The construction machinery industry has ended the momentum of high growth

From the situation of the first seven months of construction machinery in 2011, the industry has already ended its high growth momentum.

Although the construction machinery industry still maintains a relatively high level in the machinery manufacturing industry in terms of the growth rate of output value, the growth rate of the industry has been greatly reduced compared with the rapid growth in 2010. At the same time, the sales of several major products of construction machinery have turned from growth to decline, and the decline in individual products is still quite large.

Production and sales volume entered the inflection point in April From the monthly output value of the construction machinery industry in 2011, it reached its peak in the year since April. According to the China Federation of Machinery Industry, the output value of construction machinery industry for the month from January to June was 41.922 billion yuan, 36.428 billion yuan, 59.227 billion yuan, 64.483 billion yuan, 57.398 billion yuan, 52.717 billion yuan. It can be clearly seen from this set of data that starting from April, the monthly output value of the construction machinery industry began to decline month by month, with month-on-month declines of 11% and 8%, respectively.

From the statistics of China Construction Machinery Industry Association, it also reflects the same trend. However, the entire decline time was advanced by one month, beginning in March. The operating income of the China Construction Machinery Industry Association’s key contact group from March to June 2011 was respectively 49.2 billion yuan, 46.1 billion yuan, 37.2 billion yuan, and 31.6 billion yuan. Operating income showed a declining trend month by month, with a month-on-month decline of 6%, 19% and 15% respectively.

In addition, from the perspective of sales of major products, the first three months of this year also rose month by month, but starting from April, sales began to turn downwards and showed a monthly decline. According to the statistical data of 24 key enterprises in the industry produced by the China Construction Machinery Industry Association, the sales of the three main products of excavators, loaders and truck cranes in June and March are compared. It can be found that there are only three months and three. The decline in sales of large varieties is more than 50%. Especially excavators, the drop rate is as high as 77%. In March, the sales volume of the loader was 39,989 units, which was 19,240 units in June, a decrease of 51%. In March, the sales volume of truck cranes was 6,860 units, and in June, it was 2,718 units, a decrease of 60%. The sales volume of excavators in March was 43299 units, compared with 9,961 units in June, a decrease of 77%.

In April, the entire construction machinery industry saw a 30% decline, and the output value and sales volume all fell sharply. At that time, it attracted widespread industry attention, and people in the industry raised the “inflection point”. Looking back at the industry this year, April has indeed become a high point for the entire industry, although at that time the “inflection point” was not widely recognized, but from the current situation, this high point in April has become increasingly clear, and very It is possible to stay throughout the year.

Still ahead of the machinery industry Although the growth rate of construction machinery industry was significantly lower than that of the same period of last year, in the machinery industry, the construction machinery sub-sector still maintained an apparently leading development speed.

From January to February of 2011, the production of finished goods by machinery industry enterprises in the country increased by 24.33% over the same period of last year. In contrast, as one of the 12 sub-sectors of the machinery industry, the construction machinery industry's year-on-year increase is much higher than the industry average, which is more than twice the level of the industry, which is 56.45%. At the same time, it is far ahead of the growth rate of other machinery sub-industries, such as the agricultural machinery industry (35.97%) and the auto industry (34.52%), which are growing second and third.

At the same time, this leading position has remained until now. From January to June 2011, the total industrial output value of the machinery industry was 788,252 million yuan, a year-on-year increase of 27.08%. In the same period, the national construction machinery industry accumulated a total industrial output value of 312.252 billion yuan, an increase of 43.04% year-on-year.

In addition, although the growth rate of the output value of the construction machinery industry declined, the industry profit index showed good performance both in terms of profit growth and profit margin. According to data from the China Machinery Industry Federation, from January to February, the profit of the machinery industry increased by 30.74% year-on-year, and the construction machinery industry accounted for 75.60%. The data from the China Federation of Machinery Industry also showed that although the profit rate of the main business income of the machinery industry increased from 6.62% at the beginning of the year to 7.01% from January to June 2011, the profit rate of the construction machinery industry was 10.59%, which was higher than that of the entire industry. 3.58%, and it is the first in the machinery industry.

There is no lack of highlights in the industry. From the perspective of listed companies in the construction machinery industry, the growth rate and profitability of some companies' operating revenues are much higher than the industry level, which is considered as a highlight of the construction machinery industry.

As of August 24, a total of 11 major construction machinery listed companies issued mid-term reports, a total of operating income of 77.385 billion yuan, an increase of 54.51%; total net profit of 10.139 billion yuan, an increase of 72.58% over last year's 5.875 billion yuan. The growth rate of its operating income is more than 10% higher than the average level of the construction machinery industry.

Especially the leading listed companies in some industries, the performance in the first half is very gratifying. The net profit of Sany Heavy Industry and Xugong Machinery in the first half of the year was 5.939 billion yuan and 2.229 billion yuan, a year-on-year increase of 106.57% and 61.70%. Zoomlion's earnings forecast disclosed that the net profit for the first half of the year was expected to reach 4 billion to 4.6 billion yuan, a year-on-year increase. 80% ~ 110%; Liugong also said that in the first half of sales revenue of about 10.6 billion yuan, an increase of 30%.

In particular, the operating performance of Sany Heavy Industry in 2011 exceeded its expectations for half a year. In the first half of 2011, the company achieved operating revenue of 30.363 billion yuan, an increase of 79.18% year-on-year; and net profit attributable to parent company was 5.939 billion yuan, an increase of 106.57% year-on-year. While the excavator as the main product of Sany Heavy Industry, in the case of a drastic reduction in the entire industry, the sales volume of Sany Heavy Industry continues to grow. In the first half of the year, the company's excavator sales revenue was 7.046 billion yuan, a substantial increase of 109.88% year-on-year. In turn, the market share of its excavators has risen from the fifth place in the country to the first in the country. At the same time, the profit rate of Sany Heavy Industry is much higher than the industry level. The mid-year report disclosed that the company's consolidated gross profit margin was 38.73% in the first half of the year. With rising costs and increasingly fierce competition, Sany Heavy Industry can maintain such a high gross profit margin, which is rare in the industry and even in the entire machinery industry. In the same industry, Shantui’s gross margin was only 14.34%.

In the second half of the year, the downward trend in the sales of various types of products has not yet been reversed. Take an excavator for example. From January to April 2011, the monthly sales of excavators grew positive year-on-year, with the largest increase occurring in February. The number of sales units was 20,000 units, an increase of 136.7%. However, starting from May, sales of excavators began to show negative growth, with a year-on-year decline of 15.4%. In June, this downward trend continued and dropped by 14.6% year-on-year. According to the latest data, the total sales volume of excavators in July was 7,665, a year-on-year decrease of 14.49%. In general, July and August each year are the off-season sales of construction machinery products, but relevant sources said that it is estimated that by the peak season of sales, the recovery will not be too large.