主营介绍

  • 产品类型:

    铁路接触网系列产品、铜母线系列产品

  • 产品名称:

    铁路用接触线 铁路用承力索 电气用铜母线以及铜制零部件

  • 经营范围:

    铜和铜合金承力索、电工合金、铜接触线、铜合金接触线、母线、扁线、银铜梯排、异型排、换向器片、铜和铜合金管材、棒材及其铜和铜合金制品、铝和铝合金制品的制造、加工;机械设备、电子产品的销售;自营和代理各类商品及技术的进出口业务,但国家限定企业经营或禁止进出口的商品和技术除外(依法须经批准的项目,经相关部门批准后方可开展经营活动)。

运营业务数据

最新公告日期:2018-04-17 
业务名称 2017-12-31 2017-06-30 2016-12-31 2015-12-31 2014-12-31
铁路接触线销量(吨) 6090.20 3530.21 4167.00 4970.10 5013.37
铁路承力索销量(吨) 4217.95 2271.37 7001.91 5922.28 7784.95
铁路承力索产量(吨) 3779.87 2208.92 6863.98 6368.16 6852.60
铜母线销量(吨) 1.52万 6602.43 1.22万 1.16万 1.36万
铜母线产量(吨) 1.53万 6613.53 1.27万 1.09万 1.36万
铜制零部件销量(吨) 1375.46 710.53 1349.27 1241.00 1301.38
铜制零部件产量(吨) 1480.76 738.45 1344.49 1304.40 1356.65
铁路接触线产量(吨) 4730.43 2333.75 5253.21 4420.06 6163.03

主营构成分析

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营业收入 X

单位(%) 单位(万元)
注:通常在中报、年报时披露 
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 利润比例 毛利率
按行业 铜压延加工业 12.84亿 100.00% 11.35亿 100.00% 100.00% 11.59%
按产品 铜母线 7.10亿 54.72% 6.64亿 58.51% 31.01% 6.50%
铁路接触线 2.73亿 21.00% 2.28亿 20.09% 29.94% 16.34%
铁路承力索 1.75亿 13.49% 1.58亿 13.90% 11.63% 9.89%
铜制零部件 1.26亿 9.71% 8521.56万 7.51% 27.42% 32.38%
主营业务-其他 1408.16万 1.08% - - - -
按地区 境内 12.68亿 96.55% 11.32亿 97.62% 88.55% 10.78%
境外 4525.93万 3.45% 2757.82万 2.38% 11.45% 39.07%

董事会经营评述

  一、业务回顾和展望  报告期内驱动业务收入变化的具体因素报告期内,公司经营管理层按照董事会制定的经营发展方针及目标开展工作,深化经营及管理创新,规范公司运营及管理,有效的控制了公司的运营成本和经营风险,提升了公司的运营效率和竞争力。公司在激烈的行业竞争中,积极做好产品结构及市场结构调整及布局,在做好国内市场的同时,积极开拓国外市场,保证公司平稳健康发展。  报告期内,公司认真贯彻执行2018年度经营计划,积极开展各项工作,共实现营业收入338,369,180.48元,较上年同期增长17.60%;归属于上市公司股东的净利润为17,393,036.34元,较上年同期增长4.09%,公司经营业绩... 查看全部▼

  一、业务回顾和展望
  报告期内驱动业务收入变化的具体因素报告期内,公司经营管理层按照董事会制定的经营发展方针及目标开展工作,深化经营及管理创新,规范公司运营及管理,有效的控制了公司的运营成本和经营风险,提升了公司的运营效率和竞争力。公司在激烈的行业竞争中,积极做好产品结构及市场结构调整及布局,在做好国内市场的同时,积极开拓国外市场,保证公司平稳健康发展。
  报告期内,公司认真贯彻执行2018年度经营计划,积极开展各项工作,共实现营业收入338,369,180.48元,较上年同期增长17.60%;归属于上市公司股东的净利润为17,393,036.34元,较上年同期增长4.09%,公司经营业绩保持稳定增长态势。
  报告期内,公司围绕发展战略和2018年年度经营计划,积极推进各项工作的贯彻落实,在研发、生产、市场、管理等各个方面,继续保持稳步提升。报告期内,公司年度计划正常执行,后续公司将继续基于在技术和市场等方面的积累和优势,努力完成全年的经营计划和目标。公司年度经营计划不作调整.

