Excavator sales in November exceeded expectations

Release date 2024-12-06 14:48:56 Reading 2

　　The construction machinery sector opened significantly higher, with gains expanding to 3.28% at one point before falling back, closing down 1.59%. It is worth noting that Wind data shows that the sector has risen by 22.85% since February 4th.used excavator used excavator used excavator used excavator

　　Analysts believe that the peak sales season for construction machinery equipment will be delayed by about 1-2 months, which will have a limited impact on the annual sales of construction machinery. With the continuous implementation of stable growth policies, the demand for construction machinery will gradually be released in March. From a long-term industrial perspective, attention can be paid to the leading companies in the excavator industry chain and the direction of industrial automation.

　　Demand may rebound in Marchused excavator used excavator used excavator used excavator used excavator

　　Market analysts say that the epidemic has caused a delay in demand for construction machinery, but its impact on the total demand for the year is limited.

　　According to statistics from Guokai Securities, the sales volume of excavators accounted for an average of about 30% of the total sales volume from 2010 to the first quarter of 2019. Among them, March accounted for about 20% of the total sales volume, which is the peak sales season of the year. The negative impact of the delayed resumption of work due to the epidemic on the industry may become apparent in February and March.used excavator used excavator used excavator

　　In the long run, Guokai Securities stated that the main driving factor of this round of construction machinery boom cycle is the arrival of the replacement cycle, so demand release may be delayed, but it will not disappear. With the gradual increase of countercyclical adjustment policies, the growth rate of infrastructure investment is expected to gradually rebound, and it will have a driving effect on the demand for construction machinery.

　　According to research by CITIC Securities, work has gradually resumed across the country since late February, and it is expected that most construction demand will fully start in mid to early March. Due to the delay of downstream market demand caused by the epidemic, it is estimated that the peak season for construction machinery sales will not disappear, but will only lag behind, and market demand will slowly rebound in March.used excavator used excavator used excavator

　　Pay attention to industry chain leadersused excavator used excavator used excavator used excavator

　　With the upcoming peak season in the construction machinery industry, investment opportunities for industry leaders have gradually emerged. From the perspective of the long-term industrial pattern, analysis institutions suggest focusing on the two main lines of the excavator industry chain leader and industrial automation.

　　Dongwu Securities stated that in recent years, the leading market share of the construction machinery industry has been continuously increasing. The decline in sales growth rate of industry leaders in January was lower than the overall level of the industry, and the market share of industry leaders has further focused. With the overall opportunities in the era of large-scale infrastructure construction, it is expected that the competitive advantages of leading companies in brand, technology, and supply chain will be further strengthened, and their market share will continue to increase. However, the growth rate of small and medium-sized enterprises will be under pressure, and the trend of industry strength will remain unchanged.used excavator used excavator used excavator used excavator

　　CITIC Securities also stated that considering the continued prosperity in China in 2020 and the continuous improvement of global competitiveness of Chinese construction machinery enterprises, it maintains the industry rating of "stronger than the market" for construction machinery.used excavator used excavator used excavator

　　Northeast Securities pointed out that on the one hand, the excavator industry chain has great value and is the largest single market in the industry, as well as the most profitable sector. In the future, there is still a logic of replacing loaders, continuously increasing micro excavator penetration rate, and expanding globalization, and the industry ceiling is far from being reached. On the other hand, replacing humans with machines is the trend, and the epidemic is accelerating the development of the automation industry. Against the backdrop of weakened demographic dividend, industrial upgrading, and efficiency improvement, the trend of industrial robots and automation industry is improving.used excavator used excavator used excavator used excavator used excavator

　　Industry continues to thrive, leading construction machinery stocks steadily rise

　　The recent strong performance of technology stocks has attracted most of the attention of investors, but the stock prices of some leading companies in the construction machinery sector have continued to rise, but have not received much attention from the market. In fact, since the beginning of this year, supported by the sustained high prosperity of the industry, many individual stocks in the construction machinery sector have emerged from a slow bull trend, such as Sany Heavy Industry, Hengli Hydraulic, and Eddie Precision.

