According to statistical data, the sales of major loaders in China increased by more than 150% month-on-month in February, and sales of other subdivided products such as excavators also showed a significant upward trend. According to industry insiders, under the impetus of water conservancy construction, the construction machinery industry in the whole year will be low and high, and the annual sales revenue is expected to increase by about 12%.
According to a survey of 27 major loader manufacturers, in February, 17,797 sets of loaders were sold, an increase of 150.94% compared with the previous period and an increase of 9.16% compared with the same period of last year.
The researchers pointed out that “In February or the same year, the loader market performed well and the market has clearly improved.†At the same time, the excavator industry’s sales promotion has stimulated sales of the product. Pick up.
In this regard, the researcher believes that water conservancy construction is an important factor driving the market to warm. “From the perspective of downstream demand, new projects for irrigation and water conservancy in the new projects started in February will take the lead, followed by municipal, affordable housing, highways, railways, commercial housing, and mining.â€
Experts pointed out that the current water conservancy investment has three differences compared with the past: First, the scale is particularly large, and the time is particularly long; Second, funds can be fully implemented; Third, the central and local governments attach great importance, and a large number of key projects will be started one after another. And long-term to promote the demand for construction machinery products.
Industry insiders believe that sales of construction machinery products are better than previously expected in the favorable situation of recovery of downstream demand. Sany Heavy Industry President Xiang Wenbo expressed optimistic expectations for the market prospects in 2012 during the two sessions. “The domestic construction machinery market is expected to reach 500-600 billion yuan.â€
According to the forecast of China Construction Machinery Industry Association, the trend of industry sales in 2012 will show a trend of low and high, which is expected to increase by about 12% from 2011. (Shanghai Securities News)
Zoomlion (000157): China enjoys a prosperous infrastructure economy in foreign countries. In the first half of the year, revenue and profit growth both exceeded expectations. Affected by the 4 trillion infrastructure investment release, the company's first-half net income increased by 74.37% year-on-year to 16.088 billion yuan, while net profit increased by 93.88% year-on-year to 2.202 billion yuan. Net profit grew faster than revenue growth, which was related to a 3.13 percentage point improvement in gross margin. The increase in gross profit margin is reflected in the strong demand in the first half of the year and the lower cost of steel.
The performance of concrete machinery in the first half of the year is excellent, and it is expected that it will be in the normal trend of “high before and after low†throughout the year. From a product perspective, concrete machinery increased by 99.12% to 7.036 billion yuan in the first half of the year; hoisting machinery increased by 61.34% to 5.909 billion yuan; other machinery increased by 54.93% to 3.145 billion yuan. The high growth rate of concrete machinery was in the second and third tier cities and the west of the east. As a result of the use of commercial concrete in the region, the first half of the hoisting machinery was mainly based on individual demand for small tonnage of 20-25 tons. Looking forward to the second half of the year, the third quarter is the traditional off-season. In addition, the risk of the secondary bottom of the foreign economy has increased, causing the market to worry about a sharp fall in the second half of the year. We believe that the new construction of real estate is still at a high level. The demand for concrete machinery will not fall significantly in the second half of the year. With the technical transformation of large-scale projects, the demand for large-tonnage cranes will also rise. Therefore, the trend of “high before and after low†in normal years will be presented throughout the year.
The plan for revitalization in various regions is frequent and the company will continue to benefit from infrastructure construction in the next three years. Using 4 trillion investment to drive economic growth, during this period, the economic transformation should be the original intention of 4 trillion investment. Considering the increase in the risk of double bottoming in the foreign economy, we believe that new investment plans are not ruled out, such as plans for revitalization around the country. As a result, the company will continue to benefit from infrastructure development before 2012, in accordance with the construction cycle of the infrastructure project, which is usually around three years old.
With a low profile overseas, we will prepare for the steady growth in the future. The world's top 20 statistical construction machinery, domestic sales accounted for a total of 30-50% of the total sales, while domestic construction machinery accounted for about 80-90% of domestic revenue, so the layout of overseas markets is the growth of domestic engineering machinery companies The inevitable path. The Company's 2007-2009H1 overseas sales revenue accounted for 11.36%, 20.43%, 12.59% and 4.87%, respectively. It relied heavily on the domestic market and could not smooth the impact of domestic single market fluctuations. Therefore, the company intends to issue H-share financing at a low level for international distribution. We believe that if completed successfully, market diversification will greatly contribute to the company's steady growth in the future.
The valuation is still low, giving a "recommended" rating. We have calculated the valuation of Caterpillar, the leading international construction machinery company, from 1997 to 2008. As a result, PE has fluctuated around 16 times and PS has fluctuated around 1 times. We believe that similar PE valuations can withstand the long-term test of the market. The latest forecast for the company's 2010-2011 EPS was 1.79 and 2.26 yuan respectively, and the current PE was 13.42 and 10.59 times respectively, and the PE valuation was 16 times higher at 28.64 yuan, giving a "recommended" rating.
