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Machinery industry: industry will face the future regulation of the pressure recovery

    Machinery industry showed a profit with the economic recovery of V-type reversal. Machinery industry in 2009 earnings per share weighted average of 0.3605 yuan, 2010.1Q weighted average earnings per share of 0.0862 yuan.
   Machinery industry in 2009 11.62% profit growth of listed companies, the net growth of -6.65% return on assets; 2010, booster cables a 51.11% growth in quarterly profit, return on net assets up 22.5%. Since 2009, a quarter, the machinery industry as the domestic economic recovery, there is a clear V-reversal, earnings growth driven by accelerating demand for resumption of growth, cost reduction and cost decrease.

    Construction machinery was quickest on the economic recovery. 2009 and 2010.1Q construction machinery sector earnings per share were 0.8926 yuan and 0.3391 yuan, profit growth was 30.9% and 152.7%,battery clip the most sensitive on the domestic economic recovery.

    Machine tool response to economic recovery after the construction machinery. 2009 and 2010.1Q machine tool sector earnings per share were 0.3547 yuan and 0.0474 yuan, tow rope profit growth was 33.6% and 353% recovery of the domestic economy has also made a dramatic response.

    Recovery of electrical equipment is relatively flat. Electrical equipment in 2009 and 2010.1Q plate earnings per share were 0.4309 yuan and 0.0894 yuan, profit growth was 40% and 38%, the reaction of the domestic economic recovery is relatively flat.

    Heavy mining machinery quarterly not reflect economic recovery. 2009 and 2010.1Q heavy mining machinery sector earnings per share were 0.6253 yuan and 0.0465 yuan,ratchet tie dowm profit growth were 23% and 4%, yet the domestic economic recovery reaction conditions.

    Machinery industry is facing the future regulation of pressure. 2009 Annual Report and Q1 of 2010 shows that the strong policy support in the country, the machinery industry, followed by various sub-sectors of recovery emerged, of which the chain back-end service industry machinery and machine tools rapid recovery, and service industries chain back-end of the electrical equipment and mechanical recovery of heavy minerals is relatively flat.

    Looking ahead, with the advent of the property market a new round of regulation, we expect construction machinery and machine tools for early termination of the pace of recovery, and may fall back into the cycle; electrical equipment within the division in the future, the traditional demand growth will become a device slow, smart grid, demand remains low carbon equipment, and other areas will rapidly increase; heavy mining machinery in the current cycle of boom times may be the shortest. Maintaining a neutral rating industry, machinery industry short-term investment focus should be shifted to smaller number of macro control, protection of future performance and growth, and valuations are not too large stocks, the focus of our recommendations in this Dongfang Electric and China CSR.

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