Once upon a time, China's construction machinery industry was an exciting and inspiring industry. The industry has hatched more than 10 listed companies, and the total output value of the industry soared from about 40000000000 yuan to about 500000000000 Yuan in ten years, and the name of the Chinese richest man Liang Shun was glittering. Ten years of golden age, this dream industry has been dreaming, but now it is awakening.
Analyze the real situation of our construction machinery industry.
China's construction machinery industry now publishes data from three sources. One is the National Bureau of statistics, one is the China Engineering Machinery Industry Association (hereinafter referred to as the Association), and one is a branch of the China Engineering Machinery Industry Association.
First look at the two major indicators of revenue and profit. According to the statistics of more than 1300 domestic enterprises, the main business income of construction machinery industry decreased by 3.35% and the profit decreased by 8.55% in 2014. According to the association's statistics on 13 business groups that participated in the monthly reporting of data, the main business revenue of the construction machinery industry dropped by 9% and output by 4% in 2014. The overall situation is the double decline in revenue and profit.
Look at the product. According to statistics released by the State Bureau of Statistics, the output of excavators dropped by 13.82%, loaders by 13.28% and compaction machinery by 13.92% in 2014. According to the association data, the total sales volume of excavators was 90 thousand, down 19%. In the shovel soil machinery, the sales volume of loaders was 150 thousand, down 17% compared with the same period, and the sales of bulldozers and graders decreased by 18% and 8% respectively. The total sales volume of road roller and compaction machine in the road surface and compaction machinery were 14 thousand, down 9% compared to the same period, and the sales of asphalt pavers were more than 1700, down 15%. Comparing the two groups of data, the production and sales of the main products are falling, and the growth of the compacting machinery is mainly because this classification is a comprehensive concept. Among the nine products sold by the association, there were only two kinds of growth, forklift increased by 9.3% and truck mounted crane increased by 18%. Truck mounted cranes were first counted in 2014, mainly because its annual output reached 10 thousand units for the first time. In addition, in the past two years, more new railway construction, tunnel boring machine market is also optimistic, in 2014 sales of 175 units, an increase of 12%.
See industry enterprises again. Sany Heavy Machinery Co., Ltd., the largest excavator manufacturer in China, sold 13,000 excavators in 2014, down 13% from a year earlier. In 2014, the analysis of the top 30 enterprises in China's mining machinery market found that only 4 of the sales rose over the same year, basically the foreign brands such as Caterpillar, Kubota, John Deal, the only domestic brand for Carter heavy industry, there is a cooperative background. Almost all the domestic brands are negative growth, a total of 14 enterprises, the decline is more than 30% of the 5, of which there are ZOOMLION as the leading industry, a decline of 32%. The absolute hegemony of the bulldozer manufacturers pushed the sales down by 17% in 2014. In 2014, sales of Xugong, the top ranked grader, dropped by 16%. The sales volume of the 16 main road roller manufacturers decreased by 10, while the 12 main paver manufacturers dropped 7.
If the machinery industry has the concept of mild or slight growth, the engineering machinery industry is a complete negative negative number, which is not the same as that in the past few years.
Market Watch
If the April 2011 as a turning point in the construction machinery industry, then industry enterprises from this period of time from the beginning to the downhill, the industry three giant Xugong Group, ZOOMLION, Sany is no exception.
In March of this year, XCP announced that its operating revenue was 23 billion 306 million yuan in 2014, a year-on-year decline of 17.14%, and the net profit attributable to shareholders of listed companies was 413 million yuan, a year-on-year decline of 74.20%. Compared with the net profit of 3 billion 300 million yuan in 2011, only 10% of them were in 2014. Compared with the operating income of 32 billion 900 million yuan in 2011, the decrease was almost 30%.
The company's operating income in 2014 was about 25.8 billion yuan, down nearly half from 2011, according to the latest announcement issued by Zoomlion on March 27. Net profit of about 590 million yuan, compared with the net profit of 8 billion 60 million yuan in 2011, less than 10% at that time.
