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The IPO of Senyuan road and bridge is suspected: the gross profit has fallen for three consecutive years, and the performance risk is huge

the IPO of Senyuan road and bridge is suspected: the performance risk of gross profit has fallen for three consecutive years is huge

China Construction Machinery Information

Guide: Senyuan road and bridge is a private company engaged in the production of road maintenance machinery, which was born in 2004 and completed the restructuring in 2007, The company's main products include pavement snow removal and cleaning equipment, large-scale asphalt pavement in-situ recycling equipment and preventive maintenance equipment. From the perspective of gross profit margin, due to

Senyuan road and bridge is a private company engaged in the production of highway maintenance machinery in Anshan City, Liaoning Province. It was born in 2004 and completed the restructuring in 2007. The company's main products include pavement snow removal and cleaning equipment, large-scale asphalt pavement in-situ recycling equipment and preventive maintenance equipment

in terms of gross profit margin, due to the rise in the cost of automobile chassis, in the past three years, Gross profit margin "We are very flexible to meet the needs of customers, showing a downward trend year by year, indicating that the company has a certain risk of gross profit margin fluctuation.

we have noticed that as a large-scale local recycling equipment for asphalt pavement, the sales volume of thermal regeneration unit in 2010 was 3 sets, with a sales volume of 48.72 million yuan, accounting for 37.4% of the total revenue. In other words, the sales unit price of this product was as high as 16.24 million yuan/set.

due to the single thermal regeneration unit The price is high and the sales account for a large proportion. Order based production is adopted. From 2008 to 2010, the sales proportion of this product reached 43.2%, 30.59% and 37.4% respectively. In the future, once the order volume of this product is reduced, it will have a great impact on the performance of the company. The characterization of metal mechanical properties

gross profit margin fell for three consecutive years

from 2008 to 2010, the company's comprehensive gross profit margin was 58.95%, 52.89% and 52.48% respectively, showing a downward trend year by year

from the situation of the three major categories of products, the main reason for the decline in the comprehensive gross profit margin in 2010 was the decline in the gross profit margin of the road snow removal and cleaning equipment business, which fell sharply from 48.43% last year to 41.45%

further analysis shows that in the company's business of road snow removal and cleaning equipment, the sales of snow removal spreaders account for the largest proportion, reaching 78.2%, 81.1% and 82.4% respectively from 2008 to 2010. The gross profit margin of this product has fallen sharply in these three years, 54.2%, 46.4% and 37.9% respectively

the company explained that due to the rise in the chassis price of snow removal spreaders, the unit chassis costs were 141800 yuan, 161600 yuan and 174300 yuan from 2008 to 2010, respectively, which led to the decline in the gross profit margin of the product

is this the case? The average cost of the snow removal spreader provided in the prospectus from 2008 to 2010 is 202900 yuan, 223300 yuan and 265800 yuan, that is, if the cost of the car chassis is excluded from the total cost, the cost of the remaining parts is 6. 5% It has promoted the efficient utilization of direct coating process with design flexibility, production simplification and low-carbon environmental protection, with 110000 yuan, 70700 yuan and 91500 yuan

after excluding the chassis cost, the cost of other parts of the product is also rising. In 2010, the chassis price increased by 12700 yuan, a range of 7.9%, while the cost of the remaining parts increased by 20800 yuan, an increase of 29.4%

therefore, regardless of the absolute increase amount or increase range, the cost increase of other parts except the chassis of the snow spreader exceeded that of the chassis. The primary reason for the decline of the company's gross profit margin in this business is not the so-called chassis price rise, but the loss of control over the overall cost of the product

the company attributed the rising cost to the national environmental protection policy. From the above analysis, it can be seen that this may be just an excuse for the company's inability to control the cost

what's worse is that while the cost of snow removal spreaders is rising, the sales price is falling. The average sales unit price in 2010 was 427700 yuan, a slight decrease of 1.3% year-on-year

as the product faces fierce market competition, the sales price is still likely to decline in the future. Although the company's prospectus said that its gross profit margin had been in the recovery channel, there was still great uncertainty about the profit level of the business on the whole

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