HIGHTOP MACHINERY
Construction machinery has experienced a gradual flattening development process in the past two decades. Domestic brands have experienced a gradual localization process, and have gradually surpassed foreign brands in terms of product strength and channel capabilities. In the future process of global competition, the competition of manufacturing capacity and cost supply chain system will become more and more important. At present, domestic construction machinery brands already have global competitive advantages, especially in terms of future-oriented costs and manufacturing capabilities. There is huge room for future labor substitution demand.
On the whole, small and micro excavators have risen strongly, and the trend of cyclical reciprocation of large excavators has been established. The future excavator market is still on a high-speed and high-quality development channel.
In the second half of the year, as the economy continued to recover, investment was intensified, new and old infrastructure was simultaneously advanced, and excavator sales continued to grow.
2021 Industry Outlook From the perspective of its market cycle, there is a high probability that the industry will continue to grow positively in 2021, exceeding market expectations.
On the one hand, looking back at the development process of the industry in the past 28 years, each negative growth in industry sales is in the context of tightening macro policies.
On the other hand, this year is the year of the epidemic, and the impact on the real economy is also very large. In addition to the complex global political and economic situation, it is expected that the world will maintain a relatively loose policy environment in 2021.
In the long run, the domestic construction machinery industry itself still has room for growth. The leading companies have room for substantial increase in market share at home and abroad. In the future, the leading companies will set foot in more new categories, and will also integrate existing superior categories at home and abroad. The share further increased.
In addition, it has been learned from research that the higher-than-expected sales volume in the first half of this year was due to the new demand brought about by the increase in engineering volume. The update demand has not yet exerted force. We believe that the future update demand will still be the lubricant for the stable sales of the industry: ①Due to the service life Differently, the staggered update of domestic brands and foreign brands ensures stable and continuous update demand. ②Compared with developed countries, my country's non-road machinery emission standards are lagging behind by about 10 years, and tightening in the future is the general trend.
Therefore, overall, the operating rate and downstream investment data confirm each other. The construction machinery industry is still in a high boom position. It is expected that the excavator market will maintain a strong year-on-year operating trend in the second half of the year, but the growth will narrow compared to the first half of the year. The annual excavator production and sales volume may reach a record high.
Construction machinery is one of the important industries of China's machinery industry. The market demand for its products is greatly affected by the construction of national infrastructure. Downstream customers are mainly concentrated in investment-intensive industries such as infrastructure and real estate, which are closely related to the macroeconomic cycle. As 2021 enters the post-epidemic economic recovery period, and the "14th Five-Year Plan" is expected to continue the construction of major engineering projects, investment in infrastructure is expected to increase, demand for construction machinery such as excavators will continue to rise, and the industry chain is expected to continue to grow.