SMTCL(SZ:000410) Jin Rong Jie·2025-07-18 02:58Core Viewpoint - Shenyang Machine Tool has experienced significant growth since its listing in 1996, with its market value increasing from 1.295 billion yuan to 15.782 billion yuan, reflecting the development of China's machine tool manufacturing industry, although its profitability has faced considerable pressure in recent years [1][3]. Business Overview - The main business of Shenyang Machine Tool includes machinery equipment manufacturing, machine tool manufacturing, mechanical processing, and import-export trade. Its core products are primarily divided into CNC machine tools, which account for 66.45% of revenue, and other products, which account for 26.46% [3]. - Since its listing, Shenyang Machine Tool has recorded a cumulative profit growth of -89.53%, with a net profit of 0.67 million yuan in 1996 and only 0.07 million yuan in the latest complete fiscal year of 2024. The company has reported losses in 6 out of the 29 years since its listing, with profit growth years accounting for 55.56% [3][4]. Financial Performance - Revenue analysis shows that Shenyang Machine Tool achieved 1.343 billion yuan in revenue in 2020, increasing to 1.504 billion yuan in 2024. The revenue has remained relatively stable over the past five years, but growth has been weak [4]. - In terms of profit, the company reported a net loss of 722 million yuan in 2020, turning to a net profit of 0.07 million yuan in 2024. Although the company has moved from deep losses to a slight profit, the scale of profitability remains minimal [4]. Market Value and Stock Performance - Since its listing, Shenyang Machine Tool's market value has increased by 11.19 times, indicating long-term investment value. The peak market value reached 33.29 billion yuan on May 20, 2015, with a stock price of 43.49 yuan. As of July 17, the stock price was 6.69 yuan, with a market value of 15.782 billion yuan, representing a decrease of 17.509 billion yuan from its peak, or a 52.59% market value evaporation [6].