China's construction machinery industry is developing rapidly, seizing the market in the field of complete construction machinery and continuously improving its competitiveness; In the field of core parts, the degree of process still needs to be further improved, facing the problem of "lack of high-end products and homogenization of medium and low-end products". The import volume of high-end hydraulic parts, high-end chassis, large tonnage engine and other parts is large, facing constraints such as high price, long cycle and unstable supply. The full autonomy of construction machinery, especially the core parts, has become an important topic for the development of the industry. At the same time, due to the insufficient development of post market services, the overall value chain of the industry is short, and the huge stock market value needs to be developed.
1、 Development status of construction machinery in China
1. The whole machine manufacturing is catching up
In 2020, the total sales of the top 50 global construction machinery manufacturers reached US $1972.51 billion. According to the statistical data of Construction Machinery Association, after more than 30 years of development, the number of construction machinery in China exceeds 10 million, and the sales revenue of construction machinery will exceed 700 billion in 2020, ranking first in the world.
Among the top 50 construction machinery manufacturers in the world in 2020, Chinese manufacturers accounted for 12 places. Among the top five in the world, three Chinese manufacturers were shortlisted, respectively XCMG ranked third in the world, Sany ranked fourth in the world and Zoomlion ranked fifth in the world. In addition to the significant increase in the share of domestic brands, another feature of China's construction machinery market pattern is that the head is concentrated and the market share of leading companies is increased. The market share of the top four excavator cities has gradually increased from 37% to 60%. In 2020, the market shares of Sany Heavy Industry and XCMG will be 28% and 16% respectively; In the field of truck crane, CR3 market share has exceeded 80% in the past ten years, and the market share has further increased to more than 90% in the past two years. In addition, the market share of concrete machinery, loaders and bulldozers in construction machinery has gradually concentrated to leading companies, and the market share of vulnerable enterprises has been continuously compressed.
Therefore, in terms of the whole machine manufacturing of construction machinery, domestic manufacturers have the ability to compete with foreign leading enterprises.
2. High end parts are limited by people
The localization degree of key parts is low and there is a large space for substitution. In sharp contrast to the whole machine market, the suppliers of key parts of construction machinery are still mainly foreign manufacturers.
From the perspective of hydraulic system, China's hydraulic parts industry presents the coexistence of structural surplus of ordinary hydraulic parts, serious product homogenization competition, structural shortage of high-end hydraulic parts and large dependence on imports. At present, the global hydraulic industry is highly concentrated. The global leading enterprises are concentrated in Japan, the United States and Germany, including Bosch Rexroth, Parker Hannifin, Eaton and Kawasaki. In 2020, their market share was 19.7%, 9.7%, 7.2% and 5.7% respectively, with a total market share of 42.3%.
In terms of hydraulic cylinders, the main foreign brands include KYB in Japan, Toyo electric in Korea and Parker Hannifin in the United States. At present, the domestic market share of Hengli hydraulic has reached 55%. In terms of hydraulic pump valves, the main foreign brands include Bosch Rexroth of Germany, Kawasaki heavy industries of Japan, David Brown of Britain, Eaton, Parker Hannifin of the United States, Kawasaki, Rexroth and other leading companies, which account for a relatively high proportion in China's Excavator pump valve market. In terms of hydraulic motors, the slewing motors of domestic excavators are mainly foreign KYB and Danfoss, and the domestic brand Zhonghengli realizes small batch supply; Walking motors are mainly funded by nabotsk at home and abroad, and Eddie precision is one of the domestic manufacturers.
From the perspective of diesel engines, the global diesel engine manufacturing market is dominated by America (mainly North America), Europe and East Asia (Japan and South Korea). The world-famous diesel engine enterprises are: EMD Diesel Locomotive Company of the United States, caterpillar company of the United States, Cummins company of the United States, Deutz stock company of Germany, Perkins company of the United Kingdom Man diesel engine company of Germany, w ? rtsil ? company of Finland and Mitsubishi Heavy Industry Company of Japan. Chinese diesel engines can meet domestic demand in the middle and low-end market, but can not be compared with foreign leading manufacturers in the high-end market. Domestic leading diesel engine manufacturers include Weichai (17%), Yuchai (9%), Yunnei power (9%), quanchai (7%), Xichai (6%) and Fukuda Kangming (5%).
