Affected by sluggish demand, the overall performance of the construction machinery industry declined in the first quarter, and the specific companies were significantly different. Some analysts believe that the fierce competition in the industry is difficult to change in the short term, and enterprises will continue to "grab money, grab people, and grab land." Statistics show that in the first quarter, eight representative construction machinery companies, including Sany Heavy Industry and Zoomlion, achieved a total operating income of 44.785 billion yuan, down 12.52% year-on-year; net profit was 6.204 billion yuan, down 11.82% year-on-year. Corresponding to the above data, the industry's sales data has declined overall. According to public information, in the first quarter, the industry sold 44,100 excavators, down 40.6% year-on-year; the loader sales were 51,200 units, down 27.2% year-on-year; the truck crane sales were 6,695 units, down 45% year-on-year; the crawler cranes sold 363 units. The year-on-year decrease was 18.1%; the on-board crane sales were 2,594 units, up 37.8% year-on-year; the bulldozer sales were 2,627 units, down 47.3% year-on-year; the road roller sales were 1,663 units, down 48.4% year-on-year. Although the overall revenue and net profit of the construction machinery industry both declined, the specific companies have performed differently. In the first quarter of this year, the income and net profit of Sany Heavy Industry and Zoomlion Company both achieved a slight increase against the trend, while the incomes of six companies including Xugong Machinery and Liugong fell to a different degree year-on-year, and the net profit was different. Liugong, Shanhe Intelligent, and Shantui's net profit growth were all around 80%, Xugong Machinery's net profit fell by nearly 30%, and Anhui Heli and Xiagong's net profit rose slightly. In terms of the overall environment, in the first quarter, the sales of excavators, truck cranes and road rollers were affected by the cold weather and large-scale construction shutdowns. The concrete machinery market maintained rapid growth in the first quarter due to the stimulation of the construction of affordable housing. increase. The overall decline in demand has further intensified competition in the market. It is not uncommon to seize customers by means of “low down payment, zero down paymentâ€, etc. However, this kind of radical marketing will bring risks to some companies while boosting their performance. In mid-April, Zoomlion and Sany Heavy Industry’s high-level microblogs were “opposite†and exposed the contradictions among enterprises. Statistics show that the balance of accounts receivable of construction machinery enterprises in the first quarter increased by about 40.7% compared with the end of 2011. Among them, Sany Heavy Industry's accounts receivable increased by nearly 80% compared with the end of last year; the receivables of Xiagong, Zhonglian Heavy Industry, Xugong Machinery and Anhui Heli increased by 20%~40%; Liugong and Shantui shares and Shanhe Intelligent's accounts receivable increased by about 15%, showing a more stable business style. Correspondingly, the operating cash flow of the above-mentioned companies also showed different degrees of change compared with the same period of last year. The negative value of Sany Heavy Industry's operating cash flow was further increased, while Liugong, Shantui and Anhui jointly achieved Positive cash flow. Wu Hua, an analyst at Industrial Securities, said that the construction machinery industry will face a fierce market share in the short-term, and will continue the competition pattern of “grab the money, grab people and grab the landâ€; those with “strong†scale will gain stronger bargaining power. According to Wu Hua's analysis, the growth rate of listed companies in the construction machinery industry in the first quarter has been clearly differentiated, and this pattern will continue in the later period.
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