According to a survey of 27 major loader manufacturers, in February, 17,797 sets of loaders were sold, an increase of 150.94% compared with the previous period and an increase of 9.16% compared with the same period of last year.
The researchers pointed out that “In February or the same year, the loader market performed well and the market has clearly improved.†At the same time, the excavator industry’s sales promotion has stimulated sales of the product. Pick up.
In this regard, the researcher believes that water conservancy construction is an important factor driving the market to warm. “From the perspective of downstream demand, new projects for irrigation and water conservancy in the new projects started in February will take the lead, followed by municipal, affordable housing, highways, railways, commercial housing, and mining.â€
Experts pointed out that the current water conservancy investment has three differences compared with the past: First, the scale is particularly large, and the time is particularly long; Second, funds can be fully implemented; Third, the central and local governments attach great importance, and a large number of key projects will be started one after another. And long-term to promote the demand for construction machinery products.
Industry insiders believe that sales of construction machinery products are better than previously expected in the favorable situation of recovery of downstream demand. Sany Heavy Industry President Xiang Wenbo expressed optimistic expectations for the market prospects in 2012 during the two sessions. “The domestic construction machinery market is expected to reach 500-600 billion yuan.â€
According to the forecast of China Construction Machinery Industry Association, the trend of industry sales in 2012 will show a trend of low and high, which is expected to increase by about 12% from 2011. (Shanghai Securities News)
Zoomlion (000157): China enjoys a prosperous infrastructure economy in foreign countries. In the first half of the year, revenue and profit growth both exceeded expectations. Affected by the 4 trillion infrastructure investment release, the company's first-half net income increased by 74.37% year-on-year to 16.088 billion yuan, while net profit increased by 93.88% year-on-year to 2.202 billion yuan. Net profit grew faster than revenue growth, which was related to a 3.13 percentage point improvement in gross margin. The increase in gross profit margin is reflected in the strong demand in the first half of the year and the lower cost of steel.
The performance of concrete machinery in the first half of the year is excellent, and it is expected that it will be in the normal trend of “high before and after low†throughout the year. From a product perspective, concrete machinery increased by 99.12% to 7.036 billion yuan in the first half of the year; hoisting machinery increased by 61.34% to 5.909 billion yuan; other machinery increased by 54.93% to 3.145 billion yuan. The high growth rate of concrete machinery was in the second and third tier cities and the west of the east. As a result of the use of commercial concrete in the region, the first half of the hoisting machinery was mainly based on individual demand for small tonnage of 20-25 tons. Looking forward to the second half of the year, the third quarter is the traditional off-season. In addition, the risk of the secondary bottom of the foreign economy has increased, causing the market to worry about a sharp fall in the second half of the year. We believe that the new construction of real estate is still at a high level. The demand for concrete machinery will not fall significantly in the second half of the year. With the technical transformation of large-scale projects, the demand for large-tonnage cranes will also rise. Therefore, the trend of “high before and after low†in normal years will be presented throughout the year.
The plan for revitalization in various regions is frequent and the company will continue to benefit from infrastructure construction in the next three years. Using 4 trillion investment to drive economic growth, during this period, the economic transformation should be the original intention of 4 trillion investment. Considering the increase in the risk of double bottoming in the foreign economy, we believe that new investment plans are not ruled out, such as plans for revitalization around the country. As a result, the company will continue to benefit from infrastructure development before 2012, in accordance with the construction cycle of the infrastructure project, which is usually around three years old.
With a low profile overseas, we will prepare for the steady growth in the future. The world's top 20 statistical construction machinery, domestic sales accounted for a total of 30-50% of the total sales, while domestic construction machinery accounted for about 80-90% of domestic revenue, so the layout of overseas markets is the growth of domestic engineering machinery companies The inevitable path. The Company's 2007-2009H1 overseas sales revenue accounted for 11.36%, 20.43%, 12.59% and 4.87%, respectively. It relied heavily on the domestic market and could not smooth the impact of domestic single market fluctuations. Therefore, the company intends to issue H-share financing at a low level for international distribution. We believe that if completed successfully, market diversification will greatly contribute to the company's steady growth in the future.
The valuation is still low, giving a "recommended" rating. We have calculated the valuation of Caterpillar, the leading international construction machinery company, from 1997 to 2008. As a result, PE has fluctuated around 16 times and PS has fluctuated around 1 times. We believe that similar PE valuations can withstand the long-term test of the market. The latest forecast for the company's 2010-2011 EPS was 1.79 and 2.26 yuan respectively, and the current PE was 13.42 and 10.59 times respectively, and the PE valuation was 16 times higher at 28.64 yuan, giving a "recommended" rating.
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