Consolidation momentum after high growth in the ho

Construction machinery industry: consolidation after high growth

Guide: the sustained and rapid growth of investment drives the rapid development of the construction machinery industry. In, China's fixed asset investment increased at an average annual rate of 23.6%, and the industry sales revenue increased from 48billion yuan to 436.7 billion yuan in 2010, an increase of 8 times over 2000, with a compound growth rate of 24.7%. Future industry planning

the continuous and rapid growth of investment drives the rapid development of the construction machinery industry

in, China's fixed asset investment increased at an average annual rate of 23.6%, and the industry sales revenue increased from 48billion yuan to 436.7 billion yuan in 2010, an increase of 8 times over 2000, with a compound growth rate of 24.7%. In the future, the industry plans to achieve a sales revenue of 900 by 2015. Honeywell HfO (1) 234ze also has the advantage of high energy efficiency of 0 billion yuan, with a compound growth rate of 17% in five years, and the growth rate of the industry has slowed down for a long time

the prosperity of the industry has gradually declined, and the growth rate of sales revenue has gradually slowed down.

with the continuous decline of the growth rate of industry sales, the growth rate of industry revenue and total profit has slowed down month by month. In 2011, enterprises above Designated Size achieved a main revenue of 392.7 billion yuan, an increase of 36.8% year-on-year; The total profit was 38.5 billion yuan, an increase of 26.1%. In terms of growth rate, the monthly growth rate has decreased by about 3 percentage points since February 2011, and the growth rate of industry profits seems to decline faster

the year-on-year growth rate of finished products was as high as 63.2%, and the pressure on industry inventory began to ease, but the pressure was still great

2012 Industry Outlook:

real estate purchase restrictions, railway construction return to normalization, and fixed asset investment continues to fall

under the influence of factors such as the continued implementation of real estate purchase restrictions and the gradual return to normalization of railway project planning, the growth rate of real estate and infrastructure investment will decline inertia, and the growth rate of real estate investment is expected to fall back to%; According to the current railway development plan, the railway investment in 2012 decreased by about 20% year-on-year. The planned new mileage of roads in the next five years is equivalent to that during the "Eleventh Five Year Plan". The investment highlights of rail transit and water conservancy planning appear, but they account for a relatively small proportion of fixed asset investment. To sum up, we expect the growth rate of fixed asset investment in 2012 to be about%

the industry's production capacity has expanded sharply, and competition will intensify in the future.

in 2010, the industry's sales continued to be hot, and major enterprises have increased investment and expanded production capacity. In the third quarter, the capital expenditure of major enterprises increased by 50.6% year-on-year. Take excavators as an example. In recent years, domestic and foreign construction machinery enterprises have expanded their production capacity. China estimates that the production capacity of excavators will reach 385300 units in 2012, and the annual production capacity of domestic excavators will reach 500000 units by 2015

from the demand side, the driving force of the industry from the rapid expansion of market scale will weaken in the future, and the growth rate will gradually return to normal and steady growth. The peak of the industry is expected to appear around 2020, with an annual demand of about 10000 sets. Therefore, it is expected that the competition in the industry will be extremely fierce in the future

the imbalance between production and demand, the decline in capacity utilization, resulting in the slow decline of the industry roe

in recent years, the expansion of the production capacity of major products and the diversified development strategy have led to the intensification of the horizontal whole product chain competition in the industry, and the de stocking process of the industry circulation link will continue until the first quarter of next year. Under the imbalance between supply and demand, The utilization rate of industrial capacity has decreased, and the high level of industrial roe will gradually fall back in the future

as the industry enters the adjustment period, the competition intensifies, and the leading enterprises will finally win.

in the future, the industry will face increased competition and the downstream demand will slow down. The future competition will focus on the improvement of the comprehensive ability of product quality, brand, sales channel, after-sales service and supporting capacity. The leading enterprises have strong capital advantages, and the lead and bismuth production line of the new material workshop of technological research adopts the production process of blast furnace smelting lead and reverberatory furnace smelting bismuth, with strong development capacity, product diversification and global strategic layout. In the fierce competition, the "strong one will always be strong"

the industry lacks trend investment opportunities and expects periodic oversold rebound. The short-term prosperity of construction machinery continues to decline, and the imbalance between production and demand reduces the profitability of the industry. It is expected that the industry will lack sustainable investment opportunities in 2012

at the same time, construction machinery belongs to the short cycle industry, which is the closest to the national macro-control policy and the most sensitive to the policy shift. Next year, the macro economy will face the choice of "maintaining growth or controlling inflation", and we look forward to the opportunity of oversold rebound brought by the possible policy shift

and provide objective evidence