High-speed rail construction and development accelerate the income of fastener enterprises


  The acceleration of high-speed rail construction will drive the company"s high-speed rail fastener revenue. The export business of GM fasteners will bottom out in the first quarter, and the low gross profit margin will contribute less to profit. Based on the situation of our research, judging from the order, the first quarter of 2009 will be the lowest point of the company"s exports, and the annual export revenue will decrease by 38.13%. On the other hand, the GM fastener business has a gross margin of only 7.1%, and its sharp decline in sales has less impact on profits.

  2009-2010 will be the peak of tender for high-speed rail fasteners. We expect that there will be 5,453 kilometers of high-speed rail fasteners in the national high-speed rail construction in 2009 and 4,835 kilometers of high-speed rail fasteners in 2010. Of the 950 million yuan high-speed rail fastener orders that Jinyi Industrial has received, 750 million yuan was obtained in the first high-speed rail fastener bidding in 2006. Only the high-speed rail fasteners for the total passenger line of 3,336 kilometers were tendered. system. Comparing the 5,453 km in 2009 and the 4,835 km high-speed rail fastener demand in 2010, we judge that there is a lot of room for the company"s high-speed rail fastener business in 2009-2010.

  In order to ensure safe operation, the Ministry of Railways generally prefers suppliers with mature supply experience, and the rich supply experience makes the company more likely to win the bid. Adequate capacity has been prepared in advance to meet the peak of high-speed rail construction. Usually the delivery schedule of the Ministry of Railways is very tight, and the amount of railway construction has increased significantly in 2009, which makes production capacity an increasingly important consideration. The sales of universal fasteners in the domestic market will remain at the level of 2008, and high-end automotive fasteners are the highlight of growth. Downstream fasteners are mainly divided into automotive, electronics, construction, machinery and hardware. By anticipating the downstream industries, we judge that the business was flat in 2008 compared to 2008. After years of development, automotive fasteners have accumulated enough supply experience, and revenue is expected to increase with market share.