According to the industry statistics of China Construction Machinery Industry Association, a total of 37085 mining machinery products were sold in March this year, a year-on-year decrease of 53.1%, and the year-on-year growth rate decreased again; Compared with the sales volume of 72968 units in the same period of last year, it has directly cut back, which has changed the grand occasion of previous peak seasons. In terms of month on month, the sales volume of excavators in March increased by 51.5% month on month, and continued to improve.
Domestic market demand slows down
In addition to the impact of the high base factor in the same period of last year, the continuous rebound of this round of epidemic has led to the increasing downward pressure on China's economy, the shutdown of construction sites in many parts of the country and the downward demand for superimposed equipment renewal are also the reasons for the slowdown of downstream demand in the domestic excavator market in March.
Overall, the overall market demand of China's construction machinery is still stable. In March, the investment amount of major construction projects was about 140.279 billion yuan; The development and Reform Commission held the first meeting of 102 major projects in the 14th five year plan. It was required to ensure the effective implementation of 102 major projects in the 14th five year plan... Since this year, the national level has continuously increased the policy intensity of "stable growth", and at the same time, all localities have also "moderately surpassed the front" in the layout of major infrastructure projects. Although at present, the repeated impact of the epidemic in many places and the implementation effect of special debt funds are not as good as expected, which have delayed the progress of relevant projects. But at the same time, we should also see that the effect of the "steady growth" policy is only delayed. The overall advance of the rhythm of special bond issuance and the further acceleration of the subsequent issuance speed will help to form effective physical investment as soon as possible and promote the steady growth effect as soon as possible. According to incomplete statistics, as of March 31, 1.32 trillion yuan of new special bonds had been issued this year, and 89.7% of the quota of 1.47 trillion yuan had been issued in advance. Many good news will effectively support the boom recovery of downstream industries and stimulate the demand for construction machinery and equipment.
At the same time, the export sales volume of excavators in March continued a high growth trend, reaching 10529 units, with a year-on-year increase of 73.5%, becoming the first month to break 10000 in a year. Despite the impact of the epidemic on port cities such as Shanghai and Shenzhen, resulting in a certain degree of interference in logistics and transportation and a narrowing of export growth, the export market has still become an important growth point of the excavator industry.
Leading enterprises force equipment leasing
The growth of market demand has slowed down temporarily, but it is noteworthy that China's construction machinery market has entered the stock era. By 2019, the number of main varieties has reached 8.86 million, and the post market has a huge space to play. The post market of construction machinery refers to various derivative services during the use of the equipment after the equipment is sold. China's construction machinery aftermarket is currently in the primary stage of development. According to the data of China Construction Machinery Industry Association, in 2020, 64% of the operating profit of agents in China came from the sales of complete machines, only 36% came from the post market business, and the proportion of operating lease was less, only 3.9%. In the face of the gradual slowdown in the demand of the construction machinery market, we can refer to international experience. In the mature construction machinery market, 1 / 3 of the profits come from the sales of new machines and 2 / 3 of the profits come from the post market.
In the era of stock, construction machinery leasing has become a potential market with considerable demand. Domestic mainstream factories such as XCMG, Liugong and Lingong have built a leasing business segment through self construction, cooperation and acquisition. Foreign leading enterprises caterpillar and Hitachi construction machinery have also stepped up their leasing business and formed a stable influence; Hongxin Jianfa and Zhongneng jointly carry out listing application, multiple rounds of financing and other operations in the capital market; Lixingxing, Tongguan and other agents also began to transform into post market services such as leasing.
Recently, BYD's leasing business will expand from new energy vehicles to the construction machinery industry, which has brought great waves to the construction machinery leasing market. In fact, BYD has been doing a lot in financial leasing. As early as 2014, Shenzhen BYD International Financial Leasing Co., Ltd. has been established. With subsequent investment leasing companies, BYD has five companies that can carry out financial leasing business. According to the information, BYD leasing is mainly engaged in financial leasing business, purchasing leased assets from home and abroad, residual value treatment and maintenance of leased assets, leasing transaction consultation and guarantee. It is worth noting that its business scope has added forklifts, engineering vehicles and other fields. This means that BYD began to enter the competition of leasing business in construction machinery and other industries.
In the construction machinery leasing market in developed countries, leasing sales account for as much as 65%. According to the statistics of the construction machinery leasing branch of China Construction Machinery Industry Association, the comprehensive penetration rate of China's construction machinery leasing market is about 30%, which is promising.
The future market is promising
In addition to the construction machinery leasing business, other aspects of China's construction machinery post market are also promising.
At first, there was a big gap between domestic brands and international brands in terms of product quality and reliability. In order to eliminate customers' concerns about after-sales service and attract them to buy more equipment, many enterprises shouted the slogan of "lifelong free service". In this way, the profits of the market after service are almost handed out by enterprises, and agents can only subsidize the service with the profits from equipment sales. The gross profit of equipment sales in previous years was still very considerable, which made many enterprises form the tradition of emphasizing sales and neglecting service. However, in the fierce market competition, the gross profit of equipment sales has declined all the way. Now the gross profit of agent equipment sales has been very thin. Many agents are struggling at the critical point of profit and loss, and it is almost impossible to ask them to increase the investment of service resources. When the construction machinery industry is declining, it is a wise choice to consider the post operation market.
In recent years, with the sales of construction machinery and equipment reaching new highs and the continuous increase of the number of ownership, the demand for business services in the post market has gradually expanded. Taking the excavator market as an example, the ratio of the potential of post market maintenance and accessories to the price of new equipment in the life cycle is almost 1:1. The post market business can bring enterprises turnover other than equipment sales, and the profit is higher. At present, the post market of maintenance services and accessories has a scale of hundreds of billions of yuan, and the second-hand equipment and leasing market has reached a trillion. The post market of construction machinery has become a business segment that can not be ignored in the industry, which will have a far-reaching impact on the future development of the industry.
