the year, with a year-on-year increase of 12.01%, of which Q2 achieved a year-on-year increase of 10.93%; Chint electric achieved a total revenue of 11.902 billion yuan in the first half of the year, a year-on-year increase of 20.16% and a year-on-year increase of 14.91% in Q2.
In terms of net profit attributable to the parent company, the performance of the two companies in the first two quarters of 2018 was better than that in the same period last year. In the first half of the year, Nader increased by 13.51% year-on-year, and Chint increased by 41.96% year-on-year.
In terms of gross profit margin, the gap between the two companies has gradually widened since 16. In that quarter, the gross profit margin of the two companies showed an upward trend, with an overall range of 30% - 45%. Nader increased by 3.68% year-on-year and Chint increased by 0.96% year-on-year.
In terms of net interest rate, the two companies are currently about 18%, and on the whole, there are large seasonal fluctuations.
7 industrial control industry
A total of 8 listed companies were counted in the industrial control industry, including Mingzhi electric, Huichuan technology, Xinjie electric, meggitt, Hongfa, Changyuan group, Hewang electric and xinshida. The overall revenue of 18h1 industry was 13.688 billion yuan, a year-on-year increase of 16.44%; The net profit attributable to the parent company was RMB 2.278 billion, a year-on-year increase of 51.26%. 18q2 revenue was 77.87%, with a year-on-year increase of 14.23%; The net profit attributable to the parent company was RMB 1.751 billion, a year-on-year increase of 80.89%. Among them, the revenue of Hewang electric Q2 decreased year-on-year, and the other 7 increased year-on-year; In terms of net profit attributable to the parent company, only xinshida and Hongfa decreased year-on-year, 53.85% and 16% respectively.
The average gross profit margin of the industrial control industry has remained stable, with a slight decrease in 18q2 to 37.17%; The net interest rate fluctuated greatly, and showed an upward trend after 18q1, reaching 18.89% in Q2, a slight decrease of 1.2 percentage points over the same period.
(the above content is excerpted from: 2018 China Daily summary: enterprise differentiation, focusing on the leader [Anxin Dianxin]). Read the full text, original title: performance interpretation of 38 listed companies in the power equipment sector: low voltage appliances and distribution network are the most eye-catching
The source of the article: [micro signal: SmartGrid-cn, WeChat official account: Zhuhai Qing Ying smart grid research institute] welcome to add attention! Please indicate the source of the article“
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