In recent years, the concentration of China's construction machinery industry has been further improved, and the leading enterprises have become more and more prominent in terms of technology accumulation, brand effect and scale effect, showing the constant strength effect of the strong.
On July 8, China Construction Machinery Industry Association officially released the "14th five year plan" for the development of construction machinery industry, and defined the development objectives. "By 2025, the overall level of the construction machinery industry will be greatly improved, the innovation ability will be significantly enhanced, the quality benefit will be significantly improved, and the development ability will be further enhanced. By 2025, the turnover of construction machinery will reach 900 billion yuan, the export volume of construction machinery products will reach 28 billion US dollars, and the export volume of construction machinery will account for 12% in the international market."
The 21st Century Economic Research Institute believes that the proposal of the 14th five year plan defines that under the background of the new development pattern of mutual promotion of domestic and international double cycles and the high-quality development of domestic economy, China's construction machinery industry will move towards innovation driven development, green development, intelligent development, digital development and international development, The construction machinery industry has ushered in a new era full of opportunities and challenges.
At the end of August, enterprises in the construction machinery industry successively released semi annual reports. Most enterprises continued the industry recovery trend last year and realized the "double growth" of business and net profit. The 21st Century Institute of economics selected 24 listed construction machinery enterprises. Taking the mid-term report data of 2021 as an example, the operating quality, financial quality, innovation ability and internationalization level of the enterprises are presented through the data of main business income, net profit, asset liability ratio, current ratio, quick ratio, R & D expenditure and overseas business income, From this, we can preliminarily judge the development status and potential of the enterprise.
Outstanding leading competitiveness
In the first half of 2021, the total operating revenue of 24 listed engineering enterprises was about 231.962 billion yuan, of which the operating revenue of Sany Heavy Industry, XCMG machinery, Zoomlion and Liugong was 177.599 billion yuan, accounting for about 76.56%, exceeding the, and the industry concentration was high.
According to the operating income of enterprises in the first half of 2021, the market competition pattern of China's construction machinery industry can be roughly divided into four echelons.
The first echelon is Sany Heavy Industry, XCMG machinery, Zoomlion and Liugong, with a main business income of more than 10 billion. Sany Heavy industry realized an operating revenue of 67.128 billion yuan in the first half of 2021, a year-on-year increase of 36.47%; The net profit attributable to the shareholders of the listed company was 10.074 billion yuan, a year-on-year increase of 17.16%, becoming the only enterprise in the construction machinery industry with a net profit of more than 10 billion in the first half of the year. The main business income of XCMG machinery, Zoomlion and Liugong was 53.234 billion yuan, 42.449 billion yuan and 14.788 billion yuan respectively, and the net profit was 3.803 billion yuan, 4.850 billion yuan and 761 million yuan respectively.
The second echelon is the potential force of China's construction machinery industry, with a revenue scale of 4-10 billion. There are 6 Enterprises: Anhui Heli, Hangcha group, Shanhe intelligence, Hengli hydraulic, Shantui shares and railway construction heavy industry. Taking Shanhe intelligence as an example, its operating revenue in the first half of 2021 was 6.887 billion yuan, a year-on-year increase of 57.24%; The net profit attributable to the shareholders of the listed company was 5.316 billion yuan, a year-on-year increase of 33.36%, and the profit margin was as high as 77.19%.
The third echelon is an enterprise with a revenue scale of 1-4 billion, including 6 Enterprises: Hanma technology, Noli, Zhejiang Dingli, construction machinery, Yutong heavy industry and Aili precision. The fourth echelon is an enterprise with a revenue of between 100 million and 1 billion, with a small scale, such as Xiamen Construction Engineering Co., Ltd. and long-term hydraulic.
According to the statistical data, there is a certain correlation between financial quality and enterprise operation ability. Enterprises with better operation status and profitability also perform better in financial quality. The asset liability ratio of most enterprises is in the appropriate range of 40% - 70%, the current ratio and quick ratio are about 1, and a few enterprises have too high or too low data.
From the perspective of products, the overall market share of the construction machinery industry continues to concentrate on large enterprises and domestic brands. The leading enterprises have their own leading product markets and have greater competitive advantages in brand, scale, technology, service and channel.
