The recovery of sales data in March made the construction machinery industry usher in a long absence. According to the survey data of China Construction Machinery Business Network, in March 2012, 28 major excavator manufacturers sold 23,248 excavators, an increase of 48.85%.
Affected by the slowdown in investment and the strengthening of the macro-control of the real estate industry, the sales of excavators have deteriorated since May and June of last year. The entire construction machinery industry seems to have entered the winter. When the sales data showed a sequential increase in March this year, industry insiders can not help but exclaim: the inflection point is coming!
Is that really the case? Feng Fuzhang, an analyst at China CITIC Investment Group, told reporters that it is too early to talk about the industry inflection point, and the real turning point may come in May. The adjustment of the policy at that time will bring about an increase in infrastructure investment, which will form a real boost to the demand for construction machinery.
The reporter noted that the current low valuation of major listed companies in the construction machinery industry has also become a reason for attracting the attention of securities analysts. Sany Heavy Industry and Zoomlion have become the recommended targets.
March data warm up "artifact"
According to the statistics of the China Construction Machinery Business Network, in March 2012, 28 major excavator manufacturers sold 23,248 excavators, an increase of 48.85%. For the reasons for the growth, some analysts believe that with the advent of spring, the weather is warming, and a large number of construction projects have begun to resume work. At the same time, new projects have started to increase across the country, and downstream demand for excavators has gradually increased. After the “two sessionsâ€, financial funds from various localities will also be put in place one after another to inject a lot of effort into the market.
After experiencing rapid growth in the first quarter of 2011, due to fixed investment and slowing down of downstream demand, from the second quarter, the growth rate of the sales volume of major construction machinery products began to decline. This downward trend continued until the first two months of the year. According to statistics, during the first two months of 2012, the downward trend continued: sales of excavators, truck cranes, loaders and bulldozers of major construction machinery products fell by 34.2%, 19.0%, 18.2% and 44.0% respectively year-on-year.
The warming of this sales data also made the market seem to see a turn for the better. However, a survey by the reporter found that the resumption of sales data is more likely to be an "illusion."
While the sales data showed a sequential increase in March 2012, the year-on-year sales decline still reached 47.34% due to the higher base last year. There are also a number of brokerage analysts pointed out that the current sales data of excavators is still relatively weak, and the real demand of the downstream is not strong.
CICC researcher Wu Huimin pointed out through grassroots research that as a leading indicator, the excavator market is still sluggish. Dealers generally reflected that the sales volume in March was basically the same as that in the previous month, with a year-on-year decline of more than 40%. The downstream start-up situation did not show a significant rise, and the market was still at a low point.
Wu Huimin believes that the reasons for the above-mentioned phenomena are: the infrastructure projects with the largest amount of earth-moving machinery are still not returning to work in large areas; the nation’s bad weather in the early days caused some projects to be postponed; at the same time last year, production and sales were booming and the base number was high.
Feng Fuzhang, an analyst at China CITIC Securities, told reporters that the arrival of the industry inflection point still needs to wait for a while.
If the turning point in the second quarter can not be really warmed up, when will the turning point of the construction machinery industry come?
The research results of grassroots researcher Wu Huimin of CICC show that most dealers are optimistic about the needs of the industry in April, and believe that there are factors such as better weather throughout the country and the release of squeezed investment demand from local governments after the change. In order to facilitate the resumption of construction and new construction, the demand for rural construction and the demand for water conservancy construction will gradually be released. This year, “the peak season will not be prosperous, and the off-season will not be lightâ€, and it will remain flat throughout the year.
Based on this, Wu Huimin believes that, from a fundamental perspective, the inflection point of the industry has not yet emerged, and the trend of investment in construction machinery needs to wait.
Feng Fuzhang, an analyst at CITIC Capital, told reporters that if there is an inflection point, it should be in May. On the one hand, the industry's base figure for the same period last year after May was relatively small. On the other hand, the second quarter is the time for policy considerations to be taken. The actual fine-tuning of policies is a high probability event. If policies are to be used, infrastructure investment should be the first choice, which will really drive the demand for construction machinery.
