Summary of the Semi-annual Reports of listed Agricultural Machinery Companies: YTO, Weichai performance rose, Starlight Loss Serious ......

　　　Recently, several listed companies in the agricultural machinery industry have disclosed 2022 semi-annual report. Although there are not many listed companies in the agricultural machinery industry, but through the performance of several listed companies can also probably see the overall situation of the domestic agricultural machinery market in the first half of the year. In the first half of Tractor2022, the performance of YTO, which is mainly in the manufacturing business, was very bright, while the performance of Xingguang Agricultural Machinery, which is mainly in the crawler harvester manufacturing business, declined significantly. As for the revenue situation of listed companies such as Weichai Power, Zoomlion, New Research, Jifeng Technology and Swan shares, we reveal them one by one.

　　YTO shares hit another good result

　　　　In the first half of 2022, YTO achieved a total revenue of 6.630 billion yuan, up 17.73% year-on-year; net profit attributable to the mother company was 581 million yuan, up 13.71% year-on-year; net cash flow from operating activities was 3.276 billion yuan, up 385.85% year-on-year. In the domestic market, sales of medium and large tractors were 53,700 units, an increase of 18.31%; in the international market, exports of tractors were 2,478 units, an increase of 44.7%.

　　　　As a leading enterprise in the industry, YTO insists on the direction of high-level scientific and technological self-reliance and self-improvement, accelerates the research and development of core technologies, promotes the commercialization process of new products such as 180-320 horsepower stepless transmission and power shift, and actively meets the urgent demand for large and efficient agricultural machinery products for the development of modern agriculture in China. For the national four emission upgrade, a tractor shares will play diesel engine and host products supporting advantages, firmly grasp the transformation and upgrading opportunities brought by the national four switch, and do a good job of cost control and quality management of national four products, and strive to improve the reliability of the use of national four machine products and product competitiveness, "Dongfanghong" tractor machine has a comprehensive end of the year as scheduled The implementation of the national four switch capacity.

　　Weichai Power's agricultural machinery business grew significantly

　　　　In the first half of 2022, Weichai Power achieved total operating revenue of 86.740 billion yuan, down 35.90% year-on-year; net profit attributable to the mother of 2.387 billion yuan, down 63.34% year-on-year; net cash flow from operating activities was - 1.141 billion yuan. Among them, the business segment of agricultural machinery manufacturing (Weichai Lever) generated revenue of 8.590 billion yuan, accounting for 9.90% of the total revenue, up 23.83% year-on-year.

　　　　Weichai Lever focused on key technology research and development, and comprehensively shaped competitive advantages. Accelerate the development and manufacturing of large horsepower machinery and high-end intelligent farm machinery, 240 horsepower CVT tractors were delivered to customers in batch and received unanimous praise; 340 horsepower CVT tractors entered the product verification stage, with a total of more than 600 hours of verification; trial sales of non-road National IV products were smoothly promoted and the overall performance was good; complete the development of basic functions of intelligent farm management platform 2.0 and start large horsepower intelligent tractors The construction of new factory project was started to accumulate new momentum for future development.

　　Zoomlion's agricultural machinery business declined

　　　　In the first half of 2022, Zoomlion achieved total operating revenue of 21.299 billion yuan, down 49.82% year-on-year; net profit attributable to the mother company was 1.716 billion yuan, down 64.62% year-on-year; net cash flow from operating activities was 1.857 billion yuan, down 55.02% year-on-year. Among them, the operating income of the agricultural machinery manufacturing business segment was 1.095 billion yuan, accounting for 5.14% of the total operating income, down 31.93% year-on-year.

　　　　The report pointed out that the agricultural machinery segment of Zoomlion implemented the policy of "deep squatting and tamping the foundation, transformation and quality improvement", accelerated the construction of intelligent manufacturing technology reform with Wuhu base as the core, and improved the production efficiency and product quality of agricultural equipment; focused on new product development, high horsepower high-end tractor, paddy field tractor, crawler harvester, intelligent rice transplanters and many other new products completed operational experiments. New products to complete operational experiments, planting machinery product adaptability to upgrade the overall, higher degree of intelligence. Wheat machine, dryer, rice transplanting Rotary tillermachine domestic market share to maintain the forefront of the industry.

