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The market still worries about the "historical burden" of concrete machinery; we think there is still concern about the 'historical burden' of concrete machinery that it is expected to begin to light into market next year. The excavators leading SANY Heavy Industry have become the main source of net profit, while the concrete machinery sector The performance is still to be improved.We believe that concrete machinery used cars, accounts receivable and other risks are gradually released, 2018 is expected to begin light.
In 2017, the growth of concrete machinery was substantially increased. The growth of concrete machinery in the first half of 2017, driven by investment, upgrading and environmental upgrade, recorded a 32% and 72% increase in revenue of Sany Heavy Industry and Zoomlion concrete machinery business respectively (excluding overseas Of Putzmeister, we estimate that Sany Heavy Industry's domestic concrete machinery revenue increased by nearly 70% over the same period of last year); for the first time in nearly five years, it achieved positive growth.
Concrete machinery recovery drive factors: (1) investment in real estate and infrastructure to boost demand; (2) replacement demand: the current share of replacement demand has been estimated 50%; the last round of concrete machinery sales peaked from 2007 obvious Upgrade, taking into account about 10 years of life expectancy of concrete machinery, we believe that from 2017 onwards, the demand for replacement will significantly increase from 2020-2022 is expected to usher in the replacement peak; the last round of excavators and concrete machinery peak 2010-2012, due to Excavator life of about 8 years, the current round of concrete machinery replacement peak may lag behind the excavator for about 2 years. (3) environmental protection requirements: to accelerate the renewal of concrete machinery needs. (4) changes in construction methods, commodity concrete to promote: to enhance the concrete machinery Demand (5) Export: Belt and Road Drives Overseas Demand for Concrete Machinery (6) Economic Analysis: The current concrete pump truck has been able to achieve a 6-year return.
Concrete machinery: large scale, oligopoly competition, the recovery of construction machinery leading performance is important Concrete machinery to a certain extent, decided to restructure the leading position of engineering machinery height of concrete machinery used to be the most profitable business of several leading construction machinery in China Plate, the peak before the market size of nearly 100 billion yuan, Sany Heavy Industry Gross Margin was close to 42% due to the fierce market competition and real estate, infrastructure investment growth declined, concrete blocks fell sharply in 2012 to 2016. China Concrete machinery sales of major products slightly over 25 billion, slightly lower than the excavator.
At present, high-end concrete machinery products (such as concrete pump truck) the domestic market for oligopoly competition.
China's three major manufacturers (SANY, Zoomlion and XCMG) acquired three companies (Putzmeister, CIFA and Schweiten) with the world's best concrete technologies before acquiring them respectively.
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