The domestic brands represented by Sany Heavy Industry dominate the concrete machinery market, and the market share is stable and continues to improve. Sany Heavy industry achieved a sales revenue of 17.7 billion yuan in the first half of 2021, a year-on-year increase of 31.05%; Zoomlion's concrete machinery realized an operating revenue of RMB 11.474 billion, a year-on-year increase of 27.03%. During the reporting period, the sales revenue of Sany mining machinery was 26.007 billion yuan, with a year-on-year increase of 39.46%. It has been the champion of domestic sales for 11 consecutive years, and its market share has continued to increase significantly.
As a leading enterprise of domestic underground engineering equipment (including rotary drilling rig, static pile pressing machine and other piling machinery), Shanhe intelligent realized an operating revenue of RMB 3.342 billion in the first half of 2021, with a year-on-year increase of 40.12%. In addition, in March this year, Shanhe intelligent announced to cut into the field of cathode materials and planned to invest 5 billion yuan to build an annual output of 100000 tons of cathode materials and graphite ultra-high purification production line project. In the future, the cathode business is expected to continue to contribute profit increment to the company and open up growth space.
With the intensification of the competition in the construction machinery industry, enterprises must continue to develop and innovate in order to maintain their core competitiveness. Data show that among the 24 listed construction machinery enterprises, Sany Heavy Industry, XCMG machinery and Zoomlion were three leading enterprises with R & D expenditure of more than 1 billion yuan in the first half of the year.
In the first half of 2021, Sany Heavy Industry invested 3.058 billion yuan in R & D, an increase of 1.367 billion yuan, an increase of 80.82% over the same period last year. The company has applied for 10671 patents and authorized 7759 patents, ranking first in the domestic industry. XCMG invested 2.218 billion in R & D of machinery, an increase of 64.43%. By the end of June 2021, it has accumulated 6075 valid authorized patents; The R & D cost of Zoomlion Heavy Industry was RMB 2.005 billion, with a significant year-on-year increase of 91.23%. In the first half of the year, the number of patent applications increased by 136% year-on-year. In the first half of the year, 266 patents were authorized, with a year-on-year increase of 95%. As of June 30, 2021, 11437 patents were applied and 8944 patents were authorized.
Intelligence + Innovation + environmental protection
Entering the era of intelligent interconnection, new technologies represented by 5g, big data and industrial Internet are changing with each passing day, fully enabling the digital and intelligent development of construction machinery. At the same time, the weakening of China's demographic dividend, the large-scale modern construction projects, increasingly stringent environmental protection requirements, and customers' demands for the improvement of product value require the industry to accelerate the transformation and upgrading in the direction of automation, digitization and intelligence.
For example, the construction of "lighthouse factory" is regarded as the leader of the fourth industrial revolution. The core lies in advanced technologies such as digitization, automation, advanced analysis, virtual reality and augmented reality, as well as the industrial Internet of things. So far, there are only 69 "lighthouse factories" in the world, of which 21 are in China.
The lighthouse factory of Sany Heavy Industry constructs Sany intelligent manufacturing management platform by deeply integrating manufacturing operation system (MOM), Internet of things management platform (IOT), workshop logistics management system (WMS), remote control system (RCS), intelligent handling robot (AGV) and other systems to form the "industrial brain" of production and manufacturing. According to the data, Sany Heavy Industry Promoted 7 lighthouse factories to reach production capacity in the first half of the year, with production capacity increased by 70%, manufacturing cycle shortened by 50% and automation rate increased by 36%. A total of 11 lighthouse factories have reached production capacity, and the overall automation rate has increased significantly.
In addition, XCMG machinery takes the construction of the new model of "smart manufacturing 4.0" as the main line to promote the company's digital transformation. It not only built XCMG's global digital supply chain platform (x-dsc), but also took the lead in upgrading SAP ECC to S / 4 Hana in the industry. In the field of digital R & D, build an industry-leading IOT platform for the industrial Internet of things, gradually realize the networking and data collection of more than 2300 devices, and effectively promote the lean management of manufacturing process and the rapid improvement of production efficiency; At the same time, focusing on the integrated application of 5g and intelligent manufacturing, focusing on the application of "1 private network", "2 platforms", "3 chains", 5 categories and 32 key scenarios, XCMG heavy makes a breakthrough by focusing on building 32 industrial application scenarios in the way of 5g + mec, makes every effort to build a smart Park and build the first full value chain factory in the construction machinery industry to sink mec5g independent networking.