The fixed investment data for March of this year released by the National Bureau of Statistics on April 9 also shows this trend of increase in infrastructure investment. In March 2012, the year-on-year growth rate of accumulated investment in infrastructure construction rebounded. Among them, the growth rate of investment in electricity, gas, water, transportation, and water conservancy and environmental protection municipalities all increased. Gao Tong, a macroeconomic analyst at Haitong Securities, predicts that the accumulated year-on-year growth in infrastructure investment in April will continue to improve slightly with the gradual progress of state budget funds.
Sany Leading Sales Champion From January to March 2012, Sany Heavy Machinery's sales of excavators are still in the championship.
According to data from China Construction Machinery Business Network, the excavator sales volume of Sany Heavy Machinery has surpassed Komatsu since June 2011 and has been the monthly sales champion. It is the only company that sold more than 4,000 units this month and sold more than 7,000 units in the first quarter. Manufacturers.
In the entire excavator industry, the market share of state-owned brands is still rising.
According to the data from China Construction Machinery Business Network, from January to March 2012 sales, the share of domestic brands has rebounded to about 42%. The market share of Japanese brands declined slightly to about 27%, while the performance of European and American brands and Korean brands remained relatively stable, staying at around 12% and 18% respectively.
In addition, in the domestic market is relatively low, exports have become an important support for business sales. From January to March 2012, 28 major excavator manufacturers in China sold a total of 44,087 excavators, a year-on-year decrease of 41.87%, and domestic sales totaled 42,394 units, a year-on-year decrease of 43.42%. However, during the period from January to March, exports of excavators in China reached 1,693. Taiwan, a year-on-year increase of 85.64%, performed quite well.
From the model point of view, from January to March 2012, China's 28 major excavator manufacturers have accumulated a total of 18,553 small excavations of 13T or less, accounting for 42.08% of the total excavator sales. In addition, the proportion of large digging above 30T has also increased; however, the market share of the traditional dominant tonnage of 20T to 30T products has been shrinking compared with that of 2011. As a whole, the structure of excavator products in our country is shifting towards digging and digging at both ends.
The large excavators are also an important part of the leading layout of Zoomlion and other industries in recent years. Zoomlion has invested 600 million yuan to build a medium to large excavator industry upgrade project currently under construction. Shanhe Intelligence also invested 757 million yuan in large-scale technical transformation projects for medium and large excavators.
In the sales performance in the forefront of the market at the same time, Sany Heavy Industry, Zoomlion due to its low valuation advantage has become the target of brokerage analysts.
Affected by the slowdown in investment and the strengthening of the macro-control of the real estate industry, the sales of excavators have deteriorated since May and June of last year. The entire construction machinery industry seems to have entered the winter. When the sales data showed a sequential increase in March this year, industry insiders can not help but exclaim: the inflection point is coming!
Is that really the case? Feng Fuzhang, an analyst at China CITIC Investment Group, told reporters that it is too early to talk about the industry inflection point, and the real turning point may come in May. The adjustment of the policy at that time will bring about an increase in infrastructure investment, which will form a real boost to the demand for construction machinery.
The reporter noted that the current low valuation of major listed companies in the construction machinery industry has also become a reason for attracting the attention of securities analysts. Sany Heavy Industry and Zoomlion have become the recommended targets.
March data warm up "artifact"
According to the statistics of the China Construction Machinery Business Network, in March 2012, 28 major excavator manufacturers sold 23,248 excavators, an increase of 48.85%. For the reasons for the growth, some analysts believe that with the advent of spring, the weather is warming, and a large number of construction projects have begun to resume work. At the same time, new projects have started to increase across the country, and downstream demand for excavators has gradually increased. After the “two sessionsâ€, financial funds from various localities will also be put in place one after another to inject a lot of effort into the market.
After experiencing rapid growth in the first quarter of 2011, due to fixed investment and slowing down of downstream demand, from the second quarter, the growth rate of the sales volume of major construction machinery products began to decline. This downward trend continued until the first two months of the year. According to statistics, during the first two months of 2012, the downward trend continued: sales of excavators, truck cranes, loaders and bulldozers of major construction machinery products fell by 34.2%, 19.0%, 18.2% and 44.0% respectively year-on-year.
The warming of this sales data also made the market seem to see a turn for the better. However, a survey by the reporter found that the resumption of sales data is more likely to be an "illusion."
While the sales data showed a sequential increase in March 2012, the year-on-year sales decline still reached 47.34% due to the higher base last year. There are also a number of brokerage analysts pointed out that the current sales data of excavators is still relatively weak, and the real demand of the downstream is not strong.
