Engineering machinery industry: bulldozers, cranes, ,
The road roller in December has a bright eye, and the prospect of the engineering machinery is good
Event: 2017 December bulldozer sales of 303 units, up +4%, -41% QoQ, 1-12 month cumulative increase of +41%; automobile crane sales of 2023 units, up +139%, -2% QoQ, 1-12 month cumulative increase of +131%; loader sales 8278 units, up +60%, +12% QoQ, 1-12 month cumulative increase of + 48%; roller sales of 1103 units +24%, an -12%, a 1-12 month cumulative increase of +44%.
Key points of investment
The influence of the bulldozer to the high base number is slightly down, and the high speed growth is maintained throughout the year.
December 2017 single month bulldozer sales 303 units, up 4%, after 8 months of high growth, in December, bulldozer sales slightly fell. The annual sales of bulldozers reached 5707, close to 20152016 years and two years of sales, a year-on-year increase of 41%, the industry has a strong momentum. December sales of Shantui 135 bulldozers, exclusive 45% market share, in the way ahead of other enterprises. Liugong, Shandong respectively achieved sales of 49 Units, 41 units, 16% to 14%, occupy second, third of the market share of seats. The annual sales of Shantui 3910 bulldozers, accounting for about 69% of total sales, xuanggong, Liugong, mountain, mountains, China machine industry, Pengpu several leading total annual sales surpassed 100 units, divide up the remaining market share. The December bulldozer exports 100, accounting for 32% of the total sales, the export performance is still bright. At home, the central area in Hubei City, led by Jiangxi accounted for the highest rate, 35%, sales in the west area, accounted for a slight decline. Automobile crane in December the growth rate of 139%, the annual total sales for five years to the highest December crane car sales of 2023 units, an increase of 139%. The annual sales of car cranes were over 20000, up 131% from the same year, and the annual sales volume reached the highest point in five years. Xuzhou heavy December sales of 957 units, with 47% of the market in the top of the list. In 2017, 9845 heavy truck cranes were sold in Xuzhou, which increased by 110% over the same period, maintaining a good growth rate. As far as the brand is concerned, ZOOMLION has increased by 305% over the same period, the fastest rising trend. The three leading companies in Xuzhou heavy, ZOOMLION and Sany industries accounted for 90% of the total market share. The leading companies' high market share and high sales growth rate reflected strong growth in the industry growth and industry recovery. According to the survey of grass-roots, the production of 31 of the cranes in Xugong is full, and it is expected that the 2018Q1 can continue to maintain high growth.
The export of loaders increased by 92% compared with the same period last year, and the sales volume maintained a high growth. In December 2017, the total sales of (excluding small packages) totaled 8278 units, an increase of 60% over the same period, a 12% increase of the ring. The annual sales of 90092 loaders, compared with the previous two years showed a significant rise in the period, again proved the overall recovery of the machinery industry. In December, 2200 loaders exported, accounting for 26.58% of the total sales volume, up 92% compared to the same period last year, and export sales increased all the way, reflecting the high competitiveness of overseas brand loaders in the international arena. From the domestic perspective, sales volume in the eastern, central and western regions is 2259, 1600 and 2219, respectively. The market share is 27.29%, 19.33%, 26.81%, and the sales volume of loaders is relatively stable.
The sales of Compactors continued to grow steadily compared with the same period last year. Xugong's sales volume is far ahead. In December, the sales volume of single month increased by 1103, an increase of 24% compared with the same period last year, and the total annual sales of Compactors increased by 17178. The sales volume maintained a high growth rate, an increase of 44% compared with the same period last year, and the sales volume reached the highest in six years. In this round of recovery, the annual growth rate of Compactors has been increasing from May 2016 to the same period. The number of Compactors increased by over 30% except for a few months. In December, the sales data of 277 units of Xugong won, an increase of 19%, monthly market share 38%. Liugong sales of 113 units, in addition to become the only outside XCMG single month sales over 100 Taiwan enterprises, Jingjiang Jun Ma, Sany, Xiamen followed by market share in more than 10%.
Investment advice: continued devaluation [Sany], [] according to Hengli hydraulic engineering machinery dealers grassroots research and downstream parts manufacturers scheduling, we expect the 2018 Q1 models can continue to maintain sales growth of 30% year-on-year. To the first engineering machinery leading [Sany]: 1, a full range of product lines, leading competitive advantage and improve concentration; 2, exports continue to exceed expectations, 3, industry leading premium valuation; the rest of the recommended accessories [Hengli hydraulic].
