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Chongqing Electromechanical Co., Ltd. is principally engaged in the manufacture and sale of commercial vehicle parts, general machinery, numerical control machine tools and power equipment. The business spans mechanical, automotive, power equipment and other industrial sectors. Through the cooperation with Cummins of the United States, the company has introduced large-horsepower diesel engine technology and gradually realized its localization, which is expected to achieve rapid growth in the field of large-horsepower diesel engines.
In the first half of 2013, the company achieved operating income of RMB 4.857 billion in the first half of 2013, an increase of 8.2% year-on-year, and the operating income growth rate reversed from negative; the gross profit margin was 10.8%. If the company's trading business and new financial services were excluded, it was the same period of last year. 12.1% was flat; net margin fell to 4.7% from 6.9% in the same period in 2012.
The bottom of the diesel engine industry is picking up. There is a huge space in the mid-range and high-end markets: In the first half of 2013, the total production and sales of diesel engines in the country were 1.939 million units and 1.953 million units. As the product structure of the truck market continues to develop with large tonnage and high power, the market share of medium- and heavy-duty truck-related products that match this type of model is expanding year by year.
Cooperation with Cummins is expected to expand the market share of medium and high-end diesel engines: In August 2013, the company signed a cooperation project with Cummins of the United States to introduce the QSK50, QSK60 and QSK72 all-electronically controlled high-horsepower diesel engine platforms with advanced world standards and build new high-horsepower diesel engines. The engine new product production base aims to reach sales revenue of 1 billion U.S. dollars in 2017 and 2 billion U.S. dollars in sales revenue in 2022. The company will develop fully electronically controlled high-power engines with independent intellectual property rights, and gradually realize the localization of large-horsepower diesel engine manufacturing to enhance its core competitiveness.
The power equipment and general machinery businesses also have bright spots: In the first half of this year, the company has again obtained two overseas hydropower unit electrical and mechanical equipment general contracting projects, and the power cable and electric porcelain products have also passed the national power grid supplier qualification certification. In the first half of the general machinery sector, wind power blades and industrial pumps also saw an increase.
The degree of investment recovery is limited, and technological upgrading is the solution: Since the company's product range covers multiple electromechanical segments, its overall prosperity is affected by the macro environment. Under the background of economic restructuring and declining investment growth, industry demand has been curbed. Although this phenomenon has improved in the second half of the year, it is expected that the economic recovery will be limited. If the company's high-end products are developed smoothly, it is expected to bring new growth points.
Chongqing Electromechanical and Cummins Cooperate to Expand Mid-High-End Diesel Engine Market