Overview of the development of the hottest 07 cons

2022-10-02
  • Detail

07 overview of construction machinery development and comments on key companies

07 overview of construction machinery development and comments on key companies

China Construction machinery information

Guide: in 2007, the production of the national machinery industry continued to grow steadily, and the growth rate of industrial output value remained at 35%, of which the growth rate of each sub industry was slightly different. The construction machinery industry performed best, and the growth of industrial output value was significantly higher than that of other industries, with the growth rate reaching 45%. We believe that the reason for the increase of construction machinery

in 2007, the production of the national machinery industry continued to grow steadily, and the growth rate of industrial output value remained at 35%, of which the growth rate of each sub industry was slightly different. The construction machinery industry performed best, and the growth of industrial output value was significantly higher than that of other industries, with the growth rate reaching 45%

we believe that the reason for the fastest growth of construction machinery is that the infrastructure construction is very large during the "Eleventh Five Year Plan". For example, the substantial increase in railway investment has brought great development opportunities to rotary drilling rigs and concrete machinery. A large number of construction machinery products are also needed for the commencement of the second phase of the west to east gas transmission project and the construction of large nuclear power and hydropower stations. In addition, with the continuous improvement of construction requirements and the complexity of the construction environment, high-power excavators and bulldozers will have more room for development

in December 2007, the sales volume of excavators increased by 83% year-on-year, mainly due to the strong demand in the domestic market. In 2007, the number of imported excavators exceeded 30000, with a year-on-year increase of 20%. In addition, according to statistics, excavator sales in January 2008 increased by 37% year-on-year

in 2007, the sales volume of loaders increased by 33% year-on-year, mainly due to the export market. The export sales volume increased by 151% year-on-year in 2007. The fatigue testing machine in the export market is one of the most used equipment in many industries, and its proportion currently accounts for less than 10% of the total sales volume. Therefore, the potential of the export market in the future is very large

the sales volume of bulldozers in December 2007 increased by 46% year-on-year, mainly driven by the export market. The export sales volume in December increased by 163% year-on-year. In addition, according to statistics, in January and February 2008, the bulldozer sales of China's major bulldozer manufacturers increased by 44.6% and 63.6% respectively over the same period last year

in December 2007, forklift sales increased by 65% year-on-year, and the growth rate was relatively accelerated. In December 2007, the sales volume of concrete machinery increased by 48% year-on-year, which was faster than the average level of previous months and 2007

at present, except XCMG technology, which is in a state of low profit, the average p/E ratio of the construction machinery industry in 2008 was 19.2 times, and the average p/E ratio in 2009 was estimated at 12.7 times. The annual return on net assets is expected to remain above 25%, which is not high

valuation comparison

we recommend investors to pay attention to the leader of the fine molecule industry. At present, except XCMG technology, which is in a state of low profit, the average p/E ratio of the construction machinery industry in 2008 was 19.2 times, and the average p/E ratio in 2009 was estimated at 12.7 times. The annual return on net assets of building an industrial chain service platform is expected to remain above 25%. We believe that the valuation is not high, and the industry rating remains superior to the market

overview of the latest situation of the construction machinery industry

in 2007, the production of the national machinery industry continued to grow steadily, and the growth rate of industrial output value remained at 35%, of which the growth rate of each sub industry was slightly different. The construction machinery industry performed best, and the growth of industrial output value was significantly higher than that of other industries, with the growth rate reaching 45%. In addition to agricultural machinery, instrumentation and food packaging machinery, the growth rate of industrial output value of other sub industries remained at more than 30%

we believe that the fastest growth rate of construction machinery is mainly due to the very large infrastructure construction during the "Eleventh Five Year Plan". For example, the substantial increase in railway investment has brought great development opportunities to rotary drilling rigs and concrete machinery. The commencement of the second phase of the west to East Gas Transmission project also ensures the future demand for construction machinery products. In addition, the construction of large-scale nuclear power and hydropower stations requires a large number of construction machinery products, It is worth noting that with the continuous improvement of construction requirements and the complexity of the construction environment, high-power excavators and bulldozers will have more room for development

since 2005, the construction machinery industry has maintained a very fast export growth rate. In 2006, the construction machinery industry achieved a trade surplus for the first time, with a surplus of about $1.1 billion. In 2007, construction machinery products fully entered the overseas market, with an increase of 73% in the first November, the trade surplus expanded to $3.4 billion, and the export growth rate in November reached 90%

excavator sales increased year-on-year

excavator sales in December 2007 increased by 83% year-on-year, mainly due to the very strong domestic market demand. The export sales in December increased by 132% year-on-year. Exports are mainly concentrated in small excavator products. At present, the domestic large and medium-sized excavation market is in strong demand and supply is tight, so the main goal of production enterprises is to focus on the domestic market. In 2007, the total number of imported excavators exceeded 30000, an increase of 20% year-on-year, In recent years, the import volume of excavators has remained at 10000 units per year. More than 40% of the export market is mainly concentrated in excavators of about 6 tons. We believe that this trend will continue in the future. In addition, according to statistics, the sales volume of 20 major excavator manufacturing companies in China participating in the excavator sales statistics of the Association reached 3946 units in January 2008, an increase of 37% over the same period in 2007. Referring to the experience of the international market, with consideration of the complexity of the project and construction efficiency, excavator products will be more and more widely used. We expect that the sales of excavators will maintain a strong growth in the coming months

