Global construction machinery industry is optimistic about the capital

On June 7th, collective high-income holdings such as Zoomlion were not widely seen; since senior executives know the fundamentals of listed companies, it is self-evident that the stock price rises. "A brokerage investment research department analyst analysis.

On June 6th, Zoomlion issued an announcement that from May 30 to June 4th, some of the company’s directors, supervisors, senior managers, and core managers will use their own funds to purchase company stocks from the secondary market at market prices. A total of about 19.37 million shares, total investment of nearly 140 million yuan.

Affected by this news, Zoomlion shares opened higher and higher on the same day, and eventually closed at 7.16 yuan / share, rose 4.07%; the same day the Shanghai index fell 28.82 points, a decrease of 1.27%. In the past three years, Zoomlion achieved an average of 0.92 yuan per share. According to this calculation, Zoomlion’s current P/E ratio is less than 8 times, and the return on stock investment is expected to reach 12.5%.

Industry Capital Peeking

"Comparing with the development model of foreign mature economies, the development of the domestic construction machinery industry is in the ascendant; the current domestic and foreign competition for industrial capital may once again indicate the next more balanced and robust development cycle." A construction machinery industry Association members introduced to reporters.

The adjustment of the construction machinery industry since the beginning of 2012 has become more severe in the fourth quarter of last year. According to statistics, the sales revenue of six listed companies in the industry fell by an average of 21.1% in the fourth quarter, and the net profit decreased by an average of 90.6%.

Given that investors have given pessimistic expectations, and the market value of construction machinery industry companies has been repeatedly hitting new lows, industrial capital has begun to enter or be positively optimistic.

On April 25th, Caterpillar, an international engineering machinery leader, announced that it will complete a $1 billion stock repurchase program by June. Japan's construction machinery leader Komatsu Corp. expects sales to increase by 9% year-on-year to reach 2.05 trillion yen (approximately RMB 126.731 billion) in 2013; net profit will increase by 46% to 184 billion yen (approximately 113.75 yuan). Billion).

According to the above-mentioned associations, the international leader of construction machinery has already completed the industrial layout in the world, and has a more acute sense of industry than the domestic industry enterprises. At the same time, he further pointed out that after completing the initial stage of large-scale development, domestic construction machinery is optimistic about their development in the areas of industrial chain extension, product innovation and internationalization.

Appears gradually

"The company's new product marketing is better than expected, and it is expected that the overseas market of some products in the whole year is expected to grow by more than 50%." On the May 30 institutional investor conference call, Zoomlion executive secret secretary Shen Ke introduced.

Zoomlion’s main business products are concrete machinery, earthmoving machinery, lifting machinery and environmental sanitation machinery. In addition to earthmoving machinery, Zoomlion’s market share in other product areas is at the leading position in the industry, which also provides market support for the company’s product innovation and further extension of the industrial chain.

On April 21, the world’s first continuous-stage concrete mixing plant newly developed by Zoomlion was put into use in Guiyang. Different from the general concrete mixing tower, Zoomlion first embedded sandstone shaping system into the entire concrete configuration solution. While increasing the concrete production efficiency, it reduced the amount of cement and effectively improved the durability and compressive strength of the concrete. Performance.

According to industry estimates, if this new form of production is adopted, the output value of concrete machinery will increase by at least 10 billion yuan.

The above-mentioned new market capacity due to product innovation is not uncommon in Zoomlion. According to the annual report, Zoomlion invested RMB 1.718 billion in research and development in 2012, which accounted for 3.58% of the total revenue, and a high proportion of R&D investment made this technology and product innovation sustainable.

Internationalization breaks

“Zoomlion’s overseas deployment is relatively early and its investment in recent years is also large. The average annual growth rate of about 50% in the next few years is expected to be maintained.” The above-mentioned brokerage researcher believes.

As the first company in the industry to achieve "A+H" shares, Zoomlion successfully issued two billion-dollar bonds in two phases in 2012 to provide capital protection for accelerating the company's internationalization strategy. At the same time, the company has increased its overseas investment through strategic cooperation, joint ventures and plant construction, and has made significant progress in the two major overseas production base projects in India and Brazil. At the end of 2012, Zoomlion’s board of directors reviewed and approved the acquisition of CIFA shares held by other shareholders, which will further consolidate the consolidation results of CIFA and increase the efficiency and control of integrated operations.

According to statistics, Zoomlion achieved overseas revenue of 2.771 billion yuan in 2012, an increase of 23.81% over the same period of last year, accounting for 5.76% of the total revenue from main operations. With reference to the overseas market share of leading international companies accounting for close to 50%, Zoomlion’s overseas market will have huge room for future growth.

“Over the past 20 years, domestic construction machinery companies have developed rapidly in China and have basically achieved the import substitution of construction machinery products. In the next 20 years, it will be the golden period for the development of the offshore gold market for domestic construction machinery companies.” Prof. .