In the first half of this year, the construction machinery industry maintained a rapid growth overall, but the performance of each product was not balanced. In the second half of the year, the construction machinery industry is expected to maintain a steady growth trend. National policies will guarantee the demand for earth and stone machinery, but will also affect the sales of concrete machinery. Based on China's existing infrastructure level, the large-scale and high-end products will continue to be the mainstream of construction machinery development. However, after the period of large-scale infrastructure construction, multi-purpose, miniaturized construction machinery products will become mainstream. Therefore, a fully specialized engineering machinery enterprise will have longer-term and more potential investment opportunities.
In the first half of this year, the overall construction machinery industry products maintained a rapid growth trend, but the performance of each product is not balanced. The performance of compaction machinery, excavation and earthmoving transportation machinery was eye-catching. The cumulative production growth from January to May was 83.4% and 59.9%, respectively. Cranes and electric forklifts grew steadily. The cumulative production from January to May increased by 21.5% and 10.5% respectively. The growth rate of concrete machinery slowed down, and the cumulative output from January to May only increased by 4.6% year-on-year.
On the whole, there are two main reasons for the structural growth of construction machinery in the first half of the year: First, a large part of large-scale infrastructure construction projects have entered the stage of tackling the hard work. For construction machinery, especially infrastructure-driven construction machinery such as excavators, The demand for loaders has greatly increased. Second, since the beginning of April, the state has adjusted the real estate market, and the operating rate of the real estate industry has declined. This has had a major impact on the concrete machinery with the real estate industry as the main source of demand, and the growth rate has slowed down noticeably. Some months of production even experienced negative year-on-year growth.
In the second half of the year, the construction machinery industry is expected to maintain a steady growth trend. The state will continue to adopt a policy of maintaining and maintaining pressure, and the promotion of basic construction projects such as high-speed rail and ports will guarantee the demand for earth-rock machinery to a certain extent. At the same time, under the influence of real estate regulation and control policies, the sales of concrete machinery will not have much improvement.
In the medium and long term, China's construction machinery industry still has considerable room for growth. The rapid urbanization stage in which China is located determines the strong demand for construction machinery in the market for a long time.
The large-scale and high-end products will continue to be the mainstream of China's construction machinery development. Based on China's existing infrastructure level, large-scale railway, highway, port, and airport construction booms are expected to last at least 10 years. During this time, the demand for high-end large construction machinery will be the mainstream. The share of Chinese enterprises in the field of large-scale high-end construction machinery is very low, which also means that there is greater growth potential and space. Taking excavators as an example, the market share of independent brands is less than 30%, and most of them are concentrated in the low-end market. The self-owned brands of medium and large excavators of more than 20 tons are basically absent and have great development potential. In addition, the core components of a large number of construction machinery, such as hydraulic components, engines, control components, transmission systems, etc., still rely on imports, and manufacturers that can successfully achieve import substitution will have huge market opportunities. In the future, the investment opportunities of construction machinery will focus on the complete machine enterprises that can successfully upgrade into large-scale high-end products and parts and components enterprises that can overcome the core technical difficulties of engineering machinery.
Multi-purpose, miniaturized construction machinery products will also have a large market space. After the large-scale infrastructure construction period, multi-purpose, miniaturized construction machinery products will become mainstream. On the one hand, multi-purpose is reflected in the improvement of the versatility of the working machine, so that the user can fully exert the effectiveness of the device itself without increasing the investment, thereby completing more work; on the other hand, in order to use the machinery as much as possible Human labor, improve professional production efficiency, adapt to various workplaces and increase the applicability of working environment in docks, warehouses, cabins, building floors and underground engineering. Various small micro-machines will have broad market space. In this respect, it is clear that a fully specialized engineering machinery company will have longer-term, more potential investment opportunities.
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