Machinery industry: driving lag in investment in the search for export
By Sell Data-than-expected growth stimulation, the recent Construction Machinery Strong share price performance, 3 since about the end of construction machinery index outperformed the Shanghai and Shenzhen 300 index 3.26 percent, of which Singapore and Malaysia Car , Hebei and publicity work Sany Heavy Industry Up more than 10%. Only three did not beat a push shares in Shanghai and Shenzhen 300 Index.
Our research point of view: Sales data in the 1-2 month saw the potential for rapid growth throughout the year. Undertake the fourth quarter of 2009 are enjoying the first quarter of 2010, the sales of construction machinery industry continued high growth year on year, 1? February industry output growth rate of 54.43% sales. 3,4 month is the annual industry sales of the traditional peak season, according to industry sales practices will naturally popular in 1,2 month to build on, we determine the first half of this year, industry sales of 3,4 months and even year and chain are expected to achieve 30% or more of the high-growth, industry leading enterprises will achieve sales of more than half of the year two-thirds of the goal to achieve profitability. Therefore, a good start in the industry Strong Sales in January data, we can determine the basic industries continued high growth throughout the first half, while annual earnings level of leading enterprises has the clarity of high growth. Strong Sales
the first half of the industry is investment-led four-trillion-lag results. In response to a once Financial Crisis, the end of 2008, China launched a four trillion investment plans, projections based on the project cycle, the first quarter of 2009, the project examination and approval and implementation of the capital phase of the second quarter of the land into the early formation of the relocation, the third quarter and fourth quarter, began to have the project into the start phase. 2009, sales of construction machinery industry is also starting from the second quarter and third quarter into the high growth, investment in basic and 4 trillion progress of the projects cycle coincide. As the third quarter, the South region of the rainy season, the fourth quarter is the cold northern winter, which will inevitably affect the normal progress of some of the projects, so the first half of this year will have a large number of investment projects into four-trillion-start the construction phase, and then coupled with the continuation of new projects last year, the construction scale, with the inevitable pull of construction machinery industry continued to maintain strong sales momentum. In addition, the domestic economy continues to rebound also led to lower demand for coal, rapid recovery, and then expand the industry's sustained high growth of imagination.
Export recovery is the construction machinery industry in 2010 to highlight the bright spots. 2009, export delivery value of the industry declined by 49.16 percent, exports have emerged from the current recovery indications, the industry exports in 2010 will return to positive growth of 10% or more of the level. Down 49% from 10% to the growth of the great jump, will pull our lag in the investment industry in the flexibility to explore an important clue.
Regional economic revitalization and key project is an important support industry needs. Although the growth rate of investment in fixed assets this year, no more than 30% last year, the high level of growth, but the Midwest to promote the urbanization process, including the Hercynian building, Guangxi region, Wanjiang economic regions such as the revitalization plan, and the country, provincial and municipal group has already started and will soon start to focus on Construction We do not need to judge the 2010 real estate investment and industrial investment-led, will be completed investment in fixed assets of more than 20% growth level, therefore, key projects of regional economic and industry needs in 2010 will be an important support.
In short, we sell well in the first quarter of the data in the first half has seen the industry more than 30% or even higher growth potential, such high growth mainly from investment-led support for the lag effect and the demand for coal, the recovery of downstream industries and the recovery of exports jump. While entering the second half of structural adjustment and credit tightening face pressure, but the regional economic revitalization and support for key project construction industry is expected to maintain a certain level of growth, we expect industry growth in 2010 about 20%.
Industry investment rating: light industry, high growth potential, we maintain bullish investment grade sectors, especially in the first half is expected to more than 30% or even higher growth is expected to bring the industry a listed company's share price valuation of the overall upgrade We judge that the opportunity will occur before the end of May.
Focused company recommends: Line varieties with the potential to enhance valuation: Sany Heavy Industry, Xugong, Zoomlion .
-Than-expected second-tier variety with flexibility: building work shares Liugong , Hill pushed shares.
I am Frbiz Site writer, reports some information about handheld terminals , cash register ribbons.
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