Wind data show that as of August 3, construction machinery sector has disclosed first-half earnings forecasts of 10 listed companies, 9 expected to achieve growth. Analysts believe that in a more relaxed policy environment, domestic infrastructure investment is expected to continue the high prosperity of construction machinery sector. In the medium and long term, the repair of financial statements in the industry, the optimization of the market competition pattern and the expansion of the overseas market will be a lasting driving force for the healthy development of the construction machinery industry.
General growth in performance
The construction machinery industry has continued to grow due to the benefit from infrastructure investment. In the 1-6 month of this year, the sales volume of the excavator industry reached 120 thousand and 100, an increase of 60.02% over the same period last year. Other engineering machinery varieties maintained high growth: in 1-6 months of this year, the sales of loaders reached 58 thousand and 600 units, up 29.98% from the same period, the sales of cranes reached 16 thousand and 700, the year-on-year increase of 76.99%, and the sales of forklift trucks to 307 thousand and 600 units, up 26.62% from the same period. Overall, the construction machinery industry maintained high growth, and the plate boom continued.
Among them, Shanhe Intelligent estimates that in the first half of 2018, the net profit attributed to shareholders of listed companies will be 277 million yuan to 320 million yuan, an increase of 230% - 280% compared with the same period in the first half. The company said that the construction machinery industry continued to maintain the boom, the sales of excavators increased significantly, while the company's high Maori products continued to supply in short supply, the overall weak season was not weak, and the income continued to increase greatly.
Sany expects that the net profit attributable to shareholders of Listed Companies in the half year of 2018 is 3 billion 248 million yuan to 3 billion 596 million yuan, which will increase by 2 billion 88 million to 2 billion 436 million yuan compared with the same period of the previous year, with an increase of 180% to 210% from the same period. For the main reason for the advance of this period, the company said that in the reporting period, the sales of company mining machinery, concrete machinery, lifting machinery and other equipment are continuously strong, under the influence of multiple factors, such as the demand pull of the downstream infrastructure, the growth of equipment renewal demand, the artificial substitution effect, the environmental driving, the further promotion of the core competitiveness of the company. Strong growth.
Xugong Machinery estimates that in the first half of the year, net profit attributed to shareholders of listed companies ranged from 1 billion yuan to 1.15 billion yuan, an increase of 81.72% to 108.97%. The company said that the situation of the construction machinery industry in the reporting period benefited from the market opportunity brought about by the "one road" and the structural reform of the supply side. The company's operating income increased considerably compared with the same period of the previous year, and the net profit increased considerably.
Pacific Securities believe that although 6-8 months have entered the traditional off-season construction machinery, but according to the current delivery and production, the growth rate of August is still expected to maintain a high level. The second half of the construction machinery boom has exceeded expectations, the domestic excavator sales are expected to reach or exceed 190,000 units, year-on-year growth rate of about 30-35%.
Build up the demand for the construction of the infrastructure
CICC analysis said that the second half of the capital construction investment stabilization rebound, will effectively boost the overall demand for construction machinery, industry boom cycle is expected to extend. Because of this recovery, leading manufacturers' balance sheets are healthier and their earnings elasticity is greater. With the release of corporate profits and the expected improvement of the industry outlook, leading manufacturers are expected to usher in a double increase in profits and valuations.
It is worth noting that the leading domestic machinery industry has initially completed the overseas layout, and the large-scale infrastructure of Southeast Asia, South Asia and Central Asia resonates with the construction of real estate, and the overseas market has become an increasingly important profit growth point. In 2018 1-6, China's Excavator export volume increased by 110.5% over the same period. It is estimated that 15 thousand excavators will be exported throughout the year. Enterprises, such as Xugong in Western Asia, Central Asia, North Africa, the market share of the first, of which the "one road" country exports account for more than 70%.
Guangda Securities said that the domestic machinery industry is developing towards information, integration and intelligence. Large machinery and equipment will be combined with information to realize the transformation of mechanical automation, and promote the industry to enter the 4 era of industry. Industry leaders benefit from strong R & D capability and huge financial advantages, and are expected to take the lead in the new round of shuffling.
