Huayuan Securities: Overseas demand for construction machinery supported growth in June, and high machinery and industrial vehicles performed well
The Zhitong Finance App learned that Huayuan Securities released a research report saying that the construction machinery industry continues to thrive, and overseas markets are still an important support for the growth of the industry. By product, the export performance of construction hoisting machinery, aerial work machinery, road construction and maintenance machinery, and industrial vehicles is good, reflecting the continuous improvement in the global competitiveness of China's construction machinery enterprises. The bank believes that leading companies with overseas channel advantages, perfect product matrices, and leading electrification and intelligent layout are expected to benefit.
The main views of Huayuan Securities are as follows:
Automobile and crawler crane exports have maintained a high boom, and demand for truck-mounted cranes is under pressure
Truck crane sales in June were 1,955 units, up 18.6% year on year, of which 920 units were exported, up 23.0% year on year; cumulative sales volume from January to June was 12,406 units, up 15.4% year on year, and total exports were 5,239 units, up 12.2% year on year. The performance of crawler cranes was even more outstanding. In June, sales volume was 377 units, up 32.7% year on year, of which 289 units were exported, up 50.5% year on year; cumulative sales volume in the first half of the year was 2120 units, up 35.4% year on year, and 1,589 units were exported, up 48.2% year on year. In contrast, demand for truck-mounted cranes is still weak. In June, sales volume was 2,140 units, down 21.5% year on year. Sales volume in China was 1,535 units, down 17.9% year on year, and 605 units were exported, down 29.2% year on year; cumulative sales volume in the first half of the year was 12,631 units, down 5.88% year on year.
Demand for construction hoisting machinery continues to be under pressure, and the recovery of real estate investment is still a key variable
Tower cranes sold 504 units in June, up 15.3% year on year, of which 264 units were exported, up 20.0% year on year; however, the cumulative sales volume in the first half of the year was 2,373 units, down 14.4% year on year. The cumulative sales volume in China was 1,196 units, down 20.0% year on year. The bank believes that tower cranes are mainly used in construction scenarios. Currently, domestic real estate investment and new construction demand are still being adjusted, and the tower crane market may recover in the short term or still need to wait for downstream construction demand to improve.
Aerial work machinery exports performed well, and the overseas rental market may be an important driving force for growth
Lift work platforms sold 24,733 units in June, up 37.7% year on year, of which 14,322 units were exported, up 36.9% year on year; cumulative sales volume in the first half of the year was 111,567 units, up 20.6% year on year, and 75,365 units were exported, up 35.1% year on year. Aerial work platforms sold 392 units in June, down 27.3% year on year. Their sales volume in China was 349 units, down 31.4% year on year, and 43 units were exported, up 43.3% year on year; cumulative sales volume in the first half of the year was 2,499 units, up 2.21% year on year, of which 166 units were exported, up 24.8% year on year. The bank believes that high-end equipment has benefited from the expansion of overseas leasing markets and increased industrial applications, and exports have maintained a relatively rapid growth rate.
Road construction equipment exports have increased significantly, and industrial vehicles are supported by manufacturing demand
Roller sales in June were 2,033 units, up 23.1% year on year, of which 1,531 units were exported, up 61.0% year on year; cumulative sales volume in the first half of the year was 1,1575 units, up 22.8% year on year, and total exports were 8,252 units, up 42.3% year on year. Sales of graders in June were 1004 units, up 31.6% year on year, of which 912 units were exported, up 46.6% year on year; cumulative sales volume in the first half of the year was 5084 units, up 17.1% year on year, and 4,423 units were exported, up 25.5% year on year. In addition, the forklift market continued its growth trend, with sales of 160,742 forklifts of various types in June, up 16.8% year on year; in the first half of the year, the total sales volume was 861,934 units, up 16.6% year on year, and exports totaled 318,085 units, up 21.0% year on year. The bank believes that the expansion of overseas markets and the improvement in demand for manufacturing, warehousing and logistics will jointly support the industrial vehicle boom.
Risk warning: Domestic demand recovery falls short of expectations; overseas market expansion falls short of expectations; implementation of key projects and capital falls short of expectations.