In September 2008, the North American auto market, the world’s largest auto market, saw an average decline of 26.6%, which is unprecedented in the past 50 years. Due to the sluggish market and rising international oil prices, the North American auto market has been declining since the beginning of the year. Recently, under the influence of the financial crisis, the sales volume of the European market has also dropped significantly. Under the premise that global vehicle manufacturers are facing crisis, the engine industry has become one of the most important "reducing valves" for automakers.
Influenced by many factors such as the international environment, China, as the world's largest engine producing country, is also facing severe challenges. It is understood that in the first three quarters, the Chinese auto industry showed a trend of high growth, low growth, and especially in the third quarter, the growth rate of production and sales slowed down significantly. Affected by the vehicle market, the decline in the domestic engine industry has begun to take shape. An industry source told reporters: “The engine industry has experienced rapid growth in recent years, but the current situation is very serious! It seems that this year, even next year, it will be very difficult. Keep the previous growth rate."
Reduced inventory pressure on orders
Since the beginning of this year, the market competition within the engine industry has become fiercer, raw material and Spare Parts purchase costs have risen, fuel and power costs have risen, and national environmental protection policies have become more stringent. In addition to the financial crisis, many factors have made many companies worse. Recently, Changchai has lowered its forecast for third-quarter results, saying that the company will lose about 15 million yuan in the first three quarters. It is understood that the sales of single-cylinder diesel engines, one of Changchai's main operations, have fallen sharply in the third quarter, with sales of only 169,000 units, down 30.38% year-on-year. Galaxy Power also announced that it expects to lose between RMB 11.5 million and RMB 14 million in the first three quarters of 2008.
It is understood that since the beginning of this year, the growth rate of the manufacturing industry in various countries has gradually slowed down, especially affected by the financial crisis, and companies have started to reduce their production scale. Affected by the reduction in overall plant output, the order volume of the internal combustion engine industry was also affected to varying degrees, and inventory pressure increased.
Xie Guozhong, deputy manager of Changchai Sales Co., told reporters that "in the past one or two months, the company's orders have decreased a lot." It is understood that Changchai is currently actively reducing its inventory and avoiding possible risks. When the reporter asked how much they would shrink the stock, Xie Guozhong did not disclose the specific figures, but said "compressed to our estimated market demand."
Chen Bufei, general manager of Zhejiang Yinlun Machinery Co., Ltd., told reporters, “This subprime mortgage crisis in the United States has caused a series of changes in the economic situation. Domestic and foreign markets have shrunk, orders have decreased, and due to the appreciation of the renminbi against the US dollar. It also caused some impact on our exports. According to Chen Feifei’s introduction, the company’s inventory increased compared to last year, mainly due to the significant increase in the production of silver wheel shares this year, so it seems that the increase in inventory is not How much pressure on business operations. He said that the company has always paid special attention to the control of inventory and capital withdrawals, and there are special people responsible for it.
Dongfeng Chaochai, deputy general manager of Zhao Haigang told the reporter: “The depreciation of the dollar, the export is difficult to do ah! The company's orders have decreased, although the impact on our company is not big, but overall, the impact can not be ignored.†It is understood that as a domestic The leading company in the internal combustion engine industry, Weichai's orders have also been reduced.
From the situation that the reporter has learned, the industry situation is not optimistic. At present, although some large companies do not feel how cold the market is, it is undeniable that the market has indeed declined, and the decline rate is not small, and the dilemmas faced by enterprises have begun to show.
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Cash is a king of many measures to deal with
In the face of a shrinking market and deteriorating economic environment, many companies have lowered their market expectations and gradually adjusted their production and business plans.
A few days ago, Binzhou Pistons disclosed a number of investment proposals with an investment amount of up to 373 million yuan, but the three of the larger proposals were voted against by independent director Xing Hao.
Xing Hao believes that in 2008 the country's overall economic situation is not good, and the company's debt ratio is high, and project investment should be prudent.
Xie Guozhong told reporters, "It is estimated that next year's situation will be more severe, the company will reduce the overall investment scale. Originally planned to invest in a major technical transformation project, given the current severe situation, this project will be adjusted, may postpone or Reduce capital investment. It is understood that Changchai has been constantly adjusting its product mix in recent years and has begun to expand export value-added products since the first half of the year. Xie Guozhong stated that “Changchai currently focuses on the export of complete machines. The company attaches great importance to overseas markets and hopes to make breakthroughs in exports.â€
In the turmoil of the entire economic situation, it is the most important thing to cling to cash. Although the extent to which the macroeconomic situation will decline in the future is unknown, the global economic downturn is a foregone conclusion. Therefore, the integrity of the capital chain is the best way to guarantee the smooth transition of enterprises.
When a reporter asked whether Chaochao would slow down the investment plan next year, Zhao Haikou replied, "The company's investment plan will not be adjusted. Although the financial crisis has spread to the world, but Dawnwood will not slow down the pace of development, the company will be more Every investment is handled with care. Each of our projects is carefully evaluated and examined. The company will continue to implement technical reform funds next year."
As a major supplier of internal-combustion engine parts, Yinlun has begun to expand its product range to the fields of supporting construction machinery and agricultural machinery. Chen Feifei said that "the silver wheel is no longer simply pursuing a single product market share. At present, it is mainly expanding the coverage of products and increasing product categories. It has already achieved achievements in some aspects. A single product structure is not conducive to the long-term development of the company. After the Third Plenary Session of the 17th CPC Central Committee, accelerating the construction of a new socialist countryside is good news for agricultural machinery companies, and we will also benefit from this." In addition, in order to avoid the risk of USD depreciation against the RMB, Yinlun shares were signed Forward exchange rates and other ways to protect interests, and to reduce production costs by expanding the scale of imported raw materials, importing foreign equipment.
Opportunity is greater than challenge
At a press conference commemorating the 100-year event of the internal combustion engine, when a reporter asked about the impact of the current financial turmoil on China’s internal combustion engine industry, Chang Guochao’s chairman Xue Guojun replied: “In the face of the financial turmoil, opportunities for the industry More than the challenge.†He also said that although China is currently a large-scale internal-combustion engine, it still has a long way to go before it is strong. The development of the internal combustion engine in China requires the joint efforts of both hands. One is only a policy-guided hand, and the other is the invisible hand of the market.
The Ministry of Finance of China and the State Administration of Taxation jointly announced on October 21 that the export tax rebate rate for 3,486 items will be raised from November 1, 2008, and this adjustment will also increase the export tax rebate rate for high value-added goods. According to Shi Yaobin, Director of the Taxation Department of the Ministry of Finance, this move will help guide companies to optimize the structure of their export products and accelerate the pace of industrial upgrading.
It is understood that the appreciation of the renminbi against the US dollar has increased the export pressure of domestic enterprises, of which the most influential ones are low-value-added products. This requires domestic internal combustion engine companies to focus on the technological content of products and adjust the product structure.
China's internal combustion engine industry is temporarily unable to rely entirely on its own strength to achieve a strong international competitiveness. Therefore, the company has adopted a model of cooperation with multinational companies on a large scale and at various levels. However, in addition to relying on other people's technologies, developing its own innovation capabilities is even more important. It is the most important thing. Zhao Haigang said, "Each company should have its own position, and technological development is the only way."
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