In the first quarter of 2022, the operating revenue and net profit of most complete machine enterprises and supporting parts enterprises in the industry fell year-on-year. This is not without any sign. From the market sales data, except for a few sub product areas, the sales of most products are sluggish. According to the data of China Construction Machinery Industry Association, the sales of domestic excavators in the first quarter was 51886, a year-on-year decrease of 54.3%; The domestic sales of 21185 loaders decreased by 30.8% year-on-year. The decline is still large. The weak market demand is the direct reason for the decline of enterprise performance.
In addition, the industry is in a downward cycle; The domestic epidemic spread in many places, affecting the operation rate, resulting in less than expected infrastructure investment; In addition, many factors such as rising raw material prices and rising costs have led to a decline in enterprise profits.
Taking Sany Heavy Industry as an example, in the first quarter of 2022, the revenue was 20.278 billion yuan, a year-on-year decrease of 39.49%, and the net profit attributable to the parent company was 1.59 billion yuan, a year-on-year decrease of 71.29%. The main reasons for the decline in performance are: (1) the market demand in the first quarter of 2021 is strong, the base is too high, and the net profit attributable to the parent company is the highest in a single quarter in history; (2) Repeated epidemics have led to a decline in the number of operating hours and the sales of construction machinery and equipment to a certain extent; (3) 31. The scale of overseas sales continued to rise, and the international freight price rose; (4) R & D investment continued to increase, and the R & D expense rate in a single quarter reached 7.02%, an increase of 2.77% year-on-year.
However, some analysts believe that looking forward to the whole year, the industry is expected to pick up in 2022 under the influence of both optimistic subjective attitude towards the industry and objective favorable factors. The reasons are as follows.
1 ? China's new round of anti epidemic work will certainly achieve good results. With the mitigation of the epidemic, a large number of infrastructure projects will be implemented, and the demand for construction machinery will be gradually released.
2 ? the national macro policy is favorable. At the 11th meeting of the central financial and Economic Commission on April 26, it was emphasized to comprehensively strengthen infrastructure construction and build a modern infrastructure system. In the first quarter of 2022, China Railway accumulated 605.74 billion yuan of newly signed contracts, with a year-on-year increase of 84.0%, of which 543.45 billion yuan of newly signed contracts for infrastructure construction business, with a year-on-year increase of 94.1%. New orders for infrastructure projects have made a good start, and the prosperity of infrastructure demand has increased.
3 ? exports continued to grow at a high speed. Industry enterprises seize export opportunities and expand overseas business. The increase of overseas income will become a new growth point.
4 ? industry enterprises actively adjust, respond to cycle challenges, continue to increase R & D efforts and compete for new electric and intelligent tracks. The sales of electric products have begun to take shape in 2021, and it is believed that there will be better performance in 2022.
5 ? the switching of non road "national four" emission standards will be officially launched on December 1, 2022, and major host manufacturers have also launched "national four" new products one after another. The upgrading of old equipment with unqualified emission will release some market demand.
Summary of performance report of listed construction machinery companies in the first quarter of 2022
Domestic enterprises
XCMG machinery
In the first quarter of 2022, the revenue reached 20.034 billion yuan, a year-on-year decrease of 19.79% and a month on month increase of 37.86%; The net profit attributable to the parent company was 1.405 billion yuan, a year-on-year decrease of 18.61% and a month on month increase of 39.80%; Net profit deducted from non parent company was 1.299 billion yuan, a year-on-year decrease of 18.21%. Both revenue and profit showed month on month improvement.
Sany Heavy Industry
In the first quarter of 2022, the revenue was 20.278 billion yuan, a year-on-year decrease of 39.49%, and the net profit attributable to the parent company was 1.59 billion yuan, a year-on-year decrease of 71.29%; The net profit attributable to the parent company after deduction was 1.089 billion yuan, a year-on-year decrease of 79.27%.
Zoomlion
In the first quarter of 2022, the revenue reached 10.012 billion yuan, a year-on-year decrease of 47.44% and a month on month decrease of 21.18%; The net profit attributable to the parent company was 906 million yuan, a year-on-year decrease of 62.48% and a month on month increase of 76.49%; Net profit deducted from non parent company was 882 million yuan, a year-on-year decrease of 60.69%.
Liu Gong
In the first quarter of 2022, the revenue reached 6.736 billion yuan, a year-on-year decrease of 22.06%; The net profit attributable to the parent company was 255 million yuan, a year-on-year decrease of 47.79%; The net profit deducted from non parent company was 214 million yuan, a year-on-year decrease of 43.57%.
Liugong's overseas revenue continued to maintain a rapid growth trend in the first quarter, with a year-on-year growth rate of more than 50%, and the proportion of overseas revenue further increased year-on-year.
Shantui Co., Ltd
In the first quarter of 2022, the revenue was 2.339 billion yuan, a year-on-year decrease of 12.19%; The net profit attributable to the parent company was 364 million yuan, a year-on-year increase of 342.05%; The net profit attributable to the parent company decreased by 6.0681 million yuan year-on-year.
Shanhe intelligence
In the first quarter of 2022, the revenue was 1.662 billion yuan, a year-on-year decrease of 49.95%; The net profit attributable to the parent company was -48.9788 million yuan, a year-on-year decrease of 116.47%; Net profit deducted from non parent company was -55.4731 million yuan, a year-on-year decrease of 120.58%.
