We believe that the heavy-duty truck industry will have trading opportunities in the coming quarter. It is expected that the continued high sales volume in the second quarter and the strong growth of listed companies will become the upward catalyst for the company's share price. A-share key recommendation rankings: China National Heavy Duty Truck, Wind Vehicles, Weichai Power, and Foton Motor; Hong Kong stocks are ranked as China National Heavy Duty Truck and Weichai Power.
The market exaggerated the impact of the decline in fixed asset investment growth on heavy trucks. 1) The strong growth of logistics vehicles provided non-“investment†support for the heavy truck industry. At present, engineering-related heavy trucks account for only 40% of sales, while logistics vehicles account for 50% of sales. 2) The demand for product replacement during peak sales of heavy trucks in 2002-2003 started gradually from 2010 onwards. 3) There is more room for improvement in demand in the central and western provinces. With the development of economy, the demand for road freight transportation and the quantity of heavy-duty trucks in many inland provinces, mainly road transport and railway transportation, have ample room for improvement.
We believe that the heavy-duty truck industry is unlikely to make the same mistakes as the 2008 “volume (sales) price†deviation: 1. The current economy is in a clear upward phase of recovery; 2. The current round of sales growth has demand support (such as the Midwest, logistics Such as), compared with the one-time factors of the State III switch in 2008 more persistent; 3, the pressure of the conduction cost of the company increased. The current capacity utilization rate of the industry is as high as 132.9%, and it will remain 100% or more throughout the year. For static analysis, for every 10% increase in steel prices, the gross margin of heavy truck manufacturers is squeezed by 1 to 1.5 percentage points. However, in the first quarter of 2010, manufacturers increased their prices by 1.5%, coupled with economies of scale economies and product upgrades brought about by increased capacity utilization. It is expected that the gross profit margin of heavy truck companies in 2010 will remain stable or even increase slightly.
Revise 2010 sales forecast to 838,000 units, a year-on-year growth rate of 31%, which is higher than the market expectation of 10% to 15%. In the first quarter of 2010, sales of heavy trucks increased by 166,000 units year-on-year, which contributed 82.2% of our annual growth forecast (202,000 units). Looking forward, April and May are still the traditional peak season for heavy trucks. Sales volume is still expected to remain high. Therefore, as long as there is no significant year-on-year decline in the second half of the year, heavy truck sales are more likely to exceed market expectations.
The macroeconomic risk response is sufficient. 1) The market expectation has already implied the hypothesis that sales volume dropped by 29% to 36.1% in the second half of the year. 2) The divergence of the "volume (sales) price" of the heavy truck industry in the first quarter and the current low-end valuation levels have fully reflected the above expectations. On the contrary, the CICC Macro Group predicts that investment growth this year may exceed expectations, mainly due to the strong investment impulses of local governments, the recovery of private sector demand, and the upward flexibility of central government spending. At the same time, the China Gold Strategy Group believes that there is no sign of overheating in the economy and macro-control risks are not significant. We believe there is an upward macroeconomic risk in the heavy truck industry.
The long-term drivers of heavy truck sales growth still exist. 1. Investment in fixed assets will maintain rapid growth; 2. Logistics demand is still rising; 3. Long-term growth of exports can be expected. It is expected that the growth rate of the industry in the next 3 to 5 years will remain at the level of 10% to 15%.
The upgrading of product structure will promote the stable improvement of profitability of leading enterprises. Emissions upgrading and transportation economy promote product structure improvement, barriers to entry have gradually increased, and industry concentration has steadily increased. The leading companies will continue to benefit from the increase in bargaining power brought about by the increase in industry concentration and the increase in profitability after the increase in product prices.
Overview: Honing is to use the honing head honing workpiece and finishing on the surface of the grinding machine. It is mainly used in automobile, tractor, hydraulic parts,
bearing, aviation and other manufacturing industries to honing the workpiece
hole. Honing Machine has vertical and horizontal two kinds.
Our company main product Vertical Honing Machine(half automatic and CNC ) and Horizontal honing machine.
Classification and characteristics:
1.vertical honing machine spindle working travel shorter, suitable for honing cylinder body and casing hole, etc.With oil stone Mosaic honing head driven by the placement of the vertical spindle rotation, at the same time in hydraulic device driver operating vertical reciprocating feed movement.(see picture)
2.Horizontal honing machine work schedule long, suitable for deep hole honing, depth of up to 3000 mm.The placement of horizontal honing head not rotating, axial reciprocating motion, workpiece by the spindle drive rotation, for lathe bed in the middle of the workpiece at the center of the frame and the supporting honing rod guide frame.In the machining process, the honing head oil stone in swell-shrink institutions operating radial feed, the workpiece processing step by step to the required size.A new type of honing machine adopts hydraulic swell-shrink honing head.Most of honing machine is semi-automatic, often with automatic measuring device, can also be incorporated in the automatic production line of work.In addition to processing hole honing conversion, processing and other surface of the cylindrical honing machine, bearing raceway honing machine, flat honing machine and surface honing machine, etc.(see picture )
Operation requirements
1.Honing machine operation has a certain technology, need a understand technical person, this person should be trained about grinding safe operating methods.And make necessary preparation before operation can be carried out
2.Check the lubrication part of the honing machine, especially the gearbox, see if there were any lubricating oil.If there is no oil, to all the oil injection hole filling.
3.Check coolant cleaner.If insufficient cooling fluid, coolant will be listed.Coolant to regular cleaning, not allowed to use a squalid coolant.
Continuous work two months later, the need for an oil change.Under normal circumstances, in the first quarter in oil at a time.The hydraulic oil 20 # engine oil should be adopted in general.An oil change, need to use kerosene oil filter and oil tank cleaning.
4.After the machine is idle for a period of time, in order to discharge the air in the hydraulic line, and check the work of each part is normal.
Machine with hydraulic oil temperature, generally does not allow more than 60 ℃, the highest must not exceed 65 ℃, otherwise the cooling measures should be taken or stop working.
5.Check the sharpening stone size is correct, whether the honing head increases and flexible, fastening oilstone seat spring is strong.
6.Adjust spindle rotation and reciprocating motion, make it meet the requirements of the process specification.
7.Measuring tool ready, and check the door of the work is normal, the precision of measuring whether or not up to standard.
8.Need to check in accordance with the requirements in place to ensure the personal safety and honing machine work in place.
PICTURE:
1.Half automatic honing machine (Also named ordinary honing machine)
Technical services include:
1. Pre-sale consultation and necessary process test;
2. Cooperate with the user to select suitable models and offer;
3. The machine installation, commissioning, test processing and training operators;
4. Equipment warranty troubleshooting and maintenance;
5. Warranty period of all kinds of services, including troubleshooting and maintenance
Honing Machine
Honing Machine,Hydraulic Honing Machine,Vertical Honing Machine,CNC Vertical Honing Machine
NingXia DaHe Machine Tool (Group) Imp And Exp Co.,Ltd , http://www.nxdhjcmachine.com