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After entering the second half of the year, as the impact of the epidemic gradually subsided, construction investment is also accelerating to pick up. Under this background, the performance of the domestic construction machinery industry is also released.
According to statistics from the China Construction Machinery Industry Association, the 25 excavator companies included in the statistics in September sold a total of 26,000 excavators, a year-on-year increase of 65%, including 23,000 domestic units, a year-on-year increase of 71%, and exports of 3436 units, a year-on-year increase of 31%. .
From January to September 2020, a total of 237,000 excavators were sold, a year-on-year increase of 32%, domestic sales of 213,000 units, a year-on-year increase of 33%, and exports of 24,000 units, a year-on-year increase of 22%.
The construction machinery sector adjusted last week, mainly because the market worried that the infrastructure investment data did not meet expectations. We believe that there is a certain difference between the macro data and the micro level. In fact, the peak season projects are launched and started well.
Looking ahead, agents and OEMs are more optimistic about sales in the fourth quarter and next year. It is generally expected that the industry will continue to grow next year. The industry has entered a state of stocking at the end of the year, and OEMs and component manufacturers are in a state of full production and supply.
At present, the fundamentals of construction machinery are still strong. It is estimated that the sales of excavators in October will be more than 50% year-on-year, and there will still be high growth in the fourth quarter. At the same time, the downstream payment collection issue that the market is more concerned about, from the perspective of the OEMs, the payment collection situation is better, which has been significantly improved compared with the first half of the epidemic, and the overdue rate is controllable.
The project payment settlement problems reported by agents in some regions are only an isolated phenomenon and not common. In the context of still strong industry sales data, we are optimistic about the performance of leading companies exceeding expectations and continue to focus on recommending the construction machinery sector.
