On April 8, the construction machinery sector ushered in a rare general rise this year. Sany Heavy Industry Co.Ltd(600031) touched the daily limit and closed at 19.27 yuan / share, with a large increase of 9.12% and a turnover of 6.077 billion yuan throughout the day. In addition, the Xiamen Xgma Machinery Company Limited(600815) limit in the sector, Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Shantui Construction Machinery Co.Ltd(000680) etc. rose by more than 5%.
Although the secondary market rose sharply, the data showed that affected by the covid-19 epidemic, the rebound trend of the construction machinery industry hit the bottom in the first two months of this year was blocked and continued to reach the bottom in March.
This afternoon, the China Construction Machinery Industry Association disclosed statistical data. From January to March 2022, the 26 host manufacturing enterprises included in the statistics sold 77175 sets of various mining machinery products, a year-on-year decrease of 39.2%. Among them, 51886 units were sold in the Chinese market, a year-on-year decrease of 54.3%; The export sales volume was 25289 units, with a year-on-year increase of 88.6%.
In March this year, the above 26 host machine manufacturing enterprises sold 37085 sets of all kinds of mining machinery products, a year-on-year decrease of 53.1%. Among them, 26556 units were sold in the Chinese market, with a year-on-year decrease of 63.6%; The export sales volume was 10529 units, with a year-on-year increase of 73.5%.
March and April were supposed to be the peak sales season of construction machinery, but the sales of excavators fell sharply year-on-year in March, and the sales in China even fell by more than 60%.
In February, the data showed that 24483 sets of mining machinery products were sold, a year-on-year decrease of 13.5%. Among them, the sales volume in the Chinese market was 17052 units, a year-on-year decrease of 30.5%. It can be seen that with the rising operating rate in China, the year-on-year decline in sales has narrowed significantly.
The export data in March was still the structural highlight of the construction machinery industry, with a year-on-year increase of more than 70%, but the export in February increased by 97.7% year-on-year; In January, exports increased by 104.9% year-on-year.
What is the reason for blocking the rebound trend of the industry driven by infrastructure construction?
A person from the construction machinery industry told the reporter of E Company: in March, due to the repeated covid-19 epidemic, many construction sites across the country were shut down, and the operating rate is expected to decline. The transmission time from infrastructure construction to construction machinery sales is about 1-3 months, and the peak sales season of the industry may be postponed to May and June.
“However, the demand for construction machinery driven by infrastructure construction this year is only blocked by the epidemic and will not disappear. The logic of the industry from low to high throughout the year has not changed,” the person said.
In addition, Shanghai port is an important outlet for many construction machinery enterprises. The epidemic has affected the port land transportation logistics. Therefore, the growth rate of excavator exports fell in March.
Of course, the impact of the epidemic on construction machinery in March may have been expected by people in the industry. The logic of “first low and then high” has not changed, so the recent trend of the construction machinery sector is not pessimistic. With the support of today’s Dayang line, the sector has walked out of the trend of bottoming and recovery.
It is worth mentioning that many institutions reported that they are optimistic about the electrification trend of the construction machinery industry, which may also be the reason why some funds enter and rise today.
The Pacific Securities Co.Ltd(601099) research report said that at present, under the background of “double carbon” goal, the electrification of construction machinery has become a trend. At this stage, electric products such as loaders, mining cards and mixers are the first to emerge and have formed a certain scale of sales. Although the volume of excavators, bulldozers, cranes and other equipment is still relatively small, they are also stepping up their catch-up.
The Pacific Securities Co.Ltd(601099) is still a “Sub Ledger” of oil and electricity difference. If the oil price is 8 yuan / L, the electricity price is 0.64 yuan / kWh and the work is 330 days a year, the energy consumption cost of a 5-ton electric loader launched by it is 400000 yuan a year, and a 105 ton heavy-duty incremental new energy mining card can save Shanghai Pudong Development Bank Co.Ltd(600000) yuan a year. “Driven by economy, it is expected that the electrification of construction machinery will be faster than passenger cars, and the pace is expected to exceed expectations”.
