Seasonal fluctuations of the hottest construction

Construction machinery: seasonal fluctuations show the layout of leading enterprises in the industry

construction machinery: seasonal fluctuations show the layout of leading enterprises in the industry

China Construction machinery information

Guide: the demand for construction machinery is strong, and it fell for the first time month on month in April. In 2011, the cumulative sales of excavators, loaders, bulldozers and truck cranes were 74214, 64963, 4984 and 12165 respectively, with a year-on-year increase of 58.60%, 41.35%, 65.9% and 45.74%. Among them, the sales in March were

there is a strong demand for construction machinery. In April, China's intelligent manufacturing took the integration of industrialization and industrialization as the core, with a month on month decline for the first time. In 2011, the cumulative sales of excavators, loaders, bulldozers and truck cranes were 74214, 64963, 4984 and 12165 respectively, with a year-on-year increase of 58.60%, 41.35%, 65.9% and 45.74%. Among them, 43063, 37296, 2408 and 6860 were sold in March, with a year-on-year increase of 42.91%, 34.02%, 66.07% and 55.73%, with a month on month increase of 112.4%, 152.6%, 101.2% and 117.9%. According to our grassroots research information, the sales volume of construction machinery in April was basically the same as that of the same period last year or decreased slightly, but the month on month growth rate declined compared with that in March, mainly due to the strong promotion of 2012 by manufacturers in the first quarter, which partially overdraw the actual effective demand in the second quarter

the growth rate of industry revenue and profit remained high. Benefiting from the rapid growth of industry demand, in the first quarter, the industry achieved a main revenue of 128.6 billion yuan, a year-on-year increase of 53.6%, a total profit of 15.07 billion yuan, a year-on-year increase of 76%, and the gross profit margin of the industry reached 21.1%, an increase of 1.5 percentage points over February. The 13 listed companies achieved a total operating income of 53.298 billion yuan, an increase of 79% year-on-year and 47% month on month compared with the fourth quarter of last year. The net profit attributable to the parent company was 7.27 billion yuan, an increase of 117% year-on-year and 63% month on month, both higher than the growth rate of sales revenue

promotion led to rapid growth of accounts receivable and pressure on operating cash flow. In the first quarter, most manufacturers carried out strong promotions, resulting in the balance of accounts receivable of the industry reaching 100.37 billion yuan, a substantial increase of 69.5% year-on-year at the beginning of the year, while at the same time, operating cash flow is increasingly tight. The accounts receivable of 13 listed companies increased by 91.3% in total, while the net operating cash flow decreased significantly year-on-year, indicating that companies have extended customer credit terms in order to increase sales, Reduce the proportion of down payment (according to the survey of China Construction machinery trade, some companies have only% down payment) or adopt the method of financing lease installment payment of this "graphene high molecular composite artificial skin" which has entered the clinical trial stage in the Burn Research Institute of Southwest Hospital, which increases the financial pressure of enterprises and the pressure of corresponding collection management

the growth rate of investment gradually slowed down, and the new construction area fell year-on-year. In the first quarter, China's urban fixed asset investment increased by 25% and 26.3% year-on-year in March, both at a normal level. However, the total planned investment in new projects of fixed assets in China fell by 3.1% year-on-year, and the decline slowed down. The cumulative investment in real estate increased by 31% year-on-year and 61% year-on-year in March, showing signs of gradual slowdown in investment growth; The cumulative new construction area of real estate increased by 23.4% year-on-year, and the growth rate was at a historically low level. We believe that in the context of the government's regulation of real estate, the slowdown in the growth rate of commercial housing investment is a high probability event, but the construction of 10million affordable housing this year will boost the investment by 1trillion yuan, which can partially offset the decline in commercial housing investment

the import and export of the industry continued to grow strongly. In 2011, the cumulative export volume of the industry was US $1.71 billion, with a year-on-year increase of 41%, and the cumulative import volume was US $1.66 billion, with a year-on-year increase of 83.4%, realizing a trade surplus of US $50 million. In the first quarter, a total of 901 excavators were exported, with a year-on-year increase of 101%, and the export growth rate in a single month was about 100%. A total of 892 bulldozers were exported, with a year-on-year increase of 65%. A total of 5458 loaders were exported, with a year-on-year increase of 79.1%, of which 2693 were exported in March, with a year-on-year increase of 103%. With the recovery of overseas economy, the export of construction machinery will maintain strong growth in the future

industry investment strategy: choose the time and lay out the industry leader. According to the estimates of Anxin macro and strategy group, compared with the 12th Five Year Plan and the 11th five year plan, the incremental part of government investment mainly comes from the construction of affordable housing, water conservancy, urban rail transit and civil aviation infrastructure. It is expected that the growth rate of urban fixed asset investment in 2011 will be 25%. The planned projects, including 10million affordable housing units, 4 trillion water conservancy investment with low customer quality, are expected to start construction in the second half of the year. Our judgment on the industry time window: the growth rate is high in the first and third quarters, relatively slow in the second and fourth quarters, and the annual industry revenue growth rate is about 20% - 25%. The industry was rated as "synchronous market-a" in the second quarter and "leading market" in the second half of the year

recommended key configurations: Shantui shares, industry leaders and Sany Heavy Industry, Zoomlion Heavy Industry, XCMG machinery and Liugong, which benefit from the rapid pull of farmland and water conservancy construction and the significant increase in the proportion of accessories business