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Sales in May increased by +71% year-on-year, and the second quarter's high growth continued: According to market feedback, sales were expected to reach 17,000 units in May, a year-on-year increase of 50% and a month-on-month decline of 35%. Actual sales in May were 19,313 units, +71% year-on-year , MoM -27%, far exceeding market expectations. The accumulated sales for January-May have exceeded 100,000 units, second only to the cumulative sales in the same period in 2011.
Sales continued to exceed market expectations since 2018, and since the excavator market picked up in the fourth quarter of 2016 (except for this year's Spring Festival dislocation factor), it has maintained a rapid growth of over 50% year-over-year in 19 months. According to April and May data, It is expected that the overall growth rate in the second quarter of this year will be over 60%. It is expected that the annual sales will be over 180,000 units, and the growth rate will exceed 30% year-on-year.
Sany Heavy Industry ranked first, and Xugong’s sales growth is expected to exceed Caterpillar: From the perspective of key enterprises, Sany Heavy Industry sold 4,301 units in May, accounting for 22.43% of single month market, accounting for more than 20% of the market for 11 consecutive months. , The leading position is stable; In January-May, the accumulative sales volume was 23,333 sets, and the cumulative market share was 22%. In May, XCMG sold 2501 sets, second only to Sany and Caterpillar (2504 sets), and the monthly market share was 12.95%. Although the market share of Xugong City fell back to third this month, considering the growing demand of domestic brand excavators and the continuous improvement of the company’s own technology, there is still a large potential for growth in the future. Among the remaining domestic brands, Shandong Lingong, Liu The performance of the workers is good, and the market share is above 5%.
The growth rate in the east and central regions was higher than that in the western region, and the growth rate of medium and small excavation was higher than that of large digging: in May, 1,523 exporters of excavators reached +95% year-on-year, continuing high growth. Export performance continued to be good, of which 473 were exported from Sany, accounting for 31% of total exports. Domestically, the eastern, central and western regions achieved sales of 5,800 units, 5,717 units and 6,263 units, respectively, +81%, +83%, +51% year-on-year, with a market share of 30.05% and 29.62%. , 32.45%, and the rest accounted for exports. Since the Spring Festival, sales growth in the eastern and central regions has been significantly higher than in the western region.
From the analysis of sales tonnage, the number of small digging, middle digging, and large digging in May was 9,433, 7,203, and 2,677, which accounted for 49%, 37%, and 14%, respectively. The model sales were relatively stable, with medium and small digging. The growth rate of sales was slightly higher than that of large digging, mainly in the application fields of medium and small digging, municipal engineering, real estate construction, and scattered construction in rural areas were relatively active, while the demand for mining from mines continued to decrease, resulting in a corresponding reduction in demand for large digging. As a result of mining The impact of environmental damage is serious, so we think that the demand for large-scale excavation is still based on infrastructure.
The sales volume has reached new heights with the upgrading of inventory equipment, supplemented by downstream demand: The recovery in demand for this round of equipment mainly comes from the previous round of sales (around 2011). The replacement of equipment is required. The tightening of environmental standards is superimposed. The equipment is eliminated in advance. Usually the service life of the excavator is 8-10 years. We expect that the next two years will still be at the peak of the replacement of stock equipment. In terms of downstream demand, the gradual withdrawal of government incentives, the background of controlling macro leverage ratio Next, the infrastructure investment demand is stable, and there is little room for growth.
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