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港股概念追踪 | 海外收入大增!工程机械企业上半年利润端修复 行业复苏已在路上(附概念股)

Hong Kong Stock Concept Tracking | Overseas revenue has increased dramatically! Construction machinery companies are already on their way to recovering the profit-side repair industry in the first half of the year (with concept stocks)

Zhitong Finance ·  09/04/2023 08:08

The Zhitong Finance App learned that the disclosure of the semi-annual report has come to an end, domestic construction machinery companies have all handed over their performance responses for the first half of the year, many companies have achieved net profit growth, and the overseas market has become the main source of gross profit growth for listed construction machinery companies. Analysts said that the overseas market share of domestic construction machinery companies still has significant room to grow, and they continue to be optimistic about the prospects for domestic construction machinery exports to generate foreign exchange. Related targets: Sany International (00631), Zoomlion Heavy Industries (01157), Sinotruk (03808), and Morimatsu International (02155).

In the first half of 2023,Trinity InternationalAchieved revenue of RMB 10.839 billion (same unit below),42% year-on-year increase; Net profit for the return mother was 1,202 billion yuan,Up 32.7% year over year; Compared with the same period last year, gross margin increased by 2.3 percentage points to 26.1%;Zhonglian Heavy IndustryRealize turnover13.03% year-on-year increaseProfit attributable to shareholders to $24.075 billion18.43% year-on-year increaseTo $2,056 million, the basic profit per share was 24.95 points;SinotrukIt achieved revenue of 41,389 billion yuan,A year-on-year increase of 42.58%; Profit attributable to shareholders was 2,373 million yuan,A year-on-year increase of 85.03%; Earnings per share of 0.86 yuan;Morimatsu InternationalRevenue was 3,692 billion yuan,Up 24.52% year over year; net profit of 421 million yuan,39.17% year-on-year increase; Basic profit per share was 0.37 yuan.

Overseas markets drive performance and support the improvement of corporate performance

China Union Heavy Industries exported smoothly in the first half of this year. Overseas revenue doubled, and the share of overseas revenue increased dramatically. In the first half of the year, overseas revenue was 8.372 billion yuan, an increase of 115.39% over the previous year, and the share of overseas revenue reached 34.78%. China Union Heavy Industries said that its market share in overseas markets is still at a low level, and overseas revenue is expected to maintain high growth in the future.

In the same period, Sany International's overseas revenue was 3.25 billion yuan, a year-on-year increase of 68%, accounting for 30% of the company's total revenue, an increase of 4.6 percentage points over the same period last year. Looking further, in the first half of 2023, the overseas market for mining equipment business increased 54% year on year to 1.5 billion yuan; the overseas market for logistics equipment increased 84% year on year to 1.8 billion yuan.

The company laid out the international market ahead of schedule to seize market opportunities. Product exports and domestic sales were booming. In the first half of the year, the company sold 109,000 heavy trucks, up 45.1% year on year; the total revenue of the heavy truck division was 36.57 billion yuan, up 51.7% year on year. Among them, the company sold 44,000 heavy trucks domestically, up 23.6% year on year; exported 65,000 heavy trucks (including joint exports), a record high for the same period, up 64.1% year on year, and achieved export revenue (including joint exports) of 20.53 billion yuan, an increase of 85.4% over the previous year.

Dongwu Securities released a research report saying that overseas construction machinery as a whole is in an upward cycle. Against the backdrop of a high industry export base and the recovery of overseas supply chains, the growth rate of industry export data is under phased pressure, but there is no change in overseas growth trends. According to the construction machinery update cycle, the domestic sales market is expected to welcome a new renewal cycle in 2024-2025, and leaders are expected to gradually begin their performance this year.

Policies help the industry grow steadily and the construction machinery industry recovers

On September 2, seven departments including the Ministry of Industry and Information Technology recently jointly issued the “Work Plan for Steady Growth of the Machinery Industry (2023-2024)”, which proposes to strive for the average revenue growth rate of the machinery industry from 2023 to 2024 to reach more than 3%, reach 8.1 trillion yuan by 2024, cultivate a number of competitive SME characteristic clusters, and 10 or so 100 billion industrial clusters with international competitiveness.

