Significant tax reduction in machinery manufacturi

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Machinery manufacturing: substantial tax cuts help the transformation and upgrading of the manufacturing industry. Recommend 9 shares

Event: on March 5, 2019, the government work report proposed to deepen the reform of value-added tax, reduce the current 16% tax rate of manufacturing and other industries to 13%, and reduce the current 10% tax rate of transportation and construction industries to 9%, so as to ensure that the tax burden of major industries is significantly reduced. We will rationally expand effective investment, accelerate the implementation of a number of key projects, and complete an investment of 800 billion yuan in railways and 1.8 trillion yuan in roads and water transportation. Give full play to the role of local government bonds. It is planned to arrange 2.15 trillion yuan of special local government bonds this year, an increase of 800 billion yuan over last year. Promote the transformation and upgrading of traditional industries, build an industrial platform, expand "smart +" and empower the transformation and upgrading of manufacturing industry

implement more large-scale tax cuts, and the profit margin of equipment manufacturing industry is expected to increase. Manufacturing industry is one of the highly competitive industries with relatively low profit margin. Reducing the current tax rate of 16% to 13% in manufacturing and other industries is a substantial profit transfer to the manufacturing industry and a major measure to reduce the burden of manufacturing enterprises and stimulate market vitality. It can effectively reduce the cost of manufacturing enterprises, improve the level of profit margin, and effectively improve the cash flow of the industry; It can also promote enterprises to increase R & D investment, speed up product upgrading and intelligent transformation of factories. The traditional manufacturing industry is expected to inject new vitality in the future

railway investment and local government special bonds continued to increase, benefiting rail transit equipment and construction machinery. The railway investment plan in 2019 is 800 billion yuan, exceeding the 732 billion yuan plan in 2018. Since the second half of last year, railway investment has accelerated, with an actual railway investment of 802.8 billion yuan in 2018. The railway investment plan for 2019 is to add some super hard data to help the rail transit equipment industry recover. In 2019, it is planned to arrange 2.15 trillion yuan of special bonds for local governments, an increase of 800 billion yuan over last year; Up to now, only 0.33 trillion yuan of local government special bonds have been issued. If considering the 0.43 trillion yuan of special bonds that will expire this year, it is estimated that 225 billion yuan will be issued on average in a single month. Investment in infrastructure construction is expected to increase in 2019, which will benefit the subdivided industries such as construction machinery

build an industrial interconnection platform, expand "smart +", and intelligent manufacturing helps the transformation and upgrading of manufacturing industry

to promote the high-quality development of manufacturing industry, promote the integrated development of advanced manufacturing industry and modern service industry, and take advantage of industrial interconnection platform to move towards intelligent manufacturing is the only way for the development of manufacturing industry in the future. In 2019, "interconnection + extruder as a critical processing equipment" will be upgraded to "smart +", which means the upgrading of innovative methods in the economic field. "Intelligence + manufacturing" will also be a strong driving force for the traditional manufacturing industry to promote 100% single component industrial interconnection, and it is also the general direction of the transformation and upgrading of the traditional manufacturing industry

investment suggestions: the 2019 government work report mentioned many measures to promote the development of the manufacturing industry, which is beneficial to the subdivided sections of the machinery industry, such as rail transit equipment, construction machinery and intelligent manufacturing. It is suggested to pay attention to:

Aston (002747), (,) (300024), tostar (300607), Kelai electromechanical (603960), () (601766), () (600031), Hengli hydraulic (601100), () (000852), () (002353), etc

risk tip: macroeconomic downturn, policy promotion is less than expected, and the process of technology transformation is limited


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