The number of confirmed cases of new Corona pneumonia in the world has exceeded 370,000, and the spread of the epidemic overseas has continued. Under the influence of the epidemic, international economic activities have been hit hard, financial market turmoil has intensified, and the stock markets of European and American countries and emerging markets have fallen on average by 30%. Under the global crisis, it is also difficult for the domestic industry chain to survive, and many industries will face reshuffle. Under the crisis, what investment opportunities does the market contain?
From the perspective of production and sales data, industrial chain status, favorable policies, and institutional perspectives, which industries are directly affected by the epidemic? Which industries' ecology will change? Which industries will usher in new development opportunities?
Liugong excavator
Construction machinery: Industry is going up
In February 2020, the sales volume of excavators for major enterprises nationwide fell by 50.5% year-on-year. Among them, the domestic market sales fell by 60% year-on-year, and export sales increased by 62.5% year-on-year. Affected by the epidemic, inadequate construction of related infrastructure downstream projects, sales decline in the first quarter was in line with expectations.
From the past years, the three months after the holiday is the highest point in sales for the whole year, which can generally account for 40% of the annual sales. The agency believes that the epidemic has a small impact on the annual sales of excavators. The impact during the year is mainly on sales. The peak season shifted 1-2 months. The policy mix may be strengthened in the follow-up epidemic. The investment in infrastructure real estate under the special debt catalyst is expected to remain strong. After the epidemic is over, the wave of rework is expected. Demand is expected to release in the second quarter Growth throughout the year remains positive.
Zoomlion excavator
The rise of independent brand excavators is an important trend in the industry changes over the past ten years. In 2009, the domestic brand industry accounted for only 25.87%, and currently domestic excavators account for about 60%. Affected by the spread of the epidemic, the domestic market share of domestic excavator brands is expected to continue to increase. The resumption of work by leading OEMs and component companies is better than the industry average and is expected to benefit first. In February 2020, sales of Sany, XCMG and Caterpillar fell less than the industry, leading the focus of the share.