　　Market insiders indicate that in 2019, sales of construction machinery represented by excavators continued to maintain a growth trend, bringing high performance growth to leading enterprises. The overall valuation of the construction machinery sector is at a historical low, and leading targets still have both valuation and performance elasticity.used excavator used excavator used excavator used excavator used excavator

　　Excavator sales in November exceeded expectations

　　According to statistics from the China Construction Machinery Industry Association, the 25 excavator manufacturing enterprises included in the statistics in November 2019 sold a total of 19316 excavators of various types, a year-on-year increase of 21.7%. The sales volume in the domestic market was 17159 units, a year-on-year increase of 21.2%. 2157 units were exported, a year-on-year increase of 25.6%. The cumulative total sales from January to November were 215538 units, a year-on-year increase of 15%; Accumulated domestic sales of 191839 units, a year-on-year increase of 12.8%; Accumulated exports of 23699 units, a year-on-year increase of 36.6%. It is worth noting that the sales level in the first 11 months of this year has exceeded the sales level of 203000 units for the entire year of 2018.used excavator

　　Industry insiders have stated that the resilience of the domestic construction machinery market is strong. Under the three major factors of infrastructure support, updated demand, and manual substitution, the industry's cyclicality is weakening, and endogenous forces are driving sustainable development.used excavator

　　Zhang Dongming, an analyst in the machinery industry at Bohai Securities, said that the supporting factors for the high prosperity of the industry come from four aspects. First, the amount of fixed assets investment in real estate and infrastructure increased significantly, and downstream demand picked up significantly; Secondly, the construction machinery purchased around 2011 has reached the replacement cycle and there is a strong demand for updates; Thirdly, environmental requirements are becoming increasingly strict, and vehicles that do not meet emission standards are subject to operational restrictions; Fourth, the "the Belt and Road" factor has strongly driven the export of construction machinery.used excavator used excavator used excavator used excavator

　　China Merchants Securities predicts that overall sales of construction machinery will continue to grow in 2020, with excavators and cranes expected to steadily increase. Construction projects such as highways and railways will continue to thrive in 2020, and the trend of manual substitution will also continue to increase demand for products such as micro excavators and small excavators.used excavator used excavator used excavator

　　Industry leaders are favoredused excavator used excavator used excavator used excavator

　　After the reshuffle during the industry downturn, the concentration of the construction machinery market has further increased, and the overall profit level has improved significantly. In November, Sany Heavy Industry sold 5034 excavators, a year-on-year increase of 30%, with a growth rate about 8 percentage points higher than the industry.used excavator used excavator used excavator used excavator

　　The market generally expects that in the future, with the improvement of the technological level of domestic leading enterprises, the further highlighting of product cost-effectiveness advantages, and the improvement of service systems, the market share will further expand.used excavator used excavator used excavator

　　China CITIC Securities stated that with the support of infrastructure development and real estate resilience, coupled with factors such as environmental upgrades, overloading control, and machine age, it is expected that the construction machinery industry will maintain positive growth in 2020. While benefiting from industry growth, leading host manufacturers have also enhanced their competitive advantages in their respective fields, achieved high cash content in performance, and steadily promoted overseas expansion to support long-term growth.used excavator used excavator used excavator used excavator

　　The continuous increase in domestic leading brands' market share runs through this cycle, "said Dongxing Securities' industry research. The rise of independent brand excavators is an important trend in the industry's changes in the past decade. With the rise of domestic brands such as Sany and XCMG, domestic excavator brands have significant service and product advantages, and their market share is expected to continue to increase in the future. At present, the overall valuation of construction machinery is at a historical low, and the leading targets of construction machinery still have both valuation and performance elasticity. The balance sheet of the sector continues to improve, and cash flow and operating cycle have significantly improved. There is still room for valuation repair in the future.used excavator used excavator

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Excavator sales in November exceeded expectations

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Excavator sales in November exceeded expectations

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