the sales volume of loaders increased year-on-year

the sales volume of loaders in 2007 increased by 33% year-on-year, mainly due to the export market. The export sales volume increased by 151% year-on-year in 2007, and the proportion of the export market currently accounts for less than 10% of the total sales volume. Therefore, the potential of the export market in the future is very large. In addition, the domestic market has also maintained a very good sales situation, We expect strong sales growth in the coming months

the sales volume of bulldozers increased year-on-year

the sales volume of bulldozers in December 2007 increased by 46% year-on-year, mainly due to the export market. The export sales volume in December increased by 163% year-on-year, and the proportion of the export market has accounted for about 30% of the total sales volume

in addition, according to statistics, in January 2008, nine bulldozer enterprises in China sold 716 sets, an increase of 44.6% over the same period last year, and exported 295 sets, an increase of 96.7% over the same period last year. In February 2008, according to the sales statistics of 12 bulldozer enterprises in China, a total of 643 sets were sold. Due to the low sales season, February of each year is the lowest point of bulldozer sales, down 10.2% from the previous month, but there is a significant increase over the same period last year, with a growth rate of 63.6%. 263 sets were exported, an increase of 153% over the same period last year. We expect the export market to maintain strong growth in the coming months

forklift sales increased year-on-year

in December 2007, forklift sales increased by 65% year-on-year, and the growth rate was relatively accelerated. Overall, forklift sales increased by 36% year-on-year in 2007. The forklift industry is very little affected by macroeconomic policies, and we expect forklift sales to maintain stable growth in the next few months

the sales volume of concrete machinery increased year-on-year

in December 2007, the sales volume of concrete machinery increased year-on-year to 48% for automatic uniform cooling and constant temperature of samples, and the growth rate was accelerated compared with the average level of previous months and 2007. Overall, the sales volume of concrete machinery increased by 42% year-on-year in 2007. With the continuous progress of urbanization and the promotion of commercial concrete, we expect that the sales of concrete machinery will maintain a strong growth in the coming months

brief comment on key listed companies

Sany Heavy Industry - although the excavator business has not entered the listed company, we estimate that the excavator business will be injected into the listed company in the middle of 2008. In 2007, the company's excavator sales reached 1753 units, a year-on-year increase of 117%, and the market share reached 2.8%. Moreover, the sales in recent months have reached the level of Liugong. We expect that the sales volume in 2008 will probably exceed 3500 units. We believe that the company has a strong ability in developing new products. The company has been fully prepared to obtain quality certification from major economies (including Europe and the United States) in 2007. Therefore, the growth rate of export business in 2008 may remain above 100%

Zoomlion - we firmly believe that Zoomlion's concrete machinery and crane business segment will continue to grow strongly in 2008. Although the company was affected by the snow disaster at the beginning of this year, we expect that the year-on-year growth rate of Zoomlion's sales in January and February is still expected to exceed 30%. In addition, we expect that Zoomlion may also consider acquiring some construction machinery manufacturers that produce excavators and bulldozers

Zoomlion's export business performed well last year, and the growth of export revenue has exceeded the company's domestic sales revenue. We expect the export revenue of the company to increase by 500% year-on-year to 1.3 billion yuan in 2007. Therefore, the proportion of export revenue may increase from 4.7% in 2006 to 15% in 2007. We believe that the company has begun to show its competitive strength in the world, and its export business is expected to maintain strong growth in the next few years. We expect the export revenue of the company in 2008 and 2009 to increase by 100% and 90% year-on-year respectively. Exports will become a driving force for profit growth

we believe that the increase in raw materials and labor costs has a limited impact on Zoomlion's profits. We believe that Zoomlion will continue to optimize its product portfolio and strengthen cost control to offset the negative impact of rising production costs. We expect the average selling price of our main products to rise by about 10% in 2008. Therefore, Zoomlion's gross profit margin may not face great pressure. We expect the gross profit margin of Zoomlion to remain at a relatively stable level of%

Liugong - the profit of Liugong in 2007 increased significantly by 57% year-on-year to 566 million yuan, and the gross profit increased from 17.2% in 2006 to 18.8%. The company still maintains the top two in loader sales. In 2007, the company sold 27002 loaders (slightly lower than Longgong's 27801), a year-on-year increase of 34%, higher than the industry level of 31%. Although the sales volume of the company is slightly lower than that of its competitor Longgong, the sales revenue of Liugong is still higher than that of Longgong due to its high product sales unit price. In terms of sales revenue, Liugong's market share in 2007 was 24.3%, 7 percentage points higher than Longgong. We predict that the company's loader sales volume will increase by 30% year-on-year to 35100 units in 2008

in 2007, the company's excavator sales increased by 58% year-on-year to 2115 sets, higher than the 46% growth rate of the industry, and the market share was at the level of 3.2%. Over the past few years, the company's excavator market share has gradually expanded. Thanks to the continuous strengthening of economies of scale, the gross profit margin of the company's excavators increased from 16.5% in 2006 to 20.7% in 2007. We expect that excavators will become the growth engine of the company's profits in the future. We predict that the sales volume of excavators in 2008 will increase by 47% year-on-year to 3100 sets

in 2007, the company's export business revenue increased by 91% year-on-year to 991 million yuan. The company has made great progress in exporting to Europe, and its export volume to Europe more than doubled last year. We believe that this shows that the technology and quality of our products have reached the international level. We expect that the company will have strong international competitiveness in the future. Export may become another profitable growth point of the company. Overall, we believe that the export revenue in 2008 will increase by 55% year-on-year to 1.5 billion yuan, and the proportion of export business in the total sales revenue will increase

Copyright © 2011 JIN SHI