The prosperity of the machinery industry remained unchanged. In October, the excavator increased again.
in October, the excavator sales increased by 45% year-on-year, with a cumulative increase of 52%. According to the statistical data of the Construction Machinery Association, the excavator industry sold 15274 sets in October of 2018, a year-on-year increase of 45%. Among them, about 1782 sets were exported, a year-on-year increase of 105%. A total of 171516 excavators were sold in the month, with a year-on-year increase of 52%. Due to the factors of stock, it provides a variety of experimental project options; The sales volume in the fourth quarter is generally higher than that in the third quarter. At the same time, considering that the fiscal policy may be more active in the second half of the year, we believe that the sales volume of excavators in 18 years is expected to exceed 190000 sets. At the same time, according to the technical requirements for pollutant emission control of non road mobile machinery and its installed diesel engines (Draft for comments) issued by the Ministry of ecological environment, since January 2020, the national information on more than four rows of diesel engines will be shared by the editors. The release standards for five test methods of universal fatigue testing machine can be implemented. We believe that the national 4 standard may be implemented ahead of schedule in the case of stricter environmental protection requirements. As the current emission standard for excavators is country 3, if country 4 is implemented in advance, we think it may stimulate the demand of the excavator industry
the year-on-year growth rate of small excavation sales is relatively high, and the steady growth results of infrastructure construction are gradually showing. In the domestic excavator sales market, 1918 sets, 3371 sets and 8201 sets of large excavation (above 30t), medium excavation (T) and small excavation (below 20t) were sold in October, with a year-on-year increase of 25%, 35% and 46%. We believe that the demand for excavator sales is changing structurally, and the demand for small excavation, which is highly related to infrastructure, is the most prosperous, which reflects the implementation effect of stable growth of infrastructure. Considering the future development space in rural reconstruction, rail transit and other fields, we believe that the prosperity of small excavation demand is expected to be supported
the prospect of the construction machinery industry chain in the middle and later cycle continues. On November 1, pangyuan, the leader of tower crane service, was especially applicable to the leasing of high-rise building market, and announced its utilization rate in October. The key performance of some data exceeded 82.4%, which was basically flat month on month, the best level in the same period of the year. Considering the construction sequence of the project and the potential construction cycle of a tower crane, we believe that when the number of capital construction and construction projects in stock is still large, the prosperity of construction machinery may be transmitted from the front-end excavator to the middle and back-end tower crane and concrete
they are optimistic about the domestic rise of leading OEMs and core component enterprises. We believe that China's construction machinery industry chain is expected to rise independently. We recommend Sany Heavy Industry, Hengli hydraulic, Liugong, XCMG machinery and construction machinery. We suggest that we pay attention to Eddie precision and Zoomlion
risk warning. Investment in fixed assets slowed down, credit policy tightened, and potential trade protectionism
(source: Investment Bulletin)