CICC researcher Wu Huimin pointed out through grassroots research that as a leading indicator, the excavator market is still sluggish. Dealers generally reflected that the sales volume in March was basically the same as that in the previous month, with a year-on-year decline of more than 40%. The downstream start-up situation did not show a significant rise, and the market was still at a low point.
Wu Huimin believes that the reasons for the above-mentioned phenomena are: the infrastructure projects with the largest amount of earth-moving machinery are still not returning to work in large areas; the nation’s bad weather in the early days caused some projects to be postponed; at the same time last year, production and sales were booming and the base number was high.
Feng Fuzhang, an analyst at China CITIC Securities, told reporters that the arrival of the industry inflection point still needs to wait for a while.
If the turning point in the second quarter can not be really warmed up, when will the turning point of the construction machinery industry come?
The research results of grassroots researcher Wu Huimin of CICC show that most dealers are optimistic about the needs of the industry in April, and believe that there are factors such as better weather throughout the country and the release of squeezed investment demand from local governments after the change. In order to facilitate the resumption of construction and new construction, the demand for rural construction and the demand for water conservancy construction will gradually be released. This year, “the peak season will not be prosperous, and the off-season will not be lightâ€, and it will remain flat throughout the year.
Based on this, Wu Huimin believes that, from a fundamental perspective, the inflection point of the industry has not yet emerged, and the trend of investment in construction machinery needs to wait.
Feng Fuzhang, an analyst at CITIC Capital, told reporters that if there is an inflection point, it should be in May. On the one hand, the industry's base figure for the same period last year after May was relatively small. On the other hand, the second quarter is the time for policy considerations to be taken. The actual fine-tuning of policies is a high probability event. If policies are to be used, infrastructure investment should be the first choice, which will really drive the demand for construction machinery.
The fixed investment data for March of this year released by the National Bureau of Statistics on April 9 also shows this trend of increase in infrastructure investment. In March 2012, the year-on-year growth rate of accumulated investment in infrastructure construction rebounded. Among them, the growth rate of investment in electricity, gas, water, transportation, and water conservancy and environmental protection municipalities all increased. Gao Tong, a macroeconomic analyst at Haitong Securities, predicts that the accumulated year-on-year growth in infrastructure investment in April will continue to improve slightly with the gradual progress of state budget funds.
Sany Leading Sales Champion From January to March 2012, Sany Heavy Machinery's sales of excavators are still in the championship.
According to data from China Construction Machinery Business Network, the excavator sales volume of Sany Heavy Machinery has surpassed Komatsu since June 2011 and has been the monthly sales champion. It is the only company that sold more than 4,000 units this month and sold more than 7,000 units in the first quarter. Manufacturers.
In the entire excavator industry, the market share of state-owned brands is still rising.
According to the data from China Construction Machinery Business Network, from January to March 2012 sales, the share of domestic brands has rebounded to about 42%. The market share of Japanese brands declined slightly to about 27%, while the performance of European and American brands and Korean brands remained relatively stable, staying at around 12% and 18% respectively.
In addition, in the domestic market is relatively low, exports have become an important support for business sales. From January to March 2012, 28 major excavator manufacturers in China sold a total of 44,087 excavators, a year-on-year decrease of 41.87%, and domestic sales totaled 42,394 units, a year-on-year decrease of 43.42%. However, during the period from January to March, exports of excavators in China reached 1,693. Taiwan, a year-on-year increase of 85.64%, performed quite well.
From the model point of view, from January to March 2012, China's 28 major excavator manufacturers have accumulated a total of 18,553 small excavations of 13T or less, accounting for 42.08% of the total excavator sales. In addition, the proportion of large digging above 30T has also increased; however, the market share of the traditional dominant tonnage of 20T to 30T products has been shrinking compared with that of 2011. As a whole, the structure of excavator products in our country is shifting towards digging and digging at both ends.
The large excavators are also an important part of the leading layout of Zoomlion and other industries in recent years. Zoomlion has invested 600 million yuan to build a medium to large excavator industry upgrade project currently under construction. Shanhe Intelligence also invested 757 million yuan in large-scale technical transformation projects for medium and large excavators.
In the sales performance in the forefront of the market at the same time, Sany Heavy Industry, Zoomlion due to its low valuation advantage has become the target of brokerage analysts.
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Product Description:
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