Soochow Securities: The construction machinery industry's beta bottom is marginal and is expected to usher in resonance between domestic and foreign sales.
Soochow Securities released research reports indicating that the bottom margin of the construction machinery industry's beta is moving up, and is expected to welcome resonance between domestic and foreign markets. In the long run, electrification is expected to become the breakthrough for the global construction machinery industry, and the increasing penetration rate of electrification is bullish for the broad market space.
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Huachuang Securities: In June, the repair of domestic and foreign sales of excavators continued, and the demand for equipment updates is expected to continue to drive the industry upwards.
After experiencing a rapid decline for over two years, the excavator market has shown a steady recovery since March this year, with a year-on-year improvement in sales volume. Considering the rigid demand for updates, the recovery is expected to continue.
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Soochow Securities: Electrical construction machinery breakthrough, looking forward to domestic brands overtaking through electrification.
Soochow Securities released a research report stating that in the long run, electrification is expected to become the breakthrough for construction machinery to achieve overtaking on curves. Currently, electric products have begun to make breakthroughs in technology and are bullish on the vast development space brought by the increase in electrification penetration.
GTJA: Steady expansion of overseas market combined with low base, excavator sales expected to recover in the second half of the year.
With export substitution resilience unchanged, electric power efficiency gains momentum and domestic real estate infrastructure policy support, excavator sales are expected to rebound.
GTJA: CME predicts that the domestic excavator sales growth rate in June will be about 20%, with updated demand helping the recovery.
CME predicts that excavator sales in June will see a positive year-on-year growth, with a domestic sales growth rate of about 20%, driven by the demand for updates on small excavators and infrastructure projects such as water conservancy. Considering that summer is historically a slow season, it is expected that domestic demand will achieve significant positive growth starting from September and October after the summer season.
Jiangsu Hengli Hydraulic (601100.SH) will distribute cash dividends for the 2023 fiscal year on June 28. The dividend amount is 0.7 yuan per share.
Jiangsu Hengli Hydraulic (601100.SH) announced that the company will distribute the 2023 annual... on June 28, 2024.
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China Galaxy Securities: The general equipment sector of the cyclical sector is expected to usher in a turning point, and there is a large gap in the number of high-speed rail EMUs.
Policy guidance has led to a new round of large-scale equipment updates, and a new cycle of innovation is expected to begin, accepting new productive forces.
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Guolian Securities: Demand for equipment renewal in the domestic market and the continued volume of export business are optimistic about the prospects of the construction machinery industry
In 2023, the revenue of the construction machinery industry increased slightly by 1%, and net profit to mother increased by about 11% year on year. The large gap between revenue and profit growth may be due to the increase in overseas revenue of various enterprises and the increase in revenue from high-margin electrification products.
Dongwu Securities: Domestic sales of excavators all achieved positive growth in March-April, and the industry is expected to usher in a new renewal cycle in the second half of the year
The Zhitong Finance App learned that Dongwu Securities released a research report saying that the upward cycle of construction machinery in the last round is 2016-2020. According to the 8-year service life, the last round of sales equipment is already in a large-scale life span replacement period. 2023 is the low life span replacement point. Starting in 2024, the number of updates will begin to rise year by year, and the industry beta will rise marginally. Domestic sales of excavators achieved positive growth in March-April, and improved during the peak season, exceeding market expectations. With the increase in demand for updates and the decline in the base figure in the second half of the year, the industry is expected to usher in a new round of renewal cycles. A series of policies such as large-scale equipment updates will boost the industry's recovery and usher in the “large-scale equipment update+ industry
CICC: Optimistic that forklifts will continue to expand overseas share and focus on the recovery in domestic demand for large trucks
Lithium electrification has led to a marked increase in the competitiveness of Chinese companies overseas, and it is expected that the increase in the share of OEMs in Europe and the US will continue.
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Hengli Hydraulic (601100.SH) announced its 2023 annual results, with net profit of 2,499 billion yuan, an increase of 6.66% over the previous year. It plans to pay 10 to 7 yuan
According to Zhitong Finance App News, Hengli Hydraulic (601100.SH) disclosed its 2023 annual report. The company achieved revenue of 8.985 billion yuan in 2023, up 9.61% year on year; net profit to mother of 2,499 billion yuan, up 6.66% year on year; after deducting non-net profit of 2,447 billion yuan, up 9.67% year on year; basic income per share was 1.86 yuan. The company plans to pay a cash dividend of 7 yuan (tax included) for every 10 shares.
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