Forming machine sales and profitability persistent market power
The 2009 second engineering machinery sales year-on-year growth of sustainable
With our metaphase of judgment, we think that half of engineering machinery, especially in the fourth quarter sales growth of sustainable. The data from August, excavator sales growth has reached 50%, Loader has lasted for five months, and restore the negative growth, Only the shrinking due to export bulldozers, cause is still negative growth. Just because small base, year-on-year in economic fundamentals gradually anacreontic, real estate new commenced area increased sharply situation, engineering machinery sales growth will be stronger persistent.
Export downturn does not affect overall sales growth of the market
Whether excavator, bulldozer, loader, or its export situation is still no sign of improvement, still in very low bit ÅZ wandering, even in the export of bulldozer is worsening, how much is the level of below market expectations. But except for export bulldozer is larger, the overall sales volume by exports are obvious effect, excavator and export proportion is very small, loader, WaJi now only 1.7 percent, loader, so only 6% of engineering machinery products sales decision factors or domestic sales.
Steel price again low cost will ensure that the profitability of the industry
Engineering machinery products is the price of steel wheel loader influences of products, Excavator manufacturers dominant is due to the foreign WaJi crisis, and the price increases, so instead WaJi profitability is a steady state. The soaring price of steel, round and return to a low level. In economic fundamentals turn good circumstances, the prices of raw materials and the low level of operation of engineering machinery products earnings keep space.
Investment strategy and recommended
Because of the crane is the most determined 09 growth of investment in infrastructure, and is also the varieties of the largest engineering drawing effects of mechanical products, so we recommend has crane business of the listed company, namely xugong and vanda heavy. Engineering machinery products in recent months excavator product the best breed, so we have WaJi promising business of the listed company, which is the WaJi dhi trinity into the largest sales.