  二、重大风险提示
  1、市场竞争风险
  公司主营业务产品属于铜加工行业中的电气化铁路接触网和铜母线两个细分领域。
  其中,电气化铁路接触网系列产品行业资质管理严格、准入门槛较高,当前市场集中度较高,国内10家左右主要厂商占据了绝大多数市场份额,其中本公司市场份额领先,行业竞争格局较为稳定。由于铁路建设行业前景良好,未来不排除部分具有资金和规模实力的铜加工其他细分领域厂商逐步进入电气化铁路接触网细分市场,从而导致该行业市场竞争加剧、本公司市场份额降低的风险。
  铜母线系列产品应用广泛、总体市场容量较大,但企业规模普遍较小、市场集中度较低,尤其是低端铜母线产品同质化严重、市场竞争激烈。公司若不能根据市场环境变化,持续优化产品结构、开发高附加值产品,不排除未来市场进一步竞争加剧进而对公司铜母线系列产品业绩造成不利影响。
  2、下游行业市场需求变动的风险
  公司电气化铁路接触网系列产品主要应用于铁路建设工程领域,铁路建设工程受国家关于铁路建设规划的政策影响较大。
  我国近十年来铁路建设速度不断加快,铁路运营总里程数不断增加。根据《铁路"十三五"发展规划》,在"十三五"期间,我国铁路营业里程达到15万公里,其中高速铁路3万公里,电气化率达到70%左右,相关规划投资规模较大。但未来仍然存在受规划调整、资金不到位等因素的影响,铁路实际建设进度未实现预期的可能性,从而导致铁路接触网下游总体市场需求增长减缓的风险。
  铜母线系列产品主要应用于电力系统中各类输配电设备和发电设施,电力投资受宏观经济周期及固定资产投资规模的影响较大。近年来,宏观经济景气度下滑、固定资产投资增速放缓,根据国家统计局数据,2014年-2016年全国固定资产投资增长率分别为15.00%、9.88%、8.10%,呈逐年降低趋势。未来全国固定资产投资规模增长若进一步放缓,电力系统投资增长也将受到制约,从而导致铜母线下游市场需求增长减缓的风险。
  3、原材料市场价格波动风险
  公司产品所需主要原材料电解铜占公司成本的比例超过90%,电解铜市场价格波动会直接导致公司原材料成本和产品价格的变化。公司按照以销定产的模式实施生产和采购,期末存货均有订单对应,存货控制良好,并采用"原材料价格+加工费"的定价模式,加工费相对稳定。对于交货期短的近期订单,公司可将价格波动的因素直接转嫁给下游客户;对于交货期长的远期订单,公司通过购买电解铜期货的方式实现套期保值,以规避价格波动风险。因此,报告期内,原材料市场价格波动并未对公司整体业绩产生重大不利影响。
  但公司未来若不能持续加强采购及存货余额管理并对远期订单有效实施套期保值,则将面临原材料价格波动的风险。其中,在原材料价格大幅上涨时,公司面临由于成本上升而导致远期订单业务毛利率下降的风险;在原材料价格大幅下跌时,公司面临存货减值的风险。
  4、管理风险
  公司通过多年的持续发展,已建立了较稳定的经营管理体系。但随着公司主营业务的不断拓展、产品结构的逐步优化,尤其是本次股票发行募集资金到位后,公司资产规模、业务规模等都将迅速扩大,与此对应的公司经营活动、组织架构和管理体系亦将趋于复杂。同时,随着本次股票发行募集资金投资项目的逐步达产、设备技术水平的提升、产品品种及产量的增加,也要求公司经营管理水平不断提高。公司存在能否具备与之相适应的管理能力,并建立有效的激励约束机制以保证公司持续健康发展的风险 收起▲