养羊有七大禁忌，养羊户切记

　　The railway parts industry outperforms the entire vehicle industry in terms of revenue and gross profit margin growth. The rapid and sustained growth rate of vehicle procurement expenditure by the Ministry of Railways lays the foundation for the annual revenue growth of the railway equipment industry. During this period, the cost rate will also continue to decline, and the relative valuation advantage will reappear, maintaining the industry's leading market B rating. The year-on-year growth of vehicle procurement expenditure by the Ministry of Railways lays the foundation for the annual revenue growth of the railway equipment industry.

　　The acceleration of railway construction has significantly accelerated the growth of railway fixed assets investment in the first two months of this year, including the increase of locomotive and vehicle purchase and renovation expenditure of more than . Although this is not fully reflected in the income of relevant enterprises for the time being, we believe that the railway fixed assets investment can be maintained at least above 60% this year, which will lay the foundation for the annual income growth of the railway equipment industry.

　　From the perspective of segmented industries, the revenue growth of the parts industry is faster than that of the entire vehicle industry. From the perspective of segmented industries, the revenue growth rate of the entire vehicle industry from January to February this year was only 6% (the year-on-year decrease in production of freight cars and locomotives was close to 50%, while passenger cars saw a significant increase of 167%), while accessories and specialized equipment still maintained a rapid growth rate (both above 35%).

　　This is mainly because: although the demand for most complete vehicles has decreased, production enterprises are still optimistic about medium to long-term demand growth, so the procurement of accessories still maintains a significant growth; The maintenance requirements for accessories are relatively rigid; The export competitiveness of accessories is relatively high, and the impact of declining demand in overseas markets is also relatively small. We expect the annual increase in passenger car production to be over 50%, the decrease in freight cars to be around 20%, and locomotives to remain basically flat. The revenue growth of accessories is still faster than that of the entire vehicle, but the gap will narrow.

　　The gross profit margin of the industry has increased, and the gross profit margin of the accessories industry has also increased relatively more. At present, except for passenger cars (including high-speed trains), the capacity utilization rate has decreased to less than 50%, which has a negative impact on the industry's gross profit margin. However, the rapid decline in steel prices since the second half of last year has greatly offset the negative impact mentioned above, resulting in a steady increase in the industry's gross profit margin in the first two months of this year (an increase of 1 percentage point compared to the same period last year).

　　From the perspective of segmented industries, the gross profit margin of the railway parts industry has increased faster than that of the entire vehicle, because the decrease in capacity utilization rate of the parts industry is significantly smaller than that of the entire vehicle; The exposure of the accessories industry to steel is higher; The production cycle of accessories is relatively short, and the speed of cost reduction is also relatively fast.

　　This leads to a more significant increase in the gross profit margin of the accessory industry, while the prices of accessory products are equally stable as those of the entire vehicle. Although the production capacity utilization rate will increase and steel prices will be relatively stable in the second quarter, the prices of some products may decrease, which will result in a slight decrease in the gross profit margin of the parts industry in the second quarter, while the gross profit margin of the entire vehicle industry is likely to remain basically unchanged or slightly increase. In the long run, the gross profit margin will continue to rise steadily.