　　Jifeng Science and Technology turned a loss into profit

　　　　In the first half of 2022, Jifeng Technology achieved a total operating income of 1.279 billion yuan, an increase of 14.84%; net profit attributable to the mother of 504.93 million yuan, a year-on-year turnaround; net cash flow from operating activities was 104 million yuan, an increase of 339.81%. Among them, the operating income of the distribution segment was about 1.122 billion yuan, an increase of 18.66% year-on-year; the operating income of the agricultural machinery manufacturing segment (subsidiary Jilin Kangda) was about 156 million yuan, a decrease of 6.75% year-on-year.

　　　　Jifeng Technology continues to increase its efforts to reduce expenses and optimize the allocation of human resources in each directly-managed store, while strengthening the standardized management and target management of subsidiaries to ensure that net cash flow from operating activities continues to be positive by enhancing sales efforts and strengthening receivables management. At the same time, the Company has completed the implementation of partnership programs in five subsidiaries and continues to promote the implementation of related programs in other subsidiaries to stimulate front-line operational vitality and improve operational efficiency.

　　Serious losses of Xinyan shares

　　　　In the first half of 2022, Xinyuan achieved total operating revenue of RMB 557 million, up 38.42% year-on-year; net profit attributable to the mother company was RMB 70.7623 million; net cash flow from operating activities was RMB 65.13555 million, up 385.00% year-on-year. Among them, the operating income of agricultural machinery manufacturing segment is about 338 million yuan, up 172.86% year-on-year; the operating income of aviation equipment manufacturing segment is about 219 million yuan, down 21.30% year-on-year.

　　　　The report pointed out that, affected by the operation season of agricultural machinery products, the production quantity of Xinyuan shares in the first half of the year was much larger than the sales quantity, and the cash flow situation was poor. Due to the rapid growth of orders and large production investment this year, resulting in a significant increase in inventory and accounts receivable year-on-year. Although the management method of "pay-as-you-go" has been adopted and the management of payment for goods issued and prepayment has been increased, operating risks still exist. Xinyuan shares in the agricultural machinery segment will build a new value chain and find new profit margins through model innovation; develop new products and processes through technological innovation, improve product quality and reduce product costs; improve quality and efficiency, build product core competitiveness and promote the transformation and upgrading of the enterprise.

　　Starlight Agricultural Machinery's performance declined

　　　　In the first half of 2022, Starlight Agricultural Machinery achieved total operating revenue of 179 million yuan, down 35.87% year-on-year; net profit attributable to the mother of 23.1023 million yuan; net cash flow from operating activities was 53.5883 million yuan, up 1395.32% year-on-year. Among them, the sales Combine Harvesterrevenue of rice and wheat was 89.6292 million yuan, down 41.64% year-on-year.The sales revenue of baler was 34,483,600 yuan, down 39.29% year-on-year.

　　　　The report shows that Starlight Agricultural Machinery's next R&D and production will seek breakthroughs in the field of high-end agricultural machinery, accelerate the research of intelligent, large and comfortable agricultural machinery products, speed up the process of green and intelligent agricultural machinery, accelerate the layout of incremental electric agricultural machinery, and strive to complete the engineering prototype within the year. At the same time, Starlight Agricultural Machinery will also seek to incorporate new business sectors through acquisition or cooperation to form a "double main business" and open up new profit growth points.

　　Big financial risk for Swan

　　　　In the first half of 2022, Swan achieved total operating revenue of 146 million yuan, an increase of 8.34% year-on-year; net profit attributable to the mother of 4.054 million yuan, a decrease of 25.08% year-on-year; net cash flow from operating activities was -285 million yuan, compared with -69.7982 million yuan in the same period of the previous year. At the end of the reporting period, the book value of Swan's inventory was about 652 million yuan, accounting for 44.37% of the total assets, and the inventory accounted for a relatively high percentage. Meanwhile, during the reporting period, Swan provided guarantees for some customers who purchased cotton pickers by way of bank loans, with a balance of RMB 0.86 billion, accounting for 11.50% of the company's latest period audited net assets.

　　　　The report points out that Swan will grasp the market opportunity of the development of domestic baled cotton pickers, on the basis of the promotion of small batch production of baled cotton pickers in 2021, coordinate and integrate the company's resources, increase the introduction of cotton picker technology, manufacturing, quality inspection and other professional talents, optimize and improve the cotton picker R & D, manufacturing, process, supply chain, quality inspection, after-sales service system, Xinjiang Wujiaqu high-end cotton picker intelligent manufacturing production line The first half of 2022 has completed the installation and commissioning and put into trial operation, improve the cotton picker manufacturing capacity and manufacturing level, to ensure that the cotton picker production tasks completed on schedule.