The hottest Liugong excavator will become the bigg

Liu Gong: excavator will become the biggest bright spot in the near future. The target price is 29 yuan

Liu Gong: excavator will become the biggest bright spot in the near future. The target price is 29 yuan

China Construction machinery information

Guide: 08 1q achieved a main revenue of 2.46 billion yuan, yoy increased by 61.3%. Electronic tensile testing machine is a high-precision, high-tech material testing equipment, achieving a net profit of 139 million yuan, yoy increased by 31%. Affected by the rising cost of raw materials, 1q's gross profit margin fell by nearly 3 percentage points year-on-year. In April, the price of products was raised by 8%, and 2q's gross profit margin will rise slightly. It is estimated that the annual gross profit margin in 2008 will be 17

08 1q achieved a main revenue of 24.6. The long glass fiber reinforced polypropylene material of Goldilocks technology has a long glass fiber storage length and good glass fiber dispersion performance of billion yuan, yoy increased by 61.3%, and achieved a net profit of 139 million yuan, yoy increased by 31%. Affected by the rising cost of raw materials, 1q's gross profit margin fell by nearly 3 percentage points year-on-year. In April, the price of products was raised by 8%, and 2q's gross profit margin will rise slightly. It is estimated that the annual gross profit margin in 2008 will be 17.46%, a year-on-year decrease of 1.5 percentage points

the leading position of loader as the first brand in China is unshakable. Therefore, the long-term existence of overcapacity will lead to the slowdown of sales growth in the industry. It is expected that the market share will stabilize between 18% and 20% in the next few years. The development strategy of loaders is to promote high-end products to improve profitability, and the proportion of exports will increase in the future. It is estimated that the sales volume of loaders in 2008 and 2009 will be 32000 and 37000, with an increase of 18.5% and 15.6% respectively. The net profit contribution was 420million and 490million respectively

excavators will become the biggest bright spot in the near future. Import substitution will bring explosive growth opportunities for domestic brand excavators. At the same time, the scale effect will also be clearly reflected in 2008 and 2009. It is estimated that the sales volume in 2008 and 2009 will be 3000 and 5000 respectively, with an increase of 42% and 67% respectively. In 2009, the market share reached more than 5%. The net profit contribution was 178million and 324million respectively

in addition to loaders and excavators, the profit contribution of road rollers will also show rapid growth. After 2010, the forklift and crane business will mature and form the main driving force for the company's long-term growth

it is estimated that the net profit in 2008 and 2009 will be 688million and 931million respectively, with yoy increasing by 21.5% and 35.3%. EPS is 1.46 yuan and 1.97 yuan respectively, and p/e is 17 times and 13 times respectively. Give a 20 times p/e valuation for 2008, with a 6-month target price of 29 yuan and a 17% increase space. It is recommended to "buy".

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