The inflection point of construction machinery industry inflection point is difficult to reproduce

"The sales of the company in May were generally slightly lower than that in April, not too bad year-on-year," a senior executive at Xugong Machinery told reporters. After Xugong Machinery’s sales volume fell sharply in April, it fell again in May.

This almost represents the current situation of the entire construction machinery industry - under the influence of credit, downstream demand and other factors, construction machinery has ended high growth in previous years, turning point gradually emerged.

The continued decline in sales of construction machinery in May also confirms a figure. According to data released by the National Bureau of Statistics, China's manufacturing purchasing managers' index PMI was 52.0% in May, which was lower than the 0.9% in April. This year it has been 2 consecutive months. Decline.

May decline in April continued decline in sales of Xugong Machinery is certainly not a single case.

Informed sources disclosed that Zoomlion’s monthly sales began to decline in April as the industry’s sales fell sharply, and since June it has declined compared to May.

Although the China Construction Machinery Industry Association has not yet disclosed the industry-wide sales in May, the reporter learned from the various branches of construction machinery that the sales of main products such as excavators and concrete machinery continued to decline in May, and the sales volume of loaders was basically Flat.

After various types of construction machinery increased sharply in March this year, sales of all types of construction machinery suddenly fell in April and fell more sharply than in the previous quarter, among which the Excavator fell by 38% from the previous month, the loader decreased by 28% month-on-month, and the Bulldozer decreased month-on-month. 32%. The year-on-year growth rate of bulldozers decreased from 66% in March to 1.19% in April. The year-on-year increase in loaders fell from 37.17% in March to -2.5% in April.

The data fell sharply in April and was generally considered by the industry as a special case at the time. Due to the irrational development of the entire industry in the first quarter, some companies have begun to adopt some irrational sales promotion measures in order to expand their influence in the industry and grab more market share, from buying large products to sending small household appliances to sending small cars and small excavations. Machine prizes and other incentives, until the implementation of zero-down payment mortgage purchase promotion measures, especially in the excavator industry, the most prominent performance, leading to the first quarter of the market broke out in advance.

Sheng Chunfang, secretary-general of the China Construction Machinery Association Concrete Machinery Branch, told reporters that from the current situation of various companies, the data for concrete machinery in April was similar to that in March, but the data showed a decline in the chain in May and continued to decline since June.

The explosive growth is difficult to reproduce. "This year may be worse than expected. From a concrete machinery point of view, it can be good to maintain last year's sales." Sheng Chunfang expects.

An analyst from the Securities and Equipment Manufacturing Group told the reporter that from the April and May data, it should be possible to confirm that the inflection point has appeared. This inflection point means that the previous high growth of construction machinery is difficult to reproduce, and the situation in the future will show a low growth trend. Development may even experience a decline in some months.

Sheng Chunfang believes that an important reason for the decline in sales of concrete machinery in May was the tightening of monetary policy, the rising reserve requirement ratio, and the continuous increase in interest rates. As a result, some users have changed their judgments on the outlook, so “Some users who have already paid down the deposit are delayed. Pick-up time."

In addition, the 4 trillion investment made by the central government in 2008 has reached its final year. Many projects have already been completed or entered the later stage. “For example, the Wuhan-Guangzhou high-speed rail has been opened to traffic, and the Beijing-Shanghai high-speed rail will soon be open to traffic, and the engineering companies contracting these projects have accumulated a large number of old construction machinery. Since there are fewer large-scale projects in the latter part of the project, there is less demand for repurchasing,” said Sheng Chunfang.

After the decline in sales in the second quarter was confirmed, sales in the entire industry may still be unsatisfactory in the third quarter. Continuous dry weather in the middle and lower reaches of the Yangtze River has created favorable conditions for construction. However, in early June, continuous heavy rain in the middle and lower reaches of the Yangtze River changed from dry to dry and concrete construction conditions deteriorated. Therefore, machinery sales will begin in the off-season in June.

Sheng Chunfang stated that the speed of construction of affordable housing was not expected to be as fast as possible, and the speed of building commercial housing was much slower under the influence of policies, and had a greater impact on construction machinery.

Analysts said that there are also some companies who believe that sales in the fourth quarter of this year may be restored with the help of affordable housing.

In this regard, Sheng Chunfang believes that even if it recovers in the fourth quarter, it will not contribute much to the annual sales volume. After all, the fourth quarter will be winter, and the winter will be the construction off-season.

Analysts said that one thing can be confirmed: "The sales this year are much lower than expected."

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