Zoomlion accelerated the transformation of industrial Internet and took the lead in applying "5g + industrial Internet" to tower crane R & D. The successful application of 5g tower crane remote intelligent control system has realized the leap from "tower crane high-altitude operation to ground operation" to "remote intelligent control". The system fills the gap of tower crane remote intelligent hoisting, improves the intelligent level of tower crane control, and lays a solid foundation for the realization of less and no humanization of tower crane. In addition, Zoomlion took the lead in arranging the agricultural machinery industry in the industry. Now, the agricultural machinery and smart agriculture sectors have become one of the three business sectors of the company.
Shanhe intelligent accelerates the upgrading of intelligent manufacturing. In the transformation of the production line of the industrial city, build a smart blanking center to realize the unattended and automatic completion of the whole blanking process. At the same time, the production line is further optimized with the help of simulation technology.
It is worth noting that the construction machinery industry is a "big polluter". According to the relevant provisions of pollutant emission limits and measurement methods for heavy diesel vehicles (China phase VI), the national emission standard a for heavy diesel vehicles will be fully implemented nationwide from July 1, 2021, and will transition to phase B within three years, which poses new challenges to the development of construction machinery industry.
In this context, energy conservation and emission reduction, new energy use and electrification penetration will support the steady development of the construction machinery industry. The new concrete machinery products released by Sany Heavy Industry on July 31 have reached the "national six" phase B emission standard three years in advance. The data show that compared with the products of the fifth country, the emissions of hydrocarbons (HC) and nitrogen oxides (NOx) of the products of the sixth country are reduced by more than 77%, the emissions of particulate matter (PM) are reduced by more than 67%, and the emissions are cleaner and environment-friendly. At the same time, Sany Heavy Industry has laid out intelligent power exchange technology, promoted the independent development of batteries, electric controls and electric drives, and launched a total of 26 electric products, covering excavators, cranes, mixers, dump trucks and road machinery. Among them, new energy mixer and new energy dump truck have been launched. The world's first hydrogen fuel cell mixer is equipped with high-efficiency hydrogen fuel engine. Hydrogenation takes only 20min and the endurance can reach 400km (standard load, 40km / h constant speed).
Zoomlion has also made new breakthroughs in the development of intelligent green products. In the construction machinery sector, a four bridge 62m length to weight pump truck with a limit meter length ratio was developed, which improved the pumping efficiency by 5% - 8% and reduced the comprehensive energy consumption by 2% - 4%. In addition, the national green manufacturing system integration project of "demonstration of green design and manufacturing integration platform of tower crane" passed the acceptance. In the first half of the year, nearly 30 new energy products were developed, covering 8 types of hosts such as high-altitude operation machinery, excavator, mixer truck and mining card. Among them, 16 new energy products have been offline, including 28m pure electric straight arm high-altitude operation platform and 7.5t pure electric excavator.
The 21st Century Economic Research Institute believes that with the international community paying more attention to carbon emission, energy conservation and emission reduction and environmental protection, and the determination of the overall goal of the national "14th five year plan", enterprises will increase investment in environmental protection, and the amount of capital expenditure of enterprises will increase, which will have a certain impact on production and operation. Especially for small enterprises that lack core technology and capital investment, enterprises are facing greater pressure to eliminate.
The international market is promising
The semi annual reports of several leading enterprises show that the overseas market performance of construction machinery products is eye-catching.
According to the data of the General Administration of customs, in the first half of 2021, China's construction machinery realized a trade surplus of US $13.025 billion, 9.11 times that of the previous boom peak in 2011.
From the data, the enterprises with overseas business income of more than 1 billion yuan are still the four giants of Sany Heavy Industry, XCMG machinery, Zoomlion and Liugong. Sany Heavy Industry still gives full play to its leading advantages in the overseas market and is the only construction machinery enterprise with overseas business income of more than 10 billion yuan. Among them, the overseas business income of Shanhe intelligence and Shantui shares is also close to 1 billion yuan.
Some industry insiders pointed out: "the overall demand of the construction machinery industry is highly related to the investment in fixed assets. It is directly affected by the cyclical changes of the macro economy and has a certain periodicity. However, from the perspective of the international market, there are regional differences in the prosperity of the regional economy, and the engineering machinery presents a weak periodicity. Therefore, internationalization is the main strategy of the main enterprises in the industry."
Sany Heavy Industry is expected to move from a leader in China to a leader in the world. In the first half of 2021, Sany Heavy industry achieved an international sales revenue of RMB 12.444 billion, a year-on-year increase of 94.69%. The company's sales in major global markets, including Sany America, Sany India, Sany Europe and other overseas business divisions, achieved rapid growth, with an increase of 120.05% to RMB 5.667 billion in Asia and Australia; 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%.
