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In Hunan, which has Sany Heavy Industry and Zoomlion’s two major mechanical giants, the development prospects of construction machinery are broad, but the challenges and difficulties are still heavy: the achievements of overseas expansion of domestic top manufacturing companies such as Sany Heavy Industry and Zoomlion are obvious to all. . At the same time, however, the fears of some high-end manufacturing companies in China turning overseas have also ignited. At the recent Boao Forum for Asia “Asian Manufacturing Strategic Breakthrough†forum held in 2012, this issue was highlighted.
The construction machinery is steadily ranking first in the country. In 2007, the total output value of Hunan's machinery and equipment industry exceeded 100 billion yuan. In 2011, the total output value of the machinery and equipment industry reached 610.745 billion yuan. In four years, even boasting five "one hundred billion steps," the total scale of the industry has entered the top ten in the country.
Data show that in 2011, 2,115 large-scale enterprises in Hunan's machinery and equipment industry completed industrial output value of 610.745 billion yuan, industrial sales value of 602.482 billion yuan, main business revenue of 587.373 billion yuan, industrial added value of 184.525 billion yuan, and profit of 44.327 billion yuan. , an increase of 43.0%, 43.4%, 45.0%, 27.2% and 38.7% respectively over the previous year. As the growth rate of production and sales of the machinery industry in the country slowed down significantly, the growth rate of Hunan's machinery and equipment industry was 18% higher than the national average.
Construction machinery is undoubtedly a bright spot in Hunan's machinery and equipment industry. The industry's main business income for the year was 185.356 billion yuan, accounting for one-third of the country's construction machinery revenue, and its scale ranked first in the country. Among them, the market share of piling machinery, construction lifting machinery, sanitation machinery, road construction machinery, and excavation machinery is the highest in the country.
The 2012 Hunan Machinery and Equipment Industry Working Conference announced this year's Hunan Province's machinery and equipment industry's regulatory objectives: to complete the industrial output value of 780 billion yuan, an increase of 30%; the main business income of 760 billion yuan, an increase of 32%; the export of mechanical and electrical products 23 billion yuan , an increase of 28%; industrial added value of 230 billion yuan, an increase of 22%; profits and taxes of 83.5 billion, an increase of 22%.
Chen Danping, director of the Hunan Machinery Industry Management Office, said that Hunan's heavy machinery should gradually realize the “three transformations†of the industry: that is, the development of the whole machine to drive the development of parts and components and the simultaneous development of the whole machine and parts; and it should be driven by relying mainly on physical production. The physical production and modern manufacturing service industry are driven by the synergy and transformation; mainly relying on expanding the scale, increasing the consumption of material resources, extensive management, and relying mainly on scientific and technological progress, management innovation, and improvement of the quality of laborers.
Hunan Construction Machinery "Double Star Shine"
On March 30, Sany Heavy Industry released its 2011 annual report. Despite the unfavorable conditions such as the slowdown in domestic economic growth and slowdown in infrastructure projects, Sany Heavy Industry continued to perform strongly last year. The annual report shows that the company's total profit last year exceeded 10 billion yuan for the first time, reaching 10.792 billion yuan, an increase of 55.55%.
In 2011, Sany Heavy Industry’s net profit attributable to shareholders of listed companies reached 8.648 billion yuan, an increase of 54.02% year-on-year, and basic earnings per share was 1.139 yuan. From the perspective of various revenues, concrete machinery products achieved the highest operating income, which was 26.046 billion yuan, an increase of 46.10% year-on-year, followed by excavation of machinery products and realized revenue of 10.471 billion yuan.
In recent years, Sany Heavy Industry has made frequent overseas moves to set up industrial parks in Brazil, India and the United States. It also spent a large amount of money to acquire Putzmeister in Germany. The company's annual report shows that last year's international revenue reached 3.425 billion yuan, up 60.72% year-on-year, exceeding the 48.03% year-on-year increase in domestic revenue, indicating that the company's overseas business expansion momentum is strong.
Hunan’s another mechanical giant, Zoomlion, is equally unwilling to show weakness. According to Zoomlion's 2011 annual report, last year the company's cumulative operating revenue was approximately 46.323 billion yuan, an increase of 43.89% year-on-year, and net profit attributable to shareholders of the parent company was approximately 8.066 billion yuan, a year-on-year increase of 72.88%.
The annual report shows that Zoomlion's product gross margin reached 32.54%, an increase of 2.16 percentage points year-on-year; net cash flow from operating activities continued to climb, totaling 2.093 billion yuan, an increase of 283.95% year-on-year; basic earnings per share reached 1.05 yuan. RMB.
The competition between the two companies is fierce, and they are inconsistent with each other in the expansion of overseas businesses. After Sany Heavy Industry successfully acquired Putzmeister this year, Zoomlion revealed to the outside that Zoomlion received filing invitations from Putzmeister after receiving bid invitations, and received information from the National Development and Reform Commission. The approval of the agreement was only due to the more flexible negotiation strategy of Sany Heavy Industry as a private enterprise, and the final acquisition failed. In 2009, Zoomlion acquired CIFA Italy, the third brand in the global concrete machinery industry.
According to Qiu Shiliang, chief analyst of Galaxy Securities' machinery industry, after the completion of these two acquisitions, the two concrete oligopolies in China will become global oligarchic oligarchs and will rewrite the competitive landscape of the global concrete machinery industry.
