Recently, enterprises in the construction machinery industry have successively released semi annual reports. Many enterprises continued the industry recovery trend last year, and their operating revenue increased significantly. However, with the continuous tightening of domestic real estate market regulation, the rising prices of bulk commodities such as steel, and more intense homogenization competition, the construction machinery industry is intertwined. According to the judgment of the industry, as the growth rate of social finance falls month on month, the slow issuance of special bonds of local governments leads to the decline of project demand, and the rise of steel prices leads to wait-and-see and delay of some project construction, which will become adverse factors of the industry.
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The revenue of many construction machinery enterprises rose sharply in the first half of the year
The semi annual report of Sany Heavy Industry shows that in the first half of the year, Sany Heavy industry realized an operating revenue of 67.128 billion yuan, a year-on-year increase of 36.47%; The net profit attributable to shareholders of listed companies was 10.074 billion yuan, a year-on-year increase of 17.16%; The net cash flow from operating activities was RMB 9.788 billion, a year-on-year increase of 35.75%.
The semi annual report shows that the sales revenue of mining machinery of Sany Heavy Industry in the first half of the year was 26.007 billion yuan, a year-on-year increase of 39.46%; The sales revenue of concrete machinery was 17.7 billion yuan, a year-on-year increase of 31.05%.
After Sany Heavy Industry announced its semi annual results, Anxin securities issued a research report and maintained Sany's "Buy-A" rating. It is estimated that the net profit in 2021 / 2022 will be 19.42 billion yuan / 22.17 billion yuan.
Tianfeng securities research reported that it maintained the buy rating of Sany Heavy Industry. The reasons mainly include: the company published the semi annual report, and the performance was slightly lower than expected; The cost side is lower than expected, affecting the gross profit margin level; Increase risk control during the decline of the industry.
The semi annual report of XCMG machinery shows that in the first half of 2021, XCMG machinery achieved an operating revenue of 53.234 billion yuan, a year-on-year increase of 51.80%; The net profit attributable to the shareholders of the listed company was 3.803 billion yuan, a year-on-year increase of 84.46%; The basic earnings per share is 0.4794 yuan.
Everbright Securities Research Report said that the net operating cash flow of XCMG machinery was 3.75 billion yuan, a year-on-year increase of 648.6%. The company actively adjusted its sales model, achieved results and improved its collection ability. "The gross profit margin of new businesses is high, which is conducive to enhancing profitability and core competitiveness. Related party transactions are reduced, business independence and the coordinated development ability of various business segments are improved."
Zoomlion released an interim performance report, which showed that during the reporting period, the company achieved an operating revenue of 42.449 billion yuan, a year-on-year increase of 47.25%; The net profit attributable to the parent company was 4.85 billion yuan, a year-on-year increase of 20.7%.
Shanhe intelligent disclosed that the revenue in the first half of the year was 6.887 billion yuan, a year-on-year increase of 57.24%; The net profit attributable to the parent company was 532 million yuan, a year-on-year increase of 33.36%.
Excavator operation index fell and overseas market became a breakthrough
Excavator is the leader in the construction machinery industry, and the excavator operation index is a barometer of the economy. According to CICC data, in July, the CICC excavator utilization index (ceui) was 96.5 hours, a year-on-year decrease of 15.8%, with a double-digit year-on-year decline for the fourth consecutive month. CICC expects that the downward trend of excavator utilization index in August will continue, but the decline is expected to narrow in the fourth quarter of this year.
Not only did the excavator operation index decline, but also the sales of excavators that have been advancing all the way since last year. The decline in the sales of excavators in China is greater than that in the international market.
China Construction Machinery Industry Association takes 25 excavator manufacturing enterprises as samples. In July 2021, these enterprises sold 17345 excavators of all kinds, a year-on-year decrease of 9.24%; Among them, 12329 sets were sold in China, a year-on-year decrease of 24.1%.
Industry analysts said that the decline in excavator sales was due to the high base in the same period last year, on the other hand, the decline in social finance growth, the slow issuance of local government special bonds, the decline in project demand, and the rise in steel prices, which led to wait-and-see and delay in some project construction.
The price fluctuation of raw materials has always been a great challenge for the construction machinery industry. The semi annual report of Sany Heavy Industry shows that the cost of raw materials and parts of the company may be affected by many factors, such as market supply and demand, changes in suppliers, availability of alternative materials, changes in suppliers' production status and natural disasters.
XCMG machinery said that the competition in the construction machinery industry is fierce. The company must continue to maintain its core competitiveness in advantageous products and core technologies, and adjust the industrial layout in time, otherwise the company will face the risk of declining market share.
In the overseas market, all construction machinery enterprises have generally made great progress, which may become the next key breakthrough for industry enterprises. According to the data of China Construction Machinery Industry Association, in July, 25 enterprises exported 5016 excavators, a year-on-year increase of 75.6%; In the first seven months, the export of excavators reached 35149 units, a year-on-year increase of 102%.
Xiang Wenbo, director of Sany group and President of Sany Heavy Industry, said that Sany group has established a localized distribution system in more than 100 countries around the world, with more than 300 overseas high-quality agents.
According to the semi annual report of Sany Heavy Industry, the sales of Sany Heavy Industry in major global markets and overseas business divisions such as Sany United States, Sany India and sany Europe achieved rapid growth, with 5.667 billion yuan in Asia and Australia, an increase of 120.05%; The European region was 3.751 billion yuan, an increase of 46.85%; The Americas region was 1.961 billion yuan, an increase of 173%; The African region reached 1.065 billion yuan, an increase of 99.72%.
However, the industry also generally believes that compared with the domestic market, the international market accounts for a relatively small proportion in the large plate of construction machinery enterprises, and the impact of overseas market development on their performance remains to be further observed.