Look at Sany again. In January this year, Sany Heavy Industries announced that it expects to achieve net profit attributable to shareholders of Listed Companies in 2014, which will be reduced by 60% to 70% compared with the same period last year. According to the company's net profit of $2.9 billion in 2013, 2014 profit is expected to be only $870 million to $1.16 billion, which is only about 10% of 2011 profit. In addition, the operating income in 2013 and 2011 was 37 billion 300 million yuan and 50 billion 700 million yuan respectively, with a drop of nearly 1/3. In 2011, Mr. Liang said that sales increased to RMB 300 billion yuan ten years later. Although the sales revenue of 2014 has not been announced yet, the target seems to be only a dream with reference to the revenue of 19 billion 700 million yuan in the first half of 2014.
But in four years, the profits of the three giants have fallen to 90%, and the decline in profit margins is an undisputable fact, although the decline in revenue has not been so fast and so high. Compared to ZOOMLION's 2014 and 2006 two data, compared with 8 years ago, the total profit was close to 590 million yuan and 480 million yuan, but the revenue was undulating, and the revenue in 2006 was 4 billion 600 million yuan, less than 20% in 2014. This means that, compared with 8 years ago, ZOOMLION paid 5 times more in 2014, but it only got the same harvest.
The development of small and medium-sized enterprises
Three giants, though hard work, after all, profits, the second echelon of the industry and a large number of small and medium-sized enterprises, whether to eat dry rice or drink porridge, or can only drink the north wind?
How many enterprises are there in the construction machinery industry? No one can say clearly. There are more than 1300 Industrial Enterprises above Designated Size in the National Bureau of statistics, and the number of associations is more than 2000. Of course, the members of the association are not only enterprises in this industry, but also some upstream and downstream businesses. How are these thousands of Companies in recent years?
In addition to the three major listed companies, there are 7 listed companies in the engineering machinery industry, namely, mountain shares, mountain and river intelligence, Hebei propaganda, new joint-stock, Chang Linzhu shares, Anhui joint force and Xiamen industrial stock. This year has clearly announced the loss of Hebei Xuan workers, Chang Linzhu shares have not yet been determined. Xiamen industry shares in 2013, the loss in 2014 is expected to turn to profit, but from the third quarterly report, 1~9 month loss of 100 million yuan, to achieve profit in 2014, the task is very arduous. The remaining 4 are still profitable, but the total profit is very low, which is not comparable with the previous years. The net profit of Shan He intelligence is only 6 million 900 thousand yuan, and the new construction stock has just passed 10 million yuan. The profit is based on a revenue base of 1 billion 800 million yuan and 1 billion 200 million yuan, so it can be seen that, even if they are profitable, the profits are low, and the two companies are less than one percentage point. Thinking about 2011, the profit of Shan He intelligent has reached 200 million yuan, and the new building stock has 150 million yuan.
Among these companies, only Anhui was in good performance. In 2014, the combined operating income was 6 billion 701 million yuan, up 2.25% from the same period, and the net profit belonging to the owner of the parent company was 569 million yuan, up 13.33% from the same period. One important reason is that it mainly produces forklift trucks, and this kind of construction machinery product has relatively low dependence on infrastructure projects. Besides the construction site and the factory, it is also widely used in the rapid rise of logistics, e-commerce and other industries in the past two years.
It is worth mentioning that the former ST heyday, in 2011 after the restructuring of the national aircraft, the "sky work card" flat ground machine is still active in the market, in 2014, the sales of its flat ground machine in more than 400. As the main industry of the motor vehicle is dominated by automobile trade, it is now difficult to find a trace of the prosperous day work from its annual report. The first manufacturer of the new China's flat ground machine, a listed company that has been all powerful for many years, has quietly declined. After the integration, the Dingsheng Tian Gong was renamed as Dingsheng heavy industry. It is said that after a painful transformation, the company's current business situation is acceptable. Associated with the acquisition of Xiamen's shares, China Airlines has to worry about the future of the industry. Xiamen Industrial Company lost 580 million yuan in 2013. It should be said that the number of Listed Companies in the industry is the worst. At the end of 2014, China Aviation Group exchanged nearly 5% of the shares of Air China Black Panther and 5% of the shares of Air China Heavy Aircraft for 56% of the controlling shareholders of Xiamen Industrial Co., Ltd. and took control of the listed companies. Although its 1 billion 100 million yuan transaction is only about 20% of the total market value of Xiamen industry, the market responds warmly. In 2015, if the loss of Listed Companies in the construction machinery industry continues to expand, will the reshuffle of Shengsheng Tiangong and Xiamen Industrial Co., Ltd. be a way out?
