September 18, 2021

Major domestic projects spur the recovery of the construction machinery industry is expected

Steady growth has ushered in the dawn of the sluggish construction machinery industry. In just a few trading days, the construction machinery sector has become a shining star in the A-share market. The data show that construction machinery is an indispensable construction machine for all kinds of construction projects, mainly including earthmoving machinery, lifting machinery, pumping machinery, pile-driving machinery, road machinery and other major categories. In 2009, the theme of construction machinery was driven by 4 trillion investment. Before and after the start of the 4 trillion investment, the performance of listed companies in construction machinery was more obvious. According to the statistics of the straight flush, in 2008, the slowdown of infrastructure construction caused the construction machinery enterprises to cool down rapidly. The eight representative construction machinery companies such as Sany Heavy Industry and Zoomlion had a revenue of 57.272 billion yuan, a year-on-year increase of 30%; Net profit was 4.2 billion yuan, down 10% year-on-year. However, after the 4 trillion investment was launched at the end of 2008, the operating income of the above eight companies increased to 86.446 billion yuan in 2009, and the net profit reached 7.831 billion yuan. At the beginning of this year, the construction machinery industry was in a tough situation. According to industry sales data, in the first quarter of this year, sales of excavators, bulldozers, road rollers and other products all fell by about 40% year-on-year. The performance of major domestic construction machinery companies has also changed from a substantial increase last year to a small increase or even a decline. In the first quarter of this year, the above-mentioned eight representative construction machinery companies realized a total operating income of 44.785 billion yuan, a year-on-year decrease of 12.52; net profit of 6.204 billion yuan, a year-on-year decrease of 11.82. However, the recent package of steady growth policies and measures introduced by the State Council are changing market expectations. CICC said that if infrastructure investment support continues, investment products will outperform the market, and sectors that are more relevant to infrastructure will benefit more. For example, after the introduction of the 4 trillion stimulus policy in 2008, within one month, the cement sector outperformed the market 18, and construction machinery outperformed 12; within three months, cement, construction machinery and construction projects outperformed the market respectively, 22, 15, 6. According to the infrastructure investment approval project, the release of funds, and the start of investment, the first and second steps have been basically completed. In April, the National Development and Reform Commission approved 328 projects, which is much higher than the 173 in the same period last year. From January to April, the growth rate of funds in the national budget has also reached 28, and financial funds have been put in place. CITIC Securities believes that this means that from May to June, the growth rate of infrastructure investment represented by railways, highways and water conservancy is expected to rebound rapidly. It is understood that the high-speed railway construction that has arisen in recent years has a large demand for construction machinery. Take the Beijing-Shanghai high-speed railway with a total investment of 220 billion yuan as an example, of which infrastructure construction accounts for 100 billion yuan, construction machinery procurement scale is about 20.9 billion yuan, and the average annual purchase amount during the construction period is about 4.2 billion yuan. According to industry insiders, after entering May, the overall prosperity of the construction machinery market has improved. This is mainly based on the gradual improvement of the demand side. Water conservancy construction, high-speed rail rework, and urban rail transit new projects have brought the construction machinery industry, which is currently in a difficult situation. support. (This article Source: Securities Times)

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