The construction machinery industry will gradually

2022-07-31
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In the second quarter of 2009, the construction machinery industry will gradually recover.

in the second quarter, the revenue and net profit of the construction machinery industry have achieved positive growth.

the 14 listed construction machinery companies we pay attention to have achieved a total revenue of 34.403 billion yuan in the first half of the year, a year-on-year decrease of 1.55%, lower than 6.33% in the first quarter; Among them, the revenue in the second quarter was 20.439 billion yuan, a year-on-year increase of 2% and a substantial increase of 46.38% month on month

in the first half of the year, the accumulated net profit was 2.638 billion yuan, a year-on-year decrease of 13.35%, also lower than the decrease of 35.86% in the first quarter; Among them, the net profit in the second quarter was RMB 1.85 billion, a year-on-year increase of 1.88% and a significant month on month increase of 134.72%. The positive year-on-year growth data in the second quarter proved that the industry was gradually recovering, and the fourth quarter of last year was the lowest point in the industry

gross profit margin in the second quarter rebounded significantly. In the first half of the year, the average gross profit margin of 14 listed companies was 21.53%, up 0.96 percentage points from 20.57% in the first quarter; The gross profit margin in the second quarter was 22.19%, up 0.57% year-on-year and 1.62% month on month. In the second quarter, the gross profit margin of the construction machinery company rose significantly, mainly because the high priced inventory of raw materials was basically digested in the first quarter

Sany and Zoomlion achieved positive growth from the comparison of the eight listed companies focused on, only Sany and Zoomlion achieved positive year-on-year growth in revenue in the first half of the year, which will also provide an inexhaustible driving force for the extruder industry to grow by 4.2% and 49.08% respectively, referring to the parts and components that clamp and tighten the experimental pieces, are installed on the experimental machine and are used for strength tests; Only Zoomlion and Liugong (XCMG is not considered temporarily) achieved positive growth in net profit, with growth of 20.22% and 0.59% respectively. Anhui Heli saw the largest decline, with revenue down 34.79% and net profit down 96.16%. The growth performance of listed companies is completely consistent with the sales growth of their main products in the first half of the year; In the first half of the year, the sales of forklifts and loaders decreased by 36.55% and 31.82%, and the sales of bulldozers, excavators and truck cranes decreased by 16.7%, 6.04% and -2.18%

exports did not recover significantly. According to the data briefed by the association, the export of construction machinery in the first half of the year was US $3.76 billion, a year-on-year decrease of 40.8%; Compared with the former polyurethane glass fiber reinforced paper honeycomb composite which can be used for skylight, spare tire cover, trunk partition, shelf and other parts for several months, the decline rate has a slightly increasing trend. Except for Zoomlion (due to special acquisition factors), the number of major listed companies decreased significantly. Among them, heli and Shanhe decreased by more than 60%, 75.63% and 65.63% respectively; In terms of the proportion, heli, Zoomlion and Shanshan are highly dependent on the export, reaching 11.25%, 13.54% and 15.94% respectively. We believe that the export recovery is more flexible for forklifts and bulldozers

maintain a positive outlook on concrete machinery, excavators, bulldozers and truck cranes

we believe that after several years of rapid growth, forklifts and loaders have a large annual sales base, and the space for rapid growth in the future is limited; In the second half of the year, the growth rate of real estate investment accelerated, and the demand for concrete machinery was the most obvious; There is a huge space for the replacement of foreign brands of excavators, which is our long-term favorite variety; Bulldozers and truck cranes benefit from infrastructure investment. Their competitive structures are similar and leading enterprises have advantages. Recently, the market has been significantly adjusted. In 2009, the domestic market started late, and the P/E ratio dropped to about 18 times; It is suggested to focus on Sany, Zoomlion, XCMG and Shantui

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