Affected by the epidemic in the first quarter of 2020, the profit of the machinery industry fell by 27.8% year-on-year. It is expected that the decline in the second quarter will be significantly narrowed, but the trend of sub-industry differentiation continues. Among them, the recovery trend of construction machinery is obvious, while heavy machinery, metallurgical chemical equipment, etc. are still Will face growth pressure.
Under the "six-guarantee and six-stable" macro-policy keynote, the year-on-year growth rate of infrastructure fixed asset investment and real estate development fixed asset investment is expected to improve quarter by quarter. Looking forward to the second half of the year, it is expected that the boom in the construction machinery industry will continue, the concentration of the industry will further increase, and the profitability of leading companies will increase; optimistic about the development of infrastructure equipment in the second half of the year.
Construction machinery: Continued growth momentum and continued to hold the leading position. The 25 mainframe manufacturing companies included in the statistics of the industry association in May sold a total of 32,000 sets of various excavating machinery products, an increase of 68% year-on-year. It is estimated that the growth rate of excavator sales in June will remain at a high level of more than 60%, and the growth momentum of excavator will continue in July. At the current moment, there is room for OEMs to increase earnings and repair valuations, with a clear margin of safety.
A sub-sector with independent growth logic-aerial work platform: Since mid-March, the leaser has accelerated its capacity expansion, and it is estimated that domestic equipment sales will grow rapidly in the second quarter.
