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The year-on-year increase in sales in March is expected to be close to 50%: In February 2018, a total of 11,113 excavators were sold, an increase of -23.5% year-on-year, which was mainly due to the Spring Festival factor.
For the January-February total, the sales volume reached 21800 units, a year-on-year increase of 14.3%, basically in line with our pre-judgment and exceeding market expectations. According to our industry chain survey, after the Lantern Festival, infrastructure construction, real estate and mining in the south region The projects started one after another and are better than the same period of last year. The northern region has a warmer weather this year, and the construction started obviously. In particular, the coal and Kaishan projects started very well. Looking at the feedback from various agents and OEMs, it is expected to increase year-on-year in March. The speed estimate is close to 50%, which means that the single month sales in March have a high probability of more than 30,000 units. In view of this, the overall sales volume in the first quarter is expected to exceed 30% and continue to exceed market expectations.
The growth rate of Zhongda’s mining was even higher. The shortage of core components led to the digging of Sino-Big Co. in supply: From the domestic sales in January-February, the cumulative sales of large digging, middle digging, and small digging were 3,473 sets, 4,849 sets and 10,948 sets, respectively. The year-on-year growth rate was 61.8%, 31.4% and -8.9%, respectively. The growth rate of Zhongda Mining was significantly higher than that of small digging, continuing the trend since last year, showing that large-scale downstream infrastructure projects and mining demand are strong. According to our grassroots research, the current major The main excavation in the host brand is still in short supply, mainly due to the insufficient supply of Zhongda large digging pump valves. We expect that the tight supply of core parts will continue. Small digging due to adequate stocking, in the case of hot demand, There has been no shortage of goods in large areas.
Environmental factors may drive the continued growth of excavators in the coming years: On the one hand, the state attaches importance to the issue of emissions from stockpiling excavators and estimates that high-emissions equipment will be updated more quickly; on the other hand, non-road mobile machinery is expected to have four emission standards in the next 2-3 The annual launch will promote the early release of market demand. Two factors may drive the continued growth of the excavator in the next few years.
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