Polaris Smart Grid Online News: In 2012, the economic situation was still severe and complicated, and the continuous increase in pressures, which affected economic growth, still had more negative impacts on transmission, distribution and control equipment industries. The main performance is the turmoil in the highly-debtful financial market, bringing certain risks to the transmission, distribution and control equipment industry. Under the economic development expectation in 2012, the profitability of China's power transmission and distribution and control equipment industry will decline due to the impact of the international environment, but it will maintain the growth trend.
I. Size of the industry: steady expansion and growth rate
In 2011, the production of power transmission and distribution and control equipment industry was relatively stable, and the output continued to grow rapidly. The expansion rate of the industry remained relatively stable. By analyzing specific data, the number of enterprises above designated size has been substantially reduced due to changes in statistical standards and the implementation of industry mergers and reorganizations; the number of employees has also been relatively reduced, and the industry’s production efficiency has increased; the growth rate of assets in 2011 and 20101 In November-November, the growth rate was basically flat, and the growth rate of debt in 2011 was 3.42 percentage points higher than the growth rate in January-November 2010; debt growth rate was higher than the growth rate of assets, and the level of corporate debt ratio increased. It shows that the industry's level of benefits has not improved significantly.
Statistics on Key Indicators of Transmission, Distribution and Control Equipment Industry in 2007-2011
Second, financial costs have greatly increased corporate financing costs
In 2011, the sales revenue of the power transmission and distribution and control equipment industry increased significantly, and the related costs also increased in varying degrees. The growth rate of sales expenses was less than the growth rate of sales revenue. The industry's control over sales expenditures performed well. The increase in administrative expenses increased by 21.30% year-on-year. The expenditure on financial expenses increased by 41.49% year-on-year. The increase was significant. .
In 2011, due to the increase in loan interest rates, corporate financing costs have risen sharply, and transmission and distribution and control equipment manufacturing industries are capital- and technology-intensive industries, and the demand for funds is large. Monetary policies have tightened corporate capital costs to a clear upward trend. Expenses increased significantly.
From the perspective of share, the ratio of sales expenses and management expenses to sales revenue decreased in 2011, while the proportion of financial expenses increased.
In general, the development of the power transmission, distribution and control equipment industry in 2012 is gradually improving. Although some sub-sectors cannot maintain high-speed growth, they will maintain a good momentum of development for sub-sectors such as power electronics and wire and cable.
However, in 2012, the increase in uncertainty and changes faced by the power transmission and distribution and control equipment industry was complex, and the risk factors increased. The main risks in the steel industry include: uncertain risks in the domestic and international economic environment; risks in industrial policies; risks of supply exceeding demand and unbalanced supply and demand; risks in changes in raw material prices; risks of weakening demand; risks in the export market. The risk of rising RMB exchange rates; industry consolidation risks; structural overcapacity and phased excess capacity risks.
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