Known as the "infrastructure barometer", the "excavator index" has always been an important indicator for observing the macro economy.
Recently, data from 25 enterprises counted by the China Construction Machinery Association show that in the context of significant price increases by major manufacturers, China's excavator sales in April still increased by more than 60% year-on-year, more than 50 percentage points higher than the growth rate in March; Cumulative sales in the first four months have exceeded 100,000 units.
It can be seen that while the "new infrastructure" has become the darling of the market, the "old infrastructure" is not to be outdone.
A few days ago, the observer network contacted Sany Heavy Industry, Xugong Machinery and other Chinese construction machinery leaders. In their view, the overall economy began to recover strongly after the epidemic, and the daily infrastructure construction rate in the past month has exceeded the same period last year. It is for this reason that the Chinese construction machinery market has rebounded significantly, and products such as excavators and loaders are in short supply.
The China Construction Second Bureau East China Company also revealed to Observer Network that China Construction's newly signed infrastructure business in the first quarter focused on traditional infrastructure such as large-scale municipal infrastructure. At the same time, it will obtain preferential loans through the China Development Bank and launch the "new infrastructure" project undertaken by it.
In the context of the spread of the global epidemic, which has hindered exports, domestic demand has spurred investment and promoted economic growth. It has become a consensus that the Politburo meeting recently set a policy tone for expanding effective investment and combining both old and new infrastructure.
Rotary price increases are still in short supply
"Construction machinery is a basic industry of the national economy. Judging from the resumption of construction machinery, the pace of national infrastructure construction has not stopped, and as the country continues to work on major projects with the theme of" new infrastructure ", the overall economy has begun. Strong recovery, the scale of construction has exceeded the same period last year. "Lu Chuan, president of Xugong Machinery, said in an interview on May 13.
As we all know, the excavator index has always been called the "infrastructure barometer", and is also regarded as an important reference for analyzing the macro economy.
On May 11, the sales data of 25 excavator manufacturing companies counted by the China Construction Machinery Association showed that domestic excavator sales increased by 11.24% year-on-year in March, and the sales growth in April expanded to 64.5% to more than 43,000 units. From January to April, the domestic sales volume has exceeded 100,000 units.
Talking about the supply and demand situation in the domestic market, Yuhongfu, chairman of Sany Heavy Machinery, introduced to Observer.com: "This year, the most sold small excavation is 5-6 tons, the middle excavation is 20 tons and the big excavation is 40 tons. Very good growth. The fastest year-on-year growth is still based on small digging. "
"China's excavator market is over compensated, and the entire market is in short supply. Our products have a large number of out-of-stocks in the market. In March, we have exceeded the highest output in history, and our market sales have also made history. New high. "He said.
Lu Chuan also revealed to Observer.com: "Since April, XCMG's cranes have reached 100 units per day, with a maximum of 120 units per day, setting the industry's highest record for a single day. The rollers, rotary drills, pump trucks and other products have all There is a shortage of supply. "
The analysis of Guojin Securities Research pointed out that the surge in demand for excavators greatly exceeded market expectations. Against the background of the global spread of the epidemic, infrastructure as a pure domestic demand industry will be the focus of policy efforts. Recently, domestic fiscal and monetary policies have continued to increase, social integration has accelerated, and the trend of accelerated infrastructure has become obvious.
Unexpectedly, the surge in sales also led to the strength of the A-share industrial machinery sector. As of May 12th closing, Sany Heavy Industry Co., Ltd. closed up for six consecutive trading days, and closed at 20.56 yuan / share on the same day, a record high. Xugong Machinery also closed up continuously during the same period, and the closing price on the 12th reached a 9-year high.
What highlights the strong demand is that the rapid growth of sales of construction machinery in April occurred in the context of price increases by leading manufacturers.
Starting April 2, Sany Heavy Industry, Xugong Machinery, Liugong, etc. have successively announced that they will increase prices for excavators, pumps, cranes and other equipment ranging from 5% to 10%, due to rising production costs and domestic infrastructure needs Rapid recovery, product shortage, etc.
Talking about price adjustment, relevant people of XCMG pointed out to the observer network that the demand for domestic excavators is still growing, and the global epidemic prevention and control is in the stage of tackling. obvious.
Sany Heavy Industry, which first proposed price adjustment, also mentioned the above reasons: "One is based on market conditions, and the global epidemic has led to tight supply in the global industrial chain, resulting in a relatively large increase in overall costs. But in the long run, the adjustment of sales Price is also protecting industry interests. "
Last year, the price war in the excavator industry attracted much attention. The above-mentioned XCMG related persons revealed to Observer Network that the fierce price war is gradually disappearing. The recent price increase at this stage is essentially a recovery of market prices, and the products are gradually restored to before the price war. This helps the benign competition in the market and is beneficial to manufacturers, users, supply chains, and agents. .
However, he also mentioned that it is still difficult to judge whether the price system can be maintained in the future as the epidemic situation passes.
As can be seen from the previous article, excavator sales are inseparable from the support of infrastructure projects.
Guojin Securities mentioned in the research report that according to the production schedule of core parts manufacturers from April to May, combined with the inventory consumption of OEMs in March, it expects that the growth rate of excavator sales from May to June will still be more than 60%.