In addition, the share and sales volume of Sany's Excavator products in major markets such as North America, India and Europe have increased significantly. The Southeast Asian market has made collective breakthroughs and continued to grow rapidly, and many countries continue to maintain their top market position. In the future, one belt, one road, and the other African countries will have huge room for improvement in Sany's internationalization strategy.
XCMG upgraded its internationalization strategy to the main strategy. In the first half of the year, the overseas business revenue was 4.854 billion, a year-on-year increase of 68.51%. Especially in the "one belt, one road", the layout of the country has obvious advantages. XCMG has established a complete marketing network in 64 countries in Asia Pacific region, Central Asia region, Africa region, West Asia and North Africa region, Europe region and Oceania region, with 20 spare parts centers, 24 offices, nearly 400 service outlets and more than 120 spare parts outlets.
Zoomlion has broken through the overseas high-end market. In the first half of the year, the company's export revenue was 2.768 billion, a year-on-year increase of more than 52.28%. Among them, the sales of high-altitude operation machinery reached 1.736 billion yuan, with a significant year-on-year increase of 397.95%. The overseas sales of high-altitude machines have covered 56 countries and regions on five continents. The products have successively entered the high-end markets such as 18 countries in Europe, the United States, Canada and Australia, and have successively realized cooperation with large leasing companies and end customers in various regions of the world; Break through the global high-end crawler crane market, export large tonnage crawler crane products to overseas markets in batches, and sign an export order for 2000 ton crawler crane with Turkey, which is the largest tonnage crane exported by China to overseas countries; In addition, the European factory was officially completed in Italy, and the localized production and sales of tower cranes, truck cranes and overhead working machinery have been realized, helping to further expand the European market.
Liugong is one of the first enterprises in the domestic industry to carry out international business in the 1990s. In the first half of the year, it realized an overseas revenue of 2.637 billion, a year-on-year increase of 69.43%. After nearly 20 years of overseas development and operation, it has entered the stage of deep internationalization. The company has set up three manufacturing bases in India, Poland and Brazil and four overseas R & D institutions in India, Poland, the United States and the United Kingdom. At the same time, it has a number of marketing companies with complete machines, services, accessories and training capabilities, and provides sales and service support to overseas customers through more than 2700 outlets of more than 300 dealers. In addition, one belt, one road, is basically covered by the overseas business of Liugong, and the most suitable countries and regions along the "one belt and one way" strategy are in a better match with the foreign development strategy of the country.
By the first half of 2021, Shanhe intelligence had established more than ten subsidiaries overseas. Among the 18 key regions in the world, 13 regions achieved year-on-year growth, of which 10 regions had a growth rate of more than 100%. In addition to the star product micro and small excavators selling well in Europe and America, large mining excavators have made breakthroughs in Africa and South America. Among them, Shanhe intelligent mining excavators swe600f and swk90 wide body dump trucks are exported to the Southeast Asian market in batches.
Despite the rapid growth of overseas market demand, the market development affected by the epidemic is unevenly distributed. The growth rate of emerging market countries is generally fast, and Chinese construction machinery enterprises mainly have a high share in the Southeast Asian market. "Compared with the domestic market, the international market accounts for a relatively small proportion in the overall market of various construction machinery enterprises, and the impact of overseas market development on their performance remains to be further observed," said the above industry insiders.
With the continuous tightening of domestic real estate market regulation, the rise in the price of bulk commodities such as steel, and more intense homogenization competition, the construction machinery industry is intertwined. In the first half of 2021, the comprehensive gross profit margin of many enterprises in the industry declined. At present, the construction machinery industry still maintains a high outlook, and the renewal cycle of the construction machinery industry has not ended.
"Cycle trap" seems to be the "sword of Damocles" hanging on the head of China's construction machinery industry. Since the recovery in the second half of 2016, China's construction machinery industry has entered a period of rapid growth. According to the business cycle of about five years, it is about to face an adjustment window. However, the 21st Century Economic Research Institute believes that the low business cycle of the construction machinery industry as before is difficult to reproduce. China's construction machinery industry, which has experienced periodic baptism, is realizing long-term sustainable development through continuous upgrading of products and services. The de cyclization of China's construction machinery industry will become a long-term trend, and the Matthew effect of the industry will become more and more obvious. In addition, it can be seen that the business profit in the post market field of China's construction machinery is low and the development is relatively slow. With the proposal of the 14th five year plan, the game of construction machinery stock market is increasing, and the demand for business services in the post market is further expanded.
