Extremely well developed in the automotive industry in Germany

With prices continued to rise in recent years, Moutai terminal sales price to achieve a Today, most people’s eyes, is not Moutai wine on the table, but a luxury. However, with so much noise loudly Maotai high margin difference is not significant mountain dew highway listed company, its gross profit margin has long been quietly approaching the Maotai!

Analysis

Chongqing, the first three quarters last year, gross profit margin 89.14%
Bridge

According to statistics, as of the end of 2010, China’s highway mileage has reached 74,000 km, after the United States, ranking second in the world. Experts predict that the

At present, the Shanghai and Shenzhen, a total of 19 highway companies. Data from the public, these companies sales margin alarmingly high: one, 50% of the gross common, 60%, 70% or even 80% can also be seen.

From 2011, three quarterly data, listed on the Shanghai and Shenzhen stock markets 19 highway up to the company’s overall gross profit margin 59.27%, far exceeding the profits of the real estate industry accused of 30-40% gross margin.

Specifically, the Chongqing Road & Bridge is a high-speed plate margin in the championship. First three quarters of 2011, Chongqing Road & Bridge surprisingly reached 89.14% gross profit margin. The 2010 and 2009, gross profit margin is high in Chongqing Road & Bridge, were 88.26% and 86.64%. Such a high gross margin, gross margin even with the recognized high-end wine compares favorably. Moutai first three quarters of 2011 gross margin was 91.53%, to 66.01% Wuliangye, Shanxi Fen is 76.13%.

Highway in the A-share listed companies, the gross margin followed by investment in Chongqing Road & Bridge in Hunan, the first three quarters of 2011 gross margin was 73.23%. In addition, Fujian Expressway, Dongguan Holdings, Chutian high-speed, Anhui Expressway, Heilongjiang traffic, Hainan, high-speed, modern investment, Zhongyuan Expressway Shenzhen Expressway and the first three quarters of 2011 gross margins were above 60%, the lowest gross margin Guangdong Speed ​​also has 48.22%.

Observation

Why is the highway for both public utilities to charge?

High expressway highway margin reminiscent of the high fees. Earlier the State Council promulgated the Ministry of Transport, Development and Reform Commission, Ministry of Finance and other ministries, 5 May 2011 issued a notice has also stressed the

However, the authoritative statistics show that 95% of China’s expressway, highway, 65% are toll roads. Many of them, or extended charges, excess charges.

Both for public utilities, why pay? It is reported that roads and highways, including repayment of commercial highway. Road toll to pay off the loan repayment; operating road not only to recover the investment, but also to generate income. Before, Beijing Jiaotong University Beijing News quoted the words of the European State, public goods, providing the public with convenient services.

The Peking University professor Wang Xi received zinc had Xinmin Evening News interview that the construction. China’s situation is that both the government loan to build and then sell it, or the involvement of social capital must pay by the local Social capital came in, and what does it make money?

Stones from other hills

United States: only 8.8% of high-speed toll

In the United States, a total of over 90,000 km of highway, only more than 7800 kilometers of toll road, accounting for 8.8%. Driving on the highway in the United States, few can see the toll station, even the occasional road charges, the cost is very cheap, usually 2-20 dollars. The reason why costs low, because the highway has been built, it’s essential to maintain funding from the federal government’s tax revenue, state government only through some of the dilapidated old highway toll for the maintenance and upkeep.

Germany: more than 12 tons truck charges

Extremely well developed in the automotive industry in Germany, the state’s financial commitment to the territory of all highway construction and maintenance costs, the implementation of free bus, 12 ton cargo truck classification fee billing.

UK: Most high-speed free

And the world in many other countries, the vast majority of Britain’s motorway sections are not charged, only the individual bridges, tunnels, near Birmingham, and dozens of miles of private road charges.

Japan: charged at the standard national unity

In Japan, most of the highway according to mileage fees charged at the standard national unity. Among them, a variety of discount methods be called a major feature. Such as the mileage on the highway at 100-200 km between, beyond the 100 km section to 25% discount if more than 200 km, the excess may be 30% discount. In addition, the vehicle for installation of the ETC, the company issued in accordance with highway access time and frequency to give the toll discount system.

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