Railway construction heavy industry
In the first quarter of 2022, the revenue was 2.136 billion yuan, a year-on-year increase of 14.67%; The net profit was 377 million yuan, a year-on-year increase of 10.38%, and the operating revenue and profit maintained a double-digit high-speed growth. R & D investment totaled 149 million yuan, accounting for 6.99% of operating revenue.
Zhejiang Dingli
In the first quarter of 2022, the revenue was 1.253 billion yuan, a year-on-year increase of 48.97%; The net profit was 196 million yuan, a year-on-year increase of 15.07%; The net profit deducted from non parent company was 191 million yuan, with a year-on-year increase of 17.06%.
Yutong heavy industry
In the first quarter of 2022, the revenue reached 740 million yuan, a year-on-year decrease of 14.57%; The net profit was 84.9183 million yuan, a year-on-year decrease of 9.43%; Deduct the net profit not attributable to the parent company of 49.6865 million yuan, a year-on-year decrease of 38.86%.
Tongli shares
In the first quarter of 2022, the revenue was 1.316 billion yuan, a year-on-year increase of 67.72%; The net profit was 131 million yuan, a year-on-year increase of 79.53%.
Xiagong Co., Ltd
In the first quarter of 2022, the revenue reached 297 million yuan, a year-on-year decrease of 36.37%; The net profit was -1911700 yuan, a year-on-year decrease of 113.42%; Net profit deducted from non parent company was -18.4169 million yuan, a year-on-year decrease of 11573.86%.
Anhui Heli
In the first quarter of 2022, the revenue was 3.946 billion yuan, a year-on-year increase of 13.65%; The net profit attributable to the parent company was 194 million yuan, a year-on-year increase of 8.46%; The net profit deducted from non parent company was 153 million yuan, a year-on-year decrease of 0.83%.
Hangcha group
In the first quarter of 2022, the revenue reached 3.603 billion yuan, a year-on-year increase of 7.5%; The net profit was 190 million yuan, a year-on-year decrease of 13.82%; The net profit deducted from non parent company was 185 million yuan, a year-on-year decrease of 15.34%.
Weichai Power
In the first quarter of 2022, the revenue reached 41.104 billion yuan, a year-on-year decrease of 37.16%; The net profit was 1.051 billion yuan, a year-on-year decrease of 68.61%; The net profit deducted from non parent company was 897 million yuan, a year-on-year decrease of 70.54%.
Hengli hydraulic
In the first quarter of 2022, the revenue was 2.200 billion yuan, a year-on-year decrease of 22.97%; The net profit attributable to the parent company was 528 million yuan, a year-on-year decrease of 32.56%.
Eddie precision
In the first quarter of 2022, the revenue was 615 million yuan, a year-on-year decrease of 31.22%; The net profit attributable to the parent company was 72 million yuan, a year-on-year decrease of 63.07%.
foreign enterprise
Caterpillar
Sales and revenue in the first quarter of 2022 were $13.6 billion, up 14% from $11.9 billion in the first quarter of 2021. This growth is driven by the rising demand for equipment and services from end users, the impact of changes in agent inventory, and a favorable price system. Compared with the same period in 2021, the inventory of caterpillar agents in the first quarter of 2022 is more sufficient.
Volvo Construction Equipment
In the first quarter of 2022, Volvo Construction Equipment's net sales decreased to SEK 22.613 billion from SEK 24.742 billion in the first quarter of 2021. The adjusted operating profit was SEK 2.81 billion (SEK 3.822 billion in the first quarter of 2021), and the adjusted operating profit margin was 12.4%, lower than 15.4% of the previous year. Operating profit was negatively affected by the decline of sales volume and the increase of raw material cost, which was alleviated to some extent by the increase of price and service volume.
Modern Doosan construction machinery
In the first quarter of 2022, the sales volume was 1.15 trillion won, a year-on-year decrease of 13.5%; The operating profit was 104.9 billion won, a year-on-year decrease of 4.5%. Due to the influence of the Chinese market, the company's sales decreased by 13.5% compared with the same period of the previous year, and the Chinese market contracted due to the COVID-19. Operating profit also decreased slightly by 4.5% year-on-year. However, with the increase of sales in markets such as North America and Europe, profits improved, and the operating profit margin reached 9.1% due to the surge of external engine sales and the increase of engine a / s sales.
Anbaituo
In the first quarter of 2022, the operating revenue of anbaituo increased by 14% to SEK 11.088 billion (about RMB 7.47 billion). Operating profit increased by 41%, setting a new record of SEK 2.631 billion (about RMB 1.77 billion). The adjusted operating profit margin increased to 23.3%. Due to the strong growth and challenges of the supply chain and the impact of working capital accumulation, the working cash flow decreased to SEK 867 million (about RMB 580 million).
Sandvik
In the first quarter of 2022, Sandvik's sales volume was SEK 24.921 billion, with a year-on-year increase of 34.50%; The operating profit was SEK 3.395 billion, a year-on-year increase of 17.67%. In the first quarter, Sandvik's orders achieved double-digit growth for the fifth consecutive quarter. Supported by the strong demand of the whole business, Sandvik's order volume increased by 13% to SEK 30.474 billion in the first quarter of 2022. Total orders increased by 37% and 30% at a fixed exchange rate.
Terex
Terex's net sales in the first quarter of 2022 was US $1003 million, a year-on-year increase of 16%, the operating profit was US $52.3 million, a year-on-year increase of 26.93%, and the operating profit margin increased to 7.4%. The backlog of orders reached a record $3.5 billion as customer demand remained strong.
