The improvement in the bottom finding process of t

Construction machinery: the improvement in the process of finding the bottom of sales still needs to wait

construction machinery: the improvement in the process of finding the bottom of sales still needs to wait

China Construction machinery information

Guide: the construction machinery sector was weaker than the market in June, which was in line with our judgment. In June, the construction machinery sector fell violently, with a cumulative decline of 8%. Over the same period, the Shanghai Composite Index fell 4.6%, the Shanghai and Shenzhen 300 index fell 6.5%, and the performance of the sector was weaker than the market. Infrastructure investment continues to improve, and real estate starts to build the bottom

the construction machinery sector was weaker than the market in June, which was in line with our judgment. In June, the construction machinery sector fell violently, with a cumulative decline of 8%. Over the same period, the Shanghai Composite Index fell 4.6%, the Shanghai and Shenzhen 300 index fell 6.5%, and the performance of the sector was weaker than the market

infrastructure investment continues to improve, and new real estate projects are under construction. The government mainly hedges the risk of economic downturn through fine-tuning policies, and it is unlikely that investment will increase significantly again. Since May, the approval of major infrastructure projects by the national development and Reform Commission has been accelerated, and infrastructure investment has started to rise steadily. The advanced automotive industries in Europe, the United States and Japan have conducted in-depth research on automotive materials, and a person in charge of the United States delegation has expressed his requirements to the first finance and economics; Provide them with materials that not only meet the highest flame retardant requirements of the global organization for standardization, but also have the required electrical properties. The new construction of real estate is in the process of bottoming out. Without a significant improvement in real estate inventory, the driving force of new investment by enterprises will remain at the bottom in the next two quarters, and it is expected to gradually improve in the first quarter of next year

the sales volume of the industry did not improve significantly in May. As the project funds are still not in place, many new engineering projects have not started on schedule. The sales volume of various sub industries of construction machinery in May is on a year-on-year basis. The axial tension test under normal temperature and static load is the most basic and widely used experiment in material mechanics experiment, but it is in a downward trend. The year-on-year decline of excavators has narrowed, mainly due to the sharp reduction of the base in the same period last year; Loaders, truck cranes, bulldozers and rollers continued to decline sharply year-on-year

the sales volume bottomed out in the third quarter, and there is a high probability of recovery in the first quarter of next year. It is expected that the sales of the industry will not improve significantly in June, but it is expected to gradually bottom out and stabilize. The extent and strength of the sales rebound depend on the new construction of real estate. We judge that the probability of a significant rebound in new real estate construction in the next two quarters is small, which will not significantly improve the sales of construction machinery in the next two quarters. We tend to think that the probability of a rebound in the first quarter of next year is high

the leading interim report performed better than the overall situation of the industry. Benefiting from the improvement of the "commercial mix rate" in the third and fourth tier cities, the sales of concrete machinery in Sany and Zoomlion continued to grow significantly. The performance of the two leaders was better than the overall situation of the industry. It is expected that the interim report will increase by about 10% respectively

maintain the "neutral" investment rating of the industry. The current industry Static Rolling PE is 10.7 times, Pb is 2.4 times, and the valuation is reasonable. We believe that the trend of the construction machinery sector will keep pace with the market and maintain the "neutral" rating of construction machinery before the sales data improves. It is suggested to pay attention to the industry leaders: Zoomlion, Sany Heavy Industry, XCMG and Liugong