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Major projects drive the recovery of construction machinery industry is expected

"Steady growth" ushered in the dawn of the depressed construction machinery industry. In just a few trading days, the construction machinery sector has become a dazzling star in the-share market.

Data shows that construction machinery is an essential construction machinery for all kinds of construction projects, mainly including earth moving machinery, hoisting machinery, pumping machinery, pile machinery, pavement machinery and other categories. In 2009, the theme market of construction machinery was driven by 4 trillion investment.

Before and after the 4 trillion investment was started, the performance changes of listed engineering machinery companies were relatively obvious. According to the statistics of Tonghuashun, in 2008, the slowdown of infrastructure made the construction machinery enterprises cool down rapidly. The operating income of 8 Representative construction machinery companies such as Sany Heavy Industry and Zoomlion in that year was 57.272 billion yuan, A year-on-year growth of 30%; Net profit was 4.2 billion yuan, a year-on-year decline of 10%. However, after 4 trillion investments were launched at the end of 2008 years, in 2009, the operating income of the above 8 companies increased to 86.446 billion yuan, and the net profit reached 7.831 billion yuan.

At the beginning of this year, the situation of construction machinery industry was severe. Industry sales data show that in the first quarter of this year, the sales volume of excavator, bulldozer, road roller and other products declined by about 40% year on year.

The performance of major enterprises in the domestic construction machinery industry has also changed from a sharp increase last year to a small increase or even a decline. In the first quarter of this year, the above eight representative construction machinery companies achieved a total operating income of 44.785 billion yuan, a year-on-year decrease of 12.52%; Net profit of 6.204 billion yuan, a year-on-year decrease of 11.82%.

However, the recent package of stable growth policies and measures launched by the State Council is changing the market expectations.

CICC said that if infrastructure investment support can be sustained, investment products will win the market, and the sectors with large correlation with infrastructure will benefit more. For example, after the introduction of 4 trillion stimulus policies in 2008, within one month, the cement sector beat the market 18%, and the construction machinery won 12%; Within three months, cement, construction machinery, construction projects beat the market by 22%, 15%, and 6% respectively.

According to the three steps of "project approval, capital release and start-up investment" of infrastructure investment, the first and second steps have been basically completed at present. In April, the NDRC approved 328 projects, far higher than 173 in the same period last year. From January to April, the growth rate of state budgetary appropriation has also reached 28%, and financial funds have been put in place one after another. CITIC Securities believes that this means that from May and June, the growth rate of infrastructure investment represented by railways, highways and water conservancy is expected to rise rapidly.

It is known that the high-speed rail construction rising in recent years has a great demand for construction machinery. Take the Beijing-Shanghai high-speed railway with a total investment of 220 billion yuan as an example, among which the infrastructure accounts for 100 billion yuan, the procurement scale of construction machinery is about 20.9 billion yuan, while the average annual procurement amount during the construction period is about 4.2 billion yuan.

He Yiwei, a researcher in the aerospace securities industry, said that after May, the overall landscape of the construction machinery market has improved, which is mainly based on the gradual improvement of the demand side, water conservancy construction, high-speed rail resumption of work, the new construction project of urban rail transit has brought support to the construction machinery industry which is in a difficult situation at present.