After all, the listed companies are still the best in the industry. For thousands of small and medium-sized enterprises, the situation is much worse in the face of the changes in the economic environment. It is understood that the excavator, as one of the main products of the construction machinery, is now only 40 thousand units in half a year, which is only equivalent to one month's sales in the period of the industry's heyday. A company executive revealed that the competition of the loader is very fierce now, the 5 ton loader market price is generally about 230 thousand yuan, the profit is already very thin, but now because of several enterprises to kill each other, some manufacturers have dropped to 180 thousand yuan, lose money also sell, do not sell more loss money. Other enterprises reflect that there are 4 production lines in the factory, and only one of them has been started. For some enterprises that want to export as a way out, they also face difficulties. Some manufacturers reflect that Russia's sales in the domestic market have been completely suspended due to economic turbulence and other reasons. As China's construction machinery overseas expansion of Brazil, weak economic growth, currency depreciation, but also to overseas expansion of difficulties and risks.
The truth of your eyes
Whether from industry data or financial indicators of leading enterprises, the current construction machinery industry is obviously falling. At present, the situation of the engineering machinery industry has aroused strong reaction and even the high concern of the society. One important reason is that the contrast of this industry is too strong and people are too strong on the industry.
In the ten years since 2011, the scale of the industry has expanded ten times. The compound annual growth rate of these ten years is 28%, equivalent to three years of rebuilding a construction machinery industry. In the past ten years, the industry has been recreated three times.
These ten years are not only a problem of expanding the scale of the industry, but also with the upgrading of the industry status. The formation of the three giants of the industry changed the structure of the world construction machinery industry. The rising market share and the collective rise of domestic brands indicate that China's equipment manufacturing industry can compete with the world's strong. The construction machinery industry is also heading ahead and further ahead of globalization. They are not only the first overseas manufacturers to build factories in China, but also one of the first forerunners to undertake overseas mergers and acquisitions.
At the same time, this industry is emerging one after another, and there is no shortage of competition. It also attracts more public attention. Therefore, this industry is not so much a mechanical manufacturing industry as a public sector. Especially the lawsuit caused by overseas investment in the United States makes Sany Heavy Industry and the whole Chinese construction machinery industry attract the world's attention. But now the industry seems to be showing no signs of plummeting. Even compared with the construction machinery belongs to the large machinery manufacturing industry, its decline is no ups and downs, no whirlpool, no gentle, like the great east of the Yangtze River. Nowadays, the industry that wore all kinds of auras has been unable to load all kinds of glory. In the minds of the industry, in the field of mechanical manufacturing, in the public eye, we can not accept this fact that has come.
Only three or four years ago, almost everyone was still helping the engineering machinery industry to advance again and again. In 2011, a fire was refired. In 2011, the sales volume of China's construction machinery industry will reach 900 billion yuan. In the next 5 years, the average annual growth rate of the whole industry is about 17%. At that time, the three giants also shouted the annual sales target of over 100 billion yuan. But now, when the sales scale of the industry stops at 500 billion yuan and the sales of the three giants in the industry are wandering only at 350 billion, people seem to be awakening from the dream.
What is the reality of the industry, it can be the data, reports, numbers of those industries, that can be those in the hands of manufacturers and dealers, or the unreclaimed items on the accounts, the idle multi day machines that are tracked on the GPS, even after the enterprise cuts down the production scale. The empty workshop and the disbanded staff; the reality, the current state of every practitioner, is the thinking of the practitioner on the industry; the truth is in the heart of every practitioner.
