In the first quarter of this year, the performance of listed companies of construction machinery head continued to be under pressure.
On the evening of April 28, Sany Heavy Industry Co.Ltd(600031) ( Sany Heavy Industry Co.Ltd(600031) , Sany Heavy Industry Co.Ltd(600031) . SH) announced that the revenue in the first quarter of 2022 was 20.077 billion yuan, a year-on-year decrease of 39.76%; The net profit attributable to the parent company was 1.59 billion yuan, a year-on-year decrease of 71.29%.
Wind reported a negative growth trend in the quarter of 2027, including a negative growth in the net revenue of listed Machinery Companies in 2021.
In the first quarter of 2022, Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ( Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) ) achieved a revenue of 10.012 billion yuan, a year-on-year decrease of 47.44%, and a net profit of 906 million yuan, a year-on-year decrease of 62.48% Xcmg Construction Machinery Co.Ltd(000425) ( Xcmg Construction Machinery Co.Ltd(000425) , Xcmg Construction Machinery Co.Ltd(000425) ) achieved a revenue of 20.034 billion yuan, a year-on-year decrease of 19.79%, and a net profit of 1.405 billion yuan, a year-on-year decrease of 18.61% Guangxi Liugong Machinery Co.Ltd(000528) ( Guangxi Liugong Machinery Co.Ltd(000528) , Guangxi Liugong Machinery Co.Ltd(000528) ) achieved a revenue of 6.736 billion yuan, a year-on-year decrease of 22.06%; The net profit was 255 million yuan, a year-on-year decrease of 47.79%.
Shantui Construction Machinery Co.Ltd(000680) ( Shantui Construction Machinery Co.Ltd(000680) , Shantui Construction Machinery Co.Ltd(000680) ) is the only one of several leading enterprises with positive net profit growth, with a net profit of 364 million yuan in the first quarter, a year-on-year increase of 342.05%.
According to the data of China Construction Machinery Industry Association, in March 2022, 26 excavator manufacturers sold 37085 excavators of various types, a year-on-year decrease of 53.1%; Among them, 26556 units in China, a year-on-year decrease of 63.6%; 10529 sets were exported, with a year-on-year increase of 73.5%. In the first quarter of 2022, 77175 excavators were sold, a year-on-year decrease of 39.2%; Including 51886 sets in China, a year-on-year decrease of 54.3%; 25289 sets were exported, with a year-on-year increase of 88.6%.
The industry believes that the excavator data is a "barometer" reflecting the construction machinery industry. From the whole year of last year to the first quarter of this year, the excavator sales fell year-on-year, and the construction machinery industry may have entered a downward cycle.
Sany Heavy Industry Co.Ltd(600031) said that in the first quarter, the market demand slowed down, the revenue fell, and the combined factors led to the decline of net profit due to the sharp rise in commodity prices and shipping costs.
Surging news learned that in 2021, Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) raw material costs accounted for 88.46%, 94.93% and 85.6% respectively.
Lange steel data show that the price of Lange steel composite index in the first quarter of 2022 was 5192 yuan / ton, up 6.7% year-on-year, at a high level. The cost of raw materials in the construction machinery industry accounts for more than 80%, and its high price may directly affect the company's profits.
According to wind data, in the first quarter of 2022, Sany Heavy Industry Co.Ltd(600031) gross profit margin was 22.2%, down 7.7% year on year Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) gross profit margin 20.07%, down 7.1% year on year Xcmg Construction Machinery Co.Ltd(000425) gross profit margin was 15.23%, down 1.35% year on year.
On April 26, the meeting of the central finance and Economic Commission further stressed the need to comprehensively strengthen infrastructure construction and build a modern infrastructure system, pointing out the need to strengthen the construction of network infrastructure such as transportation, energy and water conservancy, and focus on networking, network supplement and chain strengthening.
Anxin Securities said that driven by the steady growth policy, the overall performance of the construction machinery sector is expected to be "low before high" in 2022. From the perspective of the whole year of 2022, the steady growth policy is implemented in an orderly manner, and there are plenty of terminal projects to be started. It is expected to usher in the peak construction season in the second quarter. At the same time, with the gradual easing of the pressure on the high base, the growth performance of the industry is expected to rebound in a "V" shape. The annual sales volume is expected to be 308500 units, and the monthly growth rate is expected to change from negative to positive in August.
At present, Chinese construction machinery enterprises occupy a low share in the overseas market and have large incremental space. Under the expectation of reduced demand in the Chinese market, exports are expected to become an important driving force for the development of the industry. According to the data of China Construction Machinery Industry Association, the export volume of China's construction machinery reached US $34 billion in 2021, a year-on-year increase of 62.78%.
According to the financial report data, the overseas business of China's construction machinery head enterprises generally rose in 2021. Specifically, in 2021, Sany Heavy Industry Co.Ltd(600031) international sales revenue was 24.846 billion yuan, an increase of 76.16% year-on-year Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) overseas revenue increased by 51.05% year on year Xcmg Construction Machinery Co.Ltd(000425) overseas revenue reached 12.94 billion yuan, a year-on-year increase of 111.81%, a record high.
Under the expectation of "cycle downward", the share prices of leading listed construction machinery enterprises have also entered the quagmire of decline.
Since February 18, 2021, Sany Heavy Industry Co.Ltd(600031) has started the decline mode. The share price has fallen from 49.23 yuan / share to 16.5 yuan, down more than 66%. As of the closing on April 28, the total market value is 140139 billion yuan. During the period, Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) fell by more than 61%, and closed at 5.8 yuan / share as of April 28, with a total market value of 50.332 billion yuan.
