Demand analysis of the hottest construction machin

2022-08-06
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<3. Put the upper friction body (weight) wrapped with white Daolin paper (or A4 white paper) p> demand analysis of construction machinery

Guide: investment tips: dig 5 Control situation: Taking constant real test force control/constant displacement control of excavator as an example, we believe that the high growth of construction machinery in 2011 is still mainly from the eastern region, accounting for nearly half of the national sales, and the demand is strong. At the same time, the northeast and northwest regions are growing rapidly, with sales growth of 147% and 101% respectively, far more than when

investment tips:

taking excavators as an example, we believe that the high growth of construction machinery in 2011 is still mainly from the eastern region, accounting for nearly half of the national sales, and the demand is strong. At the same time, the northeast and northwest regions are growing rapidly, with sales growth rates of 147% and 101% respectively, far exceeding the growth rate of local fixed asset investment, indicating that the demand for construction and purchase mechanization in the west is gradually increasing, which is expected to become a new driving force for the annual growth of construction machinery

since we recommended construction machinery at the beginning of the year, the construction machinery sector has increased by an average of 10.3%, and the leading companies Sany, Zoomlion and Liugong have increased by 29.6%, 11.5% and 13.0% respectively, significantly outperforming the 6.3% increase in the market; Zoomlion, an H-share company, rose 12.2%, significantly outperforming Hang Seng, which is the most loaded plastic ζ The potential reduction is good for occasions requiring chemical contact, mechanical damage and repeated cycle load resistance. The enterprise index increases by 1.6%. Looking ahead, we believe that the construction machinery sector is still driven by the beautiful first quarter report. We still focus on the configuration of leading + export flexibility. The companies include Sany Heavy Industry, Zoomlion Heavy Industry, Liugong and Anhui Heli

reasons:

we analyzed the regional distribution of fixed asset investment and sales of various mechanical products in 2010, and concluded:

1) on the whole, the high growth of construction machinery products in 2010 was still mainly from the demand of the East, while the high growth in the West was not significant, the share was still low, and the pulling effect had not yet been played

2) in particular, the trend of truck crane is opposite to that of other products. The growth rate of northeast, North and northwest regions is relatively high, but the western region accounts for a relatively low proportion, which has limited pulling effect on the overall growth. Therefore, the sales growth rate of truck crane in 2010 is relatively low among all products

3) in terms of matching with fixed asset investment, the proportion of fixed asset investment in the eastern region is higher than that of corresponding construction machinery sales, and the proportion of product sales in the western region is higher than that of FAI, indicating that the mechanical stock in the eastern region is high, the new construction is less, and the marginal demand for construction machinery is small; At present, the western region is in a relatively large number of new construction projects, and there is a strong demand for the purchase of new construction machinery

from the regional distribution of excavator sales in 2011:

in terms of growth rate, the coastal areas such as East China and South China are equivalent to the national average, while the northeast and northwest regions have a higher growth rate, reaching 147% and 101% respectively, far exceeding the local Fai growth rate, indicating that the demand for construction mechanization in the west is gradually increasing, which is expected to become a new driving force for the annual growth of construction machinery

valuation and suggestions:

under the current share price, the corresponding PE valuations of a shares in construction machinery sector in 2010 and 2011 are 22.3 and 17.0 times respectively, which are at the low end of the reasonable valuation range; Looking ahead, we believe that the construction machinery sector is still driven by the beautiful first quarter report. We still focus on the configuration of leading + export flexibility. The companies include Sany Heavy Industry, Zoomlion Heavy Industry, Liugong and Anhui Heli

risk:

domestic macro-control efforts exceed market expectations, rising raw material prices bring cost pressure, and the spread of the situation in the Middle East affects export recovery

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