After the failure to acquire Putzmeister, Zoomlion did not stop. In March this year, Zoomlion listed and sold 80% of its wholly-owned subsidiary, Zhonglian Sanitation. On March 28, Zoomlion successfully issued a 400 million US dollar 5-year note with a low coupon rate of 6.875%. Enter the international capital market. Some analysts pointed out that Zoomlion's two initiatives are to hoard capital and prepare for a major merger and acquisition.
The dazzling performance of Sany Heavy Industry and Zoomlion made the other two domestic machinery giants XCMG and Liugong mechanically obscure.
Also at the end of March, Liugong released its 2011 annual report. The company achieved operating revenue of 17.878 billion yuan in 2011, an increase of 16.35% over the previous year; total profit of 1.512 billion yuan, a decrease of 16.56% over the previous year; and a net profit of 1.321 billion yuan, a decrease of 14.41% over the previous year. In view of Liugong’s declining gross margins, after the release of its annual report, many institutions such as Guojin Securities lowered their profit forecast for Liugong Machinery in 2012-2013.
In order to obtain a share of the high-margin concrete machinery industry among construction machinery, Xugong Machinery was confirmed by the purchase of German concrete machinery manufacturer Schwing, and wanted to work with Sany Heavy Industry and Zoomlion in this field. . However, as of this reporter's press release, the acquisition is still not finalized.
The hidden danger behind the light of course, Sany Heavy Industry, Zoomlion can domestic machinery giant performance is gratifying at the same time, still face many challenges and problems. The shortage of funds, the outflow of assets and technology, and the lack of innovation are also the crux of the entire machinery manufacturing industry.
After continued large-scale expansion, SANY relies heavily on financial pressure. The financial report shows that Sany Heavy Industry’s operating activities in the first half of 2011 generated a net cash flow of only RMB 251 million, compared with RMB 2.504 billion in the same period of last year, which was only 10% of the same period of last year.
However, the "lack of money" situation of Sany suddenly changed significantly in the 2011 annual report. Ben Wang reporter noted that Sany Heavy Industry achieved 2.279 billion yuan of operating cash flow (including 937 million government subsidies) throughout the year, while operating cash flow was -5.116 billion yuan in the first three quarters of 2011.
"The reason why Sany Heavy Industry's cash flow turned better was that we strengthened the collection of foreign goods in the fourth quarter of 2011." Chief Financial Officer of Sany Heavy Industry and Xiaomi Xiao of the Board of Directors explained: "In addition to the increase in construction projects of downstream customers, the return payment improved and reversed. The operating cash flow is negative."
According to the annual report, the accounts receivable of Sany Heavy Industry reached RMB 11.304 billion, up 97.36% year-on-year, more than double the company's operating revenue year-on-year increase, and the company's inventories also reached RMB 8.134 billion, an increase of 43.03% year-on-year. The sharp increase in accounts receivable and inventory will threaten the company's capital chain.
Sany Heavy Industry's chief financial officer and secretary Xiao Youliang responded by saying: “Because the cash flow has been caught tightly, now it is correct that such cash flow is already very good.â€
At the 2012 Boao Forum for Asia, some guests expressed concern that the domestic high-end manufacturing industry will experience an accelerated “outflow†trend. In recent years, high-end manufacturing companies such as Wanxiang Group, Huawei, and Sany Heavy Industry have been accelerating their overseas deployment. Sany Heavy Industry currently has 30 overseas subsidiaries, has built 15 logistics centers around the world, successively established R&D facilities in developed countries such as the United States, Germany, and Japan, and established industrial parks in countries such as Brazil and India, but Sany Heavy Industry is responsible for the People spoke of the view that China’s large-scale enterprises have turned overseas and can avoid foreign trade barriers through localization and “preoccupy†overseas markets.
The guests from the Boao Forum for Asia indicated that on the whole, the opportunities and challenges brought about by the “outflow†of some high-end manufacturing industries in the country coexist. Of course, if China's reforms are stagnant, it may lead to high-end manufacturing industries being "inside the bag" by developed countries.
Also in the Boao Press Forum, innovation became one of the key words for this forum. “To build a new comparative advantage, we must first enhance the industry’s ability to independently innovate.†Dong Mingzhu, president of Gree Electric, spoke at the sub-forum on manufacturing. Innovation is also seen as a top priority in high-end equipment manufacturing.
Statistics show that Hunan's machinery and equipment industry has 17 state-level enterprise technology centers, accounting for 60% of the total number of state-level enterprise technology centers in the province; and it has 76 provincial-level enterprise technology centers, accounting for 52% of the province. Sany Heavy Industry and Zoomlion have authorized national invention patents, reaching 158 and 92 respectively.
In 2011, Zoomlion's carbon fiber boom technology was widely used to lead the historic transformation of the world's concrete pumping vehicle manufacturing technology; Sany Heavy Industry repeatedly refreshed the world record for concrete boom trucks and launched a new concept of the E series last year. Concrete conveying equipment.
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On the eve of the Qingming Festival, Hunan Province held a working conference on the machinery and equipment industry in 2012. The meeting announced that the total output value of Hunan's machinery industry exceeded 600 billion in 2011 and will continue to advance toward the “trillion-dollar industryâ€.