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Construction machinery: business climate elongated overlay performance elasticity release plate is expected to repair.

2018-06-26


Progressive update release overlay market to maintain rationality, industry resilience, business climate cycle lengthened Digger sales shifted to medium-speed growth on the basis of last year's high base, with a total sales of 105900 units in the first May, and the annual sales volume is expected to be close to 180000 units. At present, the market is worried about the decline in the cycle and increasing differences, the plate share price and performance and sales performance "decoupling" characteristics, combined with recent visits to the host enterprise research to understand, we believe that the current cycle of development resilience, the boom cycle is expected to lengthen, the main reason is: 1) the industry into the stock era, the size of the stock, update demand dominated (accounting for about 60

Progressive update release overlay market to maintain rationality, industry resilience, business climate cycle lengthened

Digger sales shifted to medium-speed growth on the basis of last year's high base, with a total sales of 105900 units in the first May, and the annual sales volume is expected to be close to 180000 units. At present, the market is worried about the decline in the cycle and its differences are increasing. The stock price of the plate is "decoupled" from the performance and sales performance. Based on the recent investigation and understanding of the host enterprises visited, we believe that the development resilience of this cycle is enhanced and the boom cycle is expected to lengthen. The main reasons are: 1) The industry has entered the stock era, with a large amount of ownership and a dominant demand for renewal (accounting for about 60%), the release of progressive and rhythmic renewal demand provides strong support for the sustainability of the industry boom; 2) the market subject becomes more rational, and the host enterprises strictly review the customer credit and credit.SalesConditions and risk control, 18 years of industry installment down payment ratio generally increased; 3) the number of hours started to maintain a relatively high business climate, real estate recovery is expected to strengthen, rural construction sector to release new growth momentum.

CraneandPump truckThe operating rate continues to hit new highs, high growth backward cycle cranes and.Concrete MachineryConduction

According to the industry chain research to understand, the current crane and.Concrete pump truckThe small number of starts continued to hit a new high, and the number of cranes and pump trucks started in May was the highest value in a single month since 16 years, and the overall demand for construction continued to improve. At the same time, salesDataLooking at, the industry's high growth after the digging machine, to the construction cycle back-end equipment lifting machinery and concrete machinery conduction, the first May mixed concrete pump truck sales doubled growth, growth continues to accelerate.

The competitiveness of domestic brands has increased, and the market share of excavators is more than half, but there is still much room for improvement.

Domestic brands in recent yearsTechnologyIn recent years, with the continuous enhancement of competitiveness, the market share of domestic brands has continued to increase, while that of Japanese and Korean brands has been shrinking. As of May 2018, the market share of domestic brands has increased from 22.2 in 2008 to 53.7, and the market share of domestic brands has also been increasing in the large and medium-sized market with higher technical threshold and higher single product value. However, at present, the market share of domestic brands in Zhongda digging (especially big digging) is still far behind that of Europe, America and Japan. At the same time, the localization rate of concrete machinery and cranes has exceeded 90%, and the localization rate of excavators still has a large space.

The quality of operation has been significantly improved, and the report repair has accelerated the release of profit elasticity.

Cycle boom overlay report repair background, plateListingThe company's performance generally rebounded significantly: 1) from the asset side, the historical problems of accounts receivable were gradually cleared, and after 17 years of concentrated impairment of listed companies in the sector, the erosion of asset impairment losses on profits entered the downward channel; 2) the cash flow situation of listed companies in the sector continued to improve. We believe that the industry development toughness enhancement, business climate cycle is expected to lengthen, and the current high growth to lifting and concrete machinery conduction, cycle high business climate on the basis of the report repair, the company's performance elasticity is expected to accelerate the release. At present, the valuation of the major companies in the sector is relatively low, the margin of safety is high and both upward elasticity.

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