A relevant person in charge of the Ministry of Industry and Information Technology said that at present, the external environment is complex and severe, domestic demand is insufficient, the development of the machinery industry is facing a new situation, and the pressure for steady growth in the industry is high. The plan focuses on stabilizing key industry segments, promoting the steady growth of the machinery industry, and supporting industrial economic growth to achieve the expected goals. It mainly focuses on 11 segments, including machine tool tools, agricultural machinery, and construction machinery, covering 7 major categories of the national economy, 36 middle categories, and 108 subcategories.

The July excavator index recently released by Sany Heavy Industries reflects a positive sign that the construction machinery industry is recovering and that major projects in various regions are progressing steadily. Judging from the overall operating rate of construction machinery, in July, the top 10 provinces with the overall operating rate of construction machinery were Zhejiang, Anhui, Jiangxi, Hainan, Hubei, Guangdong, Jilin, Fujian, Qinghai, and Gansu. The overall operating rate of construction machinery in the country's seven provinces in the same month was over 70%.

Judging from the overall operating rate of pavement equipment, in July, the country's overall operating rate of pavement equipment reached a new high this year. Among them, the operating rates of Qinghai, Jilin, Beijing, Hubei, Chongqing, Shaanxi, Zhejiang, and Guizhou reached new highs, reaching 77.00%, 68.40%, 67.88%, 66.44%, 65.00%, 64.43%, 64.29%, and 49.60% respectively.

Qiu Shiliang, an analyst at Zheshang Securities, estimates that various signals indicate that the construction machinery industry is already on its way to recovering. Looking at overseas markets, the share of overseas markets continues to increase. In 2023, the overseas layout of leading domestic enterprises increased markedly, and is expected to maintain a high growth rate throughout the year. Judging from internal demand, the real estate policy is at an inflection point, demand is improving marginally, and the operating rate is expected to rise. Judging from the update cycle, domestic demand for excavator updates bottomed out in 2023. The country is mainly driven by demand for updates, and will begin a new update cycle. It is expected that within 2023, sales of excavators and hoists will bottom out, and sales of concrete machinery will rise.

Related concept stocks:

Sany International (00631): In the first half of this year, in the composition of the company's revenue, domestic business achieved revenue of 7.6 billion yuan, an increase of 33% over the previous year; overseas business achieved revenue of 3.24 billion yuan, an increase of 68% over the previous year. The company has sufficient orders, and the results of the internationalization strategy are obvious.

Zhonglian Heavy Industries (01157): The sales performance of the company's products in the UAE, Saudi Arabia, Turkey, Kazakhstan, Brazil and other countries increased by more than 200% year on year; construction hoisting machinery and construction hoisting machinery ranked first in the market in many overseas countries; products such as 800-ton all-terrain cranes and 2,850 ton metre tower cranes set multiple export tonnage records.

Sinotruk (03808): As of June 30, there were more than 660 domestic dealers selling the company's heavy truck products, more than 1,260 service stations provided high-quality after-sales service for the company's heavy truck products, and more than 100 modification companies provided modification services related to heavy truck products. In terms of overseas markets, the company accurately focuses on customer needs in the high-end market, is committed to increasing its share in high-end markets such as the Middle East and Latin America, and establishing a competitive advantage in high-end market segments dominated by European and American brands.

Morimatsu International (02155): The company's new orders declined slightly year-on-year in the first half of the year, mainly due to a decline in the share of domestic order demand in some industries+considering the pace at which new production capacity was put in place; however, +16.0% month-on-month, mainly due to strong overseas demand in the pharmaceutical/power battery sector. We are optimistic that revenue from the pharmaceutical/power battery sector will grow steadily in '23, net interest rates will continue to be optimized, and the annual net profit yoy is expected to hit nearly 30%.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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