3. Post market service is in its infancy
In the mature markets in Europe and America, two-thirds of the profits of construction machinery manufacturers come from post market services. China is relatively backward in the field of post market services of construction machinery. According to the survey data of China Construction Machinery Industry Association, in 2020, the whole machine sales business contributed an average of 64% of the operating profits of agents, and the post market business profits accounted for 36%, Including the contribution of accessories sales business to the average operating profit of 19.9% of the agent group; The warranty service contributes an average of 9.1% of the operating profit to the agent group; The second-hand machinery sales business is in a loss state; The operating lease contributes an average of 3.9% of the operating profit to the agent group; The warranty service and other maintenance services contribute an average of 3.2% of the operating profit to the agent group; Financial services and other businesses contribute an average of 0.9% of the operating profit to the agent group.
At the same time, the operation level of domestic construction machinery post market service enterprises is low, and the post market absorption rate (the ratio of post market revenue to enterprise operation cost) is far lower than that of European and American leading enterprises. In the European and American markets, the revenue contribution of the post market of construction machinery agents accounts for 50% ~ 60% of the turnover of the whole company. The absorption rate of some excellent agents has exceeded 100%. Even if they do not sell new equipment, these agents can still survive, which makes the enterprise have a strong ability to resist risks. China has the largest number of construction machinery and equipment in the world, but the market absorption rate after agents is mainly hovering at the low level of 10 ~ 20%.
2、 Industrial upgrading direction
1. Focus on key technologies and improve the independent and controllable level of the industrial chain
In the construction machinery cluster area, we will promote leading enterprises and supporting enterprises to jointly overcome key technologies, support core technology research, continue to promote the autonomy of core parts, and make every effort to break through the independent R & D and manufacturing capacity of high-end hydraulic components and key parts such as hydraulic system, power system, power shift gearbox, drive axle, controller and sensor, Improve the modular design level and improve the controllable level of the industrial chain.
2. Promote the electrification of construction machinery
Since the two sessions in 2021, carbon peaking and carbon neutralization have become the key issues concerned by the whole society. Under the background of a new round of industrial reform, the energy conservation and emission reduction situation of construction machinery products is particularly severe. In 2020, the Ministry of industry and information technology issued the action plan for promoting the electrification of vehicles in the public domain to promote the electrification of construction machinery and accelerate the transformation of construction machinery industry to new energy. With the increasingly strict trend of environmental protection and the gradual promotion of more relevant policies, the electrification of construction machinery is the general trend. In the process of electrification, excavators and loaders in small and large products will take the lead in realizing pure electrification in this market. Among them, the entry threshold of Electrification Technology for small products is low, and the subdivided categories suitable for closed and fixed working environments such as ports and mines in large products will also take the lead in electrification.
3. Encourage the development of post market services
With the continuous saturation of the market and the limited incremental space of construction machinery, the overall growth rate of the industry will decline in the future. However, thanks to China's huge stock market, the post market service space of construction machinery will be huge in the future. Taking the excavator market as an example, in the whole life cycle, the ratio of the potential of post market maintenance and accessories to the price of new equipment will almost reach 1:1, At present, the post market scale of maintenance services and accessories is hundreds of billions, and the second-hand equipment and leasing market has reached trillions. Facing the huge stock market, construction machinery enterprises should transform from the past development model with products as the core to the direction of "products + services", and focus on the improvement and development of key links of productive services such as industrial design, financial leasing, secondary sales, parts supply, energy-saving services, information services, logistics services, human resource management and training services, Promote the extension of construction machinery to the field of high value-added services.
