Chongqing Machinery & Electric Co., Ltd (CQME) is engaged to manufacturing and sales of parts of commercial vehicles, general machinery, and numerically-controlled machine took and power facility, covering sectors of machinery, automobile and power facility. By cooperating with American Cummins, it introduces large-power engine technology and endeavors to localize it so as to promote the rapid development of large-power diesel engine field.
Sales in the first half year: the company realizes a sales income of 4.857 billion RMB, up by 8.2% year on year. Gross profit rate rises by 10.8%. Taking the trade and finance business out of the sales, the gross profit rate levels off with last year (12.1%). The net profit rate decreases to 4.7% from 6.9% in the same period of 2012.
Diesel engine industry bottoms up with great potentiality in medium and high-level market: in the first half year, production and sales of diesel engines in the whole country are 1.939 million units and 1.953 million units. With the trend towards large-ton and large-power trucks, the correspondent large-power products see a rising market share.
Teaming up with Cummins to enlarge market share in medium and high level engine segment: In August, 2013, the company signs cooperative agreement with American Cummins to introduce the world leading platform for QSK50, QSK60 and QSK72 large-power diesel engine and establish a new production base. It targets at 1 billion USD sales income in 2017 and 2 billion in 2022. it will develop a electric large-power engine with independent intellectual property right to localize large-power engine step by step.
Highlights in power facility and general machinery business: in the first half year, it is awarded with two EPC projects of hydraulic power units from abroad. Its electric cable and electro porcelain products are awarded with a supplier qualification by State Grid. In general machinery business, the wind power blade and industrial pump enjoy good increase.
