The demand of the hottest construction machinery i

Construction machinery: industry demand needs to be increased, focus on policy support

construction machinery: industry demand needs to be increased, focus on policy support

China Construction machinery information

Guide: Investment points: Haitong Securities recently investigated some construction machinery dealers, and learned that the inventory of excavator dealers was basically at the annual low point at the end of December, and the inventory of dealers of domestic enterprises was about half a month to January, Dealers of foreign-funded enterprises were mainly cleaning up their inventory in December, and the inventory of dealers was only half

key points of investment:

Haitong Securities recently investigated some construction machinery dealers, and learned that the inventory of excavator dealers was basically at the annual low point at the end of December. The inventory of dealers of domestic enterprises was about half a month to January. Dealers of foreign-funded enterprises were mainly cleaning up inventory in December, and the inventory of dealers was only about half a month, which was reflected in the decline in December sales of manufacturers (except Sany Heavy Industry, which increased month on month), which was basically lower than that in November. We believe that the current inventory of dealers and enterprises is relatively insufficient. Once the demand recovers, dealers' replenishment of inventory is expected to drive the enterprise to sell well for at least months

in addition, we learned from the industrial manufacturer of excavators that Komatsu has now become the weathervane for domestic excavator enterprises to judge the policy orientation. It took the initiative to reduce production in advance of the industry after April, 2011. Therefore, excavator enterprises believe that the company has a better forward-looking judgment on the industry and policy. However, excavator enterprises issued that the company began mass production after new year's Day 2012, and domestic manufacturers began to follow up; Hyundai Jiangsu's production scheduling plan rose sharply in January 2012 and is likely to double; Sany Heavy Industry also produces and prepares goods in large quantities after new year's day. It is expected that Liugong will also produce at full capacity after the Spring Festival

therefore, we expect that the sales situation in early 2012 may be good. We will strengthen the forced manufacturing process and the development of new sensors and instrument components, which are in line with the original expectations, and will change from continuous decline to flat and improve. In addition, the sales situation of small excavation in 2011 was significantly better than that of medium excavation. Due to the decline of the base of medium excavation in 2011, it is expected that the sales growth rate of small excavation and medium excavation in 2012 will be relatively balanced

I will definitely encourage chlorination and CO production of sulfuric acid to clean the production process of titanium dioxide and eliminate the heavy pollution production process of traditional sulfuric acid. People believe that Premier Wen Jiabao's visit to Hunan in early 2012 to study Sany Heavy Industry and Zoomlion and other construction machinery companies shows that the difficulties faced by the development of heavy industry have been given priority attention. Premier Wen said: whether it is tax support or other industrial policies, 7 The rear suspension is an integral connecting rod design, including the supporting policies for talent training. In addition to focusing on the scale of enterprises and employment, it should also focus on technological transformation, innovation and talent training. It said that expanding domestic demand actually includes two aspects, focusing on consumer demand, but the study one by one also includes investment demand. The above statement shows the balance between basic investment and industrial structure upgrading at the policy level. We believe that front-line construction machinery companies such as Sany and Zoomlion have the ability to innovate and technological transformation in a relatively weak economic environment, and have the ability to obtain future policy support, which can be focused on

risk tips

the growth rate of infrastructure investment may not meet expectations; The payment capacity of downstream industries